iStock
CNN —  

Small-business owners who love staying at Hyatt hotels have a new reason to cheer. On Wednesday, Oct. 6, Chase and Hyatt announced the launch of the World of Hyatt Business Credit Card, with flexible bonus categories that change to match the card holder’s spending habits each quarter, as well as credits that can be used at Hyatt hotels, complimentary Hyatt elite status and other travel perks.

The new card, which is branded as a Visa Signature, earns 2 points for every dollar your business spends in the top three eligible categories each calendar quarter through Dec. 31, 2022, and in the top two eligible categories after that. The eight eligible categories for these bonus points include:

  • Dining
  • Airline tickets purchased directly with the airline
  • Car rental agencies
  • Local transit and commuting
  • Gas stations
  • Internet, cable and phone services
  • Social media and search engine advertising
  • Shipping

In addition, the World of Hyatt Business Credit Card has two fixed bonus categories: 4 points per dollar spent at Hyatt hotels, including participating restaurants and spas, and 2 points per dollar on fitness club and gym memberships. All other purchases on the card earn 1 point per dollar.

Elite status with the new Hyatt Business credit card

For business owners looking for Hyatt elite status, the new World of Hyatt Business card comes with complimentary Discoverist status. This is Hyatt’s lowest elite status tier, but it does feature perks such as upgrades to preferred rooms when available within the room type booked, premium Wi-Fi at Hyatt properties, elite check-in and a late 2 p.m. checkout when available.

Get access to the elite check-in line at Hyatt hotels worldwide with the World of Hyatt Business credit card.
Hyatt Hotels
Get access to the elite check-in line at Hyatt hotels worldwide with the World of Hyatt Business credit card.

A nice additional perk of the card that many small-business owners might find useful is the ability to also gift Discoverist status to up to five company employees, which can be a good way to reward employees who spend a lot of time on the road for your company. The employees don’t even need to be authorized users of the company’s credit card — you can simply choose any five employees you want — but if you do want to give cards to your employees, there’s no fee to order additional cards.

But for those looking for an even higher level of elite status, the World of Hyatt Business card earns 5 tier-qualifying night credits with each $10,000 spent on the card in a calendar year. That means with World of Hyatt’s reduced elite status criteria for 2021, business owners can earn top-tier Globalist elite status by spending $60,000 on the card between now and Dec. 31, 2021.

Perks on the Hyatt Business credit card

In addition to earning points and elite status, the new World of Hyatt Business credit card has benefits that can come in handy for small-business owners who primarily stay at Hyatt properties when they travel.

The easiest of these perks to use are the card’s annual credits. Each year, card holders can earn $50 in statement credits when spending $50 or more on the card at any Hyatt property. These credits are available twice a year, so if you can take advantage of them, you’ll get a total of $100 in credits.

In addition, when you spend $50,000 or more on the World of Hyatt Business card in a calendar year, you’ll get 10% of your redeemed Hyatt points back as bonus points for the remainder of the year, up to 20,000 bonus points per year. That’s a useful perk if you typically redeem a lot of Hyatt points, but it does require putting a substantial amount of spending on the card, and the perk only kicks in once you’ve hit the threshold.

Additional benefits of the World of Hyatt Business card include a suite of travel protections, such as complimentary roadside dispatch, trip cancellation and interruption insurance, travel and emergency assistance services and a rental car collision damage waiver with primary coverage, which means if you have an accident with your rental car, you won’t have to first look to your personal auto insurance policy.

Related: Here’s how having a credit card with trip insurance could save you thousands on your next vacation.

You'll have primary auto rental coverage with the World of Hyatt Business credit card.
iStock
You'll have primary auto rental coverage with the World of Hyatt Business credit card.

When you’re making purchases with the card, you’ll also find purchase protection and extended warranty protection, and if you use the card to buy items overseas on an international trip, you’ll also find the card has no foreign transaction fees.

Finally, when you have the new Hyatt Business card, you’ll get access to Hyatt Leverage, the chain’s global business travel program that offers special rates to qualifying small and midsized companies at participating Hyatt hotels worldwide.

A 75,000-point sign-up bonus

The new World of Hyatt Business Credit Card doesn’t carry the cost of an ultra-high-end premium credit card, but with a $199 annual fee, it’s definitely more expensive than the average travel card. However, for a limited time, new card holders can score a pretty impressive sign-up bonus when getting the card.

Right now, new World of Hyatt Business card holders can earn 75,000 bonus points after spending $7,500 within the first three months after opening the account. In addition, those who apply by Dec. 31, 2021, also get a complimentary one-year subscription to Headspace, a popular meditation and wellness app. The subscription must be redeemed by Dec. 31, 2022.

World of Hyatt remains one of the most valuable hotel loyalty programs around, and you can typically get excellent value for Hyatt points. That’s why frequent flyer website The Points Guy values World of Hyatt points at 1.7 cents apiece. At that rate, 75,000 points are worth as much as $1,275 in travel.

Should you get the new Hyatt Business credit card?

Use the sign-up bonus on the World of Hyatt Business Credit Card at properties like the Park Hyatt Sydney in Australia.
Hyatt Hotels
Use the sign-up bonus on the World of Hyatt Business Credit Card at properties like the Park Hyatt Sydney in Australia.

The World of Hyatt Business Credit Card is clearly designed to appeal to a very specific niche: small-business owners who travel frequently and use Hyatt hotels regularly. For these folks, the best perk of the card is likely its ability to earn tier-qualifying elite nights by using the credit card to pay for everyday business expenses, making it much easier to attain top-tier Hyatt elite status.

When considering the card’s $199 annual fee, it’s important to give thought to whether you’ll be able to take advantage of the card’s benefits, especially the up to $100 in annual Hyatt credits. Those credits are extremely easy to use if you stay at a Hyatt even just twice a year, and you’re effectively cutting the card’s annual fee in half when you can take advantage of them.

The card’s flexible categories are an intriguing feature, but at only 2 points per dollar, they’re a step behind offerings like the American Express® Business Gold Card, which also offers categories that adapt to your spending habits but earns 4 points per dollar in those categories, up to $150,000 in combined purchases per year (then 1x). That being said, the Amex Business Gold charges a higher $295 annual fee and doesn’t come with the additional Hyatt travel perks of the Hyatt Business card.

In the end, the World of Hyatt Business Credit Card definitely won’t be the right choice for everyone. But if its features fit your needs as a small business, you’ll do well getting it now with its 75,000-point sign-up bonus along with the complimentary one-year Headspace subscription. The value from the bonus easily offsets the cost of the card for the first year, so it’s worth a try if you think the card might be a good match for you.

Check out CNN Underscored’s guide to the best travel credit cards of 2021.

Get all the latest personal finance deals, news and advice at CNN Underscored Money.