Sign-up bonuses
A quick way to earn big rewards is through sign-up bonuses. These are big rewards bonuses you can earn for reaching a set spending requirement on a new card. The best bonuses can be worth $1,000 or more in cash back or points.
However, large sign-up bonuses also tend to have high spending requirements. But as a high spender, you likely won't have an issue reaching even the highest spending requirements. This allows you to unlock bigger and better sign-up bonuses than the typical cardholder.
2. Choose the right type of rewards
An important part of making the most of your rewards is choosing the right type of rewards. That's because the value you can get varies based on the type of rewards you have. Plus, how much time and energy it takes to really make the most of your rewards also varies by type.
Cash back
Cash back rewards are the simplest type of rewards. You can redeem them easily for statement credit to help pay down your card balance. Some cards even let you turn on automatic cash back redemption so you don't even need to think about it.
There are some very lucrative cash back cards out there. Some of the best offer up to 6% back on bonus category purchases. So, you could set up a fairly rewarding maximization strategy with just low-maintenance cash back cards.
Related: Best Cash Back Credit Cards
That said, if you really want to get the most bang for your high-spender buck, you're probably going to want to explore points and miles cards.
Points and miles
There are two main types of points and miles programs:
- Cash back in disguise: These are effectively like more complicated cash back programs. You earn points or miles, but you can only redeem them for things like statement credit -- sometimes called "purchase eraser" -- or gift cards.
- Transferable rewards: These rewards can be transferred to partner airlines and hotels. For example, you could turn your transferable points into frequent flyer miles with your favorite airline.
Cash back equivalent rewards points can be useful the same way cash back cards are useful. But the highest value potential is usually found in transferable rewards. Smart redemptions of transferable rewards can easily provide values of $0.02 to $0.04 per point -- or more. This is much higher than you can typically get redeeming for cash back or gift cards.
Four of the most popular transferable rewards programs are:
Each program has its pros and cons. If you're considering a transferable rewards card, be sure to check out the program's list of transfer partners to make sure your favorite brands are included.
3. Look for cards that include valuable cardholder perks and benefits
Although rewards can be lucrative for high spenders, there's also a lot of value to be had in the extra cardholder perks. This can be especially true for high spenders who are also frequent travelers.
Airport lounge access
Several top travel rewards cards come with complimentary airport lounge access. Airport lounges typically provide free food and beverages. They're also a quieter, more comfortable place to get work done -- or simply relax -- while waiting for your flight.
Read more: Best Credit Cards With Airport Lounge Access
Elite status
Several premium cards offer elite status with popular hotel brands. Hotel elite status can be the difference between a room with a view of the parking lot -- or the ocean. It often comes with perks like free upgrades, breakfast, and even bonus hotel points.
Some cards also offer elite status for other services, like car rentals. This can save time and money with streamlined checkouts and exclusive discounts.
Concierge services
A good concierge can save you more than money -- they can save you time. Concierges can help with everything from making reservations and buying tickets to planning trips and delivering last-minute gifts. They can even get you into restaurants or events that may be sold out to the general public.
Read more: Best Credit Card Concierge Service
4. Consider the credit limit
The downside to being a high spender is that some credit cards may not be able to keep up. Cards with low credit limits could require you to make multiple payments every month to avoid maxing out your card. Going over your limit can have multiple consequences, including fees and credit damage.
You can avoid the multipayment hassle by choosing cards that offer good credit limits. Luckily, this includes most premium credit cards. Some of the top travel cards, for instance, have been known to offer credit limits of $20,000 to $50,000 for qualified applicants.
If a lot of your spending is for your business, you may want to look at a business credit card. They often have much higher credit limits than consumer credit cards. Business credit cards also have rewards and perks useful for many types of businesses.
Charge cards
Another option is to choose credit cards with no set spending limit. Charge cards, for instance, have flexible credit limits that change depending on your spending and credit history. (If you've heard stories about people putting six-figure purchases on a card, it was likely a charge card.)
The main drawback to charge cards is they usually don't let you carry a balance from month to month. However, as long as you can pay your balance in full every month, a charge card can be extremely useful for high spenders.
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