American Express offers a very generous referral program that gives you up to 15,000 Membership Rewards points for referring friends and family to the AMEX Gold, Platinum, and Business cards. This program was never capped, and you could theoretically earn millions of points by referring others.
I just noticed today that American Express has capped their refer a friend promotion. If the base card is an AMEX Platinum, you’re allowed up to 225,000 referral points per calendar year, and if you have an AMEX Gold, you’re allowed up to 150,00 referral points per calendar year.
Now, this won’t affect most people, but many people, myself included, make substantially more referrals a year than the cap allows. Although this is relatively easy to bypass, especially if you have another person in your household who churns, it is irritating and a devaluation of the program.