If you feel like life is more expensive right now, you aren’t wrong. Inflation has risen and softened, yet the prices of everyday items continue to stay high.
With that in mind, we’re sharing tips and tricks on earning extra rewards, cash back or discounts on your daily spending to help offset high prices.
Credit cards may not be the first thing you think of for combatting elevated costs. However, using a credit card that provides a quality return on your spending can help. So, let’s kick things off by looking at our favorite credit cards for beating high prices.
Credit cards we’re using to beat high prices
Which credit cards do we personally use to help beat high prices? Here’s what some TPG staff members said when I asked them:
Senitra Horbrook, former credit cards editor
I look for opportunities to use my Chase Freedom Flex® each quarter because it offers 5% cash back (or 5 points per dollar spent when combined with Ultimate Rewards points-earning cards) on rotating categories. For the fourth quarter of 2024, the categories are McDonald’s, PayPal, pet shops, veterinarian services and select charities.
(Note that earning 5% cash back or 5 points per dollar is limited to the first $1,500 spent in the bonus categories each quarter you activate.)
Emily Thompson, editor
I am paying my utilities and internet/streaming services with my U.S. Bank Cash+® Visa Signature® Card. I choose this as my 5% cash-back category each quarter, and I love that this is a bonus that doesn’t require any extra work or thought on my part.
(Note that the 5% cash back is limited to the first $2,000 spent in your chosen category each quarter.)
The information for the U.S. Bank Cash+® has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
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Gabe Travers, senior director of product management
I’m enjoying the solid earning rate of 4 points per dollar at restaurants (on the first $50,000 in purchases per calendar year; then 1 point per dollar) and U.S. supermarkets (on up to the first $25,000 per year, then 1 point per dollar) with my American Express® Gold Card. According to TPG’s September 2024 valuations, that earning rate is equivalent to an 8% return on my spending in these categories, more than three times the current inflation rate of 2.5%.
Also, the up to $10 monthly dining statement credit, which I choose to use with Wine.com, is a nice “treat yourself” bonus (enrollment required; terms apply).
Katharine Leitch, director of business growth
I’m earning points on (very expensive New York City) rent with the no-annual-fee Bilt Mastercard® (see rates and fees) and I’ve used those Bilt Points for a flight redemption. Also, I use it at restaurants to earn 3 points per dollar spent when dining out.
TPG founder Brian Kelly is a Bilt adviser and investor.
Matt Moffitt, managing editor for credit cards
Like Gabe said, the Amex Gold Card provides an unbeatable return on grocery purchases: 4 points per dollar on the first $25,000 spent annually at U.S. supermarkets (then 1 point per dollar). Given the higher costs of eating out, I’m cooking at home more than before, so my grocery spending has increased, and I want the best return on it.
The Platinum Card® from American Express is also helping. I’m closely monitoring Amex Offers, which help me save money year-round.
My approach
My wife takes the bus to and from work every day. The Chase Sapphire Reserve® earns us 3 points per dollar spent on travel, which gives us an over 6% return on this necessary spending, according to TPG’s September 2024 valuations. If we hadn’t already used the annual $300 travel credit on this card, bus passes would qualify. That means we wouldn’t earn bonus points but instead would get a statement credit erasing these purchases.
The Platinum Card from American Express also provides perks that help us save money. The Walmart+ membership statement credit grants us free grocery delivery fees (when available, subject to order minimum) and up to 10 cents per gallon in gas discounts at Exxon and Mobil gas stations (subject to auto-enroll; Plus Up benefits not eligible). That’s on top of providing a digital entertainment credit for eligible streaming services, so we are using this perk to watch movies at home instead of paying to go to movie theaters. Enrollment is required for select benefits.
Bottom line
As you probably know, credit cards can offer some great travel perks. Getting the most out of your cards’ perks and benefits, like lounge access, is key to offsetting the annual fee (if there is one).
However, perks and benefits that help you beat high costs by providing a valuable return on spending or discounts on daily necessities also can be important — maybe now more than ever.
Related: The best credit cards
For rates and fees of the Bilt Mastercard, click here.
For rewards and benefits of the Bilt Mastercard, click here.
