I just received an email outlining the downgrades, the one positive they said was we could redeem 50k points for $500; old rate was $250. I have 75k so I assume after July 23 I can cash them in for $750? My AF is due in two weeks and would like to cancel this card. I think I saw we can convert to Hilton 2-1 but I think I would rather have the money than 150k Honors points.