I think you may well be, as there are not a lot cards that are above one point/$ regardless of the type/style of card. The direction in recent times seems to be a reduction in benefits from services we were used to, rather than an increase in fees - although this is not always the case as now and then you get hit at both ends.

My personal view is that AMEX is moving back to one point/$ from April 1 2009 and cards like Citibank will be under pressure from Qantas to sweep their points automatically to Qantas if they want to remain with the airline. If Qantas can put the weights on AMEX and get them to roll over than other cards will follow if they want to offer a Qantas option in their rewards system.

A couple of the posters have mentioned options with other airlines for using their card points, however for the majority of punters I believe they would see Qantas as the only game in town.