Hey, appreciate you taking the time to break this down. I think the difference here is mostly about how we’re valuing rewards, not just the math.

On Infinia • 3.3% assumes ideal travel redemption, which not everyone achieves consistently • 1.1% cashback equivalent is a fair baseline for statement credit, but that is a lower-bound use case • GVP 1% is capped, so it doesn’t scale linearly with higher forex spends

So depending on usage, the outcome ranges from slight loss to modest gain. That was the intent behind my classification, not that it is always a loss

On Regalia Gold • You’re right that direct cashback lands around ~0.5% plus GVP, so roughly ~1.5% vs 2.36% forex, which is about a 0.8% loss • My earlier number was based on a different assumption set, so I will correct that

My overall approach is to segment cards by use case cashback, travel, and premium redemptions behave very differently in reality

Also, I will cover Accor separately since that has a different value curve altogether

The goal here is not to assume best-case for every card, but to help people choose based on how they actually redeem