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Yeah, it's as simple as that. When their product that is 25% more expensive than competitors and less useful (accepted at less retailers), they deserve to get knocked off their pedestal. No one cares about the Amex brand. They are a commodity provider in the payment market.

Their consumer protections are significantly better than other credit card companies. That alone makes owning a gold card worth it to me.

It's 3.5% vs 2-3% on most cards.

https://www.nerdwallet.com/blog/credit-cards/retailers-accep...

So they are all taking a good wedge for very little.

Thing is they don't have to. Visa and co often have lower transaction fees for places like grocery stores exactly for that reason. Amex can adopt the same behavior.