American Express Gold
You earn 10,000 points as soon as you spend $500 within the first three months of opening the account, and an additional point for every dollar you spend on this card. Every 10,000 points equates to approximately $100 in value, though not redeemable in cash. The points are redeemable for virtually anything; use them to pay for airlines tickets, gift cards, or use the Gold Card Events service to get access to popular (sometimes sold-out) events offered exclusively to Gold Card members. There is a $125 annual fee associated with this card to cover the services offered to the members.
Capital One No Hassle Miles
This card pays 1.25 miles for every dollar spent on the card, with no limit on earning limit. Focused on travel, the miles are redeemable towards a purchase on any airline, any date, and any class of service — or you can also redeem the miles for other purchases not related to travel. Furthermore, if you travel significantly, the card does not charge foreign transaction fees, which can save up to 3% per use in foreign countries. There is no annual fee for this card, and as of 2009, it offers as a no-interest special until December 2010. For people with excellent credit, Capital One offers the same card but rewards one mile for every dollar spent up to $1000 and two miles for each dollar spent above $1000, which is basically double points per dollar spent.
Starwood Preferred – American Express
While this card has greater benefits to travelers who stay in Starwood Hotels (e.g., Westin, Sheraton, and Le Meridian Hotels), it is an attractive card for even those who prefer other hotel chains. The Starwood AMEX offers 10,000 points on your first purchase and one point for every dollar spent. Additionally, it pays two points for every dollar if spent at a Starwood Hotel. Most attractive is the ability to transfer points to mileage on virtually every airline; most transfer 1:1 (points to miles), some transfer at slightly less or more, and include special bonus miles if 20,000 points are transferred at the same time (i.e., 20,000 point transfer to an airline is granted as a 25,000 point transfer if done all at once). There is no annual fee for this card.
Citi Premier Pass Elite Card
Twenty-thousand points are put into your account as soon as you spend $600 within the first three months of opening your account. The flexibility offered in this card is what makes it one of the best point cards; it rewards two points for “everyday purchases” like gas, groceries, transportation and parking, and offers one point for all other purchases. Additionally, this card rewards one point for every mile flown on any airline, which makes it unique within the reward card sector. No other card is known to do this as of 2009. It does, however, carry a $75 annual fee.
Discover More Card
Discover is known to offer the best “cashback” rewards programs. The Discover More card offers five percent cashback on everyday purchases, and 1% cashback for all other purchases. Furthermore, if you use the ShopDiscover network of retailers, it offers anywhere from 5 to 20 percent cashback points. Currently, in 2009, they are offering 0 percent APR for 6 months on all purchases; 12 months of no interest for all balance transfers. With no annual fee and an immediate $50 cashback upon spending $300 in the first three months, it quite literally “pays to Discover” at their slogan reads.