In a few months’ time, Bilt will water down transfers to one of its top hotel partners.

On October 1, Bilt announced that effective January 1, the transfer ratio to World of Hyatt will drop from 1:1 to 4:3. In other words, a transfer of 10,000 Bilt Points to Hyatt will soon net 7,500 points compared to 10,000 today.

This change isn’t entirely unprecedented. Today, Chase officially enacted a similar change by trimming its Ultimate Rewards transfer ratio to Hyatt to an identical 4:3 on select cards.

But unlike Chase, there doesn’t appear to be a way to salvage 1:1 transfers, even if you hold Bilt’s most premium credit card with a $495 annual fee.

There’s Still Three Months at 1:1

Thankfully, nothing is changing today.

But if the strategy is earning Bilt Points and transferring them to Hyatt, consider this fair warning.

December 31 will be the last day Bilt offers transfers to Hyatt at 1:1. Starting the day after, that ratio will get a 25% haircut.

It goes without saying that changes like this are broadly unappealing. Hyatt has long been viewed as one of the darling transfer partners in the world of points and miles.

But after recent award chart changes, and now two announcements of watered-down transfer ratios from Chase and Bilt, that reputation might be losing a bit of its luster.

Sure, World of Hyatt recently made some award nights cheaper with that award chart expansion, but it’ll soon require more transferable points to book free nights.