Earlier than the COVID-19 pandemic put a cease to his work journey, Alex Townsend, a Denver-based accountant, acquired a variety of worth out of a premium journey rewards card with a triple-digit annual price.
“My buddy bullied me into getting it, and it paid for itself within the first three years I had it,” he mentioned.
As soon as he was not utilizing the cardboard to guide journey on his job’s dime, although, it turned harder for Townsend to justify that top annual price, although the cardboard supplied a protracted listing of assertion credit he may earn after making particular purchases. He recalled ordering meals supply a number of occasions to reap the benefits of a month-to-month credit score, however the closing invoice value as a lot as placing in a takeout order and choosing it up himself.
After six years, he canceled the cardboard. “On the finish of all of it,” he says, “the advantages to having the cardboard had been spending more cash to get the advantages.”
Within the premium bank card market, this rising pattern of piecemeal reductions — dribbled out in recurring installments — has earned sure playing cards the derisive “coupon guide” nickname. Certain, by profiting from assertion credit awarded in small month-to-month increments, you would make a significant dent within the annual value of carrying an costly card — however it’s important to do the work of figuring out which reductions can be found and what limitations there is likely to be.
The rise of ‘life-style’ perks
For a very long time, the main target of high-end playing cards was journey — beneficiant welcome bonuses, airport lounge entry, a path towards standing with an airline or resort, and extra. On high of that, the factors earned on on a regular basis spending put a seat on the entrance of the airplane inside attain.
Issues started to alter in mid- to late-2010s and accelerated from there. Some current premium playing cards switched to metallic from plastic, whereas new metallic playing cards launched. And with these bodily enhancements got here a flood of recent advantages, together with assertion credit towards travel-adjacent purchases resembling eating, ridesharing providers and Clear membership.
However some playing cards additionally supplied credit for different seemingly unrelated “life-style” spending, like streaming providers and posh gymnasium memberships.
“It’s created this arms race of additional issues so as to add on,” says Matthew Goldman, founding father of the monetary know-how consulting agency Totavi.
Coupon books are working, a minimum of for the businesses
For bank card issuers and the retailers they associate with, in keeping with Goldman, these assertion credit present a win-win option to market each the cardboard and the retailers. And for shoppers who obtain these assertion credit every month, it helps the cardboard keep related lengthy after the welcome bonus is earned and redeemed.
“It’s an fascinating mannequin that helps preserve the cardboard energetic, retains me engaged, makes it extra probably I’ll renew my card,” Goldman says.
American Categorical — an issuer of a number of premium playing cards providing assertion credit along with different perks — famous in its 2021 annual report that when it revamped a number of playing cards’ advantages that 12 months, acquisitions of recent cardholders reached all-time highs by the fourth quarter. Round 60% of these new acquisitions had been millennial and Gen Z shoppers. And American Categorical’ 2024 annual report states that these youthful shoppers are presently the fastest-growing group when it comes to each card acquisitions and spending on these playing cards.
Coupon guide advantages appear to be resonating sufficient with these prospects that the pattern is sticking round. In March 2025, for instance, Chase added sizable lists of assertion credit to a few of its United Airways playing cards for firms like Instacart, and that was on the heels of earlier partnerships a few of its normal journey playing cards have had with manufacturers resembling Peloton and Lyft.
So why is the idea controversial?
As profitable as these advantages have been for issuers, many shoppers discover them to be a variety of work. Not everybody enjoys the hassle it takes to squeeze as a lot worth out of a bank card as attainable, and for a lot of, the playing cards’ advantages don’t truly make monetary sense.
You must spend to avoid wasting
These sorts of assertion credit solely show you how to to avoid wasting on a purchase order should you had been going to make it anyway: Should you already deliberate to take a ridesharing service to the airport, you could as properly spend $10 much less on that trip. But when the promise of a reduction or further rewards persuades you to purchase one thing you weren’t ever going to purchase — say, a Peloton, maybe — then it is not essentially a win.
“Banks try to make it seem that the maths is within the person’s favor,” Goldman says.
The place you reside could make a distinction
Retailers collaborating in these offers could have a presence solely in particular cities. Your card could supply credit with Equinox, as an example, however should you don’t reside in or close to a metropolis with an Equinox gymnasium, it is not helpful and will not materially defray the price of holding the cardboard.
The advantageous print could be complicated
Credit could also be topic to guidelines and limitations. For instance, you might be able to save $20 per 30 days on grocery supply, however it could must be within the type of two separate $10 credit, and also you may first want to hitch the supply service’s membership program. The supply additionally won’t be automated; you could must activate or enroll within the deal first.
Should you misread the foundations, you received’t get a reduction.
“If I’ve to undergo a bunch of hoops to redeem one thing, I’m irritated at my card supplier,” Goldman says.
Do you have to get a coupon guide card?
Should you relish the problem of determining how you can get the most effective deal, and a card gives assertion credit that match your spending, a so-called “coupon guide” bank card makes extra sense for you. That is very true should you journey typically, as a result of these playing cards’ bread-and-butter advantages are nonetheless travel-related.
But when an exhaustive listing of assertion credit leaves you feeling overwhelmed, you’ll in all probability neglect to make use of them. In that case, a card’s different advantages may nonetheless make it worthwhile for you. But when not, store round for one thing that’s a greater match.