How much are MR points worth to you? It's fairly apparent that Amex values them at half a cent. If you agree, your first 20,000 points will just about pay for the cost of the card. Not counting forex transactions, where Amex charges at least 2%, while there are still good banks who don't surcharge on top the Visa/MC 1%. (Too, there are really nasty banks that add their own 3%, but you're clever enough not to use them, right?)

So how can one get more than half a cent out of an MR point? Domestic airline awards, perhaps, but only if you're incredibly flexible or have status on the participating carriers. I only have status on AA, and have never been offered a seat on any of the Amex domestics within a month of my intended travel date. International carriers have seats available, but I've not found any that yielded even a penny a point, compared with available cash prices.