The variety of rewards credit cards can be overwhelming, as they offer different reward rates and programs, and can have unique earning or redemption rules. Consequently, failing to select one of the most advantageous rewards credit cards can result in lost benefits and potential financial gains. Here, we present our top 10 rewards cards:
THE CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card is a wonderful option for those who often spend on dining and travel, offering high reward rates and diverse redemption options at a reasonable annual fee. This card is appreciated for its substantial sign-up bonus, flexible redemption possibilities, and travel perks.
Pros and Cons of the Chase Sapphire Preferred Card:
Earns high in various spending aspects, features multiple travel and shopping protections. However, an annual fee applies, and there’s no introductory APR provided.
THE AMERICAN EXPRESS PLATINUM CARD
The American Express Platinum Card is an excellent choice for frequent travelers seeking premium benefits. This card offers attractive perks like airport lounge access, an array of rewards, including Membership Rewards points.
Pros and Cons of the American Express Platinum Card:
Pros include bonus categories, transfer agencies, and luxury advantages. Cons include a hefty $695 annual fee, complex rewards, and a requirement of a good/excellent credit score.
CAPITAL ONE VENTURE REWARDS CREDIT CARD
The Capital One Venture Card is a top-tier travel card, presenting a points structure of 2 – 5 miles per $1 spent on purchases and a welcoming bonus of 75,000 miles for spending $4,000 in the first 3 months. Renowned for its clear-cut rewards plan, this card lets consumers earn miles on every purchase.
Pros and Cons of the Capital One Venture Rewards Credit Card:
You can earn miles easily, and the annual fee is comparatively low. However, it lacks domestic airline and elegant hotel travel associates and lacks hotel status benefits.
CITI PREMIER CARD
The Citi Premier Card is an excellent travel card rewarding non-travel purchases as well. This card rewards three times points on hotel and air travel as well as on other popular categories like restaurants, supermarkets, and gas stations.
Pros and Cons of the Citi Premier Card:
This card offers an extensive range of bonuses, and rewards don’t expire. Cons include an annual fee and a good/excellent credit score requirement.
DISCOVER IT CASH BACK
The Discover It Cash Back card can be an excellent choice for moderate spenders who are comfortable with activating 5% rotating categories and keeping track of the quarterly spending cap, this no-annual-fee card offers generous rewards beyond its ongoing 1% earning rate.
Pros and Cons of the Discover It Cash Back Card:
While the Discover It card offers 5% cash back on rotating spending categories and has no minimum cashback redemption, bonuses need to be activated quarterly, and the base reward rate is relatively low at 1%.
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
This card is particularly useful for frequent travelers, especially existing Bank of America customers with substantial account balances. It offers an attractive loyalty program, airline fee credits, and travel benefits.
Pros and Cons of Bank of America Premium Rewards Credit Card:
While this card offers a sign-up bonus, earns more points on travel and dining, and has premium travel protections, it also requires an annual fee and a good/excellent credit score.
WELLS FARGO ACTIVE CASH CARD
The Wells Fargo Active Cash Card stands up to the best flat-rate cash back cards on the market by offering 2% cash rewards rate on purchases and with zero annual fees.
Pros and Cons of Wells Fargo Active Cash Card:
This card boasts a high rewards rate, no annual fee, and an introductory APR period. However, it lacks bonus categories.
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
The Hilton Honors American Express Surpass Card is ideal for regular Hilton clients, with a high points yield on Hilton purchases and extra features.
Pros and Cons of the Hilton Honors American Express Surpass Card:
The card provides more than $600 in yearly statement credits and features a free standard night award with no category caps at participating establishments. However, it includes a high annual fee with no first-year waiver, has a high regular and penalty APR, and the points value is lower than most rewards programs.
CHASE FREEDOM UNLIMITED
This card offers a simple cash back program with a consistent rate on all purchases. Features such as convenient bonus categories, versatile rewards, and an impressive welcome offer put the Chase Freedom Unlimited among the top cash-back cards.
Pros and Cons of Chase Freedom Unlimited:
The card comes with no annual fees, an introductory APR period, and a high rewards rate. However, a good/excellent credit score is required.
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
Perfect for frequent Southwest Airlines flyers, the Southwest Rapid Rewards Premier Credit Card offers bonus points, and anniversary bonuses. Included rewards and advantages, such as a $75 annual travel credit in Southwest, makes the annual fee worth paying, plus it provides qualifying points toward A-list status for your purchases.
Pros and Cons of Southwest Rapid Rewards Premier Credit Card:
The card offers no foreign transaction fees and provides opportunities for earning points toward A-list status and unlimited reward seats without blackout dates. However, it has high regular APR, no introductory APR offer, and an annual fee is required.
In summary, when opting for a credit card, it is critical to assess your spending habits, travel preferences, and financial objectives to select the card that best fits your circumstances. Plus, always verify the most recent details on the card issuer’s website since terms, conditions, and reward structures can change.
