<font face="Verdana, Arial, Helvetica, sans-serif" size="2">Originally posted by Bidkat:
Previously-earned points or miles should not be subject to devaluation, any more than a gift card for a department store.</font>
Exactly right. And a department store can raise its prices so that the gift card buys less than what you might have expected it to buy when you purchased it a year ago.
You are arguing against yourself!
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Vasant