Situation:
I know someone, I'll call him "Jason", who came to me with an offer to buy some of my Caesars Total Rewards credits. Jason is what I would call a "friendly acquaintance". I generally like him, but we are not close friends by any means, and I wouldn't even say he's really a friend.
Jason wanted to buy some tickets to a certain show at a Caesar's property, which would add up to around $400. It wasn't exactly $400, but it was very close, so we'll say it was $400 for the sake of simplicity.
At first, Jason thought he was doing me a favor, as I can't exchange my Rewards Credits directly for cash, and exchanging them for freeplay comes with a fee. At the same time, he thought he could save himself money.
Jason came to me and offered $300 cash for my $400 in Rewards Credits.
When I said no, he was very surprised.
"What?! I thought that was fair," he said. "How much do you want for them, then?"
I told him I wanted $350.
He got pissed. "$350?! For $400 in RCs? That doesn't sound fair at all."
I then explained the following to him:
1) I can, at any time, exchange my RCs at a 1.25:1 ratio for freeplay. Freeplay is just as good as cash for me, since I would otherwise be inserting cash when playing at Caesar's properties. So using that calculation, I could get $320 in freeplay for $400 in RCs at any time. Therefore, selling him this for $300 would actually cost me $20!
2) I can't just easily transfer him the RCs (or otherwise I'd do it for $320). I have to either go with him to the Total Rewards desk to transfer RCs to him, or go with him to the box office when he buys his tickets. So there's a pain-in-the-ass factor for me, as well as a good deal of my time wasted, especially when accounting for Vegas strip area traffic.
3) I didn't say this part to him, but he's not a close friend of mine, so if I sold him the RCs for $320 (the minimum I could do without losing money), then I would be putting myself through all of the hassle and time of going down to the casino just so he could save $80 himself. While I would do this for a close friend, I am not going to waste my time with this crap for the average dude who just wants to use me in order to save money.
So, basically, I was willing to do it for $350, where I would get $30 profit out of it, and he would get $50 savings out of it -- splitting the savings, except he gets a greater share of the savings than I.
Jason was noticeably pissed at me when I wouldn't go lower than $350, finally muttering, "Whatever dude, just keep the points and forget I asked."
Was I right or wrong here?