I strongly strongly disagree that there were ever enough gamers to matter. How many companies out there give away $500-$1500 to customers who have no interest in doing business with them, and it's no big deal? It's also not accurate that this activity is somehow affiliated with FT. Anywhere you see credit card discussion online, it's being discussed. If it wasn't a big deal, why would Chase institute rules such as 5/24, one Sapphire card, etc? American Express gives one bonus per lifetime. To name a few. If I was a betting man, I'd wager we have only scraped the surface on restrictions credit card companies will place to prevent gaming the system.

As far as your other statement, I definitely agree. Too many people feel entitled to loyalty perks. No business is required to give anything away. They do it for marketing. Period. What happens when the business evolves? When your competition stops doing it? When you no longer have competition? When demand is already high? As a smart business owner, you have to look at all of your investments (just like customers taking $1000 sign up bonuses and leaving). Money isn't well-spent just because "that's the way it always was." If an investment isn't giving a return, you start to invest in other areas that will get you a better return, or you bank the money. You wouldn't give away free dessert at your restaurant if you were packed every night.

There is a clear difference between hotel and airline loyalty programs too. I believe the airline business is feeling the hurt around the margin compression way more. The low-cost carriers hurt the business of the big guys more than a new cheap hotel/motel chain would hurt Mariott, Hilton, or IHG. You can say what you want about your favorite airline, but to the average person, there is a far smaller importance in airline choice vs hotel/resort choice.

The only airline CC I still keep is Southwest / Chase. Rapid Rewards is of limited utility but operates transparently. I maintain a modest stash of RR points to send my wife off to see her mom a few times per year. That card / program defends its value. I've given up on the others.

The Amex / Hilton cards are a virtual disloyalty pass. They free you to stay at whatever chain you want, for reasons of economy or location, because you'll always be Gold or DIamond at Hilton. No more need to alter spending behavior to amass 20 or 30 stays -- although altering your behavior is the whole raison d'etre of loyalty programs in the first place. (I had to attend RSA -- cybersecurity conference -- in San Francisco last week. In olden days I would have sought out a Hilton property at whatever cruel cost; this year I stayed at a quaint independent property over in Berkeley, saved $1,000 to $1,500, and risked nothing, Hilton status-wise.) So I am not sure that situation will last forever.