Choosing an ideal rewards credit card can be a daunting task considering their varied forms, earning rates, reward currencies, rules, and much more. However, not having one could mean missing out on potential benefits and even substantial monetary rewards. Let’s delve into our top ten rewards credit cards.
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card seams together high rewards rates and the flexibility of redemptions. It holds appeal for those who frequently spend on travel and dining, comes with a modest annual fee, and is known for its substantial sign-up bonus, a broad range of redemption options, and travel benefits.
Pros & Cons
Has high rewards on numerous spending categories and offers many travel and shopping protections.
The downside includes an annual fee and the absence of an introductory APR offer.
AMERICAN EXPRESS PLATINUM CARD
For those often on the move who appreciate luxury, the American Express Platinum Card is unparalleled. It provides upscale travel benefits, airport lounge access, and a variety of rewards including Membership Rewards points.
Pros & Cons
Inclusive of bonus categories, transfer partners, and luxury perks.
It does have a hefty annual fee of $695, complicated rewards, and requires a good/excellent credit score.
CAPITAL ONE VENTURE REWARDS CREDIT CARD
With 2 – 5 miles earned per $1 spent on purchases and an early bonus of 75,000 miles for spending $4,000 in the first three months, the Capital One Venture Card is a premium travel card. Its straightforward rewards structure enables users to earn miles on all purchases.
Pros & Cons
Its annual fee is comparatively lower, offers an annual travel credit through Capital One Travel, and the miles are easy to earn and use.
However, it has a lack of domestic airline and upscale hotel travel partners and does not provide hotel status benefits.
CITI PREMIER CARD
The Citi Premier® Card is an excellently designed travel credit card. It offers 3X points on hotel and air travel, with additional points on other preferred categories, including at restaurants, supermarkets, and gas stations.
Pros & Cons
It has bonus categories, and the rewards do not expire.
The card entails an annual fee and will require a good/excellent credit score.
DISCOVER IT CASH BACK
The Discover It Cash Back card caters to moderate spenders who are prepared to activate the 5% rotating categories and keep track of the quarterly spending cap. It doesn’t have an annual fee and can deliver tidy rewards outside of its ongoing 1% earning rate.
Pros & Cons
Offers 5% cash back on rotating spending categories throughout the year (activation required) and all the cash back earned will be automatically matched by Discover at the end of the first year. There is no minimum limit for cash back redemption.
The 5% bonus cashback rate is limited to $1,500 per quarter in spending, and bonus categories must be activated quarterly. Base reward rate on everything else is just 1%.
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
The Bank of America Premium Rewards credit card offers a significant rewards program, airline incidental fee credits, and travel benefits, making it suitable for frequent travelers.
Pros & Cons
The card offers a sign-up bonus and premium travel protections.
However, the card carries an annual fee and requires a good/excellent credit score.
WELLS FARGO ACTIVE CASH CARD
No annual fee and an unlimited 2% cash rewards rate on purchases make the Wells Fargo Active Cash Card a competitor among the top flat-rate cashback cards.
Pros & Cons
Offers high rewards rate and an introductory APR period.
The drawback is that it does not have bonus categories.
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
The Hilton Honors American Express Surpass Card is perfect for Hilton hotel loyalists, with lots of points on Hilton purchases and many other benefits.
Pros & Cons
Offers over $600 in statement credits annually and a free standard night award at participating properties without any category limitations.
The cons are the high annual fee, high regular and penalty APR, and lesser value points than most rewards programs.
CHASE FREEDOM UNLIMITED
Characterized by a straightforward cash back program with a flat rate on all purchases and no annual fee, the Chase Freedom Unlimited card is a frontrunner among cash-back cards.
Pros & Cons
Offers a high rewards rate and an introductory APR period.
However, the card requires a good/excellent credit rating.
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
This is a perfect card for those who regularly fly with Southwest Airlines, offering perks like bonus points and anniversary bonuses.
Pros & Cons
This card has no foreign transaction fee, allows earning points towards A-list status, and provides unlimited reward seats with no blackout dates.
The cons include a high regular APR, no introductory APR offer, and an annual fee.
Finally, before applying for any credit card, it’s paramount to assess your spending habits, travel preferences, and financial objectives to ascertain the best alignment. Always ensure to refer to the latest details on the respective credit card issuer’s website as terms, conditions, and reward structures might have changed.
