‘The benefits are kind of going away’: Rewards cards rules make it harder to get your money’s worth — how you still can

Rewards credit cards can seem like an attractive deal, but the fine print often makes them harder to use and justify the annual fee. Many luxury cards, such as the Mastercard Black Card ($699/year) and American Express Platinum card ($895/year), offer perks like airline lounge access, points for flights and hotels, and dining deals.

However, these perks are becoming more difficult to access and utilize despite the higher fees. Experts warn that the quality and ease of use for rewards are decreasing, despite an increase in the number of benefits and perks offered by banks and credit card programs. Many perks now require high minimum spending thresholds, and some require you to claim a long list of statement credits to justify the fee.

This can make it challenging for cardholders to take full advantage of the card's value. For example, luxury card benefits often require specific use cases, such as booking through the card issuer's portal or staying in participating hotels, which many consumers may not be familiar with or may forget to do. To maximize the value of a rewards card, it's essential to find the right card that aligns with your spending habits and to develop a system for using it wisely.

This includes matching the card's credits to your existing spending, calculating the value of the credits you know you'll use, and activating benefits as soon as possible to avoid missing out. Additionally, regularly reviewing your cards and their value in relation to your spending can help ensure that you're getting the most out of them.