Looking for Blue Sky Points?

The American Express Blue Sky credit card earns Blue Sky Points. On first look, the Blue Sky doesn’t look all that impressive. The regular, no-fee Blue Sky earns one Blue Sky point per $1 spent all around, while the Blue Sky Preferred gets 2 points per $1 spent on dining, hotels and car rentals. But these rewards rates actually understate the value of the cards, because we estimate each Blue Sky Point to be worth 1.33 cents apiece, better than the industry standard 1 cent, because you can redeem 7,500 points for a $100 travel credit.

We think that the Preferred is worth the $75 annual fee compared to the regular Ble Sky, because you get a $100 airline credit against bag fees and other incidentals each year, effectively wiping out the annual fee with room to spare. You also get a 7,500-point signup bonus, which again understates the true value ($100).