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Don’t forget: The 5 types of credit card perks that reset each calendar year

Dec. 20, 2021
8 min read
Hyatt's Carmel Valley Ranch
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Editor’s note: This guide has been updated with the latest information.

It’s been a hectic year, to say the least, but it’s almost time to turn that calendar page to 2022. Before that next chapter arrives, though, it's important to remember that a number of valuable, permanent credit card perks reset at the end of 2021.

These benefits, especially with premium credit cards, are an important part of balancing out the hefty annual fees we pay, so it’s crucial to utilize them whenever possible.

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Here are five types of credit card perks that reset each calendar year.

Annual travel-related credits

Many premium cards now offer annual travel credits ranging from airline and hotel discounts on cobranded cards to more general travel credits on transferable points cards.

On certain cards such as the Chase Sapphire Reserve, The Platinum Card® from American Express, The Business Platinum Card® from American Express and the Hilton Honors American Express Aspire Card offer credits reset every calendar year as opposed to on your account anniversary. (Note that enrollment is required for select benefits.)

The information for the Hilton Aspire Amex card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

You can check out this guide for a full walk-through of the top cards with annual travel credits, but it’s important to keep in mind that each card offers a slightly different form of credit.

You can use your travel credit towards things like checked bag fees. (Photo by Alberto Riva/The Points Guy)

A note about American Express cards

With the Amex cards mentioned above, you receive an annual “airline incidental credit.” This typically can’t be used directly toward the cost of airfare, only for incidental charges like bag fees, seat assignment, lounge access, etc.

There have been reports of workarounds but remember, this is not how the credit is intended to be used, and your results may vary.

Flexibility with Chase Sapphire Reserve

The Chase Sapphire Reserve offers a more flexible $300 annual travel credit that will automatically be applied to a wide range of travel purchases including airfare, hotels, Airbnb stays, public transit, parking fees and many more items.

(Photo by The Points Guy)

Cards with calendar year-based travel credits offer a great chance to double dip. If you apply for the card at the end of the calendar year, you’ll be able to earn the credit twice before you have to pay your second annual fee.

Capped bonus categories

A common trend we’ve seen with premium credit cards is the introduction of high-value bonus spending categories — with a cap.

For instance, the American Express® Gold Card caps your 4 bonus points per dollar at U.S. supermarkets at a spending limit of $25,000 per calendar year (then it goes to 1 point per dollar spent). With The Blue Business® Plus Credit Card from American Express, your 2 points per dollar earnings on all purchases are limited to the first $50,000 per calendar year (earn 1 point per dollar thereafter). Other great rewarding cards like the Chase Ink Business Preferred Credit Card have similar caps on their bonus categories.

(Photo by Hananeko_Studio/Shutterstock)

Thankfully, these all reset at the beginning of the year, so it’s time to clean out your sock drawer and reevaluate which cards deserve a spot in your physical wallet each day.

Related: A guide to the best travel cards broken down by bonus category

Spending bonuses

Credit card issuers make the bulk of their profit from two avenues: interest they collect on late payments and swipe or interchange fees each time you use your card.

While there’s nothing they can do to incentivize savvy TPG readers to carry a balance on their cards, there are plenty of different bonuses being offered for spending a certain amount each year.

The bonuses vary depending on how much you’re willing to spend. For instance, the Hilton Honors American Express Surpass® Card will give you a free weekend night reward for spending $15,000 on purchases on your card in a calendar year — and you can upgrade to Hilton Diamond status by spending $40,000 a year. However, you can get both a free night and Diamond status automatically by holding the premium Hilton Honors American Express Aspire Card.

When it comes to airline cobranded cards, there are generally two types of spending bonuses you can find, both of which help cardholders earn elite status faster.

United and Delta both issue an elite status revenue waiver for customers who spend a certain amount on their credit cards each year. Both American and Delta also offer the ability to earn elite (or Medallion) qualifying miles from credit card spend.

Delta credit cards can help you jump up to the next level of elite status.
Delta credit cards can help you jump up to the next level of elite status. (Photo by Ethan Steinberg/The Points Guy)

Referral bonuses

When you start sharing photos of all your travel points and miles redemptions, you’re bound to have friends start asking you how they can get a slice of the action as well.

It takes a decent amount of coaching to help someone select the right credit card, earn a welcome bonus and redeem the miles at a decent value, and you deserve to be compensated for the time you spend helping them. One great way to do this is by sharing referral links for your credit cards.

Most card issuers cap the number of referral bonuses you can earn, but these reset at the end of each calendar year.

Related: How to refer friends and earn points, miles or cash credits

Companion fares

A number of cobranded airline credit cards offer some form of a companion certificate either as a standard benefit or after reaching a certain annual spending threshold. Each one has its own set of rules governing what routes (domestic vs. international) and fare classes (award vs. cash tickets, different cabins, etc.) are eligible, and what (if any) additional cost you’ll incur.

(Photo by Zach Griff/The Points Guy)

Keep in mind that because of the pandemic, many companion certificate passes have been extended to give you more flexibility if you’re not traveling now.

Rather than drowning you in all those details, you can check out this companion certificate guide if you have a cobranded Alaska Airlines, Delta, British Airways or American Airlines credit card to figure out how to maximize your companion certificate.

At the end of the day, this hobby is all about discounted or free travel, and a free ticket for your companion is about as good as it gets.

Bottom line

As the year comes to a close, it’s a good idea to do two things: ensure you’ve taken advantage of your card benefits in 2021, and map out a rough plan of how you want to use those perks for 2022 (if you decide it's worth keeping that card).

Many of these benefits are the very reason we keep these expensive cards open year after year. If you’ve already paid your annual fee, the fastest way to get that value back is by maxing out your credits and rebates and figuring out how to make the cards in your wallet work for you.

Additional reporting by Ethan Steinberg.

Featured image by Hyatt's Carmel Valley Ranch. (Photo by Chris Dong/The Points Guy)
Editorial disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airline or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

TPG featured card

Best luxury travel rewards card
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards

5X points
5XEarn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year.
5XEarn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.

Intro offer

Earn 100,000 points
Earn 100,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership.

Annual Fee

$695

Recommended Credit

670-850
Excellent/Good
Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

Why We Chose It

Sometimes it's worth a large investment to reap the benefits of a great credit card. That's exactly the case with the Amex Platinum card. In exchange for the annual fee, you'll unlock access to the Amex Membership Rewards program that let you access airline and hotel transfer partners, along with new lifestyle and travel credits. This card is also incredibly rewarding for travel purchases, helping you rack up a ton of Membership Rewards points for your next award trip.

Pros

  • The current welcome offer on this card is quite lucrative. TPG values it at $2,000.
  • This card comes with a long list of benefits, including access to Centurion Lounges, complimentary elite status with Hilton and Marriott, at least $500 in assorted annual statement credits and so much more. (Enrollment required for select benefits.)
  • The Amex Platinum comes with access to a premium concierge service that can help you with everything from booking hard-to-get reservations to finding destination guides to help you plan out your next getaway.

Cons

  • The high annual fee is only worth it if you’re taking full advantage of the card’s benefits. Seldom travelers may not get enough value to warrant the cost.
  • Outside of the current welcome bonus, you’re only earning higher rewards on specific airfare and hotel purchases, so it’s not a great card for other spending categories.
  • The annual airline fee statement credit can be complicated to take advantage of compared to the broader travel credits offered by competing premium cards.
  • Earn 100,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
  • Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
  • Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel when you pay with your Platinum Card®. And if you fly, you can receive up to $200 in statement credits per calendar year after you select a qualifying airline and incidental fees are charged by the airline to your Platinum Card®.
  • $240 Digital Entertainment Credit: Get up to $20 back each month on eligible purchases made with your Platinum Card® on one or more of the following: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. Enrollment required.
  • $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. Cost includes $12.95 plus applicable local sales tax. Plus Ups are excluded.
  • American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. There are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
  • $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline.
  • $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only.
  • $300 Equinox Credit: Get up to $25 back each month on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your Platinum Card®. Enrollment required.
  • $189 CLEAR® Credit: Use your Card and get up to $189 back per year on your CLEAR® membership. CLEAR® is available at select airports and stadiums.
  • $695 annual fee.
  • Terms Apply.
  • See Rates & Fees
Apply for The Platinum Card® from American Express
at American Express's secure site
Terms & restrictions apply. See rates & fees
Best luxury travel rewards card
TPG Editor‘s Rating
Card Rating is based on the opinion of TPG‘s editors and is not influenced by the card issuer.
4 / 5
Go to review

Rewards Rate

5XEarn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year.
5XEarn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
  • Intro Offer
    Earn 100,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership.

    Earn 100,000 points
  • Annual Fee

    $695
  • Recommended Credit
    Credit ranges are a variation of FICO© Score 8, one of many types of credit scores lenders may use when considering your credit card application.

    670-850
    Excellent/Good

Why We Chose It

Sometimes it's worth a large investment to reap the benefits of a great credit card. That's exactly the case with the Amex Platinum card. In exchange for the annual fee, you'll unlock access to the Amex Membership Rewards program that let you access airline and hotel transfer partners, along with new lifestyle and travel credits. This card is also incredibly rewarding for travel purchases, helping you rack up a ton of Membership Rewards points for your next award trip.

Pros

  • The current welcome offer on this card is quite lucrative. TPG values it at $2,000.
  • This card comes with a long list of benefits, including access to Centurion Lounges, complimentary elite status with Hilton and Marriott, at least $500 in assorted annual statement credits and so much more. (Enrollment required for select benefits.)
  • The Amex Platinum comes with access to a premium concierge service that can help you with everything from booking hard-to-get reservations to finding destination guides to help you plan out your next getaway.

Cons

  • The high annual fee is only worth it if you’re taking full advantage of the card’s benefits. Seldom travelers may not get enough value to warrant the cost.
  • Outside of the current welcome bonus, you’re only earning higher rewards on specific airfare and hotel purchases, so it’s not a great card for other spending categories.
  • The annual airline fee statement credit can be complicated to take advantage of compared to the broader travel credits offered by competing premium cards.
  • Earn 100,000 Membership Rewards® points after you spend $6,000 on purchases on your new Card in your first 6 months of Card Membership. Apply and select your preferred metal Card design: classic Platinum Card®, Platinum x Kehinde Wiley, or Platinum x Julie Mehretu.
  • Earn 5X Membership Rewards® Points for flights booked directly with airlines or with American Express Travel up to $500,000 on these purchases per calendar year and earn 5X Membership Rewards® Points on prepaid hotels booked with American Express Travel.
  • Get $200 back in statement credits each year on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings, which requires a minimum two-night stay, through American Express Travel when you pay with your Platinum Card®. And if you fly, you can receive up to $200 in statement credits per calendar year after you select a qualifying airline and incidental fees are charged by the airline to your Platinum Card®.
  • $240 Digital Entertainment Credit: Get up to $20 back each month on eligible purchases made with your Platinum Card® on one or more of the following: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times. Enrollment required.
  • $155 Walmart+ Credit: Cover the cost of a $12.95 monthly Walmart+ membership with a statement credit after you pay for Walmart+ each month with your Platinum Card. Cost includes $12.95 plus applicable local sales tax. Plus Ups are excluded.
  • American Express has expanded The Centurion® Network to include 40+ Centurion Lounge and Studio locations worldwide. There are even more places your Platinum Card® can get you complimentary entry and exclusive perks.
  • $200 Airline Fee Credit: Get up to $200 in statement credits per calendar year in baggage fees and more at one select qualifying airline.
  • $200 Uber Cash: Enjoy Uber VIP status and up to $200 in Uber savings on rides or eats orders in the US annually. Uber Cash and Uber VIP status is available to Basic Card Member only.
  • $300 Equinox Credit: Get up to $25 back each month on the Equinox+ digital fitness app, or eligible Equinox club memberships when you pay with your Platinum Card®. Enrollment required.
  • $189 CLEAR® Credit: Use your Card and get up to $189 back per year on your CLEAR® membership. CLEAR® is available at select airports and stadiums.
  • $695 annual fee.
  • Terms Apply.
  • See Rates & Fees