Why is it poor value?
For example SYD-BKK return need 40,000 points return under the promo, compared to 60,000 with normal Qantas Frequent Flyer program.
Compared to cards where rates are 1 point per dollar then seems okay. If you compare to cards where rates are 1.333 points per dollar or above, then not so good.
But if you consider the fact that it is very very very hard to use points when you want with Qantas Frequent Flyer, and you can use any airline under any economy fare class with Blue Sky, then Blue Sky is okay?
Do I understand correctly?
Also interesting to note the targetting advertising letter from AMEX on this site. Maybe someone in Marketing there actually reads our posts. All businesses should do similar if they want to be customer centric.