It wasn’t that long ago, as the economy was crashing down around us, that people started noticing a drop in the number of credit cards that were offering the 0% transfer rates, and a drop in the number/quality of the rewards associated with rewards cards. Higher default rates and changing regulations seem to have been the culprits, making it harder for credit card companies to offer the great rates and rewards while still maintaining their (already bloated) margins.
But, as the economy levels off (if not starts a recovery), there have been an increase in cards offering the great transfer rates, and now, there’s been an increase in rewards cards too.
Just the other day, Chase announced the British Airways card, with a pretty good rewards system. Then, today, I got an email announcing the Hyatt card. It too, has some pretty good rewards.
The thing I don’t really like about cards like these is that you get locked into an airline or hotel chain. Also, they both charge an annual fee. I think in a pinch, you might be able to call Chase and be able to get that fee waived once or twice, or at least get your value out of it in flights and stays. Aside from that, the rewards are pretty good. The British Airways card has a potential for 100,000 Avios (BA’s points) which should be able to get you a couple of trips overseas or quite a few domestic trips on their partner airlines. The Hyatt, with it’s 2 night free stay bonus, is pretty good as well. And in both cases, the points accumulate at a good rate.
As always, responsible credit card use is a must. You’ll pay way more than what the rewards are if you don’t pay the balance off, and lose money on the whole deal. It’s just not worth it. If you do pay your balance off, however, it’s something to look at.
I might even have to think about that Hyatt card, as the Financial Bloggers Conference this year is at the Denver Hyatt, and while the even rate is pretty good, it’s not as good as two nights free!
Editors Note: As with any financial offer, credit card or otherwise, YOU are responsible for reading the full terms and disclosures in order to understand what it is that you’re applying for. Don’t read them, don’t come crying to me.
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I’m still exclusively interested in cashback rewards cards. We have a Citi Dividends card and a Costco AmEx card which give 1-3% back on all purchases in including 3% on gas all the time with the AmEx.
@Money Beagle I still think that cashback rewards cards are usually the best deal unless you have something that you use frequently enough to warrant a good use of airline points, hotel points, or the like. I’ve got a big enough amazon addiction to have been tempted by their rewards card often… 😉
Personal accountability in the disclaimer–gotta love it!
Personally, like you, I don’t like all of the different individually branded cards. There are just too many, and I like to have my options wide open, especially when travelling. That’s why I like Amex and their membership rewards program. I can link any airline/hotel account and then transfer points to whichever one is the best deal at the time. Plus, you can pay with the points, and if you book through the Amex travel site you can earn something like 20% points back. Guess you can say I’m kind of a fanboy.
Fidelity Investments American Express is still “A” Number 1 for us. 2% on everything with no caps! It’s amazing how fast that adds up!
I really like my Chase Sapphire Preferred card. I got mine when they still had the 50k bonus. With as much as my family spends on dining out- we rack up the 2x points!