Once upon a time, I steered clear of credit cards that came with an annual fee. But my perspective has since evolved drastically. Now, I proudly tote around a collection of premium credit cards, some of which demand an annual fee exceeding $550. Far from regretting this decision, I embrace it wholeheartedly, considering the benefits to far outweigh the costs. In fact, there was a month when I managed to rack up almost $750 in statement credits alone.
Credit Towards Statements
Certain elite credit cards, such as the Chase Sapphire Reserve® and The Platinum Card® from American Express (conditions apply, enrollment required for specific benefits), present opportunities to accumulate statement credits on either an annual or monthly basis. These credits, among other perks outlined below, justify the prominent spots these cards hold in my wallet. And the beauty of it is, even if you’re not ready to commit to a hefty annual fee, there are often enticing statement credit incentives available with other rewards cards as well.
Exclusive Deals from Amex and Chase
Beyond the standard statement credits linked to my Chase Sapphire Reserve and Amex Platinum Card, these cards offer an array of exclusive deals. Chase Offers and Amex Offers (enrollment required for specific benefits, terms apply) are optional perks accessible with a range of Chase and American Express credit cards, not limited to the aforementioned two.
Many popular consumer credit cards grant access to Chase Offers, including:
• Chase Freedom Unlimited® card
• Ink Business Preferred® Credit Card
• Chase Sapphire Preferred® card
It’s worth noting that Chase specifies eligibility for “certain” consumer and business cards for Chase offers—verification of eligibility is necessary by logging into your Chase account, though most business and consumer Chase cards tend to qualify for the majority of users. Similarly, numerous American Express consumer and business cards issued in the U.S. are eligible to enroll in Amex Offers as well.
Special Incentives from American Express and Chase
Examples of rewards opportunities from Amex and Chase exist for those with eligible credit cards. By engaging with these opportunities, cardholders can potentially receive statement credits or enhanced rewards rates for specific purchases.
The value derived from these incentives varies, with past experiences yielding returns ranging from minuscule amounts to substantial sums per transaction.
Typically, these incentives operate on a cashback or discount basis, rewarding users with a specified amount back upon reaching a spending threshold, or providing a percentage off the purchase price. The scope of eligible purchases spans diverse categories including accommodations, electronics, floral arrangements, jewelry, gourmet items, exercise gear, tax assistance, travel accommodations, eyewear, and household items.
Offer availability evolves over time, encompassing a broader array of products and services than listed above. Thus, periodically reviewing available offers can facilitate the exploitation of advantageous opportunities.
How I Bagged Nearly $750 in Statement Credits Within a Month
Although I’ve been known to tap into Chase Offers before (and I’ll keep that up), it’s the Amex Offers that really deliver the goods. Once, within a single month, I racked up enough regular statement credits and Amex Offers perks to nullify my entire annual fee.
Check out this rundown of Amex Offers I cashed in on a while back, pulling in close to $750 in statement credits:
A Month’s Worth of Amex Offer Perks
Monthly Uber Eats bonus: $15, Monthly PayPal bonus: $30, Saks Fifth Avenue statement savings: $50, Home Depot perks: $100, Best Buy perks: $100, Dell treat: $100, Samsung bonus: $200, Hilton perk: $50, Hello Bello treat: $40, Home Chef treat: $50, SCRIBD perk: $10
Total Perks: $745
Specific benefits require enrollment and are subject to terms.
Stay on Track with Your Budget
Sure, there were heaps of other Amex Offers ripe for the picking during that time frame, beyond what’s listed. But since many demanded a minimum spend threshold to unlock the reward (like, spend $100 or more to get $50 back), I zeroed in on deals for purchases that ended up being gratis or were already accounted for in my budget.
For instance, diapers were a monthly staple for my little guy. So, shaving $40 off two cases of Hello Bello diapers was a no-brainer. Then there was the Dell deal, handing me $100 back on a $100 splurge, which translated into snagging two free gaming headsets for my older son and hubby.
Review the Details
Before diving into these tempting deals, it’s crucial to familiarize yourself with the nitty-gritty details. Every offer comes with its own set of terms and conditions that must be adhered to in order to reap the benefits in the form of statement credits or added perks.
Consider this scenario: A tempting Amex Offer promises a $40 statement credit for a qualifying purchase at Enterprise Rent-A-Car, but here’s the catch—you’ll need to make your reservation through their website, Enterprise.com. Another offer, featuring a $200 credit at Samsung, sounds enticing, but the requirement is to spend $1,000 at Samsung.com to receive the $200 back as a statement credit. (Coincidentally, my father’s laptop recently kicked the bucket, so seizing the opportunity to save $200 on his replacement purchase couldn’t have come at a better time.)
Plan Ahead
To ensure you don’t miss out on the perks offered by Amex or Chase, follow these steps:
Firstly, add the offer to your credit card. This can be easily done through your online account portal or via the respective Chase or Amex mobile apps.
Next, make sure to make your purchase with the enrolled credit card. For instance, if you’ve linked a specific Chase Offer to your Southwest Rapid Rewards® Priority Credit Card, you must use that card to make the purchase in order to unlock the offer.
Keep in mind that some offers have limited availability. Once a certain quota of cardholders have enrolled, additional enrollments may be closed off. Therefore, it’s advisable to proactively add any offers that catch your eye to your credit card. It’s always better to have access to a potential saving opportunity and not utilize it, than to miss out altogether.
Additional Perks of Credit Cards
Being a holder of multiple credit cards, my main motivation for maintaining these accounts lies in the advantages they provide. While Amex Offers and Chase Offers certainly enhance the experience (and I sincerely hope they remain available), it’s the fundamental benefits inherent in many of these cards that truly make them a prudent choice in my view.
Here are several reasons why I hold my rewards credit cards in high regard:
1. Rewards: Over time, I’ve utilized the points, miles, and cash back I’ve accrued to secure thousands of dollars’ worth of complimentary travel.
2. Airport lounge access: A number of my rewards credit cards grant me complimentary access to various airport lounges, significantly enhancing the tranquility of my travel experiences.
Each rewards card boasts its own unique set of perks (including enticing sign-up bonuses). Therefore, it’s advisable to conduct thorough research to ascertain which benefits align most closely with your preferences before selecting the optimal card for your needs.
