How I Earned Enough Statement Credits to Offset a $550 Annual Fee in One Month

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As someone who used to avoid annual fee credit cards, I've come a long way from my original position on the subject. I now carry at least half a dozen credit cards with annual fees, including two with annual fees that surpass $550. I don't regret my decision to open them because the benefits these far outweigh the cost. In fact, I once received almost $750 in statement credits in a single month.

Statement Credits

Some rewards credit cards, like the Chase Sapphire Reserve® credit card and The Platinum Card® from American Express (enrollment is required for select benefits and terms apply), feature opportunities to earn annual or monthly statement credits. The credits, and other benefits listed below, are key reasons why both the Sapphire Reserve and the The Platinum Card® from American Express (see rates and fees) hold a place in my wallet. And the nice thing is that even if you're not ready to go for a card with a big annual fee, you can often find nice statement credit offers with other rewards cards, too.

Recommended Rewards Credit Cards

Credit Card	Rewards Rate	Annual Fee	Intro Bonus	Learn More
Chase Sapphire Preferred® Apply Now	1x- 5xPoints More Info The card offers 5x points per dollar on Chase Travel℠, 3x points on dining (including eligible takeout and delivery services), as well as 3x points on select streaming services and online grocery purchases (excluding Target, Walmart and wholesale clubs). This card earns 2x points on all other travel spending and 1x point per dollar everywhere else. Chase broadly defines travel to include not just airfare, hotels and rental cars, but expenses like parking, tolls and public transit too.	$95	60,000Chase Ultimate Rewards Points More Info Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Dollar Equivalent: $1,380 (60,000 Chase Ultimate Rewards Points * 0.023 base)	Apply Now
Chase Freedom Unlimited® Apply Now	1.5% - 5%Cashback More Info Enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.	$0	1.5%Extra Cash Back More Info Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases.	Apply Now
Wells Fargo Autograph℠ Card Apply Now Rates & Fees	1x - 3xPoints More Info Earn unlimited 3X points on the things that really add up - like restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Plus, earn 1X points on other purchases.	$0	20,000Points More Info Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months - that's a $200 cash redemption value. Dollar Equivalent: $200 (20,000 Points * 0.01 base)	Apply Now Rates & Fees
Citi Premier® Card Apply Now Rates & Fees	1X-10XPoints More Info 10X total ThankYou® Points per $1 spent on hotel, car rentals and attractions (excluding air travel) booked on the Citi Travel℠ portal through June 30, 2024. 3X -- Earn 3 Points per $1 spent at Gas Stations, Air Travel and Other Hotels 3X -- Earn 3 Points per $1 spent at Restaurants and Supermarkets 1X -- Earn 1 Point on All Other Purchases	$95	60,000Citi ThankYou Points More Info Earn 60,000 bonus ThankYou Points after making $4,000 worth of purchases during the first three months of account opening. Dollar Equivalent: $1,080 (60,000 Citi ThankYou Points * 0.018 base)	Apply Now Rates & Fees

Amex Offers and Chase Offers

In addition to the standard statement credits that come with my Chase Sapphire Reserve and Amex Platinum Card, both cards feature various offers. Chase Offers and Amex Offers (enrollment is required for select benefits and terms apply) are opt-in style benefits you can redeem with a variety of Chase and American Express credit cards, not just the two I mentioned above.

Many consumer credit cards can usually give you access to Chase Offers, such as:

• Chase Freedom Unlimited® card
• Ink Business Preferred^® Credit Card
• Chase Sapphire Preferred® card

Note that Chase states "certain" consumer and business cards are eligible for Chase offers—you'll need to log in to your Chase account to confirm eligibility, but most business and consumer Chase cards qualify for most people. Likewise, many U.S-issued American Express consumer and business cards are eligible to enroll in Amex Offers as well.

Recommended Cards for Chase Offers

Credit Card	Intro Bonus	Annual Fee	Rewards Rate	Learn More
Chase Sapphire Preferred® Apply Now	60,000Chase Ultimate Rewards Points More Info Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Dollar Equivalent: $1,380 (60,000 Chase Ultimate Rewards Points * 0.023 base)	$95	1x- 5xPoints More Info The card offers 5x points per dollar on Chase Travel℠, 3x points on dining (including eligible takeout and delivery services), as well as 3x points on select streaming services and online grocery purchases (excluding Target, Walmart and wholesale clubs). This card earns 2x points on all other travel spending and 1x point per dollar everywhere else. Chase broadly defines travel to include not just airfare, hotels and rental cars, but expenses like parking, tolls and public transit too.	Apply Now
Chase Freedom Unlimited® Apply Now	1.5%Extra Cash Back More Info Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases.	$0	1.5% - 5%Cashback More Info Enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.	Apply Now
Ink Business Preferred® Credit Card Apply Now	100,000Chase Ultimate Rewards Points More Info Earn 100,000 bonus points after you spend $8,000 on purchases in the first 3 months from account opening. Dollar Equivalent: $2,300 (100,000 Chase Ultimate Rewards Points * 0.023 base)	$95 More info This fee includes extra cards for authorized users, such as employees, at no additional charge.	1x - 3xPoints More Info Earn 3x points on the first $150,000 of combined spending in a number of key business categories	Apply Now
Chase Sapphire Reserve® Apply Now Rates & Fees	60,000Chase Ultimate Rewards Points More Info Earn 60,000 bonus points after using your card to spend $4,000 within three months of account opening. Dollar Equivalent: $1,380 (60,000 Chase Ultimate Rewards Points * 0.023 base)	$550	1x - 10xPoints More Info The card offers 10x points per dollar spent on hotels and rental cars as well as 5x points on air travel booked directly through Chase Ultimate Rewards immediately after you spend $300 on travel purchases annually. Additionally, earn 3x points per dollar spent on all other travel and dining purchases and 1x everywhere else.	Apply Now Rates & Fees

Examples of Amex Offers and Chase Offers

Depending on the credit card you hold, you may be able to register online to add new Chase Offers or Amex Offers to your account each month. When you redeem those offers, you may be eligible for either a statement credit or sometimes a higher rewards rate for certain purchases.

The value of these statement credits and higher rewards earnings varies from one offer to the next. The Chase and Amex Offers that I've redeemed in the past have paid me back between $0.25 and $200 per purchase.

These offers typically offer you a dollar amount back when you spend a certain amount, like $60 back when you spend $300 with a certain retailer—or perhaps a percentage off. Offers include discounts on things like:

• Hotels
• Big box electronic stores
• Flower deliveries
• Jewelry
• Specialty foods
• Fitness equipment
• Tax prep services
• Cruises and RV rentals
• Eyewear
• Home goods

Offers change over time and can cover a much larger range of products and services than the examples here, so it's helpful to check your offers from time to time and see what you can take advantage of.

Related Article

Chase Sapphire Preferred Review: Earn Valuable Travel Rewards and 60,000 Bonus Points

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How I Earned Almost $750 in Statement Credits in One Month

While I've certainly taken advantage of Chase Offers in the past (and will continue to do so), Amex Offers have given me the most bang for my buck. Once, over the span of a single month I earned enough standard statement credits and Amex Offers credits to offset my entire annual fee.

Here's a list of Amex Offers I redeemed a few years ago to earn nearly $750 in statement credits:

Enrollment is required for select benefits and terms apply.

Be True to Your Budget

There were dozens of other Amex Offers I could have redeemed during this period in addition to those listed. But since most of them had a minimum spend requirement to earn the credit (e.g., spend $100 or more to get $50 back), I only took advantage of offers for purchases that wound up being free or those that were already in my budget.

Diapers, for example, were something I was buying for my baby boy every month. That made saving $40 off two cases of Hello Bello diapers an easy choice. The Dell offer gave me $100 back off a $100 purchase, and it was fun to score two free gaming headsets for my older son and husband.

Read the Fine Print

If you want to take advantage of offers like these, it's important to read the fine print up front. Each offer has terms and conditions you may need to meet to earn statement credits or additional rewards.

For example, an Amex Offer for a $40 statement credit with an eligible Enterprise Rent-A-Car purchase required booking your reservation online at Enterprise.com. And the $200 Samsung credit I included in my list above was an Amex Offer that required me to spend $1,000 at Samsung.com to get the $200 back as a statement credit. (In this case, my father's laptop died. So, the ability to get $200 back when we bought a replacement for him came at a great time.)

Enroll in Advance

You must also do the following with an Amex Offer or a Chase Offer to earn the benefit:

• Add the offer to your credit card: You can do this through your online account portal or via the Chase or Amex app.
• Pay with the enrolled credit card: If you add a specific Chase Offer to your Southwest Rapid Rewards® Priority Credit Card, for example, you must pay with that card to redeem the offer.

Some offers have limited availability. Once a certain number of cardholders enroll in the offer, additional cardholders can't register. It's often best to proactively add any offer you might want to use to your credit card. It's better to have access to the offer and not use it than miss out on a potential savings opportunity.

Other Credit Card Benefits

As a holder of multiple credit cards, the primary reason I keep the accounts I have is because of the benefits they give me. Amex Offers and Chase Offers are a great addition (and I hope they stay around for a long time), but the core benefits of many of these cards also make them a wise choice in my book.

Here are a few reasons why I love my rewards credit cards:

• Rewards: Over the years, I have redeemed the points, miles and cash back I've earned for thousands of dollars' worth of free travel.
• Airport lounge access: Several of my rewards credit cards give me free access to a variety of airport lounges—making travel a much more relaxing experience.

Every rewards card is different and offers different perks (including valuable sign-up bonuses). So it's best to research what's available and determine which benefits you'll get the most value from before you choose the best card for you.

Recommended Credit Card Bonuses

Credit Card	Intro Bonus	Annual Fee	Rewards Rate	Learn More
Chase Freedom Unlimited® Apply Now	1.5%Extra Cash Back More Info Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases.	$0	1.5% - 5%Cashback More Info Enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.	Apply Now
Chase Sapphire Preferred® Apply Now	60,000Chase Ultimate Rewards Points More Info Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. Dollar Equivalent: $1,380 (60,000 Chase Ultimate Rewards Points * 0.023 base)	$95	1x- 5xPoints More Info The card offers 5x points per dollar on Chase Travel℠, 3x points on dining (including eligible takeout and delivery services), as well as 3x points on select streaming services and online grocery purchases (excluding Target, Walmart and wholesale clubs). This card earns 2x points on all other travel spending and 1x point per dollar everywhere else. Chase broadly defines travel to include not just airfare, hotels and rental cars, but expenses like parking, tolls and public transit too.	Apply Now
Wells Fargo Autograph℠ Card Apply Now Rates & Fees	20,000Points More Info Earn 20,000 bonus points when you spend $1,000 in purchases in the first 3 months - that's a $200 cash redemption value. Dollar Equivalent: $200 (20,000 Points * 0.01 base)	$0	1x - 3xPoints More Info Earn unlimited 3X points on the things that really add up - like restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Plus, earn 1X points on other purchases.	Apply Now Rates & Fees
Wells Fargo Active Cash® Card Apply Now Rates & Fees	$200Cash Bonus More Info Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.	$0	2%Cashback More Info Earn unlimited 2% cash rewards on purchases.	Apply Now Rates & Fees