Normally, I won’t even consider a credit card sign up bonus offer unless it’s in the 40,000-50,000 point range. On average, 1 point is worth at least 1 cent so if you can score 50,000 points that means you just earned yourself $500. I make good money at my day job but I still know that it takes a lot of work to make $500 after taxes. If I can spend a few minutes applying for a credit card and make $500, that seems almost too good to be true.
You might not always be able to get $500 in cash though. Sometimes it’s $500 in gift cards, airfare or even hotel rooms. But if you were going to spend that money anyways, $500 is $500. Plus, that money is tax free which makes credit card sign-up bonuses one of my favorite things in this world, yes the world. It’s definitely a lot of work to track and manage 30 cards but for me it’s kind of like a hobby.
Most people though are probably better served with only a few cards in their wallet. But that doesn’t mean you can’t sign up for a great offer like this and cancel the card after a year. It probably takes no more than 20 minutes a year to manage three extra cards so you tell me if your time is worth $1,500 or not. And if you sign up for this card, you’ll actually be able to redeem for a hell of a lot more than $500. Let’s see how.
SPG AMEX Card
The Starwood Preferred Gold (SPG) Amex (and Business Card) is your run of the mill hotel chain card. There isn’t anything special about the actual card: it gives you a few extra bonus points when you use it to pay at a Starwood property but it doesn’t even have no foreign transaction fees. The one redeeming quality about the card is the points system. Starwood points are very valuable and they have over 30 airline transfer partners!
Related Article: How I Racked Up 100,000 Points and $200 Cash With Loyal3
I generally like to redeem Starwood points for hotel stays since their cash and points option can get you some insane redemption rates. For my honeymoon this summer, I actually booked two different Starwood properties: The Westin Excelsior in Rome and The Grande Bretagne in Athens. These are two top of the line luxury hotels and I never would have been able to afford them without points. Ok that’s not true, I could definitely afford them, but I’m way too cheap to pay full price for them.
At the time of booking, standard rooms at the Excelsior were going for $506/night but I used Starwood’s Cash and Points Option and paid only 10,000 points and $180 per night since the Excelsior is a Category 6 property. The total cash price would have been $1,012 but I spent a total of 20,000 points and $360. So my 20,000 points saved me $652 ($1,012-$360) which equates to 3.3 cents per point.
At the time of booking (12/24/13 – yes I did book 7+ months in advance haha), classic rooms were going for about $376/night. The cash and points cost was only 6,000 points and $110 though since the Bretagne is a Category 5 hotel. The 3 night cash total would have been $1,128 but I booked 3 nights for 18,000 points and $330. So my 18,000 points saved me $798 ($1,128-$330) which equates to 4.43 cents per point!
By now you should have realized the power of a Starwood point, it’s no ordinary point since you can easily get 3-5 cents per point redemptions. The bonus for this card is normally only 25,000 points after spending $5,000 in 6 months but for a limited time it’s been bumped up to 30,000 points. This is the highest I’ve ever seen this particular bonus and when you factor in the $5,000 in spending, you will end up with 35,000 Starwood Points.
Depending on how you redeem those points, 35,000 points could get you anywhere from $1,050 to $1,750 in hotel stays for free. So if you’ve got a decent credit score, why on earth would you not apply for this card? The card even comes in a personal and business version so if you’re feeling real frisky, you could sign up for both and net yourself 70,000 Starwood points.
Sign Up for The AMEX SPG Card
If you’d like to sign up using my referral code, please shoot me an e-mail and I’ll send you the sign-up link. I get 5,000 SPG Points for every member that signs up using one of my links so it’s a great way to support the site.
Readers, what do you think about the SPG card now that you know how valuable the points are? Have you ever stayed at a Sheraton branded property?
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-Harry @ PF Pro