u/Outrageous-Sir-4558

I just got my Capital One conversion notification packet, and buried in all the paper are the changes to the reward earning for purchases other than the 5% categories:

• 0.25% cash back for first $3,000 in non-5% annual purchases (excluding 5% category purchases)
• 1% cash back after annual purchases exceed $3,000
• 0.25% for all purchases at wholesale stores, wholesale clubs, discount stores, and their affiliates, regardless of your total annual purchase amount

So the devaluation started.