Dont get fooled, even by Capital One - There is a lost cash cost to any card - I am not arguing about hypothetical "value", just lost cash cost to acquire a point
I used to blindly spend on the card I had - but I have been looking at cost per point now, not just "value"

BofA - Unlimited Rewards = 1.5c + 75% bonus for moving my IRA to Merrill (no real cost) = 2.625c cash back everyday; That is my real main card for unbonused spend
Given that, my spend on Venture X or Cash Plus @ 2 points ends up costing me 1.3125c each!
Also factor in Fees - almost 0 for Vx and 150 for business Cash Plus = even if I were able to do 1 M spend on Cash Plus card 150$/1M is 15,000c//1000,000p = 15/1000 = 0.015 cpm
The real cost of keeping the annual fee card is higher - Most people cant not do even 100k spend - so cost is 0.15c extra = about 1.475c almost
So min cost is = at least 1.3125c each for a Capital One point + extra if using any card with a fee

Some Simple Math for unbonused spend
Any Unbonused spend on a Chase card - Best card is Unlimited @1.5x = 2.625 / 1.5 = 1.75c
Any Unbonused spend on a Citi card - Best card is Double Cash @ 2x = 2.625 / 2 = 1.3125c BUT you have to factor in the cost of a premier card 100$/100k points = 1$/1k poins = 0.1c = real cost of 1.4125c
Best Amex card for unbonused spend = Business Plus at 2x = 1.3125c min cost
ANY airline card that gives 1.5x - eg VS = 1.75c cost - better to transfer from C1 than use the card unless for status purposes at 5k spend each month
etc

or per $ spend -
@ 5x miles = Amex platinum Airfare; Chase Cash at Office stores - min cost per mile is 0.55c
@ 4x miles = Amex Gold - groceries - min cost per mile is 0.655c
@ 3x miles = Reserve travel or Citi Premier for groceries Amex Hilton cards - min cost per mile is 0.88c
@ 2x miles = Cap 1, Citi Doubel Cash Amex Business Plus (50k) or Marriott cards- min cost per mile is 1.3125c
- No marriott stay is worth it if points are mainly from everyday spend a 50k points stay costs 625$ at least
@ 1.5x miles = Chase unlimited cards, VS - min cost pe rmile is 1.75c
.@1x miles - most airlne cards - you are paying 2.625c at least Plus cost fo annual fees

I doubt really that Hyatt is worth 1.75c even to a loyalist - Honestly, I keep the card to keep status to upgrade to suites and to treat family to Guest of Honor bookings with free breakfast
But if I stay 30 nights and spend 75k to keep Globalist, my cost is 75k spend @ 1.11c (2.625c lost cash - 1.5c max Hyatt point value) about 800$ plus cost of card
- about 1k a year for the enefits - which to me ar eworth it

For DL PM if I fly 35k MQM and spend 90k to get 45k MQMs it costs me 1.5c lost cash per $ = about 1350$ at least
I am sure the upgrades and better treatment are worth it but I no longer think of them as "free" upgrades - I just prepaid a bit to DL a year ahead to get these upgrades

I see people rushing to Staples to get "free" gift cards - the real cost is higher than people think
200$ card - "Free" = 1000 points - but the card can not be deposited to your bank account for free - it has to be spent where Visa cards are accepted
When liquidated A 200$ card still loses you 5$ in lost cash (it is not the same as 200$ in your bank account) = 0.5c cost for a UR point = minimal cost
If you are payig a 7$ fee to get this card = cost of a UR becomes 0.5+0.7 = 1.2c total, NOT the great deal that people think it is

Most of us playing the game by now know - get UR by Ink @5x and Amex @ 5X etc etc, do spend targets for new cards but at some pointe we have unbonused spend - and that costs us
So in reality most of our points (unless truly dedicated Apporama + MSers) will end up costing us at 1c overall due to unbonused spend cost - We probably get 2c value out of them
So in reality we spend about 40-50% of real cost for travel in style, (subsidized travel of sorts) but it is not "free" unless you are a blogger and can write off everything related to travel.