bgriff

I sometimes have a lot of travel spend that I get reimbursed for, so I use the Amex Platinum for airfare spending and the CSR for other travel and dining. Then my non-bonus spend goes onto the Delta Platinum Amex up to $25K/year to get the MQM bonus and MQD waiver and the SPG Amex after that, and I use the Chase Freedom for its rotating bonus categories.

I don't usually have a ton more non-bonus spend beyond $25K so things aren't really changing too much for me, though if I ever decide to move away from the Delta card then the landscape is definitely getting trickier. (I suppose this change to the SPG Amex is actually reducing my opportunity cost of putting so much spend on a Delta card, so in a perverse way this is almost good for me?) If I did stop using the Delta card I would definitely pick up the CFU and am very tempted by the 3pts/dollar for a year bonus offer, though I have this going on right now so I'm probably not going to look to pick up another Chase card for at least a couple of months. Hopefully the CFU offer will still be around by then.

Once the CFU first year offer is over I think it's still a good card for non-bonus spend. But, personally I may actually continue to just use one of the SPG/Marriott cards at 2 points per dollar, because:

• Having the vast majority of spend on CSR and CFU is a heavy exposure to UR points -- which doesn't bother me because of worry about UR points losing value suddenly, but instead just because UR points can't do everything, so it's nice to have some diversity. That said, my annual credit card spend including reimbursed expenses is generally in the six digits, so I have the luxury of having enough volume to build up balances in multiple different programs. If my spending was less, it might not make sense to split spending across multiple programs, because then it could take too long to build up a useful number of points in any one program.
• I am close to SPG Lifetime Platinum and should be able to secure that under the new rules next year, so having SPG/Marriott points is disproportionately more valuable to me than, say, Hyatt points. If I didn't have elite status in any program and wanted to earn hotel stays, I would probably focus more on just racking up UR points and using them at Hyatts, which is probably the best credit-card-spend-for-hotel-stays value proposition currently available, at least assuming there's a satisfactory Hyatt property option at your destination, which is of course not guaranteed.
• I've only transferred SPG points to airlines a couple of times (for 25K miles each time to top up an account for a specific redemption). So I'm not as worried about that angle personally, but I can see why those for whom that was the primary use of SPG points are more vexed about what to do. If your primary use of SPG points is for hotel stays, as long as Marriott doesn't gut the value of their points with the forthcoming new award chart, 2 Marriott points per dollar earned isn't an awful return rate on credit card spend. If your primary use of SPG is airline transfers, it's probably best to make your peace with a smaller set of available transfer partners and choose one of Chase UR, Amex MR, or Citi TYP to invest heavily in, making the choice depending on your most valued transfer partners and favorite bonus spend categories.
• Similarly, I very rarely manage to build up a "beyond immediate needs"-size balance of SPG/Marriott points, so I use them carefully, and often choose to pay cash for hotels instead of using points for personal travel when the value of a particular redemption doesn't meet my hurdle rate. So I could probably manage to make sure that 2 Marriott points per dollar continues to be worth at least 2% back for me (though probably never too much more than 2% back, either). For someone who either can't be bothered to pay that much attention, or who builds up a large balance of points on a lot of regular paid hotel stays and thus tends to use them indiscriminately because they just have so many, even a 2% cash back card like the Citi Double Cash might ultimately offer a better value.