The benefits of Ms isn't just cash back. It's point value. Just today I got 10 cpp for ultimate rewards points for an AA flight booked via avios.
AA wants $1001 for a fully refundable RT ticket from the 27th to 30th of this month. I booked on ba for 27,900 avios and 33.60 for 3 tickets.
I realize it's not always ideal but the value of this award negates a year of 2% earnings to me.