This is likely true, and the blowback will be severe from HNWI. Not sure how it financially will impact Delta and AMEX (no more onshore cust service), whose offshore bean counters divided “total number of AMEX visits” by “total Plat/Cent” cardholders and thought that AI- based math worked.

But if AMEX weathered the Costco storm (loan portfolio), they can deal with this.
I’ll just get a Sapphire Reserve or move to Citi.