Changes in Credit Card Reward Programs

If you’re going to apply for a credit card, it’s probably best to get one with a credit card reward program. These credit cards are highly coveted because they allow you to earn points on every $1 that you spend. The more you spend, the more points you earn. You can then redeem these points for vacations, merchandise and cash.

But even if you recognize the value of a rewards credit card, you might skip the application process. In truth, it can take years to accumulate enough points for a reward. To benefit the most from these credit cards, you need patience and you have to use your credit card — a lot. But what if there was a way to accumulate points faster?

It appears that some credit card reward programs are shifting and making it easier for cardholders to acquire points. There are numerous types of rewards credit cards and you can apply for credit with various banks. Credit card companies acknowledge this competition, and in order to increase their number of sign ups or cardholders, some companies have started giving away bonus points. But, there’s a catch.

These extra points aren’t available to all applicants. A credit card company might approve your application for a credit card, but if your credit score isn’t high enough, you may not receive an invitation to their rewards program. As a result, you’re not eligible for the bonus points. What’s more, these credit card reward programs are geared toward affluent cardholders, thus income plays a role in whether you’re approved and eligible for bonus points

If you’re approved for a rewards credit card, don’t expect the credit card company to simply hand over the points. Getting your hands on these extra points typically involves meeting the bank’s minimum spending requirement, which can equal thousands of dollars. You must meet this requirement within a certain number of days after receiving the card. If not, you lose out on the bonus points.

Here is a list of a few credit cards with attractive reward programs:

J.P Morgan Chase – Sapphire Preferred Card

  • Earn 10,000 bonus points when you spend $500 on the card within the first 90 days.

Citigroup Thank You Premier

  • Earn 30,000 bonus points when you spend $2,000 on the card within the first 90 days.
  • Earn an additional 200 points for signing up for online account management and 200 points for requesting paperless statements.

American Express Platinum Card

  • Earn 50,000 bonus points when you spend $1,000 on the card within the first 90 days

Capital One Venture Card

  • Earn a one-time bonus of 10,000 miles when you spend $1,000 on the card within the first 90 days
  • $59 annual fee waived the first year

Delta Gold SkyMiles Credit Card

  • Earn 30,000 bonus miles when you spend $500 on the card within the first 90 days

Marriott Rewards Premier Credit Card

  • Earn 50,000 bonus points after the initial use

If you’re in the market for a new credit card and you have money to spend, rewards credit cards are your best bet. But don’t jump into a credit card without knowing your options. Compare different banks and then choose the credit card reward program that works for you.