American Express does not pay for the Equinox or other branded credits. Eliminating something that other cardholders use would not create a pool of money to add something that you would use.
But it creates space where they could woo other marketing partners, perhaps. Regardless of where the money's coming from, I think it's fair for cardholders to want more credits that they find usable, in exchange for other credits they find less usable.
Re: Saks - I thought they closed the gift card loophole? That's what I used to do (buy physical GC in store, then use it at Off Saks)...but the past two times I've just bought some Clarins stuff or whatever instead. Stupid AF amenity kits got me hooked to their stuff.
