Hi Duke,

After thinking a bit about your situation. I would probably choose an unlimited reward card for SPENDING. I might chose other cards just for BENEFITS. I juggled cards for a few years to earn bonuses. That is a bit painful to me. I have much more important things to do (like FlyerTalk).

For you primary SPENDING card, I would choose an unlimited cash card (incl. Fidelity Visa Signature) OR a general reward card like

AMEX SPG
AMEX Platinum/Centurion
Citigroup Chairman
Carte Blanche
Diners Club
Merrill+

I do not think that an airline card is good choice because (a) most of them do not offer unlimited miles for travellers without status, and (b) I doubt that you would spend 500,0000 miles per year. SPG is included in this list because it can be used for hotel stays or mile transfers, so I consider it general rewards.

You should choose a primary airline, as well. In LA, I would choose between AA and United. I have to admit that I am biased towards AA. You can earn lifetime status by transferring miles to the AA program. (If you chose a United credit card, your miles would be limited annually to 60k. Also, transfers to United from SPG are not at an advantageous rate.)

You need to decide how you will use your rewards:

Airline FirstClass
Airline Coach
Hotel
Cash

If you want first class airline tickets, I recommend using SPG AMEX as your primary SPENDING card and transferring to AA.

If you want coach airline tickets, consider Citigroup Chairman (when available). AA shows up pretty often in the thankyou travel program. You will also earn miles for your flights on thankyou reward tickets.

Frankly at $500k annual spending, I would expect the earnings rate between AMEX SPG and Citigroup Chairman to be similar. (Citi may be higher depending upon your spending pattern.) Citi ThankYou program may offer better coach rewards because you can earn airline miles when you use the rewards ticket. The downside is that Citi ThankYou does not offer good rates for first class. Also, Chairman is not available right now.

If you want cash go with an unlimited cashback card. However, I think that first class airline tickets offer a higher value of rewards per $ spent.

I would go with AMEX SPG. I would not choose AMEX Platinum, Diners Club, Carte Blanche, or Merrill+ as my primary spending card because the reward rate is lower than AMEX SPG. Centurion may be higher. I do not have experience with that card.

BENEFITS are a different story. You may consider carrying cards just for the benefits and perhaps spending on those cards to get certain benefits that you want. Pick the benefits/cards that have appropriate value for you. Here is the menu:


HIGH FEE
a. AMEX Platinum - DL/CO/NW club access, Fine Hotels program, SPG Gold Status (which you would earn with $30k spend on AMEX SPG), AAA-like benefits, restaurant access, special events, concierge.
b. Citigroup Chairman - Currently Priority Pass Airline Club Access, HH Gold Status, personal assistant. (In the future this card may offer AA club access when it is available again.)
c. AMEX Centurion - See other threads
d. Diners Club Carte Blanche MC - Concierge/Personal Assistant, plus Diners Club benefits, similar program to AMEX FHR (research this), AA mileage transfers

MODERATE FEE
e. Diners Club MC- Primary rental insurance, AA mileage transfers
f. Chase Marriott Rewards Premier Visa - Silver Marriott Status
g. Citi AA MC - Reduced mileage awards

NO FEE
h. HH Amex - Automatic Silver Status; Gold Status with $20k spend
g. ML+ Visa- AA or DL club membership with $50k spend

Remember, you will need a Mastercard/Visa as well. Get one with benefits.