Navigating the vast array of rewards credit cards can be a daunting task with their differing reward rates, reward types, and associated regulations. Not selecting the optimal card could result in overlooked benefits and missed opportunities for monetary rewards. Here are the top ten reward credit cards we recommend:
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card, known for its impressive rewards rates and flexibility in redemptions, is ideal for those who frequently spend on travel & dining. With a reasonable annual fee, compelling sign-up bonus, multiple redemption options, and travel perks, this card is a popular choice.
Pros:
High reward rates across several spending areas, plus multiple travel and shopping protections.
Cons:
Annual fee and absence of an introductory APR offer.
AMERICAN EXPRESS PLATINUM CARD
For frequent, stylish travelers, the American Express Platinum Card is a worthy companion. It includes premium travel benefits, airport lounge access, and various rewards such as Membership Rewards points.
Pros:
Advantageous bonus categories, transfer partners, and luxury perks.
Cons:
High annual fee ($695), complex rewards system, and requires exceptional credit.
CAPITAL ONE VENTURE REWARDS CREDIT CARD
Competing with top-tier credit cards, the Capital One Venture Card offers substantial travel rewards ranging from 2 – 5 miles per $1 spent. The simple rewards structure allows users to earn miles on every purchase, making it a top choice among premium travel cards.
Pros:
Reasonable annual fee, travel credit, and straightforward reward system.
Cons:
Limited number of domestic airline and high-end hotel partners. Also, lacks hotel status benefits.
CITI PREMIER CARD
The Citi Premier® Card, specifically designed for frequent travelers, rewards you for making both travel and non-travel purchases.
Pros:
Generous reward points on selected categories, and points never expire.
Cons:
Annual fee and good to excellent credit required.
DISCOVER IT CASH BACK
The Discover It Cash Back card caters to mindful spenders willing to keep track of the 5% rotating categories and spending limits. An attractive feature of this card is its automatic end-of-year cash back match.
Pros:
Up to 5% cash back on rotating spending categories and no minimum cashback redemption.
Cons:
Rotation categories need quarterly activation and have a low base reward rate.
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
The Bank of America Premium Rewards credit card offers flexibility and is especially advantageous for Bank of America account holders with high balances.
Pros:
Sign-up bonus rewards, high points on travel and dining, and premium travel protections.
Cons:
Annual fee and good to excellent credit required.
WELLS FARGO ACTIVE CASH CARD
The Wells Fargo Active Cash Card is a strong contender amongst flat-rate cash back cards, offering a generous 2% cashback rate with no annual fee.
Pros:
High rewards rate and an introductory APR period.
Cons:
No bonus categories.
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
This card is a must-have for Hilton regulars, offering tremendous points on Hilton purchases and supplementary benefits.
Pros:
More than $600 in annual statement credits and a free standard night award.
Cons:
High annual fee without an initial waiver and lower reward point value than most programs.
CHASE FREEDOM UNLIMITED
Chase Freedom Unlimited, with its uncomplicated cash back program, no annual fee, and flexible rewards, is a strong contender among cash-back cards.
Pros:
No annual fee, introductory APR period, and a high rewards rate.
Cons:
Requires good to excellent credit.
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
Ideal for frequent Southwest Airlines flyers, this card offers significant perks such as bonus points, anniversary bonuses, and more.
Pros:
No foreign transaction fees, attainable A-list status, and no blackout dates for reward seats.
Cons:
High regular APR, no introductory APR offer, and annual fee.
CONCLUSION
Applying for a credit card necessitates a close examination of your spending habits, travel preferences, and financial goals to choose the card that best suits your requirements. It’s essential to verify all terms, conditions, and reward structures on the respective card issuer’s website, as they may have been updated. Please visit SmartAsset.com for more information.
