Palladium allows Ultimate Rewards points to be redeemed for travel at the rate of $0.015 per point, they are worth more if transferred to an airline. Worst case, if you never use the card in the 2X categories you would earn 1.5%, but averaging 2% should be straightforward.
I don't fly much, so that doesn't help me. As for hotels, I already use SPG and HHonors for free stays on my points.