Want a free trip to Paris? Check. Want three free nights at a five-star hotel in a large metropolitan area? Check. Want free luggage check, airport lounge access and priority boarding? You got it.

For the savvy rewards card user, travel rewards cards offer numerous benefits — in dollar terms and in the form of great travel perks. And if you have excellent credit, you can pick and choose among dozens of cards.

But it’s not always easy to figure out how to find the best card for you. This is especially true these days when so many travel rewards cards offer increasingly flexible redemption options — further blurring the boundaries between different rewards card categories.

Here is an overview of the main types of travel rewards cards and what to look for when searching for the best rewards card for you.

Airline credit cards
As the name implies, airline credit cards let you accumulate rewards earnings toward free flights. These cards fall into two categories: Co-branded and generic.

Co-branded airline credit cards
Co-branded airline credit cards, or frequent flier credit cards, are cards issued in partnership with a specific airline. Cardholders get higher rewards earnings on purchases with the sponsoring airline, and rewards miles are added to a cardholder’s frequent flier account with that airline.

Examples of cards in this category include the American Express Delta Skymiles card, the United Mileage Plus Explorer card and the Southwest Airlines Rapids Rewards Plus credit card from Chase.

Pros: With airline-specific rewards cards, you earn miles from travel — and from credit card charges. Airline rewards cards also offer special deals on hotel stays, car rentals and vacation packages, enabling cardholders to reach the rewards threshold for a free ticket more quickly.

In addition, airline credit cards tend to come with generous sign-up bonus offers — often worth a free ticket or more. Premium cards also offer a great lineup of travel perks.

Cons: If the sponsoring airline doesn’t serve your area well, airline-specific rewards cards aren’t of much use. In addition, most co-branded airline miles credit cards charge an annual fee, which can run as high as $150 or higher. Further, redemption options for rewards miles are often limited to the co-branded airline, and there may be travel blackout dates, making it harder to find free trips on the times you desire to travel.

Generic air miles credit cards
Generic air miles credit cards are issued by banks alone and not in partnership with specific airlines.

For these cards, the card issuing bank will either allow you to use rewards earnings to reimburse flight purchases made to the card, or they may take the cash value of the rewards earnings and let cardholders book tickets through a travel booking agency.

Examples of popular cards in this category includes the Capital One Venture credit card and the Chase Sapphire rewards card. Both cards offer a no-fee version and an annual fee version.

Pros: Redemption options are potentially unlimited. There are no restrictions on which airlines you can fly with, nor are there restrictions on dates or times. Miles earnings are simply converted into a cash value to pay for the ticket, typically at a rate of one cent per mile. In addition, many generic air miles rewards cards come without an annual fee.

Cons: It may take longer to earn free tickets because rewards earnings only accumulate on card charges, not on airline travel or other travel-related activities. In addition, these cards don’t offer the travel-related perks that airline-specific rewards cards do.

Cross-over options: Some generic airline credit cards let cardholders have the best of both worlds. For example, the Chase Sapphire Preferred card ($95 annual fee) lets cardholders transfer points to miles on the frequent flier programs of major airlines, such as United, Continental, US Airways and more.

Hotel rewards cards
As the name implies, hotel rewards cards are credit cards co-branded with specific hotel chains. These cards may not be as sexy as airline credit cards that promise free travel to exotic locations, but don’t be fooled. Many hotel rewards cards offer a surprising range of rewards benefits and are definitely worth a look.

Examples of cards in this category include the American Express Starwood hotel rewards card, the Marriott Rewards Premier card and the Citi HHilton Honors card.

Pros: Generous sign-up bonuses are a hallmark of hotel rewards cards: Most feature sign-up bonuses redeemable for up to three to six free hotel nights, which can quickly turn into a considerable value, depending on where you stay.

Cons: To get the most out of hotel rewards cards, you have to stay at the sponsoring hotel chain. However, for people who don’t travel that much, marrying yourself to one hotel chain may not make sense. In addition, most hotel rewards cards charge an annual fee, waived the first year.

Cross-over options: Some hotel rewards cards offer great cross-over options that make them worthwhile, even if you don’t stay that much with the sponsoring hotel chain. The American Express Starwood card, for example, lets cardholders redeem rewards points for free travel on 350 partner airlines.

And if you have excellent credit, savings on these cards can run into thousands of dollars a year — if you play your cards right.

Here are eight of the best airline rewards strategies from two leading miles point bloggers, Daraius Dubash of MillionMileSecrets and Gary Leff of BoardingArea’s View from the Wing.

1. Prioritize rewards cards with partner airline programs.
One of the most important choices facing consumers looking for a travel rewards card is whether to go with a generic card or one affiliated with an airline frequent flier program.

But according to Leff, you can have your cake and eat it too. Look for generic travel rewards cards, he says, which give you the ability to transfer points to frequent flier accounts with partner airlines. This gives you maximum flexibility when it comes to redeeming rewards points.

Examples of this type of hybrid airline miles card include the Chase Sapphire Preferred card (which comes with a $95 annual fee, waived the first year). This card lets you transfer points to miles on a 1:1 basis to the frequent flier programs of major airlines, such as United, Continental, US Airways, Air Canada, Lufthansa and more than 20 other airlines.

Similarly, the American Express Premier Rewards Gold card (which comes with a $175 annual fee, waived the first year) and the American Express Starwood Hotel credit card both offer the ability to redeem rewards earnings on more than 350 airlines or transfer points to more than 30 frequent flier programs.

2. Weigh the credit score pros and cons before jumping on a new offer.
With sign-up bonuses ranging from 10,000 miles/points to 50,000 miles/points, many rewards card aficionados are not shy about applying for multiple credit cards to supersize rewards earnings each year. However, you have to know how to weigh the pros and cons and factor how a card application will impact your credit score.

“Each time you apply for a card, you get a credit inquiry,” says Dubash. “For most people, one credit inquiry will result in a six to eight point drop in their credit score.”

However, this drop in scores may be counterbalanced by other factors. “Your total amount of credit will also increase, lowering the debt-to-credit ratio, which will improve your score,” Dubash notes. “So, in the long term, you make up the credit score drop; it’s typically a temporary effect.”

Still, playing the bonus points game is not for everyone. Credit inquiries stay on your report for two years, so people planning to apply for a mortgage within the next two years are better off not applying for multiple credit cards.

3. Watch out for the big kahuna.
It’s the rewards cardholder’s version of dying and going to heaven: The 100,000 points sign-up bonanza. This year alone, the Capital One Venture card and the British Airways Visa Signature card have both featured 100,000 points/miles promotions. And experts believe we haven’t seen the last of them.

“As competition continues to heat up, these promotions are likely to get more and more common,” says Leff. “But you have to jump on them fast, because they often fill up quickly.”

Even if the offer is with an airline you don’t fly with, read up on the details before rejecting it. British Airways miles, for example, can be redeemed with British Airways’ oneworld partner airlines, including American Airlines and Cathay Pacific, among others.

4. Create a strategy to optimize rewards earnings.
To get the most out of your rewards cards, create a spending strategy to maximize earnings.

“Sometimes you’ll earn more points if you use a generic travel reward card and then transfer your points to your preferred airline instead of using your preferred airlines’ credit card,” said Dubash in an email.

For example, he notes, with the American Express Gold Delta SkyMiles card, you will earn two miles for ticket purchases on Delta and one mile for everything else.

However, if instead you use the American Express Premier Rewards Gold card, you will earn three points for airfare, two points for gas and groceries and one point for everything else. These points can then be transferred on a 1:1 basis to your Delta frequent flier account.

5. Take advantage of companion ticket offers.
Many companion ticket vouchers have hidden strings attached, which limit their value. However, companion tickets can also be a great deal.

Both Leff and Dubash recommend the companion ticket offer of the Bank of America Alaska Airlines Visa Signature card, which comes with a $99 companion ticket every year.

“This is a true companion ticket; there are no hidden strings attached to it,” says Leff. “Any seat is $99. If you live in a city served by Alaska airlines, it’s definitely worth the $75 annual fee.”

Leff recalls buying a first class ticket to Hawaii and then getting a ticket for his spouse for another $99 plus tax using the companion ticket.

For high spenders, Dubash recommends the Travel Together Ticket from British Airways Visa card, which enables cardholders to bring a companion for free on their next reward flight if they charge $30,000 or more to their card within a calendar year.

6. For the best redemption value, go for premium travel rewards.
If you’re looking to maximize the redemption value of your frequent flier miles earnings, the best value is found in international business and first class tickets, which can cost tens of thousands of dollars, says Dubash.

For example, an American Airline for a ticket to Europe will cost 60,000 miles in the off season, a $800 value.

However, for 66 percent more miles (read: 100,000 miles), you can get a business class ticket to Europe — a $4,000 value, which ismore than four times the redemption value of the regular ticket. Seat upgrades on domestic flights using miles is another way to maximize redemption value if your goal is to travel in comfort.

7. Don’t miss out on reduced mileage awards.
Many cards feature reduced mileage awards, which is another way to maximize redemption value.

For example, Dubash says, with the US Airways credit card, you pay 5,000 fewer miles for all award redemptions on US Airways. The Reduced Mileage Award program of the Citi Aadvantage card enables cardholders to shave up to 7,500 miles off redemption requirements for domestic economy tickets.

8. Don’t forget the perks.
Free checked bags, free passes to airport lounges and priority boarding. These are just the start of some of the travel perks offered by airline credit cards.

At $25 a bag, the free checked bag benefit can add up quickly, Dubash points out. And, if you’re traveling in the busy season or just happen to be on a full flight (and who isn’t, these days?), priority boarding allows for much greater comfort and ease when on the road.

The latest trend to catch on in the always competitive travel rewards card segment is the introduction of tantalizing perks, such as free baggage, priority check-in and complimentary airport lounge access.

Delta and American Express began the trend with premium cards that also featured premium annual fees. However, as competition heats up, cards with great travel perks are becoming increasingly accessible to regular Joes like you and me, say experts.

In fact, even the standard-level credit cards affiliated with airlines now offer some kind of perk, says Ed Perkins, a travel columnist with SmarterTravel.com. For example, Perkins predicts that one free checked bag will soon become a standard benefit offered by frequent flier credit cards.

Best affordable frequent flier cards with travel perks
If you’re unwilling to shell out a sky-high annual fee in exchange for extra travel perks, don’t sweat. There are an increasing number of frequent flier cards that offer decent travel perks for those on a budget.

Some of the latest arrivals in this category include the United MileagePlus Explorer card and the Continental Airlines OnePass Plus card.

Both cards are issued by Chase, and the benefits are nearly identical (which isn’t surprising since United and Continental Airlines are merging).

For a $95 annual fee (waived the first year), cardholders and their companion get priority boarding privileges — which saves them from standing in long lines, heavy carry-ons in hand — and free checked baggage. Cardholders also get complimentary access to airport lounges that include quiet business meeting rooms, free snacks, beverages and Wi-Fi.

Access to the airport lounges is limited to two free passes a year. However, taking into account the modest annual fee, this may still be worth it to those who don’t travel a lot.

Both cards also come with up to 40,000 bonus miles, but not everyone will qualify for the full bonus. New cardholders currently earn 25,000 bonus miles after the first use of the card, 5,000 bonus miles if they add an authorized user (within 2 months) and 10,000 bonus miles if they spend $25,000 or more during the calendar year. Cardholders also earn two miles for every dollar spent on tickets purchased from United and Continental and one mile per dollar spent everywhere else.

Both cards, not surprisingly, offer benefits similar to the Gold and Platinum Delta Skymiles cards (which feature annual fees of $95 and $150, respectively). To stay competitive, Delta and American Express recently announced that they were adding priority boarding for both Gold and Platinum Delta Skymiles cardholders — a perk previously reserved for cardholders with Elite status.

Delta Skymiles cardholders also get a complimentary ticket per year (free for Platinum cardholders and with a $99 fee for Gold cardholders), which is an extra benefit not offered by the United and Continental cards. To get free lounge access on the Delta Skymiles cards, however, you have to earn your way to Elite status.

If premium perks such as complimentary lounge access are important to you, you can earn your way to Elite status through a combination of frequent travel and/or high spending. Elite status comes with extra privileges, such as complimentary upgrades to first class when seats are available, as well as other premium perks. For business travelers, those extra perks may be worth it, says Perkins.

“For people who fly a lot, the Elite status is way more important than the miles,” says Perkins. “With miles earnings, it’s often hard to get seats when you go to cash in your miles earnings. What really matters are all those Elite benefits, the chief of which is the complimentary first class upgrade, second is the free lounge access and third the express check-in and boarding privileges.”

An alternative to perk-heavy frequent flier cards
If your primary goal is simply to earn free trips, however, Perkins says that frequent flier cards with bells and whistle perks may not be your best option. Instead, you may be better off with a high-paying bank credit card like the Capital One Venture Card, which gives two miles in rewards earnings per dollar spent. With a cash-in value of 1 cent per mile, that’s the equivalent of 2 percent cash back on all your spending.

“If you don’t travel a lot and can’t earn miles from travel, a high-paying bank credit card like the Capital One Venture gives better benefits,” says Perkins. “You are basically earning a cash value on your purchases, and you don’t have to worry about seat availability. You can buy a ticket on any airline, and the card simply reimburses you for the ticket purchases using the rewards earned.”

Most people simply bring their credit cards or debit cards with them. Plastic is more secure than cash, and there’s no need to worry about bringing enough funds.

However, there are drawbacks to using credit cards overseas as well. For example, Americans traveling in countries with the new chip-and-PIN standards for credit cards are increasingly finding that their credit cards are no longer universally accepted.

At the same time, travelers cheques, like those traditionally issued by American Express, are slowly becoming outdated. According to industry experts, not only are travelers checks more cumbersome to deal with, they are also becoming less accepted overseas.

If you prefer leaving your credit cards at home, consider bringing a prepaid travel card instead. Prepaid travel cards can be used anywhere credit or debit cards are accepted, including at ATMs. The money loaded on the card is converted to the local currency with each purchase, using the dominant exchange rate of that day.

Users have the option to reload the card as many times as needed, no matter where they are. In addition, some prepaid travel cards, like the Travelex, feature chip-and-PIN security technology, meaning that the card will be approved in places where American credit cards might not be approved.

Prepaid travel cards do have downsides, including costly fees and, in some cases, poor conversion rates. And if you have extra money at the end of your trip, some cards may require you to pay a fee to get your money back.

“Most prepaid travel cards are not as good a deal as regular credit or debit cards,” says Ed Perkins, a contributing editor at SmarterTravel.com. “However, people still like them because they limit your losses; you can’t lose anything more than what you have on the card.”

It used to be that any prepaid credit card could be used overseas. However, international drug traffickers were quick to catch on to the fact that they were a great way to transport drug money from the U.S., so that loophole has been closed.

These days, when planning a trip abroad, it’s important to specifically get a prepaid travel card, not just a regular prepaid card. Here is a list of the most common prepaid travel cards and their key features.

The Visa TravelMoney card
Pros: Security features are this card’s strong points. If the card is lost or stolen, the Visa TravelMoney card offers emergency card replacement and cash that is generally delivered within one business day. The card also comes with zero liability protection from fraudulent use, as well as reimbursement for lost luggage. It can also be easily reloaded online or over the phone.

Cons: Downsides include high fees and a 7 percent currency conversion rate. In addition, the card is not chip-and-PIN compatible.

Where to get it: The Visa TravelMoney card is available at many chain drugstores and supermarkets, as well as at big box stores. At the time of publication, it was not available online.

Travelex/MasterCard Cash Passport
Pros: The biggest draw of the Travelex/MasterCard card is that it can be loaded with different currencies of your choosing, including U.S. dollars, Euros or English pounds. Another key advantage of the Travelex MasterCard is that this prepaid card is fully equipped with chip-and-PIN technology, so you won’t have to worry about whether the card will be accepted overseas.

The Cash Passport also has several of the same security features as the Visa model, including zero liability and 24-hour security support. In addition, the card enables cardholders to get their dollars back without an exchange penalty.

Cons: The main drawback is the card’s poor conversion rates, which are higher than for credit cards and other prepaid travel cards. However, many travelers will find that this is a price worth paying for the added features, particularly the chip-and-PIN compatibility.

Where to get it: The Travelex card is available in local retail stores and online.

Pass from American Express
Pros: It’s kid-friendly. The American Express Pass card is aimed at parents of teenagers or young adults for use both domestically and overseas. For parents sending their youngster out to explore the world, the card has several attractive features.

“Many people use prepaid travel cards for their kids,” says Perkins. “They can put $500 on the card and not have to worry about losing more money. There’s enough to worry about when your kids are traveling as it is, so many appreciate the extra peace of mind.”

Parents have the ability to add money, check the balance, view the transaction history and set up alerts. The card is a great way to make sure your kids has the money he or she needs — and keep an eye on what your kid is spending money on.

Like other American Express cards, Pass comes with purchase protection and GlobalAssist, which will direct cardholders to English-speaking medical and legal professionals, as well as to people who can help with lost passports.

Cons: Like the Visa TravelMoney card, the Pass card does not feature chip-and-PIN technology — a definite drawback. According to an American Express spokesperson, American Express currently has no plans to add chip-and-PIN features to the card.

Where to get it: The Pass prepaid travel card can be ordered online at the American Express website.

Here are the three most common credit card pitfalls that Americans come across when traveling overseas — and how to avoid them.

Pitfall # 1: The unusable credit card
Credit cards are ubiquitous all over the world these days, but not all countries use the same type of credit card — causing travelers serious problems when they travel overseas.

Credit cards in most European countries, as well as Canada, China, Japan, India, Mexico and Brazil, are equipped with chip-and-PIN technology, which is a more secure form of technology that uses a special EMV chip. While most overseas vendors are currently able to process U.S. magnetic stripe credit cards, travelers are increasingly reporting problems getting their credit cards accepted in countries where chip-and-PIN credit cards are the standard.

“There are a lot of people who don’t have any issues, but it can be quite a problem,” says Ed Perkins, a contributing editor at SmarterTravel.com. “You can get really stuck if you don’t have the right card.”

Perkins tells the story of a U.S. couple traveling in Denmark who wanted to buy a train ticket late at night at a small railroad station in the countryside. The ticket machine didn’t take their U.S. credit cards, nor the Danish Kroner they were carrying. The couple was completely stuck, until they finally found a Danish man who was willing to put the tickets on his debit card in exchange for cash.

How to avoid this pitfall: Some U.S. credit card issuers, including Chase and Wells Fargo, are experimenting with credit cards that feature chip-and-PIN technology. However, Perkins expects it to take at least another year before these cards become widely available. In the meantime, he recommends bringing backup funds on a prepaid traveling card that features chip-and-PIN technology, such as the Cash Passport from Travelex. The exchange rate is not very good, but travelers will be happy they took the precaution when they find that they need to buy gas late at night from an unmanned pump that only takes chip-and-PIN cards .

Pitfall #2: The frozen credit card
If you’ve spent most of your life in Wichita, KS, and you suddenly charge your credit card while in Beijing, China, your card issuer will want to know why you’re not in Kansas anymore.

Credit card issuers have extensive fraud protection systems designed to detect unusual charges or spending patterns. Unusual charges will trigger a fraud alert and a call from the card issuer’s fraud department. If you’re not there to pick up the call (which you won’t be if you’re traveling), your credit card could get frozen. Few things are less fun than suddenly being unable to pay your hotel or restaurant bills because your credit card account has been put on a fraud alert.

“You could find yourself without money for days, until you get the problem sorted out,” warns Brian Kingshott, co-author of “Safe Travel Overseas.” “So it’s important to call card issuers before you leave, and tell them which countries you’ll be using your credit cards in.”

How to avoid this pitfall: In addition to alerting credit card issuers of your travel plans, Kingshott recommends that you ask for an international number to call should you run into problems while traveling.

“Many people don’t realize that they have to get the international contact information for their card issuers before leaving the U.S.,” says Kingshott. “The 800-number on the card won’t work when you’re traveling. Plus, if the card is stolen, you won’t even have that number!”

Pitfall #3: The expensive credit card
When using credit cards overseas, there are a lot of extra fees and charges that can quickly run up. The three most common include:

1. Foreign transaction fees. Most card issuers charge a foreign transaction fee on overseas purchases. Foreign transaction fees average around 3 percent of the total purchase.

How to avoid this pitfall: Bring a credit card that doesn’t charge foreign transaction fees. Capital One credit cards come without foreign transaction fees, and other card issuers are increasingly waiving the fee on some of their premium rewards credit cards.

2. ATM fees. With the U.S. dollar at almost historic lows, ATM fees in the local currency of the country you’re visiting can be expensive. This is particularly true in countries such as Germany, where credit cards are not a commonly accepted form of payment. There, travelers are forced to utilize cash machines to get paper money.

How to avoid this pitfall: Find out what the ATM fee is in U.S. dollars so that you know the true cost of each withdrawal. If security allows, withdraw larger sums instead of many small amounts. Also, be sure to use a debit card to withdraw money. Using a credit card to withdraw money from an ATM will be deemed a “cash advance” and will accrue interest to the tune of 22.99 percent or higher.

3. Dynamic Currency Conversion (DCC). Some European merchants convert purchases to U.S. dollars before charging them to credit cards. It may seem like a helpful service; but unfortunately, the dollar price is usually based on an inflated conversion rate of 3 percent or more above the current conversion rate. Add to that the foreign transaction fee, and you could end up paying a 6 percent surcharge on purchases.

How to avoid this pitfall: You have the right to refuse a DCC. If the purchase receipt only shows a dollar amount, ask for the purchase to be rung up and charged in local currency. Keep all receipts should you later need to dispute an inflated charge.

Launched on March 10, the Capital One Match My Miles campaign for the Venture Rewards card offered to match the miles that new cardholders earned from other airline rewards cards. The clincher? Capital One would match as many as 100,000 miles for each new cardholder until the number of matched miles reached a total of one billion (yes, billion) miles.

How long does it take to give out a billion airline rewards miles? Well, the offer was so successful that Capital One hit their target in early April and closed down the program a month and a half before its May 13th ending date. (New cardholders who have already reserved the miles have until June to charge the $1,000 required to get the miles.)

However, if you missed the boat, take heart. With competition in the travel rewards credit card market surging, other travel rewards card issuers have rolled out not-to-be-missed bonus offers for new rewards card applicants.

Here is an overview of some of the best offers currently available to you if you have excellent credit.

British Airways Visa Signature card by Chase (100,000 bonus miles)
Chase has matched the Capital One Miles Challenge with a 100,000 BA Miles limited time offer on its British Airways Visa Signature card. If you are approved for the British Airways card, you will earn 50,000 bonus miles after your first purchase on the new card and another 50,000 miles if you charge $2,500 to the card within three months. Currently, the application deadline for this offer is set at May 6; but like the Capital One offer, it could close sooner.

With 100,000 miles in your account, you’ll have enough for about two roundtrip flights overseas. Not bad for anyone wishing to take their significant other to Europe this summer!

Cardholders earn 2.5 BA rewards miles per dollar spent on British Airways purchases and 1.25 BA miles for other purchases. There are no foreign transaction fees on overseas purchases, and big spenders who charge at least $30,000 within a year will also be awarded a Travel Together complementary companion ticket. The card comes with a $95 annual fee, which is not waived the first year.

To get the bonus miles, you must be a member of the British Airways Executive Club program. However, new card applicants are automatically enrolled in the program when approved for the British Airways Visa card. Best of all, miles can be spent on other airlines that are part of the OneWorld Alliance network, including American Airlines, Cathay Pacific and Iberia Airlines.

Continental Airlines One Pass Plus card by Chase (30,000 to 50,000 bonus miles)
The Continenal Airlines One Pass Plus card from Chase offers a regular sign-up bonus of 30,000 miles for new applicants. However, if you apply before May 15, 2011, you will get 50,000 bonus miles after your first purchase. That’s enough to get you two round trip tickets within the U.S.

One Pass Plus cardholders earn two miles per dollar spent on Continental Airlines purchases and one mile per dollar spent on other purchases. In addition, if you charge more than $25,000 to your card within a given year, you will get an additional 10,000 bonus miles. The card comes with a $85 annual fee, waived the first year.

Citi Aadvantage card (30,000 to 75,000 bonus miles)
Citi is offering another tantalizing frequent flier bonus for consumers applying for the Citi Aadvantage card. New cardholders will receive up to 75,000 American Airlines bonus miles if they spend a certain amount within the first four to six months.

The rewards bonuses are tiered to different spending levels, and the deals are available through different marketing channels so you have to stay on your toes to get this deal.

30,000 Aadvantage bonus miles. New Citi Aadvantage cardholders who spend $750 within the first four months will automatically get 30,000 bonus miles in their Aadvantage miles account. In addition, cardholders earn one Aadvantage mile for each dollar spent. The card comes with a $50 annual fee, waived the first year.

75,000 bonus miles. Citi’s mystery 75,000 bonus offer on the Citi Aadvantage card is not widely distributed. According to a Citi representative, the card issuer regularly tests different credit card offers. At any given time, some offers are available only online, some via the phone and some via mailed credit card offers. To get the 75,000 miles bonus, new cardholders must charge $4,000 in the first 6 months. If that fits your spending pattern, check for the 75,000 miles bonus offer online or call Citi to inquire about whether this offer might be available to you.

For high-rolling credit card users undaunted by its $450 annual fee, the American Express Platinum charge card has long offered both some of the best rewards benefits, as well as some of the more attractive perks among travel rewards cards. For frequent travelers who use the services covered by the new benefits, the additional perks make the Amex Platinum charge card almost, but not quite, pay for itself.

First of all, as of December 1, Amex will offer cardholders a yearly $200 airline fee credit for incidental travel-related charges. Whether it’s buying an in-flight meal, getting a one-day pass for an airport lounge, checking an extra bag (or paying overweight charges on your spouse’s suitcase), American Express will cover up to $200 of such travel-related charges for Platinum and Centurion cardholders. Cardholders must enroll in the service to get the $200 credit, and it applies to one selected airline.

In addition, cardholders who use the Amex Pay with Points program to redeem rewards point to pay for travel-related expenses, such as flights, hotels, and vacation packages, will get 20 percent of the points credited back to their account. This feature essentially increases the value of rewards earnings by 20 percent when cardholders use the Pay with Points service. For example, a cardholder cashing in 30,000 points to pay for an airline ticket, will receive back a 6,000 point travel bonus.

Amex has also launched a complimentary mobile app to help users stay abreast on flight alerts, locate airport lounges, download an airport guide, and so on.

The new rewards benefits are in addition to those already afforded to Amex Platinum and Centurion cardholders. These include access to personal services from Amex concierges, who will help with travel-related booking, restaurant reservations and even personalized shopping.

Platinum cardholders also receive special amenities and perks when staying at select hotels, access to airport lounges around the world, and access to exclusive Amex rewards benefits for luxury retail, lifestyle, and travel-related experiences. For the exclusive Centurion card, perks are even more attractive, and include free upgrades to business or first class upon availability, free companion tickets, and elite status on certain hotels and resorts, and more.

American Express’s Starwood Preferred Guest Credit Card
The Amex Starwood Preferred Guest card continues to be one the most attractive rewards credit cards of its category. It takes some digging to find the true value of the rewards earnings, however, once you do, it becomes obvious why this rewards card has long been the darling of credit card forums and why it has been rated the Best Affinity Credit Card at the annual Freddie Awards.

The card earns 2 points per dollar on Starwood hotel stays and purchases and one point per dollar on all other charges. The Amex Starwood rewards card does come with a $45 annual fee, but it is waived the first year.

The Amex Starwood rewards card offers one of the highest redemption values among rewards cards. The exact value of the Starpoints depends on where you stay and how earnings are redeemed. For 2,000-3,000 points, cardholders can stay for free on weekends (weekday nights require 1,000 extra points) at mid-priced Starwood airport hotels in most major non-Coast cities, including Chicago, Detroit, Dallas, Denver, and so on. At current online room rates, that translates into a redemption value of 3 to 3.5 per point, or in cash back terms, 3 to 3.5 cents per dollar charged to the card.

Similarly, for 10,000 points, cardholders can stay at Sheraton or Westin hotels in major cities like New York, Boston, or Los Angeles, which at current average online room rates translates into a redemption rate of 2.5 cents per dollar charged. Compare that to the average rewards credit card point value of 1 cent per dollar.

But it gets better. Cardholders who opt for paying part of their stay with points and part cash can up the redemption value considerably. For example, for $60 a night plus 4,000 points, cardholders can stay in places like the Sheraton Carlsberg Resort or the Sheraton LaGuardia in New York. Based on current online hotel rates, this type of redemption ups the point value to 5 to 6 cents per dollar spent.

The real clincher of this card is the sign-up bonuses. People who apply online for the American Express Starwood card currently are eligible for up to 25,000 bonus Starpoints. New cardholders get 10,000 bonus points after their first purchase; to get the last 15,000 bonus points, you’d have to spend $15,000 within the first six months.

With a little bit of research to optimize redemption value, you can redeem the 10,000 bonus points for $250 to $600 worth of hotel stays; with the extra bonus points the value of the sign-up rewards can run as high as $625 to $1,500 in free hotel stays. The Starwood Preferred Guest website makes it easy for cardholders to research hotel rewards redemption options, another plus of the card.

The Starwood hotel chain operates over 940 hotels over the world, including brands like Westin Hotels, Sheraton and Four Points by Sheraton, and more. Rewards earnings can also be transferred at a 1:1 ratio to over 30 frequent flyer programs. Point transfers of 20,000 automatically come with 5,000 bonus miles, which means that cardholders can earn an extra 25 percent on rewards just by transferring.

American Express’s Hilton HHonors Credit Card
Another good hotel rewards card on the market is American Express’s Hilton HHonors card, particularly for people who stay frequently at Hilton Hotels worldwide.

Cardholders earn 3 points per dollar on most charges, so to find the comparative redemption value of the Hilton Hhonors rewards earnings, divide all point requirements by 3. For example, a category 3 redemption requiring 25,000 Hilton Hhonors points would be earned after about 25,000/3, or $8,333 in charges. Most category 3 stays are valued at $90 to 125, so the redemption value translates into a little over one cent per dollar charged.

The card offers the best value in large cities. For example, for 40,000 Hilton Hhonors points you can stay at the Hampton Inn Times square, a $300 value. At 3 points/dollar charged, it would take 40,000/3, or $13,333 in charges to earn those points, meaning that the redemption rate for a $300 hotel room translates into about 30000/13333, or 2.25 cents per dollar spent.

Applicants can choose between the regular and “Surpass” versions of the card. The regular version comes fee-free and offers 20,000 bonus points after the first purchase. For consumers comfortable with an annual fee of $75 dollars, the HHonors Surpass card offers new cardmembers up to 40,000 bonus points after the first purchase. For the $75 annual fee, HHonors Surpass cardholders also get access to HHonors Gold VIP and airport lounge at $27 per person per visit. Please note that rewards points expire if no points are earned on the card for a year.

Generic Airline Miles Cards
Generic airline miles cards offer the greatest flexibility among travel rewards cards, since rewards earnings, unlike frequent flier credit cards, can be applied to multiple airlines. Further, rewards can be redeemed towards any travel-related purchase, including free flights, hotel, or car rentals.

Capital One VentureOne
One of the best mile-per dollar deals out there comes in the form of Capital One’s VentureOne rewards credit card. Not only does the card give its holders 1.25 miles per dollar on every purchase, the miles are Capital One’s signature “No Hassle Miles,” which means that there are no blackout dates, mile caps, or other restrictions on redemptions. Capital One also is one of the few credit card issuers that doesn’t charge foreign transaction fees on purchases made overseas, which will otherwise typically 2-3 percent to overseas charges.

Rewards earnings can be used on any airline, and they can even be translated into gift cards or merchandise for the traveler on hiatus. One other bonus: this no-annual-fee card also comes with up to 12 months of 0% APR for eligible cardholders.

For those willing to pay for that extra mile, the Capital One Venture card, which totes a $59 annual fee (waived the first year), offers 2 miles per every dollar spent. In addition, new cardholders are awarded an extra 10,000 bonus miles for spending $1,000 in the first three months of usage, which translates to $100 towards a flight, hotel stay, car rental, or other travel related purchase. For cardholders charging in excess of $10,000 a year, the upgrade is well worth it. The Venture card also offers the additional benefit of complimentary concierge and other travel upgrades.

American Express PenFed Premium Travel Rewards
While rewards earnings are average, the PenFed Premium Travel Rewards offers some of the best perks in the travel rewards card industry. The card, whose $50 annual fee is waived the first year, offers a 5 points per dollar spent on airfare, 3 points per dollar on hotels and dining (but only until the end of 2010), and one point per dollar on all other purchases. Furthermore, new cardholders who spend $650 in the first three months will receive an extra 20,000 bonus points, worth $200 in travel rewards.

While rewards earnings don’t match those of the Capital One Venture card, the extra perks are what make this card really stand out. All cardholders receive 24/7 premium concierge service, and those who spend $15,000 annually will enjoy access to 600+ luxury VIP airport lounges worldwide. The card’s program also comes with exclusive travel upgrades and offers.

To qualify, applicants must be a member of the Pentagon Federal Credit Union. Application is easy though, and available to all U.S. government employees, military, uniformed services, Red Cross members, and eligible family. If none of these fit, for an annual $20 membership fee, you can join the National Military Family Association as a civilian member, making you eligible for a membership in the PenFed Credit Union.

Best Frequent Flier Credit Cards
If you fly frequently with a specific airline, frequent flier credit cards are a great way to speed up miles accumulation and earn free travel faster by consolidating miles earned from purchases with miles earned from flights. Many frequent flier cards also boost miles earnings up to 150 percent on trips paid with the card. Also, unlike generic airline miles card where rewards earnings are lost should the card account ever be closed, frequent flier cardholders will still have the miles earned in their frequent flyer account even if they choose to close their credit card.

American Express Gold Delta Skymiles Card
Amex is offering a great sign-up bonus on its Gold Delta Skymiles card: those approved will receive a full 20,000 miles after their first purchase as well as an additional 2,500 miles per additional cardholder, for a total of up to 25,000 miles—the equivalent of $250 off any qualifying flight. The card does come with a $95 annual fee, but the first year of use is free, and cardholders who renew are rewarded with a complimentary $99 companion ticket each year. Cardholders earn double miles on Delta purchases and one mile per dollar on other purchases and enjoy freedom from any expiration dates or other limitations.

Other noteworthy frequent flyer rewards cards include U.S. Airways Premier World MasterCard, which offers 12,500 bonus miles after the first purchases and one mile per dollar spent. United Mileage Plus Visa also gives one mile per dollar and rewards new cardholders who spend $250 with 30,000 bonus miles.