Navigating the diverse world of rewards credit cards can be tricky, with different earning rates, currencies, and rules attached. Not optimally selecting a card could mean missing out on useful benefits or even some extra cash. Here are our top 10 picks for the best rewards cards.
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card incorporates the perfect blend of high rewards rates and easy redemption, which is an absolute steal for heavy spenders on dining and travel. It charges a moderate annual fee and is popular for its generous sign-up bonus, flexible redemption capabilities, and travel perks.
PROS & CONS
Perks: Earns hefty rewards across various spending domains and includes several travel and shopping protections
Drawbacks: Annual fee and does not include introductory APR offers
AMERICAN EXPRESS PLATINUM CARD
Frequent travelers who desire luxury should consider the American Express Platinum Card. With a range of rewards including membership Rewards points and other premium travel benefits the card justifies its place in your wallet.
PROS & CONS
Perks: Bonus categories, transfer partners, luxury benefits
Drawbacks: High $695 annual fee, complex rewards system, and requires decent credit score
CAPITAL ONE VENTURE REWARDS CREDIT CARD
The Capital One Venture Card, a premium travel card, provides 2-5 miles per every $1 spent. It is known for its simple rewards structure that lets users earn miles on every purchase and offers an initial bonus of 75,000 miles for spending $4,000 in the first three months.
Perks: Easier to earn and use miles, lower annual fee than other similar cards
Drawbacks: Lack of hotel status benefits and major domestic airline travel partners
CITI PREMIER CARD
If you frequently travel and also wish to earn rewards on regular purchases, the Citi Premier Card is a solid pick. It offers excellent point earning rates on hotels, air travel, and other popular categories like restaurants, supermarkets, and gas stations.
Perks: Bonus categories, and the rewards never expire
Drawbacks: Annual fee and requires a good to excellent credit rating
DISCOVER IT CASH BACK
This card is perfect for moderate spenders willing to follow the 5% rotating categories and track the spending cap every quarter. In addition to its ongoing 1% earning rate, this no-annual-fee card can present significant rewards.
Perks: 5% cashback on rotating spending categories, all cashback matched by Discover at the end of the first year, and no minimum for cashback redemption
Drawbacks: Bonus categories must be activated quarterly, and a low, baseline reward rate of 1% on everything else
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
If you’re already a Bank of America customer with a decent balance and are in search of credit card rewards flexibility, the Bank of America Premium Rewards credit card is one you should consider. It provides a commendable rewards program, credit for airline incidentals, and travel gains.
Perks: Welcoming sign-up bonus, higher earning rate on travel and dining, and premium travel protections
Drawbacks: Has an annual fee and requires a good or excellent credit score
WELLS FARGO ACTIVE CASH CARD
With an unlimited 2% cash rewards rate on purchases, the Wells Fargo Active cash card, which doesn’t charge any annual fees, competes with the best flat-rate cash back cards.
Perks: High rewards rate, No annual fee, introductory APR
Drawbacks: No bonus categories
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
If you often stay at Hilton properties, then the Hilton Honors American Express Surpass Card that offers considerable points on Hilton purchases and additional benefits could be an ideal choice.
Perks: Over $600 in statement credits annually, free standard night award with no category limits at participating properties
Drawbacks: High annual fee with no first-year waiver, high regular and penalty APR, points with less value than most rewards programs
CHASE FREEDOM UNLIMITED
The Chase Freedom Unlimited stands out for its simple cashback program, a flat rate on all purchases, and zero annual fees. The added bonus categories, flexible rewards, and fabulous welcome offer makes it one of the top contenders in cash-back cards.
Perks: Zero annual fee, introductory APR, high rewards rates
Drawbacks: Requires good or excellent credit
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
Frequent travelers of Southwest Airlines should definitely consider getting the Southwest Rapid Rewards Premier Credit Card. Its reward and perks, like bonus points and anniversary bonuses, easily covers the annual fee.
Perks: No foreign transaction fee, rewards earn points towards A-list status, and unlimited rewards seat with no blackout dates
Drawbacks: High regular APR, no intro APR offer, and annual fee
In summary, it’s important to thoroughly assess your spending patterns, travel preferences, and financial goals before applying for any card, aligning these to whichever card is most suitable for you. Be aware that terms and conditions or reward structures may alter, so always confirm the details on the card issuer’s website.
