Ah, then that makes sense. I suppose I am not in Amex jail after all. That's also unfortunate. I am not sure it's worth $700 to be able to cash out 530k MR points before the devaluation now. I will lose a little over $700 between the 1.25 and 1.1 cash out rate. Now I may regret taking that 30k retention and not canceling my vanilla Plat to get the Schwab one..