The changes look absolutely awful for me. Losing the 1.5x on redemptions, as well as only being able to use the $325 travel/dining credit on portal travel, are value killers.
The photo posted on the Dr of Credit blog states that the recipient of the letter should go to a website for more information about these changes. As of this moment, the website still reflects the grandfathered terms.
usbank.com/AltitudeReserveBenefits
I suspect that I will be refreshing that page multiple times a day, holding my breath each time.
US Bank hitting their cards out of the park with the Nerf Bat lately!
Smartly just became a little less useful, this change to the Alt Reserve will have me closing it if true. Redemptions cut by a third, credit only usable on their travel portal, $5k montly cap on x3.
End of an era for this card, was truly the GOAT.
This is turing into a banking blood bath. I made the unfortunate decision to go nearly all in with US Bank earlier in the year - 3 credit cards, a ROTH IRA, and using for primary banking. Now, looks like that decision may be turning out to be a poor one...
I was hopeful the AR would just sit out there as is and make everything else less of a big deal. However, with them cutting back the travel redemption this basically gives me a 3x card. I specifically have this card as I am Team Cash Back and don't want to play the miles game.
I am still waiting for my letter on the Smartly so not sure if I will still be getting 4% back there either after 9/15. If that drops to 2% (not putting 100K in checking) I may be cutting my losses and moving elsewhere. I would keep the Cash+ if they don't nerf it, but fully expect that shoe to drop soon.
SQUAD: 
Bank Of America stays winning by forgetting they even do credit cards essentially or by having realistic percentages.
Seems like nothing over 2.625% is gonna survive except for the few 3% cards that are semi geolocked.
