These downgrades to the existing SPG cards are a bummer, and the new "premium" card is pretty lackluster for a $450 AF, IMO. I'm not thrilled with the ~33% devaluation of earnings but as long as I remain grandfathered into the old $65 AF and get the anniversary night I'll keep it. Post 8/1 I'll probably treat my SPG card like I do my IHG card. Let it live a life of leisure in the sock drawer.