mia

The only way any credit card issuer can operate a viable rewards program is to offer rewards which are worth more to the cardholders than they cost to provide. By definition this excludes cash. Chase has created a currency that is worth $0.015 or more per point if redeemed for travel, but only 1% if redeemed for cash. If they increase the 2X categories you would see that as 2%, but most cardholders would see it as 3 or 4%, and they cannot recover that amount through transaction fees.

All MasterCard and VISA issuers have a structural disadvantage compared to American Express which operates its own transaction network, but even American Express ratcheted it's Plum Card down from 2% to 1.5%. 2% isn't sustainable long term.

If you don't travel you will do better hopping from one 2%+ cash back card to another, but they all end.