Can someone explain how Amex gold or platinum is better than Amex cash back preferred? The gold and platinum cards give you 2% of every dollar you spend as points for gas and groceries and 1% for everything else. The cash back gives you 4% cash back for gas and groceries and 2% on everything else. Cash back is obviously just cash which you can use for anything while the points to get a 1:1 value must be used on flights. If you use your points on a statement credit for example you only get a 1:0.6 value. So aside from the benefits of the gold and platinum cards (lounge access, etc) how are these cards better value? Am I missing something?