The problem with raising the AF further and continue this race to higher fees is that more people will opt for keeping one card only. Right now, many are justifying holding onto multiple cards because of all these credits (some of which people wouldn’t otherwise use but feel like you are getting something, like Saks). That will change once the combined AF exceed several thousands.

I think C1 was smart in keeping the AF same so that it can be one of those +1 cards. But I can’t imagine too many people keep both Amex and Chase at the likely higher fees.