I am assuming that the answer is yes but thought I would make sure. I am debating whether I want to focus my spending on BA chase to go for the 2 for 1. Wife and I are thinking of going to greece. I normally value airline miles at a penny and SPG points (my prefered CC) at 2 pennys. The penny valuation is because I am not very concerned with upgraded travel. My math shows:

2 for 1 on BA in coach vs 2 AA coach tickets:

65K BA miles plus 428 fuel surcharge vs 120K AA miles =
$1078 with BA vs. $1200 with AA meaning 241 cert is saving me $122. But $30,000 spending gets me $375 worth of BA miles vs. $600 worth starpoints. So spending on BA card cost me $103.

2 for 1 in BA in business vs 2 AA coach tickets.
130K BA miles plus $628 fuel surcharge. 120K AA miles.
I again lose $225 gathering BA miles rather then starwood.
So club cost me $628 plus $100(10k miles) plus $225.
$978 extra or $245 per person per direction. In my mind not worth it as coach isn't so bad.

I suppose perhaps I should consider a BA miles to be worth less then an AA miles because of the fuel surcharge. Though is seems as though BA is equal to AA for domestic US, Hawaii, central America and mexico. And BA is actually cheaper for deep south america.

I am leaning towards focusing my spending on SPG credit card and not getting 2 4 1. I'll use AA miles for trip to Europe and save BA miles for AA tickets within western hemisphere.

Does my logic seem sound?