I received the same letter. As best as I can tell, BW is pretty much maintaining their redemption levels as is, so this is generally another "devaluation" tactic to the detriment of program members. Oh well, it doesnt' overall impact me that much, as BW is generally a third or fourth choice as a place to stay when traveling, and my BW MasterCard was one I ususally only pulled out when I could score a large number of points on some big purchase. I only have about enough points at present to get a free night in one of the better BW properties I've been interested in near the Smoky Mountains. After that, I may just put my BW MasterCard permanently in the dresser drawer.