Let's call a spade a spade - As much as I hate the change, having the card for 8-9 years, and using the certificate almost exclusively at the IC Times Square for NYC visit (one for me and one for the better half). I still see some value in the card.

While NYC is out of the question, some hotels in other places I frequently visit are within the range, and their nightly price is much more than the $49. Up to now I would have never used the certificate in them, but now the game had changed. And if I'm completely honest I rarely stay in IHG hotels unless it is with the certificate, point breaker, or using the Ambassador BOGO certificate (wonder how long that one would last).

We all also know that the card was (and still is) a loosing proposition for Chase. Who on his right mind would use this card for anything than IHG stay (and even that is doubtful if you have CSR). Frankly, I almost never use the card. It is there only for the certificate. So will I need to re-evaluate my NYC strategy? Sure, but I still have some value in the card. Having IHG, Hyatt and Marriott cards it does give too many second tier options, so one of them will have to go - but it would probably be the Marriott one, once the dust settle over the merger.

Now, if Chase would allow to have also the new $89 card in addition to the current card and do a complete double dip (both 10% rebate and 4th night free on points) and two free night certificates a year - that is something I would consider doing.