Dang. Now I understand why FT'ers aren't drooling over this card. It's just like every other half-baked home-grown points card on the market: full of vaguely-described benefits, exclusions, restrictions, overnight changes, poor processes, poor definitions, and deteriorating value to the end user over time.

I'm disappointed: I was starting to think this card might be different, because Merrill seems like a cut above the usual suspects that market these cards. But the underlying parties are MBNA and Carlson-Wagonlit. Guess I should've noticed that from the beginning.

Looks like I'll stay with SPG Amex. At least that card is no bull: every month, I earn a couple of free hotel-nights with very few strings attached. The idea of the Ritz sounds tempting, but I'm really dying for a fancy hotel, Starwood has 'em available with very straightforward terms and conditions.