^{Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.}

The Monkey’s Paw is a 1902 horror short story written by W.W. Jacobs. It is about a magical talisman that grants a person three wishes, but with horrific consequences that fill the wielder of the Monkey’s Paw with regret or revulsion.

For better or worse, with over 1 trillion credit cards in circulation, their use has become a ubiquitous monkey’s paw that is a primary escalator for huge personal debt burdens. By granting the wish of obtaining something normally unaffordable for one’s budget, it comes with a usurious APR of up to 30%, far outstripping the cost of the original item if not fully paid off in a short period. 

Nevertheless, credit cards can be useful for generating a panoply of perks that can be beneficial, if the card balances are swiftly paid off before the interest becomes onerous. The perks can range from discounts for fuel, food, or merchandise, to flight mileage points and shopping points that can be bartered, to actual cash back credits on purchases. While some of these perks are advertised, many others are not, so those who put in the time and effort to conduct the research can find hidden nuggets that might prove valuable. 

Questions to Ask

As credit cards are very lucrative for the issuers, all of the major financial institutions have an arrangement with Visa or MasterCard in competing for customers and against rival American Express. Therefore, it behooves the savvy prospective new card member to ask the following questions in order to best narrow down his or her final selections:

General:

• What are annual fees, and interest rates?
• The value of reward points equivalent to actual cash, and what are the reward categories?
• What, if any, are the foreign transaction fees? What are the forex rates being charged?
• Are there introductory offers or discounts?

For Frequent Travelers: 

• Does the credit card entitle me to airline priority boarding, no fee bag check, club lounge access, seat upgrades, travel insurance, etc.?
• Will the credit card offer free hotel breakfast, room upgrades, late checkout, free WiFi, discounts on spas, resorts, etc.?
• Can the credit card get me discounts at the pump when on the road? Will rental cars allow for free upgrades, unlimited mileage, airport return, discounts on ride shares, tolls, etc.?
• Can vacation or other accumulated points from air mileage, hotel stays, etc. be transferable for other perks?

For Frequent Shoppers:

• What vendors, store chains, and restaurants are linked to the card that will offer reward points, cash back, and/or discounts? 
• Are price matching and purchase protection guarantees included?
• Which supermarkets might offer extra discounts on groceries to cardholders, and are there any accompanying perks that might be available?
• For avid concertgoers, sporting event fans, theater attendees, gourmands, movie hounds, and other culture and arts enthusiasts: will cardholders get early access, preferred seating, special screenings or tours, etc.?

For Businesses:

• Separation of business expenses from personal ones via a business specific credit card  is especially crucial for entrepreneur-run businesses. It creates much cleaner bookkeeping for tax returns and less headaches in the event of an audit. 
• Businesses also can avail themselves of business specific credit card perks that can be requested, such as: receipt tracking, expense category reports, and business spending connected perks. 

Some Unique Cards to Consider

ExxonMobil Smart Card – gives $.012 per gallon discount on premium gas, $0.10 off per gallon on lower grade fuel. The drawback is that the perks are only available when purchasing fuel at ExxonMobile gas stations. 

Wells Fargo Autograph Card – Somewhat more flexible than the ExxonMobile Smart Card, the Wells Fargo Autograph Card offers 3 points per dollar charged for gas or EV charging. It also credits 3 points per dollar spent on tolls, parking, taxis, limos, trains, ferries, and even streaming services, including Disney+, Hulu, and Apple TV. 

Capital One Venture X Card – Any flights, car rentals, or hotels booked with the Capital One Venture X Card triggers:  

• A $300 travel credit. 
• Every dollar spent on rental cars and hotels earn 10 miles per dollar charged, 5 miles per dollar and flight tickets, and 2 miles per additional charges. 
• A $100 credit every four years for TSA PreCheck or Global Entry.
• 10,000 bonus miles every anniversary of membership.
• Unlimited access for cardholder +2 at Priority Pass, Plaza Premium Group, and Capital One lounges, worldwide.
• 10 miles per charged dollar through Capital One’s Premier Collection service for hotels, resorts and spas, with $100 experience credit.
• Flexibility to transfer Capital One miles to 15 different airlines and 3 hotels. 

American Express Blue Cash Preferred Card – although the APR can run to almost 30%, if one pays off balances early, the following perks might be attractive:

• 6% cash back for US Supermarket purchases, up to $6,000.
• 6% cash back on select US streaming subscriptions
• 3% cash back at US gas stations
• 3% cash back on transit (taxis, rideshares, trains, buses, tolls, and parking).
• 1% cash back on all other purchases.
• Cash back reward dollars can be used at Amazon.com

Wells Fargo Visa Signature Card – for price protection, the Wells Fargo Visa Signature card offers price protection. Any eligible item purchased with the card and then found advertised cheaper elsewhere can have the differential refunded to the card for up to $250 per item and up to $1,000 per year. Reimbursement claims need to be filed within 2 months of the purchase date. 

Chase Sapphire Reserve – purchase protection against theft or damage for a term (usually 4 months) from date of purchase. While its $550 annual fee is on the very pricey side, its coverage protection is up to $10,000 per claim for up to $50,000 total per year. 

While card fees are normally commensurate with added features, 24.7 Wall Street advises that one conduct their own research and contact a financial advisor for more specific information. 

^{Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.}

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