Intro to Collecting the Best Credit Card Bonus and Rewards in 2021 (Part 1)

_{Note: Information current as of July 2021}

Learning to select the best credit card for bonuses, points, and miles have recently gained a lot of popularity in the past couple of years. The reason is obvious. Banks are rewarding you for being their customer, and there is nothing extra you have to do on your part.

Building your credit beneficial for your financial health; in addition, the money you make and save from credit card bonuses, rewards, and cash back is just another channel of generating net income over time. Depending on your lifestyle, the rewards and benefits from certain credit cards can unlock a lot of opportunities in your plans for travel and purchases.

There are a lot information out there about credit cards. The “best credit card” scene is always changing. Moreover, what the “best” credit card for one person, may not be the “best” for another. It depends on what you prioritize and value. How important is having flexibility in using your rewards for travel, cash, and gift cards? Do you prioritize points for a specific airline or hotel? Are you satisfied with a simple cash back on your billing statement?

The consensus has always been that the most valuable credit cards are those from Chase when compared side-by-side with other banks. When it comes to points, Chase Ultimate Reward points frequently come out ahead in value. There are a lot of good reasoning and calculations backed into that consensus, but that’s a different topic to explore.

Without further ado, let’s walkthrough the best offerings in the market right now to find YOUR “best credit card”!

Know Whether You Are Under 5/24?

If you have never heard of the term “5/24”, then I would jump to the next section for The Top Credit Cards To Get in 2021 if You Are Under 5/24.

The 5/24 rule has essentially been an industry term describing the credit card rule established by Chase. Remember, we said Chase offer the most desirable credit cards. As of May 2015, Chase will no longer approve any credit applications if you have more than 5 newly opened credit card accounts, across all banks, in the past 24 months (thus, 5/24). This rule is based on your credit history report, which would show all credit cards you own no matter where it came from including department stores, banks, retail stores, etc.

If you have less than 5 newly opened accounts within the last 24 months, you are under 5/24, otherwise you are over 5/24. Finding the best credit cards for yourself depends on where you fall on that line.

The Top Credit Cards To Get in 2021 if You Are Under 5/24

The assumption with these credit card recommendations is that you are 1) fiscally responsible enough to pay off the cards every month, and 2) are able to capture the sign-up bonus by meeting the minimum spend requirement.

Try to get as many of these cards as you can (while being under 5/24) in the order that makes sense to you. The recommendation is also to never apply for a new credit card more than once every 3-4 months!

Barclays Aadvantage Aviator World Elite Business Mastercard

Rewards and Benefits Highlights:

• Earn up to 75,000 AAdvantage^® bonus miles:
  • Earn 65,000 miles after spending $1,000 in the first 90 days
  • Earn 10,000 miles when a purchase is made on an employee card
• Earn 2X AAdvantage^® miles:
  • for every one dollar spent on eligible American Airlines purchases.
  • for every one dollar spent at eligible office supply, telecom and car rental merchants.
• Earn 1X AAdvantage^® miles
  • for every one dollar spent on all other purchases.
• 5% AAdvantage^® mileage bonus
  • earned every year after your account anniversary date based on the total number of miles earned using your card.
• First checked bag free on eligible bags
• Companion Certificate good for 1 guest at $99
• Preferred boarding for you and up to 4 companions on your reservation when traveling on itineraries operated by American Airlines.
• No foreign transaction fees
• $95 annual fee

Chase Ink Business Unlimited

Rewards and Benefits Highlights:

• Earn $750 Bonus Cash Back
  • After you spend $7,500 on purchases in the first 3 months after account opening
• Earn 1.5% Cash Back 
  • on every purchase with no limits to the amount you can earn
• Foreign transaction fee: 3% of each transaction in U.S. dollars
• No annual fee

Chase Ink Business Cash

Rewards and Benefits Highlights:

• Earn $750 Bonus Cash Back
  • After you spend $7,500 on purchases in the first 3 months after account opening
• Earn 5% Cash Back 
  • on the first $25,000 spent in combined purchases each account anniversary year at office supply stores, internet, cable and phone services
• Earn 2% Cash Back
  • on the first $25,000 spent in combined purchases each account anniversary year at Gas stations, Restaurants
• Unlimited 1% Cash Back
  • on all other purchases
• Foreign transaction fee: 3% of each transaction in U.S. dollars
• No annual fee

Chase Ink Business Preferred

Rewards and Benefits Highlights:

• Earn $1000 Bonus Cash Back
  • After you spend $15,000 on purchases in the first 3 months after account opening
• Earn 3% Cash Back
  • on the first $150,000 spent in combined purchases each account anniversary years on shipping purchases, Advertising purchases with social media sites and search engines, Internet, cable and phone services, Travel
• Unlimited 1% Cash Back
  • on all other purchase
• No foreign transaction fees
• $95 annual fee

Southwest Plus Credit Card

Rewards and Benefits Highlights:

• Earn 65,000 points bonus
  • after you spend $2,000 on purchases in the first 3 months of account opening.
• Earn 3000 points earned every year
  • on your Card member anniversary.
• Earn 2 points per $1 spent 
  • on Southwest purchases and Rapid Rewards hotel and car rental partner purchases.
• Earn 1 point per $1 spent on all other purchases.
• $69 annual fee

Southwest Premier Credit Card

Rewards and Benefits Highlights:

• Earn 65,000 points bonus
  • after you spend $2,000 on purchases in the first 3 months of account opening.
• Earn 6000 points earned every year
  • on your Card member anniversary.
• Earn 2 points per $1 spent 
  • on Southwest purchases and Rapid Rewards hotel and car rental partner purchases.
• Earn 1 point per $1 spent on all other purchases.
• No foreign transaction fees.
• $99 annual fee

Southwest Priority Credit Card

Rewards and Benefits Highlights:

• Earn 65,000 points bonus
  • after you spend $2,000 on purchases in the first 3 months of account opening.
• Earn 7500 points earned every year
  • on your Card member anniversary.
• Earn 2 points per $1 spent 
  • on Southwest purchases and Rapid Rewards hotel and car rental partner purchases.
• Earn 1 point per $1 spent on all other purchases.
• No foreign transaction fees.
• $75 Southwest annual travel credit.
• 4 Upgraded Boardings per year when available.
• 20% back on inflight drinks and WiFi.
• $149 annual fee

Southwest Performance Business Credit Card

Rewards and Benefits Highlights:

• Earn 80,000 points bonus
  • after you spend $5,000 on purchases in the first 3 months of account opening.
• Earn 9000 points earned every year
  • on your Card member anniversary.
• Earn 3 points per $1 spent 
  • on Southwest purchases and Rapid Rewards hotel and car rental partner purchases.
• Earn 2 points for every $1 spent
  • on social media and search engine advertising, internet, cable, and phone services
• Earn 1 point per $1 spent on all other purchases.
• No foreign transaction fees.
• Global Entry or TSA Pre✓® fee credit in the form of a statement credit of up to $100 every four years
• $75 Southwest annual travel credit.
• 4 Upgraded Boardings per year when available.
• No change fees
• Bags fly free
• $199 annual fee

Chase Sapphire Reserved

Rewards and Benefits Highlights:

• Earn 60,000 bonus points 
  • After you spend $4,000 on purchases in the first 3 months from account opening
• 3x points on dining at restaurants worldwide
• 3x points on travel worldwide
• Points are worth 50% more when you redeem for travel or when you redeem them for statement credits against existing purchases in select, rotating categories
• $300 annual travel credit
  • As reimbursement for travel purchases charged to your card each account anniversary year. 
• Complimentary DashPass subscription from DoorDash
• Up to $60 statement credit from DoorDash
• Earn up to $120 back on a Peloton membership
• 10x points on Lyft rides
• Complimentary Lyft membership
• Complimentary Priority Pass™ select membership at 1,000+ airport lounges after an easy, one-time enrollment.
• No foreign transaction fees
• $550 annual fee

Chase Sapphire Preferred

Rewards and Benefits Highlights:

• Earn 100,000 bonus points
  • After you spend $4,000 on purchases in the first 3 months from account opening
• 2x points on dining at restaurants worldwide
• 2x points on travel worldwide from airfare and hotels to taxis and trains
• Points are worth 25% more when you redeem for travel or when you redeem them for statement credits against existing purchases in select, rotating categories
• Complimentary DashPass subscription from DoorDash
• Earn up to $60 back on a Peloton membership
• 5x points on Lyft rides
• No foreign transaction fees
• $95 annual fee

World of Hyatt Chase Credit Card

Rewards and Benefits Highlights:

• Earn 30,000 Bonus Points 
  • After you spend $3,000 on purchases in your first 3 months from account opening
• Earn 30,000 More Bonus Points 
  • By earning 2 Bonus Points total per $1 spent in the first 6 months from account opening on purchases that normally earn 1 Bonus Point, on up to $15,000 spent.
• Earn 9x Total Points for Hyatt stays
• Earn 2x Points for Dining
• Earn 2x Points for Travel
• Earn 2x Points for Gym Membership
• Earn 2x Points on everything up to $15,000 spent for the first 6 months of account opening
• 1 Complimentary Night every card anniversary year in a Category 1-4 Hotel 
• 1 additional free night if you spent $15,000 in a calendar year
• Upgraded to Hyatt Discoverist Status
• 5 qualifying night credit a year
• 2 additional qualifying night credit every $5000 spend
• No Foreign transaction fees
• $95 annual fee

United Explorer

Rewards and Benefits Highlights:

• Earn 60,000 bonus miles after you spend $3,000 on purchases in the first 3 months your account is open
• Earn an additional 10,000 bonus miles after you spend $6,000 total on purchases in the first 6 months your account is open
• 2x miles on United purchases
• 2x miles on dining
• 2x miles on hotel stays when booked with the hotel
• 1x mile on all other purchases
• 2 United Club one-time passes per year
• Free first checked bag
• Priority boarding
• Up to $100 Global Entry or TSA PreCheck® fee credit
• 25% back on United inflight purchases
• No foreign transaction fees
• $0 intro annual fee for the first year, then $95

Chase Freedom Flex

Rewards and Benefits Highlights:

• Earn $200 cash back after you spend $500 on purchases in the first 3 months from account opening.
• 5% cashback grocery store up to $12,000 spent in first year
• 5% cash back on activated quarterly categories, up to quarterly maximum
• 5% cash back on travel purchased through card issuer’s website
• 3% cash back on dining at restaurants
• 3% cash back on drugstore purchases
• 1% cash back on all other purchases
• Complimentary DashPass subscription for 3 months on DoorDash and Caviar. 
• 5% total cash back on Lyft rides through 3/31/2022
• No Annual Fee

Chase Freedom Unlimited

Rewards and Benefits Highlights:

• Earn $200 cash back after you spend $500 on purchases in the first 3 months from account opening.
• 5% cashback grocery store up to $12,000 spent in first year
• 5% cash back on travel purchased through card issuer’s website
• 3% cash back on dining at restaurants
• 3% cash back on drugstore purchases
• 1.5% cash back on all other purchases
• Complimentary DashPass subscription for 3 months on DoorDash and Caviar. 
• 5% total cash back on Lyft rides through 3/31/2022
• No Annual Fee

Chase BA Visa

Rewards and Benefits Highlights:

• Earn 100,000 bonus Avios after you spend $5,000 on purchases within the first 3 months of account opening
• Earn 5 Avios points on British Airways, Aer Lingus, Iberia, and LEVEL purchases in first year
• Earn 3 Avios points on British Airways, Aer Lingus, Iberia, and LEVEL purchases after first year
• Earn 3 Avios points on hotel purchases made in first year
• Earn 2 Avios points on hotel purchases made after first year
• Earn 1 Avios point for each $1 spent on all other purchases
• Save 10% on purchase price when you book a British Airways flight from the US to London
• No Foreign Transaction Fees
• $95 Annual Fee

Chase IHG Rewards Credit Card

Rewards and Benefits Highlights:

• Earn 150,000 bonus points
  • after spending $3,000 on purchases in the first 3 months from account opening
• Earn 10 points for each $1 spent 
  • on purchases made at InterContinental Hotels Group (IHG)
• Earn 2 points per $1 spent 
  • on purchases at gas stations, grocery stores, and restaurants* 
• Earn 1 point per $1 spent on all other purchases
• Earn 10,000 bonus points each account anniversary year with at least $20,000 spent
• Earn up to 25X total points at IHG® Hotels and Resorts worldwide
  • Earn 10X points at IHG® Hotels and Resorts with the IHG® Rewards Club Premier Credit Card
  • Earn up to 10X points from IHG® for being an IHG® Rewards Club member
  • Earn up to 5X points from IHG® with Platinum Elite Status
• 1 Complimentary Anniversary Night on your account anniversary date
•  IHG® Rewards Club Platinum Elite status 
• Fourth Reward Night Free
• Global Entry or TSA PreCheck® Application Fee Statement Credit
• No Foreign Transaction Fees
• $0 annual fee first year, then $89

What if you are over 5/24?

While you are over the 5/24 rule (5 credit card applications within 24 months), you will unfortunately not be eligible for a chase credit card at this time. In fact, if you try to apply for one, you will automatically be rejected.

At this time, you can either wait until your 5/24 period is over, or explore other great credit card offers from lenders such as Capital One, Bank of America, and a variety of other lenders.

Bottom Line – Don’t Be Shy About Exploring and Trying Different Credit Cards

As you can see, there are a lot of options even among what are considered the “best” credit card offerings. What is “best” depends on your particular situation. Somethings to think about when selecting your credit card:

• How often do I travel to take advantage of the travel benefits such as Global Entry, No Foreign Transaction Fees, and Cash Back for Hotels and Air Fare?
• Do I see myself using a particular hotel chain often (e.g. IHG, Hyatt)
• Do I see myself using a particular airline often (eg. United, British Airway, Southwest)
• Do I have enough expenses within a 3 month period to capture one of the credit card sign-up bonuses? (e.g. earning $1000 after you spend $4000 in the first 3 months with Chase Sapphire Preferred)

If you don’t see yourself as much of a traveler or strategic spender, do you have a lot of office-related expenses? You can get up to 5% cashback for spend on office supply stores, internet, cable and phone services with some of the business credit cards listed (e.g. any of the Chase Business Ink cards).

Finally, if managing multiple credit cards for specific travel or spend purposes isn’t appealing to you, I still urge you to pick one of the no-fee credit cards for daily use. A card such as the Chase Freedom Unlimited offering 1.5% cash back on any purchase or 3% cashback for dining and travel provides an instant discount for your everyday expenses without you having to even remember you’re doing “strategic spending”!