Well... depends. Suppose I charge $15K to a credit card. I get 75K points on my Carlson Card and 15K on my SPG card or CSP card.. Depending on the city, I might prefer a 70K/night hotel from Carlson or maybe a 12K/night room from Starwood or a 15K/night room from Hyatt. So if un-bonused credit card points are compared, it can vary pretty widely.