One of our clients recently reached out asking for advice on the best current credit card options. I contacted another client who I consider to be an expert at “playing the credit card points game.” He was kind enough to share his thoughts on the best credit cards. I thought this was worth sharing with you.

“Our primary credit card is the Chase Sapphire Reserve Card – this one was amazing before COVID eliminated travel. The cost is high ($575 a year for 2 cards), but the benefits are much greater: $300 instant credit on “travel” which covers anything related to travel or transportation (Uber Eats, etc.). It covers the cost of TSA precheck and airport lounge access. You receive 3 points per dollar for travel-related charges and dining out and 1 point for everything else. Also, points have a 1.5x multiplier when redeeming for travel (I paid for my entire family to go to Palm Springs and had points left over). Their concierge service is great. When you call, you get a live person. I have used the concierge service to get reservations, etc. that were not available on Open Table, etc. I will probably always have this card.”

“If Chase Sapphire Reserve didn’t exist, the next best card is the American Express Platinum card. The benefits are essentially identical to the Chase Sapphire Reserve card. The third-place card, in my opinion, is my Bank of America Cash Rewards Card. Again, you receive 3 points per dollar on gas and groceries, 2 points at wholesale stores, and 1 point everywhere else (when paired with an executive Costco or Sam’s card you receive 4% cash back: 2% via the credit card and 2% via the membership card). The best part is it costs nothing, and the rewards cash never expires.”

“Finally, there is the “Wells Fargo 2% (Unlimited) Cash-Back (No Fee) Card” that just became available. It even comes with $600 of cell phone insurance!?!? That one could be attractive if I was considering a new card that wasn’t fee-based.”

One of the best websites for learning about credit cards, points, and using frequent flyer miles is The Points Guy. His site has an excellent comparison of the best cards. Several of these cards offer 60-100,000 points bonus for signing up for a new card, in addition to their other rewards.

Another resource for making decisions about all things money-related is nerdwallet.com. Read about their credit card recommendations here.

I recently listened to an outstanding podcast that reviewed optimal strategies for using reward cards, maximizing points, and using points effectively for travel. Chris Hutchins’ All the Hacks podcast is a rich resource for all financial hacks. You can listen to the podcast here. If you don’t want to listen to the podcast there are show notes available that summarize the recommendations.

There is a universe of excellent resources to help you make good decisions about credit and how to maximize rewards. I hope you will explore some of them. If you have additional recommendations or strategies, please reach out! We can all learn from each other’s experience.

As always, we are here for you. Please email or call if you want to set up a Zoom videoconference meeting or talk by phone.

Ralph Broadwater, M.D., CFP®

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