For too long, Chase Ultimate Rewards has been considered the best all-around points program for peeps who like collecting them (myself included).
AMEX is failing miserably at just about everything right now, except for AMEX Offers.
They lost Costco and jetBlue, might lose Starwood, Membership Rewards doesn’t have (m)any great transfer partners (maybe Delta, Aeroplan, and ANA for niche award flight redemptions), and they’ve absolutely failed to make timely and industry-leading adjustments to their credit card and points line-up for a long time (thanks for dropping forex fees after like, a decade…).
That left the door wide open for Citi to swoop in (Barclays and Bank of America were never a concern). And man, they really took their chance.