Credit cards can help you get to Lake Geneva for less! Photo by Evan Berman

Hi, my name’s Evan and I have 8 credit cards. No, this is not me “admitting a problem,” there is a reason that I have each one and here’s how I make them all work.

The Beginning

When I entered college, I got my first credit card so that I could start building credit. I signed up for a Discover Chrome Card and was excited to be earning any rewards for purchases. This is the structure:

• 2% cash back at restaurants and gas stations, up to $1,000 in combined purchases per quarter.
• 1% cash back everywhere else.

Discover also doubles the cashback earned in the first year on any new card and offers a $20 credit for good grades each year enrolled in college. The credit limits were $1,250 to start, then $2,250, and $3,450 after 2 years. For a college student with minimal expenses, this was a great first card!

Later on I opted to change this card for the Discover It Card. Here is the earning structure:

• 5% cash back in a rotating category, up to $1,500 spend each quarter
• 1% cash back everywhere else

This category is announced ahead of time and you must enroll to earn the elevated bonus. Here is the calendar for this year:

• January-March 2022: Grocery Stores & Gyms
• April-June 2022: Gas Stations & Target
• July-September 2022: Restaurants & PayPal
• October-December 2022: Amazon & Digital Wallets

Getting 3% with BofA

In my second year of college, I studied abroad and wanted a new card as Discover is not accepted widely outside of the US. I decided on the Bank of America Customized Cash Rewards Card not an affiliate link). This card earns:

• 3% cash back on the category that you select
• 2% cash back on groceries, (the combined 2% and 3% category spend cannot exceed $2,500 per quarter.)
• 1% cash back on all other spending

Here are the 3% Categories you may choose from:

• Gas
• Online Shopping
• Dining
• Travel
• Drug Stores
• Home Improvement

You must select the category and can only modify the selection once a month. Unfortunately this card, like most no-annual fee cards, charges a 3% transaction fee on all spend outside of the US. I learned that the hard way 🙁

Travel Cards Make an Appearance:

When I graduated, I had more expenses (and income). I started focusing on travel cards. Why? Generally speaking, if you travel even occasionally, earning tens of thousands of points after meeting a sign-up bonus far outpaces the value you will earn from spending on cash-back cards.

Go for Gold!

The American Express Gold Card was my first travel card. The card has a $250 annual fee, but I view it as $10.

• Each month, the card provides $10 in Uber credits and $10 in a “dining credit,” for use at Grubhub, Goldbelly, Wine.com, Cheesecake Factory, Milk Bar, and non-stadium Shake Shack locations.
  • If you’re anything like me, you take Uber rides frequently and already spend $10+ a month.
  • Then, simply get lunch at Shake Shack or through Grubhub once a month and you can earn $240 of the $250 annual fee back easily.

More importantly, the card earns:

• 4x American Express Membership Rewards points on restaurants worldwide and delivery and takeout in the U.S.,
• 4x points on U.S. grocery stores, up to $25,000 in spend each year.
• 3x points on all flights purchased directly from an airline or through the AmEx travel portal. Though see below for why I prefer to put this spend on the AmEx Platinum

The bonus on the card is normally between 75,000-90,000 points in the COVID-era of high AmEx sign-up bonuses.

Venmo Card– a Sneaky Good Option?

Though I extol the benefits of travel cards, the cash-back Venmo Credit Card is a great option for me and could be for you– given the right circumstances. When I applied for the card, there was no sign-up bonus; rather, the earning potentials were doubled for the rest of the year.

The card earns the following:

• 3% cash back on the category you spend the most on each month,
• 2% cash back on the category that you spend the next most on each month,
• 1% cash back on the rest.

Here are the categories:

• Bills & Utilities
• Dining & Nightlife
• Entertainment
• Gas
• Grocery
• Health & Beauty
• Transportation
• Travel

The entertainment category is bolded as I moved the majority of my spend in this category to this card. For roughly 6 months, I earned 6% cash back (remember, doubled earnings) on all entertainment spending– such as concerts, festivals, and sporting events. Additionally, I earned 4% cash back on gas purchases, which comes in handy for driving long distances to attend these! All in all, I amassed over $330 in cashback from this card.

A couple of notes:

• If you have a card that earns 2x transferable points on every purchase (such as the Capital One Venture X, reviewed below) or one that rewards for entertainment (such as the Capital One Savor Card), this might not be for you.
• This card is nowhere near as valuable now that the 2x earning potential has ended, though in certain situations, 3% cash-back is the best option.
• The card automatically rewards you cash back based on the spend at the end of the month. If your category with most spend changes, your earnings will still be 3%.
• The cash back that you earn can be transferred to your bank account, used as a Venmo balance, used to pay off your statement balance, or even to purchase cryptocurrency (this is at your own risk).

Gold is Nice– Should You Prefer Sapphire?

I applied for the Chase Sapphire Preferred on the last day of the incredible 100,000 point sign-up offer. The annual fee on this card is $95, but I view it worthwhile for access to Chase Ultimate Rewards.

The card earns:

• 5x Chase Ultimate Rewards Points on Lyft Purchases (until March 2025) and on travel purchased through the Chase Travel Portal;
• 3x points on online grocery purchases (excluding Walmart, Target, and wholesale clubs);
• 3x points on dining at restaurants, which includes some delivery services, dining out, and takeout;
• 3x points on select streaming services (Disney+, Hulu, ESPN+, Netflix, Sling, Vudu, Fubo TV, Apple Music, SiriusXM, Pandora, Spotify, YouTube TV, Apple TV, HBO Max, Paramount+, Peacock, Showtime, and YouTube Premium);
• 2x points on all other travel– this includes everything from flights and hotels to parking and tolls;
• 10% bonus points on each account anniversary (So, if you spend $5,000 on the card, regardless of category bonuses, you will earn 500 extra points upon renewal)

In addition to transferring points to transfer partners, you can redeem points for 1.25 cents each on travel in the Chase Ultimate Rewards travel portal. (I.e. a flight that costs 50,000 points can be purchased for 40,000 Ultimate Rewards points in the portal with this card.)

The AmEx Platinum– Status Symbol or Fantastic Card?

Many people have the idea that the Platinum Card is an indication that they have “made it.” They picture executives and other important people swiping indiscriminately and forgetting about the troubles of day-to-day life. Whether you care about that or not, I explain why this card deserves a spot in your wallet.

This card is not one on which you should put much spend. Here are the earning rates:

• 5x American Express Membership Rewards points on flights purchased directly from airlines or American Express Travel (up to $500,000 each calendar year),
• 5x points on prepaid hotels on AmEx Travel,
• 1x points on all other spending.

However, the beauty of the card lies in the credits and perks. While the annual fee is $695 (gulp!), it is not difficult to find outsized value with these perks:

• $200 in Uber Credits each year ($15 each month, with the exception of $35 in December)
• $200 in Airline Incidental Credit each year
• $189 in CLEAR credits annually
• $240 Digital Entertainment Credit, doled out in $10 monthly increments. Unfortunately, at the moment this only covers Audible, Disney+, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. Remember to enroll in this and then subscribe to a monthly option, else you will only get a $10 reimbursement!
• $200 annual credit on prepaid bookings at the Fine Hotels + Resorts or The Hotel Collection
• Marriott Bonvoy and Hilton Honors Gold Elite Status upon Enrollment
• Centurion Lounge access up to 3 hours before departure on any airline
• Delta SkyClub access when flying Delta
• A credit for reimbursement when purchasing Global Entry ($100 every 4 years) or TSA PreCheck ($85 every 4.5 years)

While there are other perks (see my full review for more information), most people should be able to get tremendous value out of at least the first 2 perks and hopefully many of the others! The current welcome offer is 100,000 points after spending $6,000 in 6 months.

Capital One Venture X– New Guy in Town is a Major Game-Changer!

The Capital One Venture card has been fairly popular in a large part due to its Travel Eraser– any purchase that falls in the travel category can be “erased” by miles at a 1 mile:1 cent ratio (a $100 purchase can be “erased” by 10,000 points). In November of 2021, Capital One came out with the new luxury Venture X rewards card. If I could only choose one card from this list, it might very well be this one!

Here is the earning structure:

• 10x Capital One Miles on hotels and rental cars booked through Capital One Travel, and booking on Turo (until May 16th, 2023),
• 5x miles on flights booked through Capital One Travel,
• 2x miles on all other purchases

While the card has a $395 annual fee, with minimal effort, you can have Capital One pay you $5 each year to hold onto the card. Here’s how:

• There is a $300 credit each year to use on Capital One Travel. This is triggered by any type of purchase– flights, hotels, rentals, etc.– and you each miles on these purchases!
• After paying annual fee upon renewal, you receive 10,000 bonus miles. At a minimum, using the Travel Eraser means that this is worth $100. That’s $400 in easy to use credits from a $395 card!

Additionally, the Venture X offers the following perks:

• Priority Pass lounge access (including restaurants, unlike the AmEx Platinum),
• Capital One lounge access for you and two guests (only located in Dallas-Fort Worth currently, but more to come),
• Hertz President’s Circle status
• Free additional cardholders (I will explain in greater detail how lucrative this can be)
• A $100 Global Entry credit once every 4 years or $85 TSA PreCheck credit once every 4.5 years.

The intro bonus is now 75,000 miles after making $4,000 in purchases within the first 3 months after opening the card.

Citi Custom Cash Card: Very Lucrative– with a Catch

The Citi Custom Cash card is another new card that has taken the points and miles world by storm. Without the Citi Premier or Prestige, this card earns cash back. If you also have one of those cards, the following percentages can be used as transferrable Citi ThankYou points. Here is the earning structure:

• 5% (or 5x points) on the top category of spend each billing cycle, up to $500
• 1% (or 1x) on all other spend (including in the top category after the $500 spend threshold is met)

Here are the categories:

• Restaurants
• Gas Stations
• Grocery Stores
• Travel (only Airline, Cruises, Hotels, and Travel Agencies)
• Transit (only Buses, Car Rentals, Ferries, Parking, Railways, RV rentals, Subways, Taxis, and Tolls)
• Streaming Services (only Amazon Prime, Amazon Music, Apple Music, CBS All Access, DirectTV Stream, Disney+, ESPN+, FuboTV, HBO Max, NBA League Pass, Netflix, Pandora, Showtime, Sling TV, Spotify, Starz, SiriusXM, Tidal, Vudu, YouTube Red, and YouTube TV.)

As with the Venmo Card, the card automatically adjusts the top category of spend each billing cycle, so it could be travel one month and restaurants the next.

Tip: Only use this card for up to $500 spend in one category each month. It does not provide great value otherwise!

That’s the 8!

Credit Card Philosophy:

I have described the benefits for each of the cards that I have open currently. Now, let’s talk about how this plays out with spend. I earn:

• Food and Groceries: 4x spend with AmEx Gold
• Bars/Clubs: 4x spend with AmEx Gold (most, but not all, drinking establishments that sell food code as restaurants. Test it out with a cheap drink, then look at your most recent purchase to confirm)
• Internet: 2x with Capital One Venture X OR 3% with BofA Custom Cash
• Airfare: 5x with AmEx Platinum
• Other Travel: 2x with Chase Sapphire Preferred (I prefer the Chase Points to Capital One Miles for this spend)
• Rideshare (I use Lyft unless Uber prices are significantly lower): 5x with Chase Sapphire Preferred (2x if Uber)
• Entertainment (i.e. sports tickets, concerts, festivals, etc.): 2x with Capital One Venture X OR 3% with Venmo Card
• Gas: 5%/5x with Citi Custom Cash
• Miscellaneous: 2x with Capital One Venture X or 5% with Discover It (if the spend falls into a bonus category)

As you can see, I never settle for less than 2x points/miles or 3% cash back on any type of spending– and neither should you! This article shows why I am not crazy for having 8 cards (or am I?!?). Stay tuned for other ways to get extra perks from credit cards.