Yeah and you are paying 1.87% for 1.3 points per dollar, not 2.3. I assume that you have some other credit card, including another amex card obviously, so you can already get 1ppd with another card for free. You are only actually gaining an extra 1.3ppd, so you would really be getting 65000 points for 50000 in spend that you would not otherwise get with any other card. Also, the 10k sign up bonus is for any purchase, so it makes no sense to factor that into the spending bonus for a new card, since you can literally get that 10k from a cup of coffee.