The 40K welcome points is underwhelming when compared to the MBNA BWR promos in the past (2012, 2013) where we saw 50K promos twice, and there was one time that a promo ran for 60K (after $2K spending). However, in those older promos we were required to spend $1K/$2K. This 40K promo doesn't mentioned a minimum, so should be awarded after your first purchase.

Spend $3333 with the card (earns at 1.5x) and boost your total to 45K points. There are many US and European BW hotels at the 15K redemption level. We find these hotels are GREAT value for our long road/driving trips.

Don't hold your breath waiting for GCR to match the current 40K offer. They didn't budge from their 20K offering in the past promos, and unlikely to do so again during this promo. But, we'll wait and see...and hope and wish.

Convert to airline miles (Aeroplan)? gg, I would never do that with my hotel points, but I suppose if someone is short of miles for an Aero redemption, it can make sense. Pretty hard to imagine that scenario, with so many other sources of quick free points.