On a direct redemption with the Sapphire Reserve card, the points go for 1.5 cents each...so that's not horrid (bonused spend gets 4.5% back). If you consider the $300 credit and use it, you're looking at a net cost of $150/yr, so even if you never earned a point after the initial bonus your break-even time on the initial bonus is 6.6 years. Using them "internally" gets you to 10 years, and if you can execute a decent transfer to one of the airline partners you can stretch that even further.
(I'm 5/24-locked, but due to all of the offsets, including the lounge access privileges, the $300 credit, and the extra point per dollar I decided that it was worth the switch from a the Sapphire Preferred even without the signup bonus)
(I'm 5/24-locked, but due to all of the offsets, including the lounge access privileges, the $300 credit, and the extra point per dollar I decided that it was worth the switch from a the Sapphire Preferred even without the signup bonus)
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