Originally Posted by
cambridgeguy
It's true that some programs have an anniversary "present" (points, free night at hotel, etc.) that end up being worth more than the annual fee when compared to the actual cost of the present if purchased separately. However, that will still make some users spend money they might not have ordinarily spent (can't waste that free night, after all). I haven't heard of any bonuses that can be straight up exchanged for cash back that are comparable in amount to the annual fee. That would give users all of the perks of an elite card at the medium tier price and make the medium tier card (sapphire, in this case) pointless.