Odder that they (also) equate 35k points to $350. Undoubtedly trying to take advantage* (in its exploitive meaning #1 below) of the naivete of many credit card holders.

(I just realized the preceding sentence could be interpreted to be insulting to “many credit card holders” which is absolutely NOT my intention. Unfortunately AmEx holds all the cards (no pun intended) in this situation so they can easily take advantage of all of us, naïve or otherwise, in that AmEx can offer an inferior option (offer) and many will accept based on “any port in a storm” and/or “bird in the hand … ” philosophies. 70K (vs 35K or $350) is surprisingly very generous and I’m personally quite pleased with AmEx offering it to me and some others so that we can take advantage* (in its good use meaning #2 below) of it.)

(* “take advantage of”: 1. make unfair demands on (someone) who cannot or will not resist; exploit or make unfair use of for one's own benefit. "people tend to take advantage of a placid nature"
2. make good use of the opportunities offered by (something). "take full advantage of the facilities available")