And highly useful answers are on the second page and the third page, with it getting to be a dearth after that. Just because it's not heavily discussed doesn't mean that it doesn't work.

As to the topic at hand, I was envisioning something different. Like, breaking even after points are accounted. For example, buying a $500 card with a $5 fee and then redeeming the points at 1% for $5 to break even.

Obviously, for most people, that would not be worth the time or effort. However, that could be immensely helpful when you have a large minimum spend to meet or when you're trying to meet a large spend bonus (e.g., spend $30 000 in a year, get a travel together ticket on British Airways).