I wouldn't say I'm "so upset." Put me in the "A bit Bummed" camp.

We have two PREs each with $55K limit and have set statement cycles to begin the 15th each month (one could do this with any card) and use the approx 60 day float for a free loan. (Yes, maxing the LOC does ding your credit score a bit.) Put it in a MM for 3.7% APY (was above 4% and higher, before short rates started coming down.) With $200K in legitimate taxes that's $6683 generated with organic spend. Throw on an extra 20% on the points earned, if you want to book airfare through their platform and it's over $7K. Depending on the year, maybe it's double that.

But to the main point of the thread, is it still worth holding PRE with the bonus reduction to 50% from 75%?
-The card had 3.5% on all dining and travel and 2.625% on all other spend. That will be reduced to 3.0% and 2.25%
-Still has the $300 travel credit and $150 Lifestyle credit (both easy to get) and $120 GlobalEntry/TSA Precheck credit to partially cover the $550 annual fee.
-Still offers 4 Priority pass memberships, (one of the last cards to still include restaurants) I give the extra three to our kids.
-Still has the 20% boost on airfare booked through their travel site. Prices are usually inline with directly purchased tickets. It's not as good as the 35% at Amex, but it is good for any airline.

Since so much of the value for us comes from using the 60 day float, we'll probably end up keeping the card.