The official signup bonus for Hyatt’s co-brand credit card has changed from earning 2 free nights at any participating property to earning 40,000 bonus points.

There are several reasons to prefer points, but one very high value brand new reason to prefer free nights. And The Reward Boss says there’s still a link out there that offers the free night signup bonus.

Here are reasons to prefer points:

• You have to redeem free nights within a year but as long as you don’t let your account go dormant you can redeem points any time.

• Points are more divisible. Use 40,000 for up to 8 free (category 1) nights rather than limiting you to 2 nights.

• Points can be used for cash and points awards which count towarda status.

• Points can be used towards suite awards, and points (but not free night redemptions) can be upgraded with top.tier elite suite upgrade awards.

• Points reservations can officially be gifted, while free night awards people usually add someone else’s name to the reservation and say that person is checking in first.

• Points can be transferred to someone else for free.

• 40,000 points can be used at the highest end for 2 category 5 hotel nights, versus today using 2 uncapped free nights at places like the Park Hyatt Sydney, Paris, or Tokyo.

However free nights let you redeem for any hotel. Previously the most expensive hotel was 30,000 points, meaning 2 free nights (which do expire in a year) could be worth 60,000 points.

Now that Miraval is participating in Hyatt’s loyalty program the potential is far greater.

Credit: Hyatt

Two people staying at Miraval is normally 65,000 points per night. The stay includes “enjoy a $175 resort credit per person, per day along with unlimited meals, snacks and over 120 wellness activities and classes each week.”

So two people get meals and activities and $350 folio credit per day in addition to their room. And I’ve confirmed this is available for redemption with the signup bonus free nights.

Unfortunately it isn’t available with other free night awards, such as the category 1-7 free night awarded upon top tier elite requalification. Those are ‘capped’ at tier 7 redemptions, and Miraval exists outside the tier system.

The property isn’t really my thing, Conde’ Nast describes it as “cater[ing] to the high-end New Age crowd, with both traditional spa treatments and chakra-reading seminars, healing ceremonies, drum circles, and sound therapy.”

But if you’re into it, it’s hard to imagine much better value for two free nights that you’ve recently earned from a signup or using the soon-to-disappear offer from the co-brand credit card at this property.