Before the COVID-19 pandemic put a stop to his work travel, Alex Townsend, a Denver-based accountant, got a lot of value out of a premium travel rewards card with a triple-digit annual fee.
“My buddy bullied me into getting it, and it paid for itself in the first three years I had it,” he said.
Once he was no longer using the card to book travel on his job’s dime, though, it became more difficult for Townsend to justify that high annual fee, even though the card offered a long list of statement credits he could earn after making specific purchases. He recalled ordering food delivery a few times to take advantage of a monthly credit, but the final bill cost as much as putting in a takeout order and picking it up himself.
After six years, he canceled the card. “At the end of it all,” he says, “the benefits to having the card were spending more money to get the benefits.”
In the premium credit card market, this growing trend of piecemeal discounts — dribbled out in recurring installments — has earned certain cards the derisive “coupon book” nickname. Sure, by taking advantage of statement credits awarded in small monthly increments, you could make a meaningful dent in the annual cost of carrying an expensive card — but you have to do the work of knowing which discounts are available and what limitations there might be.
The rise of ‘lifestyle’ perks
For a long time, the focus of high-end cards was travel — generous welcome bonuses, airport lounge access, a path toward status with an airline or hotel, and more. On top of that, the points earned on everyday spending put a seat at the front of the plane within reach.
Things began to change in mid- to late-2010s and accelerated from there. Some existing premium cards switched to metal from plastic, while new metal cards launched. And with those physical enhancements came a flood of new benefits, including statement credits toward travel-adjacent purchases such as dining, ridesharing services and Clear membership.
But some cards also offered credits for other seemingly unrelated “lifestyle” spending, like streaming services and posh gym memberships.
“It’s created this arms race of extra things to add on,” says Matthew Goldman, founder of the financial technology consulting firm Totavi.
Coupon books are working, at least for the companies
For credit card issuers and the merchants they partner with, according to Goldman, these statement credits provide a win-win way to market both the card and the merchants. And for consumers who receive these statement credits each month, it helps the card stay relevant long after the welcome bonus is earned and redeemed.
“It’s an interesting model that helps keep the card active, keeps me engaged, makes it more likely I’ll renew my card,” Goldman says.
American Express — an issuer of several premium cards offering statement credits in addition to other perks — noted in its 2021 annual report that when it revamped multiple cards’ benefits that year, acquisitions of new cardholders reached all-time highs by the fourth quarter. Around 60% of those new acquisitions were millennial and Gen Z consumers. And American Express’ 2024 annual report states that these younger consumers are currently the fastest-growing group in terms of both card acquisitions and spending on those cards.
Coupon book benefits seem to be resonating enough with those customers that the trend is sticking around. In March 2025, for example, Chase added sizable lists of statement credits to some of its United Airlines cards for companies like Instacart, and that was on the heels of previous partnerships some of its general travel cards have had with brands such as Peloton and Lyft.
So why is the concept controversial?
As successful as these benefits have been for issuers, many consumers find them to be a lot of work. Not everyone enjoys the effort it takes to squeeze as much value out of a credit card as possible, and for many, the cards’ benefits don’t actually make financial sense.
You have to spend to save
These kinds of statement credits only help you to save on a purchase if you were going to make it anyway: If you already planned to take a ridesharing service to the airport, you may as well spend $10 less on that ride. But if the promise of a discount or extra rewards persuades you to buy something you weren’t ever going to buy — say, a Peloton, perhaps — then it’s not necessarily a win.
“Banks are trying to make it appear that the math is in the user’s favor,” Goldman says.
Where you live can make a difference
Merchants participating in these deals may have a presence only in specific cities. Your card may offer credits with Equinox, for instance, but if you don’t live in or near a city with an Equinox gym, it’s not useful and won’t materially defray the cost of holding the card.
The fine print can be confusing
Credits may be subject to rules and limitations. For example, you may be able to save $20 per month on grocery delivery, but it may have to be in the form of two separate $10 credits, and you might first need to join the delivery service’s membership program. The offer also might not be automatic; you may need to activate or enroll in the deal first.
If you misinterpret the rules, you won’t get a discount.
“If I have to go through a bunch of hoops to redeem something, I’m annoyed at my card provider,” Goldman says.
Should you get a coupon book card?
If you relish the challenge of figuring out how to get the best deal, and a card offers statement credits that match your spending, a so-called “coupon book” credit card makes more sense for you. This is especially true if you travel often, because these cards’ bread-and-butter benefits are still travel-related.
But if an exhaustive list of statement credits leaves you feeling overwhelmed, you’ll probably forget to use them. In that case, a card’s other benefits might still make it worthwhile for you. But if not, shop around for something that’s a better fit.