It’s been a long time coming, and not everyone is happy about it, but Hyatt Gold Passport will soon have its first ever co-branded credit card. Chase and Hyatt have announced a multi-year, strategic alliance that will create a Visa-branded card that allows consumers to earn Hyatt Gold Passport points.

Bottom line: Hyatt has been surveying its customers leading up to the introduction of this card and not everyone is pleased with the idea. Some members are afraid that it will lead to a devaluation of the program. Ric Garrido of Loyalty Traveler had this to say: “Unfortunately I think the points value will drop after this card comes out. It’s my hunch that once millions of Gold Passport points start flowing out to the public there will be a move to raise reward rates. Currently bonuses make earning a free night at low category hotels easily achieved with two to four hotel stays. And Hyatt has a much higher proportion of hotels in their two lowest reward categories relative to the other chains. I envision these reward levels will increase or hotels will be shifted upward to higher categories as many more members begin to earn and spend points without paid hotel stay activity.”

When we asked our contact at Hyatt for more information, we received the following response, “Forthcoming, there will be more information about the credit card and what it means for Hyatt Gold Passport members, but those have not yet been finalized.”