Originally Posted by
pinniped
Maybe I missed it: what new devaluation was announced last month?
I know that's when Category 8 took effect, but did I miss something else?
Elite benefits are still inconsistent, the website is still broken, customer service still sucks, and at some point they'll turn on peak and off-peak pricing, which could be a stealth devaluation if properties are allowed to call half the year "peak". But structurally speaking, none of these things is going to make me flush 2 million points for lesser value in airline miles unless I really have a strong near-term need for the miles.
As an example, I'd expect the Travel Package levels to stay where they are for 2 years or more. If you want the full St. Regis Maldives experience, 750k gets you a week + 100k airline miles. Do one of those plus another Cat 8 somewhere and you still have 500k points left.
The annual category changes which took place in March.
Annual Award Category Changes - Effective March 5, 2019.
Sure, it's not quite the disaster that thread makes it sound like, but it is certainly a devaluation. And it is likely to keep happening every year, so keeping huge quantities of points doesn't seem like a good idea. I'm not saying the OP has to run off and spend all his points immediately. Of course he came to flyertalk to ask what to do with 2 million points, so I am not exactly sure what his goals are.