Thanks for the cautionary tales.
Guess I will not be using the targeted offer I just received for an Ink Bold.
This thread has dramatically devalued UR points in my eyes. And I hardly think of transferring UR to miles as a safe haven. In the first days of Freaky Flier miles an upgrade or a domestic ticket were 10,000 miles. Now they cost what?
I think I'll concentrate my spend on my cash-back cards.