Originally Posted by GUWonder

When redeemed Hilton points are fundamentally worth no more than a fixed cash amount per point, the point of collecting the Hilton points -- at least via partner activity or where partner point alternatives are relatively more valuable -- gets undermined and a replacement option makes more sense than would otherwise be the case.

If Hilton wants Hilton Honors to be nothing more than a form of restricted cash back, many of its customers would be better off going for something less restricted in its value -- something like actual cash back. Are we there yet? Not so sure.