So I was under the impression based on communication from US Bank and Club Carlson that the 40,000 bonus points every year by keeping the credit card was staying. That the free night for a $10,000 spend was to replace the Bonus Award Night. Here is the quote from the email about the change
Beginning June 1, 2015, you can earn a Free Night, good at any Carlson Rezidor hotel in the U.S. This Free Night will replace the current Bonus Award Night benefit. Bonus Award Night stays may not be booked after June 1, 2015. You'll receive the new Free Night award upon renewal of your card after an annual spend of $10,000. Updated program terms and conditions will apply and be available on June 1, 2015.
Which is mostly true, except it says it replaces the Bonus Award Night.
If you check the terms and conditions for the card no 40,000 point bonus is listed anywhere. The entire annual bonus is now only if you spent $10,000 dollars in the previous year and it only consists of one free award night.
The devaluation of the card is worse then I thought it was. I was planning on keeping the card but now I will be cancelling it. The annual fee is not worth it for me.