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What’s Up, NEPA?/Senior News

As the credit card wars heat up, credit card issuers vying for the attention of big spenders are pulling out all the stops. Credit card bonuses have become a big draw in the battle for rewards-hungry consumers looking for more free money. Now, at least three credit card companies are pushing the envelope with upfront bonuses valued at more than $1,000. Their target is the well-healed traveler who loves a good deal along with the perks of card membership.These cards are not for everyone. They are designed primarily for frequent travelers who value the extras these cards offer, such as free travel, big discounts, free baggage check, priority boarding and seating and lounge access. They also don&#8217;t come cheap, with most charging hefty annual fees and requiring some big spending to receive the upfront bonus. But, for the right person whose lifestyle or travel needs fit the card, the benefits can be significant. When looking at these cards, there are a few things that should be considered in determining their long-term value:Spending RequirementsThe only requirement for receiving the bonus is you have to spend money using the card. That seems reasonable, except if you might have trouble spending $3,000 to $5,000 within the first three months of opening the account. If you find yourself having to spend outside of your budget to meet the requirement, it may not be such a good deal.High Annual FeesAnnual fees are getting increasingly popular among credit card issuers. And more commonly, consumers are accepting these fees.&#8220;Most of these cards charge an annual fee of $450, which consumer nearly half of the bonus value in some cases. Beyond that, a high annual fee can eat into the yearly rewards earned if the card is underutilized long-term.&#8221; Said Matt Lenhard, Co-founder of <a href="https://lendedu.com/" target="_blank">LendEDU.com</a>, a financial literacy and personal finance site.For cardholder-travelers who are able and willing to maximize the yearly rewards, bonuses, discounts and benefits offered, it can still be a great deal.High Annual Percentage RateWell-heeled travelers typically don&#8217;t carry balances on their credit cards; but if they do, these cards are not the best choice, even when factoring in the bonuses and rewards. The annual percentage rate (APR) on these cards tend to be much higher than the average APR found on top-tier credit cards. Interest charges negate the value of rewards, especially when paid on top of a high annual fee.Limited Travel OptionsSome of these cards are highly proprietary; meaning, their rewards can only be redeemed for travel options limited to the card&#8217;s sponsor (i.e. Fairmont Hotels). Some of the airline rewards cards do offer a wide range of travel options among many different airline carriers and hotels; however, you may be required to book your travel through their proprietary travel site. The good news with that is you almost always assured of securing the booking you want; the bad news is you are not likely to get the best deals which can limit the value of your reward points. That may not be a big problem if you earn enough free travel or travel bonuses.Credit Cards with the Highest Sign-up Bonuses in 2016Chase Sapphire ReserveAt the top of the list is the <a href="https://creditcards.chase.com/a1/sapphire/reserve" target="_blank">Chase Sapphire Reserve</a> card with a sign-up bonus worth $1,500 towards travel purchases. That&#8217;s what the 100,000 point bonus will get you when you spend $4,000 within the first three months. Although its $450 annual fee is at the high-end, the card has one of the richest travel rewards programs which, when combined with the 50% bonus on Ultimate Rewards redemptions, generates an excellent return on investment. The card awards #X points on travel and restaurant purchases and 1X points on all other purchases. Points are transferable at a 1:1 ratio to leading airline and hotel loyalty programs, including British Airways, Singapore Airlines, United, Virgin Atlantic, Hyatt, Marriott and Ritz Carlton.In addition, card members receive an annual $300 travel credit which can be used for baggage fees, upgrades, or lounge access. Speaking of lounge access, the Sapphire Reserve card provides complimentary access to more than 900 airport lounges worldwide. For many global travelers, that is worth the $450 annual fee.American Express Business Platinum CardIt&#8217;s never surprising to find an American Express card near the top of any list of top rewards programs. Its membership program is renowned for its generous rewards and flexible redemption options. The <a href="https://www.americanexpress.com/us/small-business/credit-cards/business-platinum" target="_blank">American Express Business Platinum Card</a> has stepped up to compete with the Chase Sapphire Reserve card for top honors in sign-up bonuses with a $1,190 value. However, the spending requirements are somewhat steeper. The card will award 50,000 points upon the first $5,000 spent on the card. Another 50,000 points are awarded when you spend an additional $10,000 on qualifying purchases within the first three months. Members also receive an annual $200 statement credit that can be used for travel incidentals.The card awards 2 points on travel booked through the American Express website; 1.5 points on large, individual purchases of $5,000 or more and 1 point per dollar spent on all other purchases. Points can be redeemed for many types of awards, including travel, merchandise, gift cards, Uber, and Amazon.com purchases. Generally, the biggest bang for the buck is generated through travel redemptions.The rich bonus and rewards come at a price &#8212; $450 for the annual fee. But, the perks, the statement credit and the 50% points bonus received on airline tickets purchased with points can more than offset the cost. That and access to 900 airport lounges is a great return on investment for frequent travelers.Chase Ritz-Carlton Rewards CardIf you are a frequent guest of the Ritz-Carlton and Marriott hotel chains, <a href="https://creditcards.chase.com/credit-cards/ritz-carlton-rewards" target="_blank">this card will allow you</a> to live like a king on your stays. If you are not, maybe the $1,145 sign-up bonus will change your travel preferences. If you spend $5,000 on the card within the first three months, your bonus earns you a three night stay at a Tier 1-4 Ritz-Carlton property. You will also have to pay an annual fee of $450 for the pleasure. That might be well worth it considering rooms at the Ritz-Carlton can run as high as $1,000 a night. However, the card is laden with a number of travel perks that make it worth considering for any traveler, including<ul><li>Priority Pass Select membership with access to 900 airport lounges worldwide</li><li>A $100 Global Entry application credit</li><li>A $300 annual travel credit</li><li>A $100 discount on domestic airfares for two or more passengers</li><li>$100 credit for incidentals at the Ritz for two or more paid nights</li><li>Three Club Level upgrades of up to seven nights per year on paid Ritz stays</li><li>JP Morgan Premier Concierge Service</li></ul>The rewards program is fairly generous, awarding 5 points for hotel purchases at Ritz and Marriott properties; 2 points on airline travel purchases, car rentals and restaurants; and 1 point on all other purchases. The card also awards a 10% annual bonus on all points earned during the year. Points can be redeemed for Ritz and Marriott hotel stays.<style>
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<div class="metaInfo"><bylineMeta>By Jessie ColeLendEDU</bylineMeta></div>

Credit card bonuses will get your attention, but know requirements before applying