A CSR returns 4.5% on travel/dining, if you only redeem on travel through the Chase portal, which is not a ripoff based on when I've checked and what I've read (you can get even better effective rates if you transfer miles to airlines strategically).

That means if you spend > $6000/yr on travel/dining (which includes uber/lyft/taxis and hotels/airbnbs besides the usual), you're going to come out ahead of the $150 fee ($450 fee - $300 travel credit) as compared to a no-fee 2% cash back card. The $300 travel credit won't count, so change that $6k to $6.3k. This is well within reason for a lot of white collar folks.