why would you want points instead of 2% cash back?
All of my cards get a much higher return rate all together than 2%.
For example, let's take the (old - it has been updated) Hyatt card (which is not my daily card... more on that later).
When I got it, it had a sign up offer of 60,000 points if I spend 2k in 3 months (easily done via real spend or manufactured spend).
I am going to use 50k (of the 60k) points this year for 10 hyatt place nights (not the best redemption value but I love Hyatt places when traveling by myself and it's only 5k-8k depending on which Hyatt place per night). The average night cost there is $150. That means I'm getting $1500 for free just from opening the card and spending my normal spend on it for a month.
The Hyatt Card has the first year fee waived and then $95 after that. When the annual fee hits after the first year, I will ask for a retention offer and likely be offered between 5,000 and 10,000 points or the annual fee waived (thus paying or exceeding the fee) or else I will cancel (Hyatt card can't be downgraded).
So when looking at just the Hyatt card (keep in mind you can get much better redemption deals from hyatt then 5k points for a 150$ a night room) I will be getting $1500 in value for something I will at MOST pay $95 for (def wont keep it if I don't have a retention offer going forward after year 1).
On my one year anniversary, I will get a free night to any Hyatt up to 25,000 points - IE a $350 value easily, or at worst, a $150 value if I use it on another Hyatt place). Likely, I will get more like $1800 in value (with redemption offer) for something I pay $0 for after 1 year.
If that was my only card, and it just got me 1x back on all spend (I'd never do that) and 2x on food , I'd be looking at the equivalent of 1 to 2 cents per point (depending on how I used it - in my case around 1.5cpp average).
So you get 2% cash back on a card that has no good sign up bonus, and I get 1.5% value on points to Hyatt plus $1800 in free stays, so you'd need to spend $180,000+ just to break even on the 2% cash back vs my bonus offer + regular spend Hyatt.
Now, that really simplifies the issue though, because I'd never use the Hyatt card as my daily driver. I use the Amex Gold for food and groceries (4x points on both, talking around 4.6% back the way I use it), SPG Lux on regular spend (2x points on everything, worth about 2.8% back the way I use it), Chase Freedom when in category (5% back) and any branded card if I am using their hotel/airline IE SPG card at marriot (6x points = around 7% back for me), Hyatt at Hyatt (4x = 4% back) etc.
The Southwest Companion Pass + Points alone has saved me over $3,000 (9 flights this year free + free companion on every single flight)
The SPG (regular) card has saved me over $2,500 (5 night stay in a suite in NOLA during Sugar Bowl... 5th night free when using points on New Years Eve was 700 free on its own)
It goes on an on. The only time 2% cash back makes more sense then points is 1) if you never travel and 2) if you can't get these cards due to really poor credit.