6 Uncomfortable Credit Card "Truths" You Need to Hear...

Are you playing the credit card game? MAKE SURE you understand these 6 uncomfortable credit card truths to avoid making a FATAL mistake costing you tons of points and miles. Click “Show More” to see Ad Disclosure.

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00:00 - Intro
00:35 - Uncomfortable Truth 1
2:30 - Uncomfortable Truth 2
3:50 - Uncomfortable Truth 3
9:01 - Uncomfortable Truth 4
12:36 - Uncomfortable Truth 5
15:25 - Uncomfortable Truth 6

The credit card rewards game is a lot of fun. After all, it can put more money in your pocket and significantly reduce the cost of your next flight or hotel. However, there are at least 6 uncomfortable truths you need to understand in order to win the game.

First of all, realize that the rewards multipliers can mislead you. Just because the Hilton Honors Surpass American Express Card earns 12X points at Hilton Hotels, it doesn’t mean you’re getting more value than the 4X multiplier on the World of Hyatt credit card when staying at Hyatt Hotels. Believe it or not, the return on spend is practically equal.

Second, your points and miles lose value the longer you save them. This is especially true of airline miles (e.g. American Airlines AAdvantage miles, Delta SkyMiles, United Miles, etc.) and hotel points (e.g. Marriott Bonvoy points, IHG One Rewards points, etc.) because those programs see more dramatic devaluations … more often.

Third, you might not always earn as many points as you thought. Even if your Amex Gold Card earns 4X on dining worldwide or your Chase Sapphire Preferred earns 3X on streaming, how each business is set up on the Visa / Mastercard / etc. network (and the Merchant Category Code being used) is the ultimate determining factor if you’ll earn that 4X or 3X or not.

Fourth, airline and hotel credit cards are usually a losing strategy if your goal is to earn points and miles on your everyday spend. While there are exceptions to this, again, these are the programs that tend to lose value faster and more often when devaluations come around. That’s why it’s almost always better to earn bank-issued points (like Chase Ultimate Rewards points, Amex Membership Rewards points, Citi ThankYou points, Bilt Rewards points, and Capital One Venture miles). All of those programs have transfer partners, so the value of the overall program isn’t tied to a specific airline or hotel program. Plus, you have way more redemption options.

Fifth, the credit card game has rules (and ignoring them hurts). Rewards expire at different times, credit card signup bonuses are not always available to everybody equally, etc.

Sixth, many credit card benefits are designed to make you spend more. Just look at the American Express Platinum Card benefits. Many are small credits that will not cover a full purchase, so you might be “tricked” into spending more than you otherwise would in order to use a benefit.

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Disclosure: The thoughts, opinions, and information presented are those of the creator. This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com, YourBestCreditCards.com, and others. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.

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