Chase Card Services and Hyatt Hotels Corporation have launched the new World of Hyatt Business Credit Card. This first business credit card offered by Hyatt features an adaptive rewards accelerator that allows business cardmembers to earn double World of Hyatt points per quarter on categories they spend the most, helping them quickly achieve free nights, elite status, room and suite upgrades and other rewards.
“We feel very confident that small businesses—which have been through a lot throughout this pandemic, like many others—are gaining in confidence,” said Amy Weinberg, SVP, loyalty, brand marketing and consumer insights, Hyatt, at a virtual event announcing the new card. “So, it is a good time to really get into how we can embrace those small businesses. We have some very exciting innovations that are happening within the World of Hyatt Business Credit Card and a lot of that is grounded in listening and making sure that we were being very thoughtful to the needs of small businesses.”
Ed Olebe, president, Chase Co-Brand Cards, explained that the credit card was created to address the needs of small business owners.
“According to the Census Bureau, last year, four million businesses were opened, which is just astounding,” he said. “Recognizing that phenomena, we wanted to spend some time understanding the needs of those small business owners when it came to launching a small business card. What are they looking for? It’s some really important things: flexibility, value, choice and personalization. So, we thought about how we would directly address that with the World of Hyatt Business Card.”
The card will include what is being called the adaptive rewards accelerator, a first-ever feature for Chase.
“Each quarter, card members automatically earn extra bonus points on the categories where they spend most; it’s that simple,” said Olebe. “They’re going to earn two bonus points per dollar spent in three out of eight possible categories through the end of 2022. Then, in 2023 and beyond, they’re going to earn two bonus points per dollar spent in two of eight specific categories, so you can think of that first year as kind of a bonus. There is no cap on the bonus points card members can earn.”
Spend categories 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; and shipping.
He explained that there’s no activation and no opt-in, so the card works immediately, adding, “As we all know, small business owners are incredibly busy, they have enough work to do managing their lives and businesses, so they don’t need to spend time with spreadsheets and multiple cards trying to figure all this out.”
A key point, Olebe noted, is that as the card holder’s spending changes, the accelerator changes. He provided an example: “Imagine you’re a small business owner in the e-commerce space. In one quarter, perhaps you spend more on travel. You’re going to meet your suppliers, so you’re on the road quite a bit more. The next quarter, maybe you’re spending more on advertising and social media as you’re going to promote the products you’ll be selling, and maybe the quarter after that you’re spending more on shipping and you’re delivering all these great products. So, as those time periods go on, the accelerator and the bonus shifts accordingly.”
The card has an annual fee of $199. For more information on what the card offers, go to: www.chase.com/hyattbizcard.
Hyatt, Chase launch first World of Hyatt Business Credit Card – Adam Perkowsky appeared first on Hotel Business | Hotel Business – The leading source of hospitality news for owners, developers, designers, brokers, brands, management companies, lenders, REITs & asset managers.