The value placed on points is subjective.. I place a value of 2 cents a point, because I have the ability to get flights at that.. but from the perspective of the merchant and consumer using a cc, the fee is already included, but the merchant loses out on debit or cash use that would save the merchant fee. From the cc company point of view, it probably costs them 1 cent per point, but they get the business, not another cc company that's willing to give them the points. Probably other possiblities and viewpoints too.. just my 2 cents.