That's actually not bad - I may renew my AMB. At $200, it's like buying 15,000 points at 1.33 cents per. Assuming in the next year I can redeem for 1 cent per and with the 10% rebate from the IHG Select card will really be getting 1.1 cents in value. That means I'd be paying ~$40 for all the Ambassador benefits for one year. Not a bad deal, assuming I have some upcoming IC stays.

How long after or prior to your Ambassador expiry do you have to renew (and receive the 15,000 points)? That is, can I let it expire and still "renew" 30 days later and have it still count as a renewal? Or do I have to renew immediately prior to expiry?