Best rewards credit card for frequent traveler? (pay, charge, balance)

[SpeedyAZ]

Currently I have two credit cards and am looking to cancel one (or both) and find one, ALL-AROUND excellent rewards credit card. With my current position, I end up traveling quite a bit for work and I want a card that will help me rack up some free airline tickets, hotel rooms, etc for when I travel for my own enjoyment.

I've had my two current credit cards for quite a while, one is a rewards card but the rewards aren't nearly as good as some of the new cards they have out. I have a Visa and an AmEx and I wouldn't mind consolidating into just one, singular credit card to use.

I have excellent credit, I pay off my balance in full each month, and I generally use my credit card for any major purchases. I want something that I can use for any purchase and rack up miles, not only certain items or stores. I've had good luck with Visa cards because they're accepted everywhere, less so with American Express. The AmEx customer service is wonderful but quite a few places don't accept them because of the higher interest they charge to retailers.

Any opinions? I haven't done much research yet but thought I'd post on the forum to get any first-hand experiences from members.

[JoulesMSU]

Capital One cards are probably the best bet. You can either get 1.25 points per dollar with the "free" card or 2 miles per dollar with the $59 annual fee card.

I've read that the cut-off point is around $8,000... if you spend more than that per year then the annual fee card is a better option but if you spend less than that then the free card is better.

[kwong7]

I have a Citi Premierpass Elite which has a $75 annual fee but gives me 1.2% cashback for gas, transportation, groceries, & drugstore purchases (at the end of the year, they give me 20% bonus in points). They also give me one flight point per mile flown from any domesic/Mexican flight purchased with the card. Each flight point must be matched to a regular point in order to be redeemed. In other words, if I accumulate 30,000 regular points from purchases then purchase 10 round-trip tickets to Cancun at 2,000 miles each way on any airline, I will get 40,000 flight points. 30,000 flight points will convert to regular points and the 10,000 flight points will expire after a year or will convert as I get more regular points.

It's a little complicated, but my wife and I redeem about $1,200 of points per year. The card also offers a free companion ticket, but we also fly on Virgin America or Jet Blue so we never buy a regular fare ticket through the major airlines required for the free ticket.