Originally Posted by Steve M

There's the problem. A "huge hit" on credit card spend has been predicted in these parts each time there's been a program devaluation over the past 20 years, but it never seems to materialize. Despite that, the award price increases can't go to infinity - at some point, the negative affect of award price increases on spend will be greater than the increases they can get from new members. I do wonder what will happen at that point, as just walking back the last change won't be enough.