This ends up being 1.65 cents per point after factoring in the credit card points

I regularly get 3+ cents redemption value at Category 6s and 7s (e.g. Carmel Valley Ranch, Andaz Papagayo, and The Cape).

And I generally agree that it's generally better for a globalist to pay cash for a category 4. But for guest of honor bookings, it's worth booking with points.

So I'll be maxing out this sale.