Thanks for the clarification. I am sorry I misunderstood the original posting.

I don't know the answer to your question, frankly. I've never had a cash back card and so have nothing to compare my experience too. But I fly a lot at this point of my life, most of it on very long flights. So the ability to use a lounge, to board first, not to pay a checked bag fee, to upgrade to first class, to be fed and given drinks on flights: all of that is considerable. And when I stay at hotels, to get a slightly nicer room is a similar perk of a life spent on the road much of the year.

But your point is well-taken and I personally am not "all in" the miles game. I have just one credit card (linked to an airline) and one debit card because I am still slowly rebuilding a credit history damaged by irresponsible college behavior. I choose hotels mainly for their convenience and cost rather than miles potential (though if those are equal...). And, if a competitor gives me a vastly better price/route than my preferred airline (DL in my case), I take it (for instance, when I fly to Chicago, I use Southwest; just makes sense to do so). But if the difference is just $50 and I know I'll get upgraded to first, I'll fly DL. That's worth it to me too.

YMMV.