Rewards - What's the Point?

This morning I worked for $102/hr. It involved protesting and eliminating the $29 fee for the "Travel Rewards program on the Chase Visa card. The call took 17 minutes of time but resulted in a credit and transfer to a "Freedom Rewards" no fee program. I guess Freedom stands for free of fees.

I have rewards points all over the place many that sit there unattended - Marriott, Delta etc. Nearly every credit card I own has some kind of rewards points or cash back program. There was a time I worried about all these points. It plays on the human condition not to waste things - we feel bad about "wasting points".

But there is value in consolidating and keeping track of points - I have a Sony TV, Surround Sound, Playstation, and Digital Camera to thank for Amex Points. So I guess the marketing value rewards points works.

In the old days, it wasn't points - it was S&H Green Stamps, and the local competitor where I lived issued Gold Stamps. Fill up those paper books and send them in for gifts.

By the way - the value of a reward point has been going down over time. There was a time a point was worth a penny. Now you're lucky to get a half a penny a point. But then again what is a 1200 point S&H Green Stamp book worth today?