Originally Posted by redtop43

I don't think reward travel has been turned upside down by MSing. For one thing, those of us doing huge volumes are usually going for cashback. For another, hotels were always a bad deal for MSing. Airline points are always worth at least a penny, while hotel points are usually worth about half that.

The question of "what are airline points worth" is horribly complex but I'll just offer a couple of thoughts. First, most airlines do not match point cost with cash cost, it's not uncommon to find a last-minute ticket that can be $400 cash or 12,500 miles, so it's worth having the miles around. (Especially since United is eliminating close-in ticketing fees.) I'm not sure what you mean by "F" fares. Overseas premium cabin saver availability has always been hit or miss, but compared to the cash price, miles are usually worth in the range of 4 cents each when you can redeem them that way. You have to do some work, and be flexible on dates, to use them, but there IS availability and when you find it the miles are really valuable.

I admit that I don't understand the banking business at all and why the opulent signup bonuses and 2% (or more) cashback. Of course if the reward is a loyalty currency that will never be used, then it's a good deal for the bank and the airline, and I'm sure a lot of loyalty currency expires unused.