Which credit card out there has the best rewards?

I have to say that I *really* enjoy the perks that come with reward credit cards. It feels like free money. (Though, in retrospect, when I think back to all the lost weekends, and the jetlag, it really is more like earning it. But I digress.)

As part of my public service (i.e., years of fumbling around) Iâ€™m happy to report that there really is a difference between the rewards that credit cards give you. Some credit card points/perks only give you credit toward air miles and/or free flights, like my British Airways Visa. Other cards give you points toward free hotel stays, liberal causes, just plain old cash back, you name it. But I find those one-trick-pony rewards restrictive. Much better, I think, are credit card reward points that YOU can choose how to spend.

There are two categories of these: those with annual fees, and those without. The cards with fees have better rewards programs (the points add up faster, or there are fewer points required to get what you want).

But if you donâ€™t spend thousands and thousands of dollars a year on credit cards, the annual fees can cost more than the rewards you earn.

Case in point: American Express has what I believe is, hands down, the best rewards program out there. Three reasons: first, Amex is very gay-positive, according the HRCâ€™s Buying for Equality Guide. So I feel good about using a credit card from a company that actively supports our community.

Second: my Amex card requires me to pay off the bill every month. (Iâ€™m aware not all Amex cards do, but I prefer the required monthly payoff. I canâ€™t build up debt that way.)

But most importantly, every dollar I spend earns me a Membership Rewards point. And these Membership Rewards points can be used for all kinds of things: hotels, airfares, cruises, actual items like iPods, or gift cards to dozens of stores, including Toys â€˜Râ€™ Us, Gap, Williams Sonoma (gay heaven), Pottery Barn (gay mecca), and Bloomingdaleâ€™s (gay nirvana).

The Amex Membership Rewards program is basically 1% cash back, but in the form of points. So a $50 gift card is 5,000 points. Or you can just get cash, but this costs twice as much ($50 in cash is 20,000 points). Thereâ€™s no ceiling to the points you can earn, so if you rack up tens of thousands of dollars in business expenses each year, you can pile on the points.
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