Hmm, I've been thinking about what to do with this card if it did not become first year free with a bonus.

MR points convert to SPG 2:1. I only use my Amex Gold at the 2x point places (gas, grocery, drug, air) and DH and I cross refer. I have lots of Amex MR spend because I buy gift cards at the drug store.

The Amex Biz Gold is fyf and 40,000 MR points. That's 20k SPG (current bonus). Plus the 15,000 MR referral which converts to 7,500 SPG. That beats the 5,000 SPG referral.

I told myself I'd pretend my Amex Biz sign up bonus and referral were the SPG version instead. And tried to convince myself that my 2x MR spend would have been just 1 SPG point if I made that my go to card.

I'm not good at mental accounting because I always go back to 'best value'. But I at least convinced myself I should hold out for fyf on the SPG.