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You can do the math on airline miles and decide it's not worth it, but my wife and I went business class to Australia last year using miles, partly from the Amex membership rewards program.
That's something we would never have paid for, well we did ... $45 bucks a year for ten years or so for the Membership Miles program, but the miles piled up until we used them.
I prefer getting a big reward once in a while, opposed to frequent, small rewards ... YMMV
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