They may be enough to eliminate slim margin of advantage that Arrival enjoyed over its peers. In addition to a new $100 minimum and a reduction from 10% to 5% dividend, I've also heard they will be removing Tourist Attractions as an eligible travel redemption category and taking away the TripIt Pro benefit (that one is admittedly minor).

In total, the edge this card has over the Citi Double Cash and Fidelity Amex for non-MS purposes is now down to foreign transaction fee and 0.1% if you have enough travel purchases to redeem against. For the 0.1% extra in cashback to make up the fee, you'd need to spend ~$80K in a year. Foreign transactions could swing the comparison more in Arrival's favor, but it would take a lot. And there's always Capital One Venture with its lower annual fee than Arrival (by $30), same no FTF, and options to cash out points for gift cards at "full value" if you don't have enough travel expenditures. Arrival falls to a "only worth the sign up bonus first free year" card for me, if it wasn't already there.