There are multiple options when it comes to rewards credit cards, each having varying rates and reward types. Understanding how they compare can be somewhat complicated due to certain earning or redemption rules. If you don’t choose the best rewards credit card, you might miss out on valuable benefits and potentially significant amounts of money. Here, we present our top 10 rewards cards selection.
CHASE SAPPHIRE PREFERRED CARD
This card offers an appealing combination of high reward rates and flexibility when it comes to redemption. It’s especially beneficial for those who often spend money on travel and dining. The card also features a generous sign-up bonus, multiple redemption choices, and numerous travel benefits.
PROS & CONS OF SAPPHIRE PREFERRED CARD
Pros:
– High rewards in various spending areas.
– Numerous travel and shopping protections.
Cons:
– Charges an annual fee.
– No introductory offer of a 0% APR.
AMERICAN EXPRESS PLATINUM CARD
This card is made for frequent travelers seeking luxury. It provides access to premium travel benefits, airport lounges, and a variety of rewards, including Membership Rewards points.
PROS & CONS OF AMERICAN EXPRESS PLATINUM CARD
Pros:
– Bonus categories and Transfer partners.
– Luxury perks.
Cons:
– A hefty annual fee of $695.
– Complex rewards.
– Requires a good or excellent credit score.
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CAPITAL ONE VENTURE REWARDS CREDIT CARD
Being one of the most premium travel cards, The Capital One Venture Card offers 2 – 5 miles per dollar spent and a bonus of 75,000 miles for spending $4,000 in the first three months. Its simple reward setup allows users to earn miles on each purchase.
PROS & CONS OF CAPITAL ONE VENTURE REWARDS CREDIT CARD
Pros:
– Lower annual fee when compared to similar cards.
– Justifies its fee with an annual travel credit through Capital One Travel and anniversary miles.
– Easy to earn and redeem miles
Cons:
– No partnerships with domestic airlines and upscale hotel establishments.
– No hotel status benefits.
CITI PREMIER CARD
The Citi Premier® Card is a strong choice for those who travel often but also want to earn rewards on non-travel-related expenses. It offers 3X points on travel, as well as on various categories including restaurants, supermarkets, and gas stations.
PROS & CONS OF CITI PREMIER CARD
Pros:
– Beneficial bonus categories.
– Rewards do not expire.
Cons:
– Charges an annual fee.
– Requires a good/excellent credit score.
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DISCOVER IT CASH BACK CARD
This card is ideal for those who spend moderately and are willing to track and activate the 5% rotating categories and maintain the quarterly spending cap. Despite not having an annual fee, it can yield noteworthy rewards outside of its regular 1% earning rate.
PROS & CONS OF DISCOVER IT CASH BACK CARD
Pros:
– Offers 5% cash back on changing spending categories for each quarter (activation is required).
– Matches all cash back earned at the end of the first year, automatically.
– There isn’t a minimum cashback redemption.
Cons:
– The 5% cash back reward is limited to $1,500 in spending per quarter.
– Bonus categories must be activated each quarter.
– Standard reward rate on other purchases is a lowly 1%.
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
This card is great for frequent travelers who value flexibility in rewards, especially those who already bank with Bank of America. It offers robust rewards, airline incidental fee credits, and various travel benefits.
PROS & CONS OF BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
Pros:
– Sign-up bonuses.
– More points on travel and dining.
– High level of travel protection.
Cons:
– Annual fee.
– Good/excellent credit score required.
[Related Article: Best and Worst Methods to Redeem Credit Card Rewards]
WELLS FARGO ACTIVE CASH CARD
The Wells Fargo Active Cash Card provides a fixed 2% cash rewards rate on purchases without an annual fee, making it a strong contender among the best flat-rate cash back cards.
PROS & CONS OF WELLS FARGO ACTIVE CASH CARD
Pros:
– High rewards rate.
– No annual fee.
– Promotional APR period.
Cons:
– Lacks bonus categories.
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
This card is an excellent option for those frequently lodging at Hilton hotels as it offers significant points on Hilton purchases along with additional benefits. It comes with a price tag that matches its superior status and perks, making it best suited for high spenders who make use of Hilton properties regularly and can take advantage of the multitude of benefits provided by the free Diamond status.
PROS & CONS OF HILTON HONORS AMERICAN EXPRESS SURPASS CARD
Pros:
– Offers over $600 in annual statement credits.
– Complimentary standard night award without category restrictions at participating properties.
Cons:
– High annual fee, without a waiver for the first year.
– High standard and penalty APRs.
– Reward points have lesser value compared to most other programs.
CHASE FREEDOM UNLIMITED
This card comes with a simple cash back program that offers a flat rate on all purchases without an annual fee. Its useful bonus categories, flexible rewards, and impressive welcome offer make the Chase Freedom Unlimited a leading option among cash-back cards.
PROS & CONS OF CHASE FREEDOM UNLIMITED CARD
Pros:
– No annual fee.
– Promotional APR period.
– High rewards rate.
Cons:
– Requires a good/excellent credit score.
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
For those who fly frequently with Southwest Airlines, the Southwest Rapid Rewards Premier Credit Card is a must-have. It offers benefits like bonus points, and anniversary bonuses. The rewards and benefits, along with a $75 annual travel credit on Southwest, easily justify the annual fee.
PROS & CONS OF SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
Pros:
– No foreign transaction fees.
– Accumulate points toward A-list status.
– Unlimited reward seats with no blackout dates.
Cons:
– High regular APR.
– No intro APR offer.
– Annual fee.
CONCLUSION
Before applying for any credit card, it’s important to evaluate your spending habits, travel preferences, and financial goals to determine which card is best suited for your needs. Be aware that terms and conditions and reward structures might have changed – always check the latest details on the respective credit card issuer’s website.
