My Hilton HHonors AMEX and Visa cards arrived yesterday, and I've already put them to use. I haven't yet decided whether to shift all my credit card spending away from Starwood AMEX, but I certainly will use the Hilton AMEX card where it provides 5 points per dollar (gas, groceries, restaurants, etc). With the recent Starwood devaluation, it just seems to make more sense not to put all my eggs in one hotel reward basket.

I would think that total purchases on the Starwood AMEX card could decline by 20% this year as "big credit card spenders" (which I guess includes me) look for greener pastures. I wonder if this decline would be at all financially material to Starwood. I guess it depends on how they share revenue with AMEX. And even if they lose credit card revenue, they might make it up by having more rooms to sell, instead of allocating them for reward stays.