V-Flyer

I have recently signed up for the Hyatt Gold Passport to collect Virgin miles. The Virgin website says 750 bonus miles/convert 5000 Hyatt points for 3000 virgin miles. Is this an either/or option? Therefore, if my stay is worth more than 750 miles, do I not give them my FCC and collect the Hyatt points instead and later convert them into miles and if so how do I do this?

Many thanks for any help.