Bank of America transforms its Preferred Rewards® program into the new “BofA Rewards”

1️⃣ Only 2 days left to book Hyatt hotels at old prices (act now!)

On May 20, the new updated award chart for the World of Hyatt program begins, which means we have until the 19th to make reservations at current prices. 

Personally, we made several reservations for next year, and we are trying to include a couple more, but we no longer know in which month 😂

Some hotels we booked are:

• Thompson Madrid: 2 nights (50,000 points)

• Hyatt Regency Waikiki Beach Resort and Spa: 4 nights (80,000 points)

• Grand Hyatt Kauai Resort & Spa: 4 nights (165,000 points)

• Hôtel du Louvre: 3 nights (105,000 points)

• Park Hyatt Paris-Vendôme: 3 nights (135,000 points)

In total we redeemed 535,000 points, which is a lot, but we know we are getting the highest possible value for them. In the worst-case scenario, if any of the trips don't happen or we want to cancel one, we get 100% of our points back. 

👉 Remember that both Chase and Bilt transfer to Hyatt, and it is one of the best uses we can give to these points. Hyatt is actually one of the main reasons why we usually prioritize these ecosystems over others. 

💳 The point of this news: If you have a trip this year or early next year, you can maximize the value of your points by booking now at these prices. After the 20th, these reservations would have easily cost us 40% more. In the worst-case scenario, you can cancel and get your points back. Don't let it pass you by! 

2️⃣ American Express adds an annual $300 credit for ChatGPT Business on its most popular business cards

American Express added $300 in ChatGPT Business credits to the Business Platinum Card® and the Business Gold Card. 

To get the credit, it is necessary to activate the benefit (enroll) within your American Express account, and sign up for a ChatGPT Business account. Important: A personal ChatGPT account does not trigger the credit; it must be a business account. 

And this is precisely the "catch": ChatGPT Business requires a minimum of two users, and each user costs $25 per month or $240 per year (equivalent to $20 per month). Since you have to pay for 2 users, it would be $50 per month or $480 per year. Not good.  

Even so, there are a couple of ways to maximize the benefit: 

1. If you find a promo code that gives you a 50% discount for having two users, it would be completely free. Luckily we found one and were able to take advantage of it, but they deactivated it within hours… We don't know if there is another one floating around, but it is worth a try.
    

2. If you don't find a promo code, you can still get the benefit for a year completely free: The credit is $300 per calendar year, so you can start your monthly subscription in July paying $50 per month ($25 for each user). This way, you will get 6 credits in 2026 ($300) and 6 credits during the first 6 months of 2027 ($300). You proceed to cancel at that time, and you spent nothing out of pocket. 

Personally, we quite like this benefit and it is literally the only reason why we are renewing our Business Gold Card, as we were thinking of canceling it. 

The only thing that leaves us a bit worried for the future is if an increase in the annual fee will come... But for now, it is an excellent option. 

Here we share the best business credit cards right now. Check them out! 

💳 The point of this news: The annual $300 ChatGPT Business credit is a great way to reduce the net cost of either of American Express's two most popular business cards. If you happen to have both cards, you can double the benefit by alternating between them. 

3️⃣ Bank of America transforms its Preferred Rewards® program into the new “BofA Rewards” this month

The new program, which will replace the classic Preferred Rewards, begins on May 27. Although much of the program remains intact, there will be some new benefits, it will be reduced from 5 tiers to 4, and it will be open to anyone with a Bank of America checking account, removing the minimum financial requirement of the previous version. 

The main positive aspect is that it will now be possible to participate in the rewards program without a minimum balance requirement, get discounts on some services, and an extra 10% in rewards on eligible credit cards.

The main negative aspect affects those with more than $100,000 dollars in eligible accounts. Previously, they obtained a 75% multiplier on their credit cards, which meant that a card earning 2% cashback effectively generated 3.5%. Now, these clients will get a 50% multiplier, because the 75% boost will require $1,000,000 USD or more in their Bank of America or Merrill accounts. 

You have all the details of the new program here. 

💳 The point of this news: If your tier changes on May 27 with the new program, you will keep your current level status and benefits for an additional 6 months starting May 2026. 

4️⃣ Semi-annual credits from highly popular cards expire soon (don't let them go to waste)

Many premium cards no longer work as "I pay an annual fee and receive simple benefits." They are increasingly resembling a coupon book: credits split by month, quarter, or semester that you must activate and use on time to get the maximum value.

And June 30 is a key date, because the first half of the year ends. If you don't use certain credits before that date, they are lost. The most relevant ones are: 

• American Express Platinum: $300 on hotels

The Amex Platinum offers up to $600 a year in hotel credit, split into $300 from January to June and $300 from July to December. It applies to eligible prepaid bookings at Fine Hotels + Resorts or The Hotel Collection made through Amex Travel.

• Bilt Palladium: $200 on hotels

The Bilt Palladium offers up to $400 a year in hotel credits, split into $200 from January to June and $200 from July to December, for eligible bookings on the Bilt Travel portal. The credit normally requires minimum stays, such as two nights, according to benefit reports.

• Hilton Honors Aspire: $200 at Hilton resorts

Offers up to $400 a year in hotel credit at Hilton resorts, split into $200 from January to June and $200 from July to December, for eligible purchases made directly with participating Hilton resorts.

• Chase Sapphire Reserve: $150 at selected restaurants

The Chase Sapphire Reserve also has a dining credit of up to $300 a year, split into $150 from January to June and $150 from July to December, for participating restaurants in Sapphire Reserve Exclusive Tables.

💳 The point of this news: If you have any of these cards, don't miss out on the credits that expire on June 30. You still have time to organize yourself and take a getaway on your card's tab. 

5️⃣ Best card offers right now👇

If you want to take advantage of any current offer to collect points, miles, or cashback, we leave you our recommendations by category in this link.