August 26, 2018 is a date when several Chase credit card related changes kick in.  First of all, Chase has eliminated two consumer protection benefits: Price Protection (for all Chase cards) and Return Protection (for Sapphire Preferred, Freedom, Freedom Unlimited, Ink Preferred, United Explorer, and probably other products).  Secondly, Korean Air which used to be a great transfer partner for redeeming Ultimate Rewards points has been removed; on the other hand, JetBlue is added as a transfer partner and the transfer ratio of 1:1 is actually better than the competitors' (Amex Membership Rewards, Citi ThankYou, Marriott Rewards).  Lastly, JPM Ritz-Carlton Visa Infinite, which has been discontinued to new applications since late last month, receives two enhancements for its existing cardmembers - an annual Marriott portfolio free night capped at 50K points and one extra point earning for all categories.  If you currently have this card, there are many reasons to keep it as long as you can.

In addition, we regularly review the current and recent (within a year) signup bonuses as well as the availability of the top credit cards for adjustment of our ranking.  As a result, our Top 10 Best Credit Cards list has been updated.  Below is a before and after comparison.

As you can see, Amex SPG Card, which used to be a powerhouse for general spending, has disappeared from the list because the earning rate has been reduced from 3x Marriott points (i.e. 1x SPG points in the old system) to 2x Marriott points as of August 1, 2018.  Citi Prestige, which has been pulled from Citi website and unavailable to new applications but will be relaunched in the near future, has been removed as well (hopefully temporarily).  Chase United Club Visa is now #7  due to the consistent signup bonus of 50K miles.  Also note that the enhanced JPM Ritz-Carlton Visa could have landed on this prestigious list for the very first time and also replaced Amex Platinum Card as the #1 Credit Card for Perks if it has not been discontinued to new applications, and unlike Citi Prestige, it seems that Chase has no plan of relaunching this premium card due to the Marriott-Amex-Chase agreement that makes Amex the issuer of premium Marriott credit card.

American Express Starwood Preferred Guest (SPG) Luxury Card is finally here, with a 100K signup bonus.  Our review is now alive.  The card is totally worth keeping after the first year thanks to the annual $300 Marriott credits and the free night capped at 50K points level.  For your information, the new Marriott program has 8 redemption categories, and 50K points are required for a Category 6 standard awards night.  We have also updated the High-end Credit Card Comparison, as well as quite a few related reviews.

The Facts

• Annual Fee: $450
• Signup Bonus: 100,000 points after spending $5,000 within 3 months of new account opening.  The welcome offer is not available to applicants who have or have had this card.  Effective 8/26/18, welcome offer is not available to applicants who (i) have or have had JP Morgan Ritz-Carlton Rewards Credit Card in the last 30 days, (ii) have acquired Chase Marriott Rewards Premier Plus Credit Card, Chase Marriott Rewards Premier Credit Card, or Chase Marriott Rewards Premier Business Card in the last 90 days, or (iii) received a welcome or upgrade offer for Chase Marriott Rewards Premier Plus Credit Card, Chase Marriott Rewards Premier Credit Card, or Chase Marriott Rewards Premier Business Card in the last 24 months.  Historical best bonus: 100,000 points since introduced in August 2018.
• Application Landing Page
• Rewards: 6x Marriott portfolio hotels, 3x U.S. restaurants and airfare, and 2x everywhere else.
• Best Use of Marriott points:  (1) You may redeem points for hotel stays or upgrades at over 6,500 Marriott portfolio hotels worldwide, including Ritz-Carlton, St. Regis, Luxury Collection, JW Marriott, EDITION, W Hotels, Marriott, Renaissance, Delta, Gaylord, Autograph Collection, Sheraton, Westin, Le Meridien, Tribute Portfolio, Design Hotels, Courtyard, AC Hotels, Fairfield, SpringHill Suites, Protea, Moxy, Four Points, element, aloft, Residence Inn, TownePlace Suites, Marriott Executive Apartments, and Marriott Vacation Club.  (2) You may transfer points into airline miles of 30+ frequent flyer programs, mostly at 3:1 ratio.  If you transfer 60,000 points in a bulk you will get 5,000 miles as a bonus (60K points = 25 miles).  Please see our review on Marriott vs. MR vs. UR vs. TY vs. CR for details of the programs that allow frequent flyer miles transfer.  (3) You may also redeem points for Marriott Hotel+Air Travel Packages - you exchange a certain number of Marriott points for a certain number of frequent flyer miles plus a 7-night certificate for a Marriott portfolio hotel at a certain redemption level.  Generally, the new Travel Packages represent devaluation from the old Travel Packages before August 2018 - you save some points when use this option, but in our opinion most of the time the saving is not big enough for the hassle of finding a single hotel to stay seven nights in a row.
• Marriott Benefits: (1) Annual $300 statement credits towards purchases at Marriott portfolio hotels each membership year.  (2) An annual free night at any Marriott portfolio hotels with a redemption level of 50,000 points or less upon each cardmember anniversary after you renew the card (the e-certificate expires 12 months after issuance).  (3) Complimentary Marriott Gold Elite status, the third tier status in the combined Marriott loyalty program effective August 2018.  Normally achieved by staying at least 25 nights per year, Marriott Gold doesn't offer much but at least is better than nothing.  (4) Upgrade to Marriott Platinum Elite status, the second tier status, after you spend at least $75,000 in a calendar year.  Marriott Platinum, normally achieved by staying at least 50 nights per year and offering lounge access/free breakfasts and upgrades to a suite, is the real deal; however, spending $75K is quite a requirement.  (5) Coming 2019, 15 night credits toward elite status each calendar year.  (6) Free premium internet access at Marriott portfolio hotels.
• Other Benefits: (1) Priority Pass Select membership with unlimited access to over 1,000 airport lounges worldwide for you plus two guests. (2) Reimbursement for Global Entry ($100) or TSA PreCheck ($85) application fees every four years.  (3) Waived foreign transaction fees, with an embedded EMV chip.  (4) Amex 24/7 Concierge Service.  (5) Amex Offers - you receive savings in form of statement credit or earn bonus points on select merchants when using your Amex card; you need to manually add an offer to your Amex card to be eligible for savings or bonus, and unlike other savings/bonus programs, you don't need to shop through a certain portal.  (6) ShopRunner membership for free 2-day shipping with select merchants.  (7) Entertainment Access including American Express Presale, American Express Preferred Seating, and Premium Access (dining access).  (8) Unlimited Boingo Wi-Fi plan.  (9) Premium Roadside Assistance - while most credit card's roadside assistance service only dispatches a provider and you have to pay for the actual charge, Amex Hilton Aspire is among the very few cards that cover towing up to 10 miles and other incidental charges, up to 4 times in a calendar year, regardless of how far you are away from home.
• History: with the merger of Marriott Rewards and Starwood Preferred Guest programs in August 2018, Amex introduced the SPG Luxury Card as the flagship credit card in the combined loyalty program.

The Math

First of all, the effective annual fee of Amex SPG Luxury Card is very reasonable at $150 after considering the easy-to-use $300 annual Marriott credits.  With that, you receive several valuable perks including the 50k-point free night, 15 elite qualifying night credits, and Priority Pass Select membership.

Even though Marriott points are probably our favorite frequent traveler currency (thanks to Marriott's decision of keeping SPG's best feature), the earning rate of 2x points in the general spending category offered by this card (as well as any other Marriott credit cards) is not that impressive, especially compared to the old Amex SPG which technically returned 3x Marriott points for general spending.  Our current valuation of Marriott points is 0.75 cent a piece, which means that this card returns 1.5%, 2.3%, 4.5% travel rewards for the 2x, 3x, and 6x categories, respectively.  For general spending, you might want to consider a 2% cashback card without annual fees (such as Citi Double Cash) or a miles credit card with potential higher return such as Amex EveryDay Preferred (which returns 2.25% travel rewards when you have at least 30 transactions per month) and Chase Freedom Unlimited (which returns 2.25% travel rewards when you pair it with Chase Sapphire Reserve or similar premium UR cards).  The bottom line is that we won't recommend this card for spending, probably except for purchases at Marriott hotels.  In this way, this card is considered a great "drawer card".  How about spending $75K to get the lucrative Marriott Platinum status?  Let's use 2% cashback as the benchmark - your "complimentary" Marriott Platinum essentially costs you $75,000 x (2% -1.5%), i.e., $375 per year.  This may be reasonable for some travelers but probably not for most.

​Amex SPG Luxury vs. Amex SPG: the effective annual fee on the SPG Luxury Card is only $55 more than the lower-tier SPG Card.  With that, you get a 50K-point free night instead of a 35K-point free night, Marriott Gold for free instead of spending $35K, the potential Marriott Platinum after $75K spending, as well as Priority Pass Select membership, Premium Roadside Assistance, etc.  It is almost a no-brainer to pick the more expensive card as long as you stay at least a few nights at Marriott portfolio hotels.

Amex SPG Luxury vs. Amex Hilton Aspire: As the flagship credit card in each of their program, each card carries a $450 annual fee and offers complimentary Priority Pass Select membership with unlimited access for you plus two.  How do they compete with each other?  Let's first compare the annual statement credits - SPG Luxury offers $300 for any Marriott portfolio hotel purchases, while Hilton Aspire offers $250 for airline incidentals plus $250 for Hilton portfolio resorts; obviously, SPG's credits are easier to use, but Hilton's total credits are $200 more - considering both the absolute value and how easy to use, we call it a draw.  Secondly, let's look at the annual free nights - Hilton Aspire wins this one as the annual free weekend night can be redeemed at any Hilton portfolio hotels, while SPG Luxury's free night is capped at 50K-point properties (a top-tier hotel requires 70K-100K).  Thirdly, Hilton Aspire's complimentary Diamond status again blows SPG Luxury's complimentary Gold status out of water.  Marriott Platinum status will be a good match of Hilton Diamond status, but it does require a whooping $75K annual spending on the card.  Lastly, while we don't recommend either card for general spending, charging the hotel purchases to either card does make sense and the value actually compares well - Hilton Aspire's 14x points (5.6% cash equivalent return in our book) vs. SPG Luxury 6x points (4.5% in our book and offering more flexibility due to the valuable airline miles transfer).  In general, Amex Hilton Aspire packs more value in our opinion, but which to pick actually heavily depends on which frequent guest program you are more loyal to.

To see how Amex SPG Luxury Card competes with other cards with similar annual fees, please check out our featured review Comparing High-end Cards covering Amex Platinum Card, Amex Delta Reserve, Amex Hilton Aspire, Amex SPG Luxury, Chase Sapphire Reserve, Chase United MP Club, Citi Prestige, Citi AA Executive, U.S. Bank Altitude Reserve, CNB Crystal, and MasterCard Black Card.

The Conclusion
Amex SPG Luxury, with the annual $300 Marriott credits and the anniversary free night, is such a great card to keep without ever spending a dime on, even for travelers that only stay at Marriott portfolio hotels just a few times a year.  For travelers that frequent Marriott, this card's 6x points on Marriott purchases, 15 elite qualifying night credits, and the potential Marriott Platinum after $75K spending, are all worth looking into.  It is currently rated as one of Best Credit Cards for Perks.

With the final integration of Marriott Rewards and Starwood Preferred Guest (SPG) programs, we have updated our Featured Review: Marriott Rewards vs. Membership Rewards (MR) vs. Ultimate Rewards (UR) vs. ThankYou (TY) vs. Club Rewards (CR).

In this review we will compare five most popular and versatile rewards programs in the market.  They are similar in that their points can be transferred into miles/points of a number of frequent traveler programs (airlines/hotels).

Marriott Rewards
Marriott Rewards is the frequent guest program of Marriott International whose hotel portfolio includes Ritz-Carlton, St. Regis, Luxury Collection, JW Marriott, EDITION, W Hotels, Marriott, Renaissance, Delta, Gaylord, Autograph Collection, Sheraton, Westin, Le Meridien, Tribute Portfolio, Design Hotels, Courtyard, AC Hotels, Fairfield, SpringHill Suites, Protea, Moxy, Four Points, element, aloft, Residence Inn, TownePlace Suites, Marriott Executive Apartments, and Marriott Vacation Club.  Marriott points can be valuable when redeemed for hotel stays in Marriott portfolio hotels.  Here we don't want to go into details of hotel redemption, please visit marriott.com for more information.

Marriott points can be extremely valuable when transferred into miles of 40+ frequent flyer programs, mostly at 3:1 ratio.  This ratio may seem low compared to other programs, but you have to understand this essentially represents the same value as the old Starwood Preferred Guest (SPG) points which transfer to airline miles at 1:1 and to Marriott points at 1:3 before the final integration of Marriott Rewards and SPG programs.  In fact, with the merger, the number of airline partners actually further increased from 34 to 44.  As Marriott points are generally obtained more easily than the points in the other programs in this review, they do continue to represent great value.

• Aegean Airlines Miles+Bonus (3:1)
• Aeroflot Bonus (3:1)
• Aeromexico Club Premier (3:1)
• Air Canada Aeroplan (3:1)
• Air China Phoenix Miles (3:1)
• Air New Zealand Airpoints (200:1)
• Alaska Airlines Mileage Plan (3:1)
• Alitalia MilleMiglia (3:1)
• All Nippon Airways (ANA) Mileage Club (3:1)
• American Airlines AAdvantage (3:1)
• Asiana Airlines Asiana Club (3:1)
• Avianca LifeMiles (3:1)
• British Airways Executive Club (3:1) 
• Cathay Pacific Asia Miles (3:1)
• China Eastern Airlines Eastern Miles (3:1)
• China Southern Airlines Skypearl Club (3:1) 
• Copa Airlines ConnectMiles (3:1)                                                                                             
• Delta Air Lines SkyMiles (3:1)
• Emirates Skywards (3:1)
• Etihad Guest (3:1)      
• Frontier Airlines EarlyReturns (3:1)                                                                            
• Flying Blue by Air France and KLM (3:1)     
• Hainan Airlines (3:1)                                                            
• Hawaiian Airlines (3:1)
• Iberia Plus (3:1)
• Japan Airlines Mileage Bank (3:1)
• Jet Airways JetPrivilege (3:1)
• JetBlue TrueBlue (6:1)
• Korean Air SkyPass (3:1)
• LATAM Airlines LATAM Pass (3:1)
• Miles and More (3:1)
• Multiplus (3:1)
• Qantas Frequent Flyer (3:1)
• Qatar Airways (3:1)
• Saudi Arabian Airlines Alfursan (3:1)
• Singapore Airlines KrisFlyer (3:1)
• South African Airways Voyager (3:1)
• Southwest Airlines Rapid Rewards (3:1)
• TAP Air Portugal TAP Victoria (3:1)
• Thai Airways International Royal Orchid Plus (3:1)
• Turkish Airlines Miles&Smiles (3:1)
• United Airlines MileagePlus (3:1.1)
• Virgin Atlantic Flying Club (3:1)
• Virgin Australia Velocity (3:1)

Most importantly, if you transfer 60,000 points you receive a bonus of 15,000 points, i.e., 60K Marriott points = 25K miles, or 2.4 Marriott points = 1 mile of most partners.  You can transfer your Marriott points to a household member's Marriott account but there is paperwork you will have to do and sign.  However, you can only transfer your Marriott points to a frequent flyer account under your name.

In addition, you might redeem Marriott points for the Travel Packages (Hotel + Air Packages): your points will be converted to a certain number of frequent flyer miles plus a seven-night hotel certificate at a certain redemption level.  Marriott revamped the Hotel + Air charts in August 2018, with major devaluation.  The new travel packages do not represent good value compared to the simple miles transfer without the hotel certificate; for example, you might redeem 330K Marriott points for 100K miles plus a 7-night certificate at Category 1-4 hotels - you essentially only save 60K points for the hassle of finding a single hotel to stay for 7 consecutive nights.
                                                                                                                                                                     
Membership Rewards (MR) from American Express
On the earning side, you earn one extra point for each dollar spent on travel booked through MR (American Express Travel); however, Amex charges a booking fee on airfare or air-hotel packages ($6.99 per domestic ticket; $10.99 per international ticket) so most likely it is not a good deal.  Effective May 2015, Amex waives the booking fee for Platinum and Centurion cardmembers.  Amex used to have a shopping portal that allowed you to earn up to 10X bonus points; however, it was closed in 2013.

On the redemption side, MR points can be redeemed for merchandise, gift cards, travel (Pay with Points), and so on, at up to 1 cent per point.  However, some cards are eligible for a transfer feature that allows points to be transferred to over 20 frequent traveler programs.  Let's look at these two groups:

• Not eligible to transfer points: Blue ($0), Blue Business ($0), Zync ($25); however, if you have another card that has the transfer feature, all your MR points will be pooled together and all of them will be eligible to transfer points.
• Eligible to transfer points: EveryDay ($0), Blue Business Plus ($0), EveryDay Preferred ($95), Membership Rewards Business Card ($75), Green ($95), Business Green Rewards ($95), Gold ($125), Ameriprise co-branded Gold ($125), Premier Rewards Gold($175), Business Gold Rewards ($175), Mercedes-Benz Credit Card ($95), Platinum ($550), Business Platinum ($450), Mercedes-Benz co-branded Platinum, Ameriprise co-branded Platinum, Morgan Stanley co-branded Platinum, Goldman Sachs co-branded Platinum, Centurion ($2,500).

MR points can be transferred into miles or points of the following programs:

    Airline Partners

• AeroMexico Club Premier (1:1)
• Air Canada Aeroplan (1:1)
• Alitalia MilleMiglia (1:1)
• All Nippon Airways (ANA) Mileage Club (1:1)
• British Airways Executive Club (1:1)
• Cathay Pacific Asia Miles (1:1)
• Delta Air Lines SkyMiles (1:1)
• EL AL Israel Airlines Matmid Club (50:1)
• Emirates Skywards (1:1)
• Etihad Guest (1:1)
• Flying Blue by Air France and KLM (1:1)
• Hawaiian Airlines (1:1)
• Iberia Plus (14:1)
• JetBlue TrueBlue (1.25:1)
• Singapore Airlines KrisFlyer (1:1)
• Virgin Atlantic Flying Club (1:1)

    Hotel Partners

• Choice Privileges (1:1)
• Hilton HHonors (1:2)
• Marriott Rewards (1:1)

Compared to airline miles transfer, hotel points transfer does not represent  good value.  Even though MR does not have the built-in 25% transfer bonus like Marriott, Amex runs limited-time transfer promotions on certain partners several times a year, so the value of MR points can be higher.  Another huge advantage of MR over Marriott is that the transfer to most partners is instantaneous rather than days or weeks.  This can be very useful when you find a particular award ticket available and want to grab it immediately before it is taken.  The downside of MR is that Amex charges 0.06 cent per point up to $99 for transfer to domestic airlines.  For example, if you transfer 100K points to 100K Delta miles, you will be charged $60 for the transaction.  You can not transfer your MR points to someone else's MR account.  However, you can transfer your MR points to your authorized user's frequent traveler accounts.

Three Ways of Using MR points for Airfare: In addition to the aforementioned two options to redeem MR points for airfare - Pay with Points (fixed value, 1 cent per point) and the transfer feature, Amex also offers certificates for economy tickets for the following airlines: Cathay Pacific, Swiss, Qantas, and South African Airways.  Note that they (except Swiss) are not transfer partners: you can't transfer MR points to their miles but you rather use a bulk of points in exchange for certificates that can be used for economy tickets (or companion tickets).  The use of certificates is not subject to capacity control and you can actually earn miles on them.  There is no certificates for business or first class tickets.

For example, using the certificate a round-trip economy ticket on Swiss from SFO/LAX to Europe costs 65K points no matter how much the revenue ticket actually costs.  If you use Pay with Points feature and the revenue ticket costs $1,000, you will need 100K points.  For comparison, if you want to use Swiss' own frequent flyer program - Miles and More, which by the way is a transfer partner of Marriott, it will cost 50K miles plus fuel surcharge (which can be as high as, say $400) and is subject to capacity control.

Ultimate Rewards (UR) from Chase
Chase  Ultimate Rewards (UR) is a knock-off of Amex Membership Rewards.  On the earning side, you earn one extra point for one dollar spent on airfare booked through UR, but unlike Amex, Chase does not charge a booking fee.  You also earn up to 10x points when shopping through UR.  

The regular UR program allows redemption for merchandise, gift cards, cash, and travel, at up to 1 cent per point.  However, premium UR cards including Sapphire Preferred ($95), Sapphire Reserve ($450), JPM Reserve ($450), and Ink Preferred ($95), have two premium redemption features: one is 25% bonus to travel redemption via UR (1 point = 1.25 cent); the other is to transfer points into miles/points of frequent traveler programs.  Just like MR, transfer from UR to miles/points is instantaneous.  Also like MR, if you have a regular UR card such as Freedom and another premium UR card such as Sapphire Preferred, you can pool all UR points together and enjoy the premium features.  You can transfer your UR points to the UR account or a frequent traveler account belonging to one household member.  Points transfer to third parties is prohibited.  Currently, UR has the following partners:

    Airline Partners

• Aer Lingus AerClub (1:1)
• British Airways Executive Club (1:1)
• Flying Blue by Air France and KLM (1:1)
• Iberia Plus (1:1)
• Korean Air SkyPass(1:1) - partnership ending 8/26/18
• Singapore Airlines KrisFlyer (1:1)
• Southwest Airlines Rapid Rewards (1:1)
• United Airlines MileagePlus (1:1)
• Virgin Atlantic Flying Club (1:1)

    Hotel Partners

• IHG Rewards Club (1:1)
• Marriott Rewards (1:1)
• World of Hyatt (1:1)

ThankYou (TY) from Citi
For several years, Citi's ThankYou Rewards (TY) had been lagging behind with only one transfer partner Hilton HHonors (this relationship ended in December 2017), and we were excited to see that Citi finally introduced several airline partners in July 2014.  Currently there is no points earning for shopping with Citi.

The regular TY program allows redemption for merchandise, gift cards, statement credit, and travel, at up to 1 cent per point.  However, premium TY cards including Citi ThankYou Premier ($95), Citi Prestige ($450), and Citi Chairman, have a transfer feature similar to Marriott, MR, and UR, that allows ThankYou points to be transferred to frequent traveler programs.  If you have a regular TY cards such as ThankYou Preferred, you may pool all your points together and the points earned through the regular TY cards become eligible for transfer.  You may share your TY points with someone else; however, the shared points will expire in 90 days.  You can only transfer your TY points to a frequent traveler account under your name.  TY partners include the following:

• Avianca LifeMiles (1:1)
• Cathay Pacific Asia Miles (1:1)
• EVA Air Infinity MileageLands (1:1)
• Etihad Guest (1:1)
• Flying Blue by Air France and KLM (1:1)
• Garuda Indonesia Frequent Flyer (1:1)
• JetBlue TrueBlue (1.25:1)
• Jet Airways JetPrivilege (1:1)
• Malaysia Airlines Enrich (1:1)
• Qantas Frequent Flyer (1:1)
• Qatar Airways Privilege Club (1:1)
• Sears Shop Your Way (1:12)
• Singapore Airlines KrisFlyer (1:1)
• Thai Airways Royal Orchid Plus (1:1) 
• Turkish Airlines Miles & Smiles (1:1)
• Virgin Atlantic Flying Club (1:1)

Club Rewards (CR) from Diners Club
Club Rewards from Diners Club has always had the transfer feature that allows points to be transferred to miles/points.  Club Rewards points earned from Diners Club cards such as Diners Club Premier ($95) and Diners Club Elite ($300), both of which hasn't been accepting new applications since late 2014, can be redeemed for merchandise, gift cards, cash, travel, etc., at up to 1 cent per point.  In addition, CR points can be transferred to the following frequent traveler accounts, mostly at 1:1:
​
​    Airline Partners

• Air Canada Aeroplan (1000:1000)
• Alaska Airlines Mileage Plan (1075:1000)
• British Airways Executive Club (1000:1000)
• Delta Air Lines SkyMiles (1075:1000)
• El Al Airlines Matmid Club(1000:20)
• EVA Airways Infinity MileageLands (1000:1000)
• Hawaiian Airlines (1075:1000)
• Icelandair Saga Club (1000:1000)
• SAS EuroBonus (1000:1000)
• South African Airways Voyager (1000:1000)
• Southwest Airlines Rapid Rewards (1613:1200)
• Thai Airways Royal Orchid Plus (1000:1000)
• Virgin Atlantic Flying Club (1000:1000)

​    Hotel Partners

• Best Western Rewards (1250:3300)
• Choice Privileges (1250:2400)
• Hilton HHonors (1250:2000)
• Hyatt Gold Passport (1250:750)
• IHG Rewards Club (1250:1500)
• Marriott Rewards (1250:1500)

For the master comparison chart, please see the updated review.

We finally review the relaunched Wells Fargo Propel Amex, which drops the annual fees and expands bonus categories.  When you also have Wells Fargo Visa Signature, Propel Amex is a powerhouse for bonus category rewards (travel & gas & dining & streaming) and poses a great challenge to some of our favorite credit cards.

The Facts

• Annual Fee: none
• Signup Bonus: 30,000 points after spending $3,000 within 3 months of new account opening.  This bonus is not available if you have had received signup bonus or introductory APR(s) or fees from any Wells Fargo credit card within the last 15 months.  In addition, you will only be approved for one Wells Fargo credit card every 6 months.  Historical best bonus of this card: 30K since introduced in 2018.
• Application Landing Page
• Rewards: 3x travel, gas, dining and select streaming services, and 1x everywhere else.  For streaming services that qualify for 3x bonus, please see wellsfargo.com/credit-cards/propel/streaming.
• Best Use of Wells Fargo Go Far Rewards points: Normally, Wells Fargo points can be redeemed for cash, merchandise gift cards, travel, etc., up to 1 cent per point.  However, if you have Wells Fargo Visa Signature which carries $0 annual fee and offers 5x points on gas, groceries, and drugstores for 6 months of new account opening, you points may be redeemed for airfare through Wells Fargo's booking portal at a fixed rate of 1.5 cents per point (cpp) or even 1.75 cpp if your annual spending on the Visa Signature exceeds $50,000.
• Amex CONNECT Benefits: (1) Amex Offers - you receive savings in form of statement credit at select merchants when using your card; you need to add the certain offer(s) to your card before you receive savings.  (2) Hotel privileges and savings.  (3) Taste from American Express - savings or benefits at 400+ restaurants worldwide.  (4) Entertainment Access.  (5) Amex Essentials (digital magazine).  Please visit https://www.americanexpress.com/us/network/wellsfargo/ for details of the Amex CONNECT program. 
• Other Benefits: (1) Waive foreign transaction fees.  (2) Embedded EVM chip with the "Chip & PIN" technology which has much better acceptance worldwide than the previous "Chip & Signature" technology.
• Consumer Protection: In general, Propel Amex offers mediocre consumer travel and purchase protection.  However, it is one of the very few credit cards that offers Cellphone Protection - you will be reimbursed up to $600 per claim with a $25 deductible when your cellphone is damaged or stolen.  You don't need to purchase your cellphone with the card, but rather enjoy the coverage as long as you pay your cellphone bills with the card.
• History: After a not-so-successful run of the two Propel Amex cards (Propel 360 Amex with a $45 annual fee & Propel World Amex with a $175 annual fee) for nearly four years, Wells Fargo decided to make another attempt to earn more customers with the updated Propel Amex in July 2018, by dropping the annual fees all together and expanding the 3x bonus categories substantially.  This was a positive and generous change as part of the general effort to win back customers after Wells Fargo's infamous account fraud scandal.

The Math
Because Wells Fargo Go Far Rewards program does not allow points to be transferred to frequent traveler miles/points, the value of this Amex heavily depends on whether you have another Well Fargo card (Visa Signature) to achieve the redemption value of 1.5 cpp (or even 1.75 cpp when annual spending exceeds $50K).  Let's first look at how difficult it is to achieve 1.75 cpp value.  If you spend $50K on the Visa Signature, you essentially lose $50,000 x (2% - 1.75%) = $125 per year, compared to the 2% cashback you can easily earn with quite a few non-fee cards (such as Citi Double Cash).  In the meantime, you gain an additional (1.75 - 1.5)% x 3 = 0.75% on the 3x bonus categories with Propel Amex.  Thus, you will need to spend at least $16.7K on the 3x categories to offset the $125 you lose on general purchases, as $16.7K x 0.75% = $125.  To hit the maximum 1.75 cpp value and still come out ahead, you will need to spend $50K on non-bonus categories with Visa Signature and $16.7K on 3x categories with Propel Amex, which is nevertheless a very tough requirement.  The bottom line is that 1.75cpp value looks amazing on paper but is not easily achieved in reality.  So let's use the more realistic 1.5 cpp value in our analysis.  

With the Visa Signature in your drawer, Propel Amex is able to cover a wide range of 3x bonus categories: airfare, non-airfare travel, dining, gas, and streaming, with a return rate of 4.5% rewards.  The return rate for general spending at 1.5% is not bad either.  However, we still recommend a 2% cashback card for general spending instead.
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Wells Fargo Propel Amex vs. Citi ThankYou Premier: First of all, Citi ThankYou Premier carries a $95 annual fee while Wells Fargo Propel Amex has none.  Currently, points in the two programs have similar values in our book (assuming you have Wells Fargo Visa Signature).  Propel Amex returns 3x points on travel & gas & dining & streaming, while ThankYou Premier returns 3x points on travel & gas and 2x dining & entertainment.  Obviously, while the old Propel World Amex failed to match ThankYou Premier, the updated Propel Amex actually leaves ThankYou Premier in the dust with regards to bonus categories.  The most important difference between the two, however, is how the 1.5 cpp value is achieved: on Propel Amex, you redeem for airfare at a fixed rate of 1.5 cpp when you also have Wells Fargo Visa Signature; on ThankYou Premier, this value could only be achieved when you transfer ThankYou points to miles of airline partners, usually for premium cabin awards tickets.

Wells Fargo Propel Amex vs. Chase Sapphire Reserve (CSR): The updated Propel Amex nows poses a great challenge to our favorite CSR.  First of all, even considering the $300 annual travel credits, CSR's effective annual fee is still $150.  Secondly, Propel Amex offers two additional 3x categories - gas & streaming.  Looks like on paper, Propel Amex has CSR beaten up pretty badly.  However, CSR's $150 effective annual fee gets you quite some nice perks such as airport lounge access, luxury hotel privileges, primary rental car coverage, and better consumer travel and purchase protection.  In addition, while Ultimate Rewards points earned from CSR might be redeemed for airfare at the same fixed value of 1.5 cpp, they might also be transferred to miles of airline partners, recommended for premium cabin awards tickets.  Lastly, getting Propel Amex to hit the magical 1.5 cpp does require having another Wells Fargo card.  If you haven't had Wells Fargo Visa Signature, it is recommended to get Propel Amex first with the signup bonus, start using it for 3x categories, and open Visa Signature six months later to activate the 1.5 cpp value.

Wells Fargo Propel Amex vs. US Bank Altitude Rewards: Unlike Citi ThankYou or Chase Ultimate Rewards programs, US Bank Altitude Rewards doesn't have a miles transfer feature.  So a comparison between Wells Fargo Propel Amex and US Bank Altitude Rewards Visa is much easier, as both have the fixed 1.5 cpp value for airfare redemption.  Altitude Rewards has an effective annual fee is $75 after considering the annual $325 travel credits and offers some premium perks such as airport lounge access, luxury hotel privileges, primary rental car insurance, and GoGo inflight internet.  When it comes to rewards, Altitude Rewards returns 3x points on travel & mobile payment services, while Propel Amex returns 3x travel & gas & dining & streaming - we think Propel Amex has better rewards for most consumers.  So if you don't need the travel perks from Altitude Rewards or you have received similar perks from other cards, Propel Amex will be a better card, as long as you also have Wells Fargo Visa Signature.

The Conclusion
With the relaunch of Propel Amex, which drops the annual fees all together and expands bonus categories substantially, Wells Fargo tries very hard to earn customers.  We welcome the positive changes.  When you have Wells Fargo Visa Signature to increase points value to 1.5~1.75 cpp, Propel Amex is a powerhouse for a wide range of bonus categories and poses a serious challenge to some of our favorite cards such as Chase Sapphire Reserve and US Bank Altitude Rewards.

This is not the first time Amex runs this kind of promotions for its Delta cobranded SkyMiles Credit Cards, and won't be the last one.  Now through 9/19/18:

• Amex Delta Gold SkyMiles Card (personal) - 60K miles ($95 annual fee waived for 1st year)
• Amex Delta Gold SkyMiles Business Card - 60K miles ($95 annual fee waived for 1st year)
• Amex Delta Platinum SkyMiles Card (personal) - 70K miles + 10K MQMs ($195 annual fee)
• Amex Delta Platinum SkyMiles Business Card - 70K miles + 10K MQMs ($195 annual fee)

As our current valuation for Delta miles and its MQMs are around 1 cent a piece, the signup bonus after considering the first year annual fee for either of these four cards is roughly $600.

Barclays American Airlines Aviator Red WEMC has increased the signup bonus from 50K miles to 60K miles (the best ever offer), still just after your make the first purchase (which is very rare these days).  Our review has been updated too to reflect the post- Amex SPG discussions (see below).

The Facts

• Annual Fee: $95
• Signup Bonus: 60,000 miles after your first purchase within 3 months of new account opening.  Historical best bonus of this card: 60,000 miles for limited time in 2017 and 2018.
• Application Landing Page
• Rewards: 2x American Airlines, 1x everywhere else.  
• Best Use of AAdvantage miles:  AAdvantage is the frequent flyer program of American Airlines, a member of oneworld.  AAdvantage miles are generally valuable when redeemed on American or partner flights.
• Travel Benefits: (1) Receive 10% of your redeemed miles back, up to 10,000 miles per year.  (2) Earn $3,000 Elite Qualifying Dollars after spending $25,000 each calendar year.  (3) First checked bag free for you plus four passengers on your reservation.  (4) Priority boarding (Group 1, after first or business class passengers and elite members) on American flights.  (5) 25% discount for onboard purchases. (6) Waived foreign transaction fees with an embedded EMV chip.
• Standard World Elite MasterCard Benefits: including World Elite Luxury Hotels & Resorts (free breakfasts, upgrades, early check-in, late check-out, and hotel specific amenities), World Elite Air Program (upgrades, savings, or companion tickets, mostly on full fare tickets), World Elite Cruise Program (up to $500 savings), World Elite Tours and Vacations (up to $250 or 5% savings), World Elite Car Rental (savings and elite status with Avis, National, and Sixt), World Elite Chauffeured Car Service (savings and benefits), World Elite Private Jet Program (savings and benefits), MasterCard Airport Concierge (15% savings), and so on.
• Other Facts:  This product was introduced in early 2015 as a replacement for US Airways MasterCard, with the merger of American Airlines AAdvantage and US Airways Dividend Miles.  After the merger until 2017, Citi was the sole issuer of the post-merger American Airlines' credit card products, and Barclays could only convert existing US Airways MasterCard to the new Aviator Cards.  However, starting 2017, Barclays began to issue new Aviator Red cards to new applicants and increased the annual fees from $89 to $95 while upgrading it from World MasterCard to World Elite MasterCard and adding the EQD earning feature.

The Math
In the past we used to not recommend this card for general spending, as the old Amex SPG (before August 2018) returned 25% more AA miles than any AA cobranded cards.  Effective August 2018, AA cobranded credit cards have become the best way of earning AA miles via credit card general spending.

AAdvantage Aviator Red vs. AAdvantage Aviator Silver: Aviator Silver is $100/year more expensive than Aviator Red, and it comes with three premium features: (1) a 3-2-1 earning structure vs. 2-1 on Red (one additional mile on American, hotels, and car rentals), (2) EQM earning potential with $25K-50K spending, and (3) annual $99 companion certificate with $30K spending.  Even if you don't use the last two, you just need to spend $6,250 a year on American airlines, hotels and car rentals to come ahead of the $100 difference in annual fees if you happen to value an AA mile at 1.6 cents a piece like we do, as $6,250 x 1 mile/$ x 1.6 cent/mile = $100.  Of course, if your value is different, you can do your own math.  The bottom line is that if you are a frequent American flyer, you will most likely find upgrading to Silver Aviator a great deal.

AAdvantage Aviator Red vs. Citi AAdvantage Platinum Select:  These two cards are direct competitors - they share many features.  Their differences are: (1) Citi's version has a $99 annual fee ($4 more than Barclays') but waives it for the first year; (2) Citi's version offers 2x dining and gas; (3) Citi's version offers Reduced Mileage Awards (saving 7,500 miles on select routes); (4) Citi's version offers $100 flight discount after $20K annual spending; (5) Barclays's version offers 3K Elite Qualifying Dollars after $25K annual spending.

The Conclusion
Barclays designs the replacement of US Airways MasterCard to align with Citi's counterpart.  However, if you frequent American or just have big hotels/rental cars spending, you will find upgrading from Aviator Red to Aviator Silver very rewarding.

Chase IHG Rewards Club Premier World Elite MasterCard now has a 105K + $50 credit signup bonus, the best we have ever seen on this card or the card it replaced (IHG Rewards Club Select MC).  The $89 annual fee is not waived for the first year.  The signup bonus: $50 statement credit after the first purchase + 100,000 points after spending $3,000 within 3 months of new account opening + additional 5,000 points after adding one authorized user and making the first purchase within the same 3-month period.  The bonus is not available if you currently have this card or have received a signup bonus for this card in the past 24 months. Note that this card is NOT subject to Chase' infamous 5/24 rule (you won't be approved for a new card if you have opened 5 or more new accounts within the past 24 months).

So do you apply now?

• Pros: (1) The best ever signup bonus on any IHG-brand credit cards (the previous best bonus was 85K).  (2) The card is NOT subject to the 5/24 rule, so for people who are over 4-card limit it could be be approved.  (3) The anniversary free night capped at 40K level, even not as lucrative as the un-capped free night previously available on IHG Select MC, is still a good reason to keep the card after the first year.  (4) If you still have the old IHG Select MC, you will have two anniversary nights going forward.
• Cons: The value of IHG points are generally not that great - our value is 0.4 cent a piece.  So the signup bonus in our book after considering the $89 annual fee is $380.  If you are interested in other great signup offers, you might want to check out our Promotions page for the list in the order of signup value.

Effective July 29, 2018, Citi has updated the travel and consumer protection benefits provided by its credit cards, and they get worse!  The last time Citi revamped the protection benefits was in May 2016 and it was a major enhancement.  We think it was a little too generous and undoubtedly represented industry-leading benefits, and this time around Citi has reduced certain benefits to get closer to the rest in the market.  The following summary is for Citi Prestige ($450 annual fee) which offers the best level of protection among Citicards; other cards may not have all these benefits, but if they do the changes will be the similar.  However, at this point, we are not sure if Citi AA Executive WEMC which used to share all the same protection benefits as Citi Prestige will be affected, though we highly suspect Citi will exempt one card from what seems like a system wide change.

• Car Rental Insurance: You may be reimbursed up to a maximum of $75,000, reduced from $100,000. In addition, coverage won't apply to charges or expenses for the loss of use of the rental car, rental agency fees, or taxes any more.  Note that cheaper cards continue to have a maximum of $50,000.
• Trip Cancellation & Interruption: You may be reimbursed up to a maximum of $5,000 per trip - this maximum used to be per person per trip.  Note that some cheaper cards reduce the maximum accordingly, for example, from $3,000 per trip to $1,500 per trip.  In addition, coverage will be limited to you and your family members - it used to also cover traveling companions.  Citi used to be the only issuer that cover traveling companions and it makes sense for them to reduce it to meet competitions.
• Trip Delay Protection & Baggage Delay Protection: Coverage will be limited to you and your family members - again it used to cover traveling companions. In addition, coverage will only apply to delays of 6 hours or more, down from 3 hours or more.  Citi used to be the only issuer that cover delays of 3 hours or more, for certain cards (Citi Prestige and Citi AA Executive), which was very generous and beneficial in practice.  Some other cards such as Citi ThankYou Premier continue to cover delays of 6 hours or more.
• Lost Baggage Protection and Travel & Emergency Assistance: Coverage will be limited to you and your family members - again traveling companions won't be covered any more.
• Citi Price Rewind: You may be reimbursed up to a maximum of $200 per item and $1,000 per calendar year - the maximum was down from $500 per item & $2,500 per year.  In addition, coverage won't include consumables, tires, watches, firearms, or ammunition any more.  You also won't be reimbursed if the lower priced item is found at a warehouse club where the merchant requires a membership fee.
• Damage & Theft Purchase Protection: You may be covered for up to $10,000 per incident for 90 days from the date of purchase or delivery of the item purchased with your card - it used to be 120 days from the date of purchase or delivery.  In addition, coverage won't include lost items, firearms, ammunition, jewelry, watches, tires or items that are under the care and control of a third party including, but not limited to, the U.S. Postal Service, airlines, or delivery services.  Also note that coverage will be secondary (meaning if you have another insurance policy, this benefit will cover only the amount your other policies do not). 
• Return Protection: You may be reimbursed up to a maximum of $1,500 per calendar year, down from $2,500 per year.  Coverage won't include firearms, ammunition, tires, jewelry, furniture or appliances any more.

In general, we are sad to see Citi reduces these benefits, especially the loss of traveling companion coverage, Trip & Baggage Delay coverage minimum changing from 3-hour to 6-hour, reduced maximum for a few benefits, as well as loss of consumer coverage for items like lost items, firearms, jewelry, tires, furniture, etc.  However, they are still considered reasonable adjustments.  Note that Citi's travel protection is still considered the best in industry, probably on par with Chase's, as it covers cardholders plus family members as well as awards tickets; also Citi's Extended Warranty is still industry leading (now on par with Amex, see below) because it covers two additional years.

In comparison, you need to be aware of the fact that effective August 26, 2018, Chase will be eliminating two consumer protection benefits: Price Protection (for all Chase cards) and Return Protection (for Sapphire Preferred, Freedom, Freedom Unlimited, Ink Preferred, United Explorer).  So we should actually give credits to Citi for at least not taking some benefit items away completely like Chase does.

Interestingly, when Citi and Chase scale back on the protection benefits, Amex has decided to improves some of its.  Effective August 1, 2018, Amex will increase Extended Warranty from one additional year to two and will extend Purchase Protection from 90 days (from date of purchase or delivery) to 120 days.

Citi has brought back the 75K-miles signup bonus for American Airlines AAdvantage Executive WEMC, which carries a $450 annual fee but offers full Admirals Club membership for the primary cardholder and access to 40+ domestic/international AA lounges for the authorized users plus two guests.  Our value for the signup bonus after considering the first year annual fee is $750.  For details see our review.