Platinum Credit Cards and Premium Rewards: Your 2016 Selection Guide

Selecting the right credit card in 2016 requires understanding your financial priorities. Whether you’re focused on earning cash back, accumulating travel miles, or managing debt through balance transfers, the competitive landscape offers compelling options across multiple categories. Here’s a comprehensive breakdown to help you identify platinum credit cards and other top-tier products that align with your goals.

Maximizing Cash Returns: Premium Reward Structures

The cash-back category features some of the most aggressive earning rates available in the market. Among these offerings, several stand out for their structure and introductory incentives.

One notable option delivers substantial rewards on everyday purchases. This card features 6% cash back on grocery purchases (capped at $6,000 annually), 3% on fuel transactions, and 1% on all other spending. The $75 annual fee is offset by a promotional 0% APR period lasting 12 months, plus a $150 bonus after meeting a $1,000 spending threshold within three months. Additional benefits include 10% back on wireless service providers through the end of 2016 (maximum $200).

For consumers seeking simplicity, a straightforward 2% flat-rate card presents an alternative approach. With no annual fee and an 18-month 0% APR introductory period on balance transfers, this card rewards both the purchase and the payment—earning 1% at purchase time and another 1% when you settle the bill. This dual-earning structure has become increasingly popular among cash-back focused cardholders.

Travel Rewards: Building Your Airline and Hotel Arsenal

Travel-oriented platinum credit cards provide substantial earning potential for frequent flyers and hotel guests. The earning structure typically converts spending into redeemable miles or points.

One prominent travel rewards card offers two miles per dollar spent, with 100 miles valued at $1 in travel redemptions. The $59 annual fee (waived initially) is accompanied by a 40,000-mile bonus (worth approximately $400 in travel value) after spending $3,000 in the first three months. This flexibility allows redemption through any booking channel for flights, accommodations, and car rentals, with miles convertible to statement credits.

For those loyal to specific hospitality chains, premium hotel-affiliated cards unlock additional benefits. These cards typically offer accelerated earning rates at partner properties, elite status credits, and transfer capabilities to major airlines. While annual fees may reach $95 (waived the first year), the introductory bonus frequently covers several complimentary nights at partner locations, making the fee structure worthwhile for targeted travelers.

Balance Transfer Solutions: Interest-Free Consolidation Strategies

Debt consolidation through 0% APR introductory periods remains an effective strategy for managing existing balances. The landscape in this category has expanded considerably, with multiple options competing on both duration and fee structure.

One standout feature is the elimination of balance transfer fees entirely. While competitors typically charge 3% per transfer (making a $3,000 transfer cost $90), this zero-fee approach represents significant savings. A 15-month interest-free period on both purchases and balance transfers creates a reasonable timeframe for debt elimination, and the absence of transfer charges often justifies selecting this option over cards offering longer but fee-laden promotional periods.

Making Your Selection: Strategic Considerations

The cards outlined above represent strong performers within their respective categories, though individual circumstances may warrant exploring additional options. Personalized offers from credit card issuers—particularly for applicants with excellent credit profiles—frequently surpass standard promotional terms.

Factors to evaluate include your spending patterns, loyalty to specific travel partners, existing banking relationships, and your primary financial objective. Whether you prioritize platinum credit cards with premium benefits or standard products optimized for a single reward category, conducting thorough comparison research ensures alignment with your financial strategy. The current promotional environment offers legitimate opportunities to maximize value, making this an opportune time to evaluate your credit card portfolio against available alternatives.