Ultimately +400 in benefits for +$200 in fees is a good trade. I’d rather they add more travel related credits and get rid of garbage like the $20 digital entertainment credits. If AMEX wants to cut down on lounge overcrowding the cards need to provide value to people who would benefit from a “premium” card. Not anyone who is just looking to recoup the annual fee by mashing together uber eats and digital entertainment credits.

My guess is there is far more breakage on the FHR credit than there is on any other benefit the card offers.