In determining the benefit of something, it is important to keep in mind not just the "list value" value of that benefit, but also the "net value". Take, for example, the resort credit. For that, the list value equals the net value only if a cardholder would have spent the money at the resort anyway even if no rebate offer existed. So if a person got a spa service SOLELY because it was "free" then there is no net value. This is because, to that person the spa service was not really free -- because of the card's annual fee.

OTOH, if that person would have puchased the exact same spa service at the exact same resort even if the credit card provided no rebate, then and only then can the full amount of the rebate be subtracted from the card annual fee for the purpose of determining "benefit".