Air miles reward credit cards are a great way to make travel affordable. Spending money on these credit cards can earn points toward free flights, hotel stays and car rentals. But which card gives you the best bang for your buck? Sometimes the annual percentage rate (APR) on these cards can rack up more debt than rewards, making a seemingly great deal not a deal at all. You'll need to compare credit cards.
Capital One credit cards offer a variety of reward programs. The Capital One No Hassle Miles Rewards card gives one mile per dollar spent each month, up to $1,000 per month. When this limit is reached, it gives two miles per dollar. There are no limits on how many points you can earn, no blackout dates and no seat restrictions. Plus, you pick which airline to redeem your miles with. There is a 0% APR until January 2011.
The Capital One No Hassle Miles Ultra for Professionals card is basically the same card, except it offers two miles for every dollar spent regardless of how much you spend each month. There is an annual fee of $39.
The Capital One Orbitz Visa Platinum card offers three points per dollar spent on Orbitz.com bookings and one point per dollar on all other purchases. However, not all Orbitz.com bookings are eligible. This card does offer 250 points to refuel your card after you redeem points.
After January 2011, all Capital One cards jump to an 13.9% APR.
Discover's Miles by Discover card offers 1,000 miles each month you make any purchase in the first year. Plus, it offers double miles on travel and restaurant purchase up to $3,000. The card offers one mile per dollar on all other purchases. These miles never expire and can be redeemed at 90 partners after you earn 1,000 miles.
There is a 0% APR for the first six months, but then it jumps to 11.99%.
American Express offers two miles reward programs. The first is through the American Express Preferred Rewards Gold Card, which gives 10,000 bonus points if you spend $500 in the first three months. Other than that, it gives one mile for "virtually" every dollar spent (meaning it decides which purchases earn points and which do not). There is an annual fee of $125.
American Express also offers the Blue Sky air miles rewards card. It gives one point for every dollar spent, which can be redeemed at any airline, hotel, or car rental company. There are no blackout dates or travel restrictions. There is a 0% APR for the first six months, then it jumps to 17.24%.
The Chase Sapphire card give 10,000 bonus points after your first purchase and double points on all airfare booked through its Ultimate Rewards program. When you shop at certain merchants, Chase Sapphire gives 10 points for every dollar. For purchases made at other merchants, the card gives one point per dollar. These points can be redeemed for plane tickets, among other things.
The Chase Sapphire card has an APR of 12.24%.
MasterCard has the Free Spirit Onyx World MasterCard, which gives 15,000 bonus miles after your first purchase and 10,000 additional miles for balance transfers made in the account's first 60 days. The annual fee of $69 is waived in the first year. Card holders can earn three miles on every dollar spent on Spirit and one mile for every dollar spent elsewhere. Plus, the card offers a $9 Fare Club membership, priority boarding and domestic priority check-in.
There is a 0% APR in the first six months, then it jumps to 14.24%.
