[santoshalper]

Mine is just literal cash I can apply to the balance on my card. Obviously the fact that cash back exists means that the card companies are making even more money on the fees. However, since most stores charge an identical amount whether you use CC or cash, everyone is collectively paying it and you might as well get the cash/miles/rewards back.

The FCBA coverage, on the other hand, has some real value. That said, even though I have used it a few times, I doubt it has saved me as much as I've spent in CC fees.