Financial institutions play favorites. They typically give better deals to people who spend more money with them, but that’s not always the case.

A Redditor who spends $50,000 per month is looking for a new credit card. The individual has some gripes with their Amex Platinum card and believes there must be another card that offers better rewards.

“It really feels like the Platinum has lost its elite status. For the amount I spend, I net them a lot of merchant fees. You figure they’d value me more,” the Redditor stated while asking for recommendations. 

The Fat FIRE community offered a few suggestions. 

Get The Highest Tier For Bank of America

Bank of America has a tiered program that offers higher rewards if you have enough money in your bank account. One commenter suggested that the original poster put $100,000 into an account with Merrill Lynch or Bank of America. It can be a savings account, a brokerage account, or a similar account. Then, the original poster will qualify for the highest benefits if they also have a Visa credit card.

The commenter goes on to explain that this arrangement results in 3.5% cashback on travel and dining, plus unlimited 2.625% cashback on all other purchases. Getting into this tier with Bank of America is the most straightforward path to rewards. You don’t have to worry about rotating categories or getting lower rewards once you exceed a limit.

“Even if you play the categorization game, you want this as your backup card,” someone responded to the commenter. While credit cards with unlimited 2% cashback are readily available, it’s more difficult to find a credit card with unlimited 2.625% cashback.

Keep It Simple With A Cashback Credit Card

One of the top comments came from a Redditor who explained that they use cashback credit cards now. This shift makes the entire credit card journey less complex since you don’t have to worry about the value of each point and how they convert across multiple categories.

The commenter uses credit cards with unlimited 2% cashback on all purchases instead of hunting for the best possible deal. 

“I got frustrated a long time ago trying to manage all the points, the lessening availability, and value,” one person chimed in. 

Points do not have any guarantees. The value of a point can change, and some credit card companies let points expire if you do not use them soon enough. Cashback credit cards ensure you are rewarded and don’t have to worry about how points convert.

Analyze Your Spending Categories

If you want to get the best credit card deals, it’s best to start with your spending categories. That’s what one Redditor suggested in the comments.

“What’s the spend on mostly? Food and travel? If so, you’re looking at 150k points per month with the Sapphire Reserve. That’s 1.8 million points per year which is worth $27k on travel (5o% bonus) through the Chase portal.”

Knowing how you spend money and the ways you redeem points will determine which card makes sense for you. Chase Sapphire Reserve, Amex Centurion, and JP Morgan Reserve were the three credit cards that came up the most. Comparing their rewards programs with your spending and reward redemption habits can help you decide which one is right for you.

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