I need Amex points to fly my wife to see me, and I usually pay 1.25 cents per point, although sometimes I find people willing to sell them more cheaply. On a pure financial basis, the fee credits can be worth a bit over $300 if you buy gift cards and resell, and by my calculation the points are worth $1250, so that's $1550 less the $450 fee. Of course you have the annoyance factor of having to convert the fees credits to cash, and having to transfer miles into a points program. I'd say it depends on how much you value your time and effort, but $250 seems pretty cheap.