Other than the increase in C&P rates, some SPG members, particularly in the UK, have been hit with an additional “devaluation” as the USD cash component has increased in price by about 20% due to the step change in exchange rates.

That said, if you can find C&P availability, there’s still a sweet spot in high season at, for example, a cat 5 property where the points rate increases from 12,000 to 16,000 a night, and cash rates are north of USD500. C&P rates don’t increase in high season, so 6,000 + USD110 is good value.