The bittersweet news is:
That yes, it is true that you will never receive the big signup bonus, However you will receive a smaller bonus. For example, the SPG card usually offers 10k Starpoints for your first purchase, and an additional 15k for spending $5000 in 3 months. For first time SPG card holders this offer is still available. For returning SPG card members (people who had this card 5 years ago) they get a lower offer of 10K Starpoints. This rule does not abolish the current American Express rule of once per year. As a side note the once per year is from the closing of your credit card.
There are already reports of people who have gotten only 10k signup bonus miles. So it seems like this is accurate. As we said a month ago, nothing is set in stone, and can be changed by Amex at any given time. However this currently the most accurate information regarding American Express’s new rules.
What should we do?
The first thing you want to do is to beat the deadline. As it draws near in about a week, it can take that long to push an application through via reconsideration. What you want to do is make sure you get any American Express bonus, by applying today.
Here are some of the better choices that you should consider:
30k Delta Sky Miles ® Gold
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American Express limited their bonuses to once per lifetime, but now eased that rule to a smaller bonus, the rule is still fully in effect if you had the card in the last 12 months.