Cashback looks simple until you compare Chase Sapphire Reserve (10% on hotels via Chase Travel), Amex Platinum (5% on flights booked directly with the airline) and Capital One Venture X (2% flat on everything) with Itaú Personnalité Black or Inter Black in Brazil. Someone who travels four times a year leaves between $0and $1on the table by choosing the wrong card. Let's run the numbers card by card, category by category.
13 min read
Category-based cashback is the most underrated game in international travel. The average Brazilian looks at Itaú Black's "1% cashback", finds it good, and closes the deal. They don't realize that a Chase Sapphire Reserve with the right category returns 5 to 10 times more on the same spending.
The difference isn't small. A couple spending USD 12,000/year on travel (4 trips of USD 3k each) can get back between USD 240 (generic BR card) and USD 1,800 (well-used Chase + Amex combo). In reais, that's the difference between $0and $1per year. Over ten years, $16,400 — an entire trip for free.
This article breaks it down card by card, category by category. No promise of "the best card in the world". Each profile has a different winner.
How category-based cashback works
TL;DRUS premium cards almost never pay flat cashback. They pay points multiplied by category — and each point is worth between 1 and 2 US cents depending on how you redeem. Practical translation: 5x points on flights = ~5-10% effective return (if redeemed through the card's own portal).
US premium cards almost never pay flat cashback. They pay points multiplied by category — and each point is worth between 1 and 2 US cents depending on how you redeem.
Practical translation:
- 5x points on flights = ~5-10% effective return (if redeemed through the card's own portal).
- 3x at restaurants = ~3-6% return.
- 1x on "other purchases" = ~1-2%.
Brazilian cards, on the other hand, generally offer flat cashback (Inter, Nubank Ultravioleta) or generic points with no category multiplier (Itaú Personnalité, Santander Unique). Simpler, but the mathematical ceiling is much lower.
The "bonus category" concept is what separates a traveler's card from a store card.
Chase Sapphire Reserve: king of lodging
TL;DRAnnual fee: USD 550/year. 2026 multipliers: 10x points on hotels and cars via Chase Travel portal. 5x points on flights via Chase Travel portal. 3x points on restaurants (any, worldwide). 3x points on flights bought directly (outside the portal). 1x point on everything else.
Annual fee: USD 550/year. 2026 multipliers:
- 10x points on hotels and cars via Chase Travel portal.
- 5x points on flights via Chase Travel portal.
- 3x points on restaurants (any, worldwide).
- 3x points on flights bought directly (outside the portal).
- 1x point on everything else.
A Chase point is worth 1.5 cents via the portal (fixed redemption) or up to 2.5 cents via partner transfer (Hyatt, United, Iberia). I'll use 1.5¢ as a conservative reference.
Translation to effective cashback:
| Category | Multiplier | Value per USD spent |
|---|---|---|
| Hotel via Chase Travel | 10x | ~15¢ (15%) |
| Car via Chase Travel | 10x | ~15¢ (15%) |
| Flight via Chase Travel | 5x | ~7.5¢ (7.5%) |
| Restaurant worldwide | 3x | ~4.5¢ (4.5%) |
| Direct airline flight | 3x | ~4.5¢ (4.5%) |
There's a catch: the Chase Travel portal is usually 3-8% more expensive than Booking or Google Flights direct. You need to run the numbers — sometimes the Booking discount wipes out the 10x. But on premium hotels, Chase Travel + 10x almost always wins.
Plus: USD 300/year automatic credit on any purchase classified as "travel". Reduces effective fee to USD 250.
About the author
Curadoria Voyspark
2 years in the Voyspark editorial team
Time editorial da Voyspark — escritores, repórteres, fotógrafos e fixers em Lisboa, Tóquio, Nova York, Cidade do México e Marrakech. Coletivo. Sem voz corporativa. Cada peça com checagem cruzada por um editor regional e um chef ou curador local.
Expertise
