Amex Reduces "Simply Cash Business Card" Gas Benefits: Others To Follow?

One small solace in this whole debacle of rising oil prices, which just took a bad turn today, has been the fact that my credit card gives back 5% on all gasoline purchases. With gas over $4 here in California, that means I get a 20 cent discount per gallon.

Today I received a letter from American Express that stated the follow:

"As you may be aware, across the country, the increasing cost of gas is impacting consumers and businesses alike." I like the phrase "as you may be aware." Who wouldn't be aware? Maybe my 2 year old, but he hears me cussing every time we go to the station so I'm pretty sure he's aware of it as well. Anyways, back to the letter. "Given this we are making a change to your Simply Cash Business Card in order for us to continue offering a no annual fee product...Cash back for eligible automobile gasoline purchases....will change from 5% to 3%. You will receive 3% cash back for the first $12,000....and 1% cash back on gas purchases above $12,000.

Bummer. As it so happens, I use a different credit card for gasoline purchases, but how soon before they cut back their percentage as well?