There are several rewards credit cards available, each with unique features that can make comparisons tricky. They provide different rewards and have varying rules for earning and redeeming those rewards. Failing to select the best card could result in missed opportunities for benefits and even monetary rewards. Here, we present our top 10 picks for the best rewards cards.
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card is a perfect combination of high rewards and flexible redemption options. It’s especially beneficial for those who frequently spend on travel and dining and offers a significant sign-up bonus and travel benefits for a modest annual fee.
THE PROS AND CONS OF THE SAPPHIRE PREFERRED CARD:
Pros:
High rewards on many types of purchases
Extra travel and shopping protections
Cons:
An annual fee
Absence of introductory APR offer
AMERICAN EXPRESS PLATINUM CARD
The American Express Platinum Card is an ideal choice if you want luxury travel benefits. The card provides access to airport lounges, offers premium travel benefits, and numerous rewards, including Membership Rewards points.
PROS & CONS OF THE AMERICAN EXPRESS PLATINUM CARD:
Pros:
Bonus rewards categories
Transfer partners
Luxurious perks
Cons:
High annual fee of $695
Complicated rewards structure
Requires high credit score
CAPITAL ONE VENTURE REWARDS CREDIT CARD
Capital One Venture Card is ideal for frequent travelers and offers substantial rewards, including a bonus of 75,000 miles for spending $4,000 in the first three months. It’s recognized for its simple rewards structure, allowing users to earn miles on all purchases.
Pros:
Lower annual fee than competitors
Generous annual travel credit through Capital One Travel
Easy to earn and redeem miles
Cons:
Lack of airline and hotel partner options
Lack of hotel status benefits
CITI PREMIER CARD
The Citi Premier Card is excellent, especially if you want to earn rewards on everyday expenses. The card gives triple points on travel, dining, supermarkets, and gas stations.
PROS & CONS OF A CITI PREMIER CARD:
Pros:
Rewarding bonus categories
Rewards do not expire
Cons:
Annual fee
Good/excellent credit score needed
DISCOVER IT CASH BACK
The Discover It Cash Back card serves moderate spenders well who are willing to track and activate the 5% rotating categories. Beyond its consistent 1% earning rate, this no-annual-fee card offers considerable rewards.
PROS & CONS OF A DISCOVER IT CASH BACK CARD:
Pros:
5% cash back on rotating categories throughout the year
Cash back matching feature for the first year
No minimum for cash back redemption
Cons:
Spending limits on bonus categories
Quarterly activation of bonus categories required
Lower overall reward rate
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
The Bank of America Premium Rewards credit card is a great choice for frequent travelers who desire flexible rewards but also for pre-existing Bank of America customers. The card offers great travel benefits and a solid rewards program.
PROS & CONS OF A BANK OF AMERICA PREMIUM REWARDS CREDIT CARD:
Pros:
Sign-up bonus
Extra points on travel and dining
Premium travel protections
Cons:
Annual fee
Good/excellent credit required
WELLS FARGO ACTIVE CASH CARD
The Wells Fargo Active Cash Card offers a generous 2% cash rewards rate on purchases with no annual fee.
PROS & CONS OF A WELLS FARGO ACTIVE CASH CARD:
Pros:
High rewards rate
No annual fee
Introductory APR offer
Cons:
No bonus categories
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
The Hilton Honors American Express Surpass Card is excellent for frequent Hilton hotel customers, offering tremendous points for Hilton purchases and additional benefits.
PROS & CONS OF A HILTON HONORS AMERICAN EXPRESS SURPASS CARD:
Pros:
Annual statement credits worth over $600
A free standard night at participating properties
Cons:
High annual fee without a first-year waiver
High standard and penalty APR
Points have less value compared to other rewards programs
CHASE FREEDOM UNLIMITED
The Chase Freedom Unlimited card offers a flat-rate cash back program on all purchases without an annual fee. It stands out due to its flexible rewards and an excellent welcome offer.
PROS & CONS OF A CHASE FREEDOM UNLIMITED CARD:
Pros:
No annual fee
Introductory APR period
High rewards rate
Cons:
Good/excellent credit score required
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
The Southwest Rapid Rewards Premier Credit Card is an ideal option for frequent Southwest Airlines flyers, offering benefits like bonus points and anniversary bonuses.
PROS & CONS OF A SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD:
Pros:
No foreign transaction fee
Points accumulate towards A-list status
Unlimited reward seats with no blackout dates
Cons:
High standard APR
No introductory APR offer
Annual fee
Above all, before applying for any credit card, it’s critical to examine your spending habits, travel preferences, and financial goals to find the card that best matches your requirements. Additionally, check the respective card issuer’s website as terms and conditions may change, as well as the reward structures.
