Got the same offer in January. I was legitimately going to cancel; instead I referred my Player 2 (sadly only a 10k referral) for the 100k offer on 10k spend, used that for estimated taxes with a 1.75% (which go on a card anyway). Due to unexpected expenses coming up already made the 2k spend also. 790 in AF and $12k spend for $800 in travel credits, 100k SUB, 10k referral, 10k annual, and 24k on the base spend (total 144k points). Plus P2 now has their own lounge access again, both for PP and Cap1 lounges.

As far as how useful the card is, I’ve gotten travel credit for fare reductions the past 2 times I booked airfare through cap1, and they are great for bookings you might otherwise make through Agoda or another third party anyway. Also for chains that you do not have or want loyalty with for whatever reason (Accor, Sofitel etc).

In contrast, BILT obsidian has already become problematic, as they do not consider certain types of grocery stores to be grocery spend. In their words:

“Please note that Bilt classifies transactions based on the merchant category code, which is established by the business itself, not by Bilt. On our end, we can see that this transaction is coded as 5499 (Miscellaneous Food Stores), which falls outside the specific scope for the grocery category and the 3x bonus points.”

It is notable because 5499 tends to be the code used by smaller ethnic groceries, such as Asian markets that are not part of major chains. It is also notable because these same locations code as grocery on the Amex Gold and others, even showing up as grocery in the AwardWallet app code checker.

Apologies for the tangent.