My time has some value - at least 0.5cpm I think. I am not an absolute idiot
- I can do some MS, hit enough cards to stay permanently above 5/24 for past several years and do multiplayer mode on most good offers with help of friends and family
.Even then, when I am honest in accounting for all cash costs, my overall cost (including unbonused spend cost) comes to 0.4-0.5 cpm
I am sure there are many who can do better and maybe get it down to 0.3c or even less overall.
Even then if you spend 100k points on a hotel room, it costs you 300$ real cost

The hotel points are a total rip off for unbonused spend!
e.g.,
I acquired a whole bunch of points with friends and family at Radisson and used it to great effect with free nights when the going was good.and saved a bunch of money
But when I look back at acquisition costs = 3k spend for 85k points plus 75$ card cost -cost of spending 3k is 75$
Total points 85k + 15k for spend (5x) = 100k points for 150$ minimum cost

I stayed in a family room costing 100k points in EU = cost me 150$ real cost (during free night days, long gone by, it was only 75$ a night)
I got a bill from the hotel for 160 Euros per day at check out and then found Radisson was paying hotel 0.175c each approximately

Our lost cash for ongoing spend = 0.55c for 5x =Radisson must be selling to US Bank for say 0.35c and even then are doublng their money at value of 0.175c payments to hotels
Marriott is particularly bad for ongoing spend - our lost cash for spend is 1.3125c; the points are worth 0.7c at most - and the hotel was paid 0.2c
My 20,000 point stay at Cleveland paid the hotel 40$ !
So even when they are generous to us, they make 0.5c minimum per point - AND then continue to devalue the points on an ongoing basis

At least the airlines sell you a seat at 1c minimum value per airline point while they sell it to the banks for 0.8c
- I am basing 0.8c on Citi buying AA in bulk and Chase buying UA miles in bulk or Amex in 2008 etc
But my point is please never use any card other than 2.625 for unbonused spend;
Even Capital One is costing me 1.3c