Not a shocker that AA is devaluing its program after UA/DL. But let's face it - for a long time now it has been better to accumulate transferable points from Chase/Amex/Citi etc rather than having miles locked into a single program. It will be interesting to see if bank customers are smart enough to grasp the effects of the devaluation and shift their business. The Amex experience with DL cardholders suggests that won't be the case. However at some point cash back cards start to look far more attractive, particularly if partner saver awards start to disappear.

Of course the real losers here are the elites who earn miles through actual flying. Those miles are effectively devalued, and your choices are limited in terms of other programs for crediting your flights. Plus you need to credit EQM to AA if you want to keep your elite perks. I don't fly AA much so not an issue for me. But I do plan to explore options for my UA flights.

At this point the only remaining US-based program that has not massively devalued (or is using a fixed conversion rate like WN or B6) is AS.