Exactly, I spoke with my Private Banker who called about this, and ways to make it easier to manage. That is why they show you your points worth 1.5 vs 1 in the portal, and all old points regardless of how they are used will be used first, so it's done on a FIFO (first in first out) method. So if you use points as a transfer, or to purchase anything through the portal, or combine points to another card, it will be the oldest ones first, thus reducing your 1.5.

I closed all of my bank and investment accounts over this reduction, and have since switched all of my non-Amex spend to a new card. Running the math on my Visa spend, I will come out at 98% of what Chase use to offer with my new card, which is 32 more than what the new set up with Chase is giving me. I am keeping this card for two years, because I won't be able to spend down my points that fast, then I will transfer what is left and close my card.

It would be different if I flew United, or stayed at IHG properties, but since United pissed me off a while back, I maybe take United once ever 2 years for a roundtrip. IHG just doesn't do for me what Hilton and Marriott do.... I don't know why Chase doesn't offer any Marriott properties, while they offer a Co-branded Credit Card. I signed up for the Apple Music and TV, but the rest of the new benefits do absolutely nothing for me and most card holders. Thus one analyst said he believes the number of sapphire reserve "has been reduced by 25% or more since the announcement, through either downgrades to other Chase cards or cancelations."