How this math works

The honest comparison is never "rewards vs nothing". It is the fee card vs the best free alternative, which for most people is a flat 2% cash back card. Only the rewards above that baseline count toward the fee, plus statement credits you would have spent anyway. We walk through the full logic, with the Chase Sapphire Preferred as the worked example, in our $95 annual fee break-even guide, and apply it to premium cards in the $895 Amex Platinum decision.