There are several websites which provide very useful calculators to assist you in the arbitrage decisions between points versus cash back (just use google search since I cannot post URLs here).. Having been an Amex member for many years, I’ve watched as the points have been “devalued” such that its more cost-effective to book on hotel and airline sites directly. The best option on air travel (if you have a higher level FF status which I assume you do if you travel frequently) is to buy the cheapest economy seat available and use points to upgrade to business class. Otherwise, cash back is the better option in most cases.
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