If you have your eye on an Amex Blue Cash Preferred credit card for the 6 percent cash back on supermarket purchases – American Express just sweetened the deal. Amex has upped the sign up bonus from $150 to $250 cash back dollars after spending $1000 in the first three months, for selected applicants. This increased reward effectively offsets the $75 annual fee for three years.
Spoiler Alert: The best rewards credit card offers are not hyped in the blogosphere.
This is the story of how I learned to sit back and wait for the superior targeted credit card offers to roll in.
In a typical week, my husband and I receive a dozen offers in the mail for new credit cards. The banks even try to induce our kid to apply for credit cards on a regular basis. My usual habit is to toss out these envelopes without opening them.
That is, until I learned how lucrative sign up bonuses could be.
In November 2011, while changing planes in Denver, I was lured by a vendor offering to sign me up for a Southwest Airlines credit card. Southwest was celebrating their expansion in the Denver market by offering 50,000 “Rapid Reward” miles as a sign-up bonus. I had a few minutes to kill so I talked to the vendor about the offer. He convinced me of the value of these Southwest frequent flyer miles by mentioning that the miles could be used on any flight — there are no blackout dates on Southwest. The annual fee for the card, issued by Chase bank, was $69.