I think most people don't value their Chase Ultimate Rewards points 1.5 cents a point, people in the points game do, but that is not most people. It leads to the age old argument of whether you are actually getting 1.5 cents or you just make yourself think you are getting that. Case in point: A person books a business class flight that costs $1000 for 50,000 points and they say oh great, I just got 2 cents per point. But if you wouldn't have had the points and had to pay cash, would you have taken that business class flight? If the answer is no, then you aren't really getting 2 cents per point. It is no different than numerous studies that have shown that when you get a coupon from your supermarket for $ off your next shopping order, most people end up buying something that they wouldn't have bought if they didn't have the coupon.