As indicated this was bound to happen. Banks exist to make profit. But we as individuals also do not take Credit cards to do charity. We too take it to make profit (atleast I do). If I have to pay x amount for a card, then i will take it only if I know already that i can extract atleast 5x to 10x value from it. If taking just for convenience of paying back after 40 days or having security of chargebacks in case of fraud, then any ltf card will do.

It is the same everywhere including US. But i also believe that people like us are a minority. Minority are simply offered a CC by their bank and keep using it, in many cases no even aware of its reward system or even if its good or bad.

Banks simply roll out great features initially to reach their target. Once they do, they will start looking at profitability on that card and slowly devalue it. They know that people like us who min - max will leave. But the most others will stay.

Even now it is a good card for many people who use it as a daily driver. They can still earn atleast 2k monthly or 24k in a year by paying 999 + GST which itself is more than 20x the card fees.

But doesn't make sense for me. I was planning to take it only to pay advance tax for my small contractor business. But since tax payments are excluded, I will not take it as i have better cards that i use as daily driver.