Codex just changed the way they calculate usage with a massive negative impact.
Before a Subscription was the cheapest way to gain Codex usage, but now they've essentially having API and Subscription pricing match (e.g. $200 sub = $200 in API Codex usage).
The only value of a subscription now is that you get the web version of ChatGPT "free." In terms of raw Codex usage, you could just as easily buy API usage.
edit: This is currently rolled out for Enterprise, but is coming to Pro/Plus soon. The people below saying "I haven't had this issue" haven't yet*.
This is not true. The change applies to the credits, ie the incremental usage that exceeds your subscription limits.
> e.g. $200 sub = $200 in API Codex usage [...] In terms of raw Codex usage, you could just as easily buy API usage.
I don't think it's made out like that, I'm on the ChatGPT Pro plan for personal usage, and for a client I'm using the OpenAI API, both almost only using GPT 5.4 xhigh, done pretty much 50/50 work on client/personal projects, and clients API usage is up to 400 USD right now after a week of work, and ChatGPT Pro limit has 61% left, resets tomorrow.
Still seems to me you'd get a heck more out of the subscription than API credits.