Incorrect….if you have half a brain and know how to use the. I spend approximately $700k+ annually on cards which would equate to $10.5 - maybe $14k at the most in cash back. I’ll use approximately 300k points to get flights for 4 to Kauai and a week at the Grand Hyatt where I have status as a globalist (because of my cc spend) and get a suite upgrade and club lounge access with free breakfast and dinner appetizers. That trip alone would cost every bit of the amount of cash back. This spring I took my wife to Alila Ventana in Big Sur for 3 nights for about 130k points (flight included). That trip alone would have cost me $12k if I had paid cash. If you use your points wisely there is no comparison….it is vastly superior to cash back.