I agree that 1c per point is ok. However, if you're getting the additional points from Select at a cost of 1c each relative to Signature, you must have a very high Visa spend. Select only earns an additional 0.33 pts per % domestically and 0.66 pts per $ overseas compared to Signature.
If you assume: (a) that 30% of your spending is overseas, and (b) the additional fee for Select is just $400, then by my calculations you would have to spend almost $90k per year on Visa to make the the incremental cost of the additional points 1c. If you can get the Signature fee free (I have it fee free for life), then you would have to spend $160k per year on Visa to make the the incremental cost of the additional points 1c (again assuming that 30% of your spending is overseas). I would say for most people, overseas spending would account for a lot less than 30% of the total, meaning things get even less favourable for Select.
Assuming you use Amex wherever you can, and taking into account that you don't get points from Citi when paying ATO etc, it's likely that you would only use Visa for a minority of your spending in the first place. I know I use Visa for less than 30% of my spending, and at least 80% of my spending is in Oz, so I'd need to have a total credit card spend of over $600k per year before Select even started to look worthwhile for me. And I certainly don't spend that much!
However, as others have correctly pointed out, everyone's circumstances are different, so for some Select is worthwhile. My advice is: if you spend several hundred grand a year on credit cards, then it's worth doing some further analysis to determine if Select is worth the additional cost. Otherwise, just go with Signature.
