Update: I was able to use these on prepaid rates and get a refund to my credit card at my local Hyatt Place, but beware that hotels do not have to accept them on prepaid rates. They are however returnable to Costco at any time.
Costco is selling packs of 2 $50 gift cards good at any Hyatt for just $79.99!
Just call up your local costco and ask for item #485271 to check availability!
You can also check to see if your local Costco is carrying them by going to Costco’s store locator, clicking on your store, clicking on “New Items In the Warehouse” and then see if it lists the Hyatt certificates. For example Mayfield Heights, OH has them, but Lincoln Pack/Chicago, IL does not.
Warning number 1: “No credit or change will be given on unused portion of certificate.”
So be sure to use the certificates for multiples of $50 and then pay the balance with a credit card.
Warning number 2: It’s unclear if these can be used on prepaid rates. The rules seems to indicate that they cannot, but some people are reporting that they have had success giving them to the hotel at check-in and getting a credit back (you may need to speak to a manager to get the refund if the hotel has already charged your credit card). If they won’t take it you may be stuck paying the full prepaid rate, but you won’t have any problem getting a refund from Costco for the unused gift cards.