Credit Cards

Best credit card when spending 200k-250k / year

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  • Nov 2nd, 2017 11:27 pm
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[OP]
Member
Apr 26, 2010
309 posts
44 upvotes

Best credit card when spending 200k-250k / year

Hey guys!

I currently use a MBNA World Elite Master Card that gives 2% on everything I buy.

I was wondering if with my level of purchase (between 200k and 250k / year) there was a an even more advantageous card out there.

Thanks!
11 replies
Newbie
Oct 24, 2016
36 posts
21 upvotes
Ottawa
You can get higher than 2% with various cards, especially in certain categories like gas and groceries. But most of those cards have a limit on how much spend they'll pay higher percentages on, and usually drop down to ~1% after that.

So, if you want to maximize your rewards, it probably makes sense to use multiple different cards in different situations, up to their limits, and then use your MBNA card wherever you'd get less than 2% otherwise.
Deal Expert
Aug 22, 2011
37041 posts
23012 upvotes
Center of Universe
AMEX Centurion...
[OP]
Member
Apr 26, 2010
309 posts
44 upvotes
I'd rather only have 1 card for everything.

As for the AMEX Centurion, I've Googled it and it seems to be 7,500$ initial fee and 2,500$ annual costs.
As much as I spend with my card, I highly doubt it could be worth it... And I haven't received an invitation anyways.
Deal Fanatic
User avatar
Nov 6, 2010
9866 posts
1812 upvotes
Montreal, QC
What's the spending breakdown like? The MBNA is good because it's a flat rate for everything, but there are cards that surpass it if a bulk of your spending habits align with specific categories. Same if there are business spendings mixed in there.

The Centurion is invite-only AFAIK, so you'd have to start with an Amex Platinum (which might be a good option, once again, depending on the breakdown of your spending habits).

At the "upper echelon" of credit cards, it's not just about the return rate on rewards, but also about the benefits and insurances.
Deal Fanatic
User avatar
Jan 4, 2011
5043 posts
6243 upvotes
Montreal
vkizzle wrote: AMEX Centurion...
I don't think spending $200-250k a year will get you an invite for the Centurion card. And besides, the earn rate on the Centurion is lower than the Platinum, and the value of the benefits vs. the Platinum are not worth the difference in the annual fee. It's more of a status symbol than anything.
[OP]
Member
Apr 26, 2010
309 posts
44 upvotes
Yeah... I really don't care about "status" at all. I also don't think I would use most of the benefits on those cards.
I'm really just interested in knowing if there's a card out there with an higher flat reward than 2%. If not, I'll just sick with my MBNA World Elite.
Deal Fanatic
User avatar
Jan 4, 2011
5043 posts
6243 upvotes
Montreal
Malkavian wrote: Yeah... I really don't care about "status" at all. I also don't think I would use most of the benefits on those cards.
I'm really just interested in knowing if there's a card out there with an higher flat reward than 2%. If not, I'll just sick with my MBNA World Elite.
I don't think you are going to get much more than that.

I personally like the Amex SPG card. It gives you 1 Starpoint per dollar spent. Even valuing a Starpoint at a conservative 2.5c (you could get much higher), the return is better than the MBNA World Elite, if you have use for the Starpoints. Starpoints convert to many airline loyalty programs at 20k Starpoint = 25k airline miles or better. You also have the ability to convert Startpoints to Marriott Rewards (at 1 Starpoint = 3 Marriott Rewards) and can use them for Marriott Travel Packages (https://www.marriott.com/rewards/usepoints/morepack.mi), which are really good value.
Deal Expert
Aug 22, 2011
37041 posts
23012 upvotes
Center of Universe
efrant wrote: I don't think spending $200-250k a year will get you an invite for the Centurion card. And besides, the earn rate on the Centurion is lower than the Platinum, and the value of the benefits vs. the Platinum are not worth the difference in the annual fee. It's more of a status symbol than anything.
You got that right.
If I'm dropping 1/4 million a year on credit card spending, I'm definitely not going to be concerned about cash back or rewards.
Deal Fanatic
Feb 15, 2006
9041 posts
3629 upvotes
Toronto
efrant wrote: I personally like the Amex SPG card. It gives you 1 Starpoint per dollar spent. Even valuing a Starpoint at a conservative 2.5c (you could get much higher), the return is better than the MBNA World Elite, if you have use for the Starpoints. Starpoints convert to many airline loyalty programs at 20k Starpoint = 25k airline miles or better. You also have the ability to convert Startpoints to Marriott Rewards (at 1 Starpoint = 3 Marriott Rewards) and can use them for Marriott Travel Packages (https://www.marriott.com/rewards/usepoints/morepack.mi), which are really good value.
+1 for the SPG Amex. After spending $1500 you get the 20k bonus points. After spending $30k, you get Gold status in SPG and Marriott (which can come in handy when travelling and staying in SPG or Marriott). After spending $40k, you get 1 night free at SPG property. You could actually stop there and get another card, or SPG Amex Bus, or...

But the mbna WE with 2% is still a good card, if you only want one card.
Newbie
Oct 4, 2017
12 posts
2 upvotes
Agreed with the SPG AMEX, there is a lot you can do with 250,000 SPG points !

If a good chunk of your spending is grocery, restaurants or bars, the AMEX Cobalt gives 5pts per dollar spent on food. That’s 5% redeemable for any travel related expense. Not sure, but don’t think there is a maximum.
Deal Fanatic
User avatar
Nov 6, 2010
9866 posts
1812 upvotes
Montreal, QC
The MBNA WE is an easy daily driver (it's mine too), but if your spending habits (or better yet, your rewards redemption) align better with another card's structure, it might be worth switching. It's not really possible to tell though with knowing OP's spending habits breakdown (in terms of categories).

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