First be aware that people choose cards based upon:
1. Benefits (Travel Benefits, Shopping Benefits, Insurance Benefits, Concierge Benefits, Experience Benefits)
2. Rewards (Points per Dollar, Value of Points, Flexibility of Points, Maximum Points per Year)
Many people carry multiple cards to achieve the optimal set of benefits and rewards for them. If you are new to the points game you will probably be suited best by picking one AMEX card (e.g. Platinum, Gold, Starwood, Delta, or Hilton), a MasterCard (e.g. Diners Club, Citi Premier Pass), and a Visa (e.g. Merrill+). The choices are your preference. If you want some simple advice, choose AMEX Platinum, Diners Club, and Merrill+ Visa. Always use different card issuers.
For Insurance Benefits consider:
- Diners Club/Carte Blanche - Best rental car insurance. Its primary coverage. If you travel for business only some business cards offer primary coverage.
- AMEX Platinum/Centurion - Most comprehensive insurance programs, except for Citigroup Chairman which is currently unavailable.
The following cards offer the most Travel Benefits, like status, premium hotel discounts, decent concierge/personal assistance airline club access, etc. AMEX, Citigroup Chairman, and Carte Blanche are $300+ per year. If you want premium hotel benefits and/or airline club access consider these cards. Otherwise skip them.
- AMEX Centurion - must spend $250k per year; pay a $5k initiation fee
- AMEX Platinum
- Citigoup Chairman
- Carte Blanche
- Merrill+ - No annual fee; AA or DL club; when you spend more than $50k per year
- Saks WorldElite MasterCard - No annual fee; benefits increase the more that you spend at Saks
The following cards offer Travel Benefits that may fit your personal preferences. If you use any of these programs frequently, consider these cards:
- Delta Platinum AMEX - 20k qualifying miles when you spend $50k per year
- Starwood AMEX - gold status' when you spend $30k per year
- Marriot Rewards Visa Signature (Premier) - 15 nights toward status
- HHonors AMEX - silver status; gold status if you spend $20k per year
- Continental Presidential Plus World MC
The following cards offer strong Rewards Benefits. However, some opt for cash cards.
- Diners Club/Carte Blanche - most flexible rewards; unlimited points
- AMEX - flexible rewards; several bonus points promotions; unlimited points
- Starwood AMEX - effectively 1.25 airline per dollar except on UA and CO; flexible; unlimited points
- Hillton Honors AMEX - high value per $ spent when staying at Hilton, Conrad, etc.
- Delta Platinum AMEX - bonus points for spending level; double points at some merchants
- Citibank Premier Pass Elite - effectively 2 to 4 pts per dollar if you buy airline tickets with this card (1 to 2 pts per $ otherwise). Points have great value for merchandise rewards and coach airline tickets.