Redeem Wells Fargo "Go Far" rewards for Hyatt gift cards

Maybe you got in on the Hyatt Gold Passport Diamond status match in time. Maybe you didn't.

But if you have a Wells Fargo credit card that's earning 5 "Go Far" rewards points per dollar spent at gas stations, grocery stores, and pharmacies, you should seriously consider redeeming those points for 1.22 cents each by ordering Hyatt gift cards.

Hyatt gift cards are a strong competitor to the Chase Hyatt credit card

The Chase Hyatt credit card gives 2 elite-qualifying stay credits and 5 elite-qualifying night credits after spending $20,000 on the card in a calendar year, and another 3 stay credits and 5 night credits after spending $40,000, total, within the same calendar year.

The same spend manufactured on a 2% cash back card would yield $800, while Chase Ultimate Rewards points transferred to Hyatt come at a cost of 1 cent each (the cash value of the same Ultimate Rewards points redeemed for cash).

That means, as I explained on episode 26 of the Saverocity Observation Deck podcast, you're paying a minimum of $80 per stay for each of the 5 stays you earn manufacturing $40,000 in spend with the Chase Hyatt credit card.

But the same $400 in Wells Fargo "Go Far" rewards points (otherwise redeemable for cash) will purchase $487.80 in Hyatt stays in the US, Canada, or the Carribean (the regions where gift cards can be used).

In other words, your breakeven point is not $80 per paid stay, but rather $97.56 per paid stay — and that's ignoring the points you earn on paid stays, which aren't earned on the elite-qualifying stays awarded by the Chase Hyatt credit card.

Discounted gift cards provide real savings — don't discount them

If you're able to buy Hyatt gift cards at an 18% discount, then redeem them for paid stays which, in turn, earn 500 or 1,000 Hyatt Gold Passport points each, you should be properly comparing manufactured spend on a Chase Hyatt credit card to stays costing as much as $107 after taxes.

So while manufacturing spend on the Chase Hyatt credit card is an easy and convenient method for racking up additional elite-qualifying stays and nights, you may find that you're leaving money on the table by doing so.