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Capital One is facing a lawsuit over canceled rewards, and Shawn and Mark get into the bigger problem with banks treating points like real currency when it helps them and funny money when it helps them. They also talk retention offers, when a card is not worth keeping even for free, and rank the major transferable points programs from worst to best.

What we cover:

• Capital One being sued over allegedly canceled rewards after account closures.
• Why earned points should come with stronger consumer protections.
• How to compare retention offers against referral offers, credits and annual fees.
• Why no-fee cards can still be worth checking for retention offers.
• The Business Platinum changes, Dell frustration and when a credit stops mattering.
• Shawn and Mark's rankings for Amex, Chase, Bilt, Citi, Capital One and Wells Fargo.
• Why Chase has slipped, Citi has become more useful and Bilt may have the most interesting upside.

Episode Guide:

• 0:00 Welcome to MTM Travel
• 0:21 Detroit event details and why in-person networking still matters
• 2:52 Capital One sued over canceled rewards
• 7:51 How to think about retention offers
• 11:16 No-fee cards can still have retention offers
• 13:25 Dell, Business Platinum credits and the breaking point
• 14:52 Ranking transferable points programs
• 16:15 Capital One vs Wells Fargo at the bottom
• 19:03 Bilt vs Citi and the middle of the rankings
• 19:45 Why Chase keeps slipping
• 23:07 Amex makes the case for number one
• 26:14 Mark's case for Bilt as the best program
• 29:15 Which programs are essential for most people?

Links:

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• Capital One lawsuit - https://mtmdiamond.slack.com/archives/C0ACC849Z3J/p1778758564025649
• Retention offers - https://milestomemories.com/american-express-business-platinum-retention-offer/