I have backed away from AE after one of the early devaluations. How can you trust a company who constantly and openly steals (apparently legally) from you? I still collect but only as a consequence of a good deal. AE impacted my psyche so much that I mostly use a cash-back credit card now (the bonus is used to invest in my vacations). I collect other points but I won't pay for them (unless the payback is immediate - don't give them time to devalue their gift points). This current devaluation makes it more difficult to burn up that final AE balance.