Unless you can use SPG's Cash and Point all the time, it is not easy to get the "perceived" 0.03 valuation of SPG pts.

My experience has been, I would only achieve such valuation when using Cash and Points in cities that are expensive - unfortunately in last couple years, Hotels in such locales hardly offer Cash and Point option any more. I have never been able to find a Cash and Point offering for properties in Hong Kong for example.

Furthermore, the ability of amassing meaningful amount of points in relative short time is a crucial factor. If you dont get the SPG biz card you would only get 35K SPG pt a year (30K bonus promotion + 5K spend to reach that.) versus a very conservative 300K for HHonor pts for 4.5K spend - all on personal citicards (ignore the BofA, HofA, Virgin as they dont waive annual fee). You get 3 Cat 6 nights with SPG, but you get 8 Cat 7 nights with HHonor Cat 7 with AXON. Or 6 Cat 7 by single night redemption.

I dont care how the theoretical valuation is done. What matter to me is how many free nights at top hotels I could get, with the same time span and same amount of spend (actually less is needed with HHonor cards).

BTW, the Conrad Hong Kong a Cat 7, is far better than the W Hong Kong a Cat 6 of SPG.