Originally Posted by jaw20

It looks like the cancellation policy also changed with the devaluation. I've redeemed three awards in the last 12 months, and there was no cancellation penalty for those reservations (as a Gold member). The cancellation terms now say the following:

"If a reservation which was booked with points is cancelled within 24 hours of booking, all points will be returned to the members account. If a reservation which was booked using points is cancelled more than 24 hours before the pickup time the following points will be forfeited: If a Gold member, 50% of the points used toward the booking will be forfeited; If a Five Star member, 25% of the points used toward the booking will be forfeited; If a President’s Circle member, all points will be returned to the members account."