Via One Mile at a Time, the IHG anniversary free night is being devalued. Where it previously could be used at any IHG property worldwide, it will now be limited to properties that normally cost up to 40,000 points when redeeming an award. This change will go into effect for any certificates issued May 1, 2018 or later.
This drastically lowers the ongoing value of the IHG credit card. Personally, I will probably still keep mine open because there are still a few 40,000 point hotels in driving distance that could make a nice weekend getaway for me; however, it would not surprise me if many others are not in this situation and just end up canceling the card.