4 cards TPG staffers added to our wallets this quarter
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The past quarter has caused a lot of people to change their spending habits, switch up their credit card strategies and replan travel goals for not only 2020 but also 2021. These shifting priorities mean different credit cards are needed to meet those needs.
TPG staffers are no different. So we polled them to see which cards they added to their wallets during the second quarter of 2020.
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Editorial Director Summer Hull — Bank of America® Premium Rewards® credit card
Sign-up bonus: 50,000 bonus points after you spend $3,000 in purchases in the first 90 days of account opening
Annual fee: $95
Earning rate: Earn 2x on travel and dining purchases; 1.5x on everything else
Why she applied: The Bank of America Premium Rewards credit card may not look lucrative at first glance. But for existing Bank of America customers who are members of the Preferred Rewards program, it can be one of the most rewarding credit cards out there. When you are a Platinum Honors member, you’ll get a 75% earning bonus, meaning this card earns up to 3.5x on dining and travel and 2.62x on everyday purchases.
Credit Cards Reporter Chris Dong — The World of Hyatt Credit Card
Sign-up bonus: 25,000 bonus points after you spend $3,000 within the first three months, plus an additional 25,000 bonus points after you spend $6,000 total within the first six months
Annual fee: $95
Earning rate: Earn 4x on Hyatt purchases; 2x on airfare booked direct, restaurants, local transit and commuting and fitness/gym memberships; 1x on everything else.
Why he applied: Right now, Chris primarily stays at Hiltons and Airbnbs when he travels. This card gives him an opportunity to dabble in another hotel rewards program. The World of Hyatt program is a Chase Ultimate Rewards transfer partner and one of the most valuable hotel currencies you can earn. That plus the card’s perks like annual elite-qualifying nights (plus the 10 earned with the bonus for everyone who applies before Aug. 31, 2020) and annual free night certificate makes this a compelling card for anyone jumping into the World of Hyatt rewards program.
Marketing Analyst Kelley King — American Express® Gold Card
Welcome offer: 35,000 bonus points after you spend $4,000 in purchases in the first three months of account opening
Annual fee: $250 (see rates and fees)
Earning rate: 4x on worldwide dining and the first $25,000 spent at U.S. supermarkets annually (then 1x); 3x on flights booked directly or through Amex Travel; 1x on everything else
Why she applied: Kelley was targeted for a targeted 50,000-point welcome bonus through the CardMatch Tool (offer subject to change at anytime). Additionally, her spending habits have changed over the past year to be more focused on groceries and dining than international travel. Since she’s considering downgrading her The Platinum Card® from American Express, the Amex Gold is a great alternative. She’ll still get some great travel benefits through the Membership Rewards program and the up to $100 annual airline fee credit, but the earning rate is much better for her habits — and the fee is more reasonable.
Writer Katie Genter — Chase Sapphire Preferred Card
Sign-up bonus: 80,000 bonus points after you spend $4,000 on purchases in the first 3 months.
Annual fee: $95
Earning rate: 5x on Lyft; 2x on travel and dining; 1x on everything else
Why she applied: The Chase Sapphire Preferred is an excellent all-around travel credit card to have. It’s a great low-cost option that gives you access to the Chase Ultimate Rewards program and some of the best travel protections around. Katie was instantly approved for the CSP after waiting to get under 5/24 (Chase’s unpublished rule that you cannot get a Chase card if you’ve applied for five or more cards in the past 24 months). Since Katie travels frequently, the 80k sign-up bonus and array of travel protections like trip cancellation and interruption insurance and primary rental car insurance is sure to come in handy.
Keep in mind that while there are some solid cards out there worth applying for, many issuers have pulled back on approvals during the recession. While it’s certainly not impossible to be approved for a credit card right now, especially if you have an excellent credit score, keep in mind that you may not be approved for cards you may normally.
For rates and fees of the Amex Gold Card, please click here.
Featured image by Isabelle Raphael / The Points Guy
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WELCOME OFFER: 80,000 Points
TPG'S BONUS VALUATION*: $1,600
CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners
*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.
- Earn 80,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®.
- 2X points on travel and dining at restaurants worldwide, eligible delivery services, takeout and dining out & 1 point per dollar spent on all other purchases.
- Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 80,000 points are worth $1,000 toward travel.
- Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
- Earn 5X points on Lyft rides through March 2022. That’s 3X points in addition to the 2X points you already earn on travel.