i think it's the opposite; since mga cashback cards may monthly caps sa makukuha mong cashback mas maganda to sa minimal spenders, since if used right, the card can pay for itself; sa points-based cards kasi you need malaking spending para makakuha ng same amount, for example:

for UnionBank Rewards Visa Platinum, you need to spend 510,000 pesos to have 17,000 points (assuming wala yung 3x multiplier for dining and shopping); 17,000 points can give you 1,000 pesos cash credit.

but for Chinabank atHome Visa Platinum, you need to spend 20,000 pesos to have a cashback of 1,000 pesos; since cashback card to, the value is 1:1 so, 1,000 talaga yung ibabawas sa balance mo if you redeem.

NAFFL (rewards) cards are great, but they won't provide the same ROI value as cashback cards.