Where Are the Midtier, Flexible Rewards Credit Cards?

Dear Chase, Amex, Citi, and any other banks that want to listen to a credit card writer, shopper, and millennial consumer: Where are your midtier, flexible rewards cards?

No, I don’t want another card with an $95 annual fee (I’ve got a few of those already). I don’t want a card with an $895 annual fee or a $795 annual fee; that’s too much. I want one in the middle that offers a wide array of useful and flexible benefits, not another co-branded card where benefits only apply within a single program.

While I don’t need a coupon book, I appreciate perks and statement credits that add real value to my life, such as travel credits or lounge passes. I don’t need another Global Entry fee credit, shopping credit, or lifestyle credit. I don’t care about incremental credits for DoorDash. And I definitely don’t need a Peloton.

When I hand over my $250 to $500, I’d love to get some flexibility with my perks, as choices give me, as a consumer, some power.

Signed,

A middle-class credit card customer with mint credit who has very few options to choose from.

Types of Rewards Credit Cards

Generally speaking, there are 4 types of rewards credit cards:

• No annual fee: These cards are ideal for customers with average or good credit. Because there isn’t an annual fee, they often lack rewards, but they could be a solid option if you’re new to the rewards game or need to work on your credit.
• Entry level: These cards often have a low annual fee, between $95 and $150. They come with some perks, but not many.
• Midtier: Cards with an annual fee of around $250 to $500, give or take. These cards should come with a solid selection of perks and credits.
• Premium: These luxury cards have high annual fees ($550 or more, often closer to $1,000) and come with a variety of high-end benefits, perks, and credits.

The main issue is the evolution of these cards. I’d argue that there used to be just 3 categories, and that worked because the fees made sense: no annual fee, entry level, and premium.

However, as premium flexible rewards cards began to increase their annual fees and add more credits and benefits, space in the market for midrange cards has opened up. Nowadays, you can find a number of luxury cards and plenty of no-annual-fee and entry-level ones — but very few midtier cards.

My Experience With Rewards Cards

I remember getting the Chase Sapphire Preferred^® Card back in 2009. I was thrilled at the novelty of it: Get a bunch of points and use them to travel. A win-win!

Then, in 2016, I upgraded to the the Chase Sapphire Reserve^®, and, wow, was that a luxury. I remember backpacking through Southeast Asia on a shoestring budget, but going into every single Priority Pass lounge I could possibly find thanks to the card’s benefits. I held onto the card for nearly a decade until it decided to become an expensive, ultraluxury credit card in 2025, adding a bunch of statement credits with its rebrand and raising the annual fee to $795.

I also recall the transformation of the Platinum Card^® from American Express. The annual fee rose to $695 a few years ago, and that’s when I downgraded it to the American Express^® Green Card. Just recently, the annual Amex Platinum card’s fee rose to $895 (rates & fees), and a whole slew of statement credits were added to the card — beyond just travel (some require prior enrollment).

I actually think the refreshed Amex Platinum card is a better deal now than before, but it’s simply not what I’m looking for. What I’m looking for is a card that offers more than a no-annual-fee or $95-annual-fee beginner card but loses all the fringe coupons and sky-high annual fees that these rebranded luxury cards offer.

There Are Practically No Transferable-Rewards Midrange Cards

I didn’t address my letter to Capital One because they’re one of the only banks currently offering a midtier flexible rewards card: the Capital One Venture X Rewards Credit Card.

But perhaps I should address Capital One in my letter. Starting in February 2026, they will limit lounge access for cardholders and authorized users of the Capital One Venture X card, essentially lowering the card’s value.

One could argue that the American Express^® Gold Card is a midtier card with its $325 annual fee (rates & fees), but I find the card to be one-sided, with its best bonus categories and statement credits related to food (restaurants worldwide and U.S. groceries).

At least Amex has a flexible rewards card in this range, though I’d love to see the bank offer a more general, all-encompassing midtier card that also offers travel benefits or focuses on flexibility within its benefits, like not limiting the bonus on U.S. supermarkets.

Right now, there is a major lack of midtier flexible rewards cards in the market, and I want banks to know that I’d be willing to pay a reasonable annual fee for a card with decent, appropriate perks.

Annual Fees I’m Willing To Pay

I can be flexible with the annual fee of a midrange card. For the right selection of perks and benefits, I’d be willing to pay approximately between $200 and $550.

While the high end of that used to be the annual fee of a luxury card, with premium cards’ annual fees topping out upward of $895, the $500 range actually feels doable in 2025, for the right perks, though a lower annual fee is just as welcome.

In fact, why don’t banks offer different types of midtier options with varying annual fees and benefits? Perhaps one that has a $250 annual fee and another at $450? Hey, banks, why not go where no bank has gone and create new flexible rewards card products at novel price points?

My Dream Credit Card Perks

This got me thinking: What credits, perks, and bonuses do I value in a credit card? If I could design a midtier card, what perks would I want?

Choice is one of the most important factors here — something banks could take note of, even for premium cards. Not every credit card user is the same, and appealing to a larger market by offering customers the possibility of selecting the benefits right for them means the card could be the perfect fit for a lot of people, not just some. As a customer, I feel respected and empowered when given the option to choose, as if the brand is listening to me and has my best interests in mind.

Choice of Hotel Elite Status

I’d love to decide which hotel I’d like to have low-level or midtier elite status with — brands like Marriott, IHG, Hyatt, Hilton, and beyond.

Travel Credit

I love the annual splurge credit on my new Citi Strata Elite℠ Card. One could argue that this card teeters between midrange and premium with its $595 annual fee, though I’m going to classify it as premium.

It allows me to choose between a few brands for a $200 credit. I chose American Airlines, although my other options weren’t airlines but Best Buy and a few other brands.

Along with that, if issuers want to offer statement credits to use within their respective travel portals, don’t limit me to just hotels or flights. Let me use the credit for whatever travel I want on the portal. The Capital One Venture X card’s $300 Capital One Travel credit is the perfect example of this.

Choice of Bonus Points Categories

Let the consumer choose their bonus categories based on their needs, such as groceries, restaurant dining, travel, gas, and beyond. I’d love to see issuers offer at least 3x or 4x per $1 spent on their top 2 spend categories, for example.

Earn 1.5x to 2x Bonus Points on All Purchases

One thing I love about the Capital One Venture X card is that I get 2x points on all eligible purchases, making it my go-to card for anything I can’t get bonus points on other cards. I leverage this bonus category when shopping for clothes, buying my kid’s books for school, or even getting a new car.

Airport Lounge Passes

I’d like anywhere from 4 to 8 lounge passes per year, either for Priority Pass or another lounge network.

Each pass would ideally be for 1 person and 1 entry, which would give me the flexibility to bring my family in with me or use these for myself if I’m traveling alone.

Anniversary Bonus

I’m a busy working mom. Don’t make me call and ask for a retention offer. Instead, follow Capital One Venture X’s lead and give me 10,000 miles to renew the card. This makes things easy on the consumer and builds a loyal customer base.

No Foreign Transaction Fees

Waiving foreign transaction fees should be a given for any rewards card in today’s modern world — why punish people for traveling and spending?

Lots of 1:1 Transfer Partners

Don’t come at me with a 5:3 transfer ratio! It’s depressing. I want more options to transfer to airlines and hotels at a 1:1 ratio. This keeps the card flexible and valuable for me, even when programs devalue their points and miles.

Credit Card Experts Weigh In

I asked members of the Upgraded Points team what benefits they would value most in a midtier credit card. According to these experts, flexibility, value, and novelty matter most.

Choices and Flexibility

Ryan Smith, news managing editor for Upgraded Points, told me he would love to choose some of his benefits, such as “choosing your midtier hotel status or your preferred earning categories. I think $250 or max $300 is the right annual fee for a card like this, and it should offer some more things, but these would be my first requirements.”

Meanwhile, Christine Krzyszton, senior finance contributor for Upgraded Points, also values choice, but more in the form of credits.

“Perhaps you could choose how you want to use your statement credits each year. Many benefits, including statement credits, require registration or enrollment anyway, so it wouldn’t necessarily be an extra step,” she said. “Choices could include dining, airline, shopping, gym memberships, wireless bills, hotel credits, or other useful options.”

Value

Beyond flexibility, value is essential, too. For Nick Ellis, senior editor and content contributor for Upgraded Points, it’s about statement credits that offer real value. In lieu of monthly installments of credit that can only be used on one specific type of purchase, he suggests a broad, generous, money-saving credit.

“I’d love to see more credits in the style of the Chase Sapphire Reserve’s annual $300 travel credit, which allows you to use it for a wide variety of purchases and in a single transaction,” he said.

Banks, Shake Up the Market and Give Us Something New

Banks could go where no other credit cards have gone when it comes to benefits, especially as the world evolves. Chris Hassan, social media and brand manager for Upgraded Points, suggests rental car coverage on peer-to-peer car sharing platforms like Turo.

“Prices can be great, but the added cost of daily insurance wipes out the difference,” he said.

I couldn’t have said it better than Juan Ruiz, senior editor and content contributor for Upgraded Points, who would love to see a card that shakes up the market. His sweet spot for a midtier annual fee card is $350, which he’d be happy to pay if the value lined up.

“I’d like to see a card offering flexible redemptions (gotta have transfer partners), a high fixed earning rate, like 3x to 4x on everything instead of scattered bonus categories, a milestone benefit after hitting a certain spend (a companion pass, extra lounge passes, or a travel credit with an airline, hotel), and travel perks like lounge access,” he said. “Basically, a card that crushes everyday spend but still gives you legit travel perks.”

Hot Tip:

Many credit cards offer credit card insurance on rental cars, though none do on peer-to-peer car-sharing platforms — yet.

Final Thoughts

Dear banks,

I’m a consumer who spends a lot on my credit cards every single month. However, I’m a practical shopper who doesn’t need extraneous credits for lululemon or DoorDash.

Meet my needs with some new midrange card products that offer flexible choices for reward categories, credits, and perks, complete with a midtier annual fee. I’ll just be here, waiting to spend my money.

Sincerely,

Lori Zaino