I've had the card for a few years now and for me it's worth it (I'm keeping the card and paying the fee, although at $395). The fee is less than the club membership would be, and I fly just enough that I do enjoy having that perk. I'm currently a Silver, but only achieved that status last year.

I get enough miles from use of the card to have planned some very nice TATL trips in business first and Global First. This is the biggest advantage for me. If I compare the cost of those tickets to what I'm paying in fees, the card easily pays for itself.

So to each his own. I thought the annual fee on the Club card was not waived the first year, but there was a partial credit applied. So if this is still the case, the "churn" idea wouldn't work. Are they offering a free first year on the Club Card now?