Those of you who happen to be big credit card users, pay attention: There has been something of a credit card reward price war going on over the past few months. Bonus offers from Chase and American Express are particularly interesting, as they might be good enough to make a switch. The details, as always, are what matters.
As The New York Times reports, the Chase Sapphire Reserve card is something special…if you can afford it. It offers three points for every dollar spent on travel and dining. It will basically deposit $1,500 into your pocket too, if you spend $4,000 in three months. Once you hit that mark, Chase gives you 100,000 rewards points. You can then use those points on roughly $1,500 worth of travel, so long as you book flights and rooms through Chase. The downside? That’s a lot of spending. There’s also a $450 annual fee. Chase does refund $300 of that once you spend at least $450 in travel expenses. If you typically spend a lot on travel, the Sapphire Reserve might be worth the switch. Just make sure you’re using it for all your travel-related charges, otherwise you don’t get to enjoy the benefits of the card.
A card that is giving the Sapphire a run for its money (pun intended) is the AmEx Platinum. If you spend $3,000 on the Platinum within three months, AmEx hands over 40,000 rewards points. The card also offers five points for every dollar you spend on travel when using AmEx Travel, two points for dining, gas and supermarket spending, and one point for every dollar spent on other categories. The Platinum also comes with a $450 annual fee.
Just like the Sapphire, the Platinum can be quite tempting, but only if you travel a lot and can afford to spend plenty. If you want to make the switch but think you might need to bail after reaping the amazing rewards, check out creditcardtuneup.com. The site lets you run your spending habits to see how they compare to other credit cards.