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Like most of these sorts of programs, there is a free lunch, if you can work out how to optimise it. But the vast majority of people don't, and end up subsidising the people who do. And the rest is profit for the company :) In the end, I chose not to get into this program however, simply...

The sums DO stack up on the FF. I'll spell it out here. $150K loan, held for 5 years, provides the following bonus points: 15,000 on sign up 12,000 per year 25,000 at 3rd and 5th anniversaries. So at best, for a 5 year loan of exactly $150K, you earn 125,000 points for a total...

I'm pretty sure this is wrong. The extra interest on $150K is $75 per year. In one year of the mortgage, you earn 12,000 points = ~ $120. When you factor in the additional bonus points on signing up, and the 50,000 in anniversary points earned after 5 years, it is actually a pretty good...