I think the Hyatt visa is one of the better hotel cards out there. There is a $75 annual fee, but there are no foreign transaction fees and a smart chip for purchases in Europe. It earns 3 Hyatt points per dollar for Hyatt purchases and 1 point per dollar elsewhere. Initial sign up bonus is 2 nights in any property worldwide, plus Hyatt Platinum status. Diamond members get those 2 nights in a suite.
I was able to utilize that benefit for suites at the Park Hyatt Melbourne and the Grand Hyatt Erewan Bangkok. After the first year, cardholders get one free night in any category 1-4 property. I feel that is a good value for the US$75 fee. I used that free night for a stay at the Hyatt Regency Hong Kong (trip report forthcoming) which was selling for well over US $200.
As a cardholder, I received notice in the mail that between July 1 and August 31, 2012, cardholders can earn 1.5 points per dollar on purchases like gas, groceries, and dining. The additional half point bonus is also good at Hyatt properties, so Hyatt spend is 3.5 points per dollar during the promotion period. This is a pretty nice bonus, but not likely enough to make me change my spending patterns. I generally only use this Hyatt card for personal Hyatt stays, and as backup card for foreign spend, but don't carry it regularly. I took advantage of the sign up bonus, and think that the renewal bonus makes it well worth the $75 fee.
Note: I have no affiliate links for this card or any other, I'm just spreading the word about this promotion.