Let’s see, I get the first $300 returned as a travel credit so now the net fee is $250, a chase point has about a $0.015 value, and you probably earn 2 points per dollar (but varies based on your spend mix), which equates to about 3% cash back on your spend or $8,333 dollars break even spend to make the $550 worth it (not including all the extra benefits that I’ve ascribed zero value to). If your spend mix skews more to travel and eating out, and you optimize for high value reward spend, you can get the equivalent of 4-10% cash back, so paying a net $250 to earn $400-$1,000 for every $10,000 I spend seems like a good deal