WHat AMEX is trying to combat now is abuse.
They still want people to spend (that's the idea isn't it?)
So IMO there is a very simple solution to address the abuse, without upsetting the spirit of the promotion.
....add in the condition of a minimum spend.
People are less likely to make multiple spends of $50 or $100 as opposed to making multiple spends of cheap ticket items.
Amex gets to put the pressure on merchants through us, they still get the same commission (as it is based on % of spend rather than per transaction), and most importantly they still reward the cardholders with the points = happy customers, happy merchants, happy AMEX, less abuse.
I'd rather this than capping the points at 40k. Really dumb of them to do that. It'll only antagonise the genuine spenders resulting in 5 transactions of small ticket items, then nobody will use the card anymore in protest = Amex loses revenue from commission, has to pay everyone 40k in points, nobody pressures merchants to accept amex, cardholders get angry in the long run. In other words a failed attempt/promotion on their part.
What do you all think?