Agreed, but the Adobe, Audible, Clear, Dell, Equinox, Indeed, NY Times, Peacock, Saks, Sirius, Uber, and Walmart credits are temporary. They will each end when the advertiser no longer sees value in the placement, and American Express will not reduce the cost of the card or race to sign up a replacement before a credit ends. There will be times when the effective cost is much nearer to the nominal annual fee.
I guess this is possible, but have we seen any examples of Amex doing this in the "coupon book" era (meaning let these credits expire without some kind of replacement)? I guess the era isn't that long, but they seem to view these credits as attracting millennials, which is a focus for them.