Choosing the right rewards credit card can be a complex task, given the myriad of options available, each with their unique reward rates, types of rewards, and associated rules. However, ignoring this might mean missing out on potential benefits or even tangible financial gains. This is why we’ve compiled our top 10 picks for the best rewards credit cards.
CHASE SAPPHIRE PREFERRED CARD
This card comes with a compelling blend of high reward rates and redemption flexibility. If you frequently spend on travel and dining, this card is perfect for you. Its modest annual fee is counterbalanced by an attractive sign-up bonus, flexible redemption options, and travel perks.
PROS & CONS OF THE SAPPHIRE PREFERRED CARD
Pros:
High reward rates in various spending areas
Several travel and shopping protection features
Cons:
Charges an annual fee
No introductory APR offer
AMERICAN EXPRESS PLATINUM CARD
For those who travel frequently and enjoy doing it in style, this card offers premium travel perks, access to airport lounges, and a plethora of rewards, including Membership Rewards points.
PROS & CONS OF THE AMERICAN EXPRESS PLATINUM CARD
Pros:
Rewarding bonus categories
Multiple transfer partners
Luxury benefits
Cons:
High annual fee of $695
Complex rewards structure
Requires good/excellent credit
CAPITAL ONE VENTURE REWARDS CREDIT CARD
This card comes with a host of benefits that make it one of the best premium travel cards around. You can earn miles on every purchase, making its rewards structure straightforward.
PROS & CONS OF CAPITAL ONE VENTURE REWARDS CREDIT CARD
Pros:
Lower annual fee in its category
Potential to justify the annual fee with anniversary miles
Easy to earn and use miles
Cons:
Lack of domestic airline and upscale hotel travel partners
No hotel status benefits
CITI PREMIER CARD
This card is an excellent option if you travel frequently and also want to earn rewards on other purchases. It offers 3X points on various popular categories, including hotels, air travel, restaurants, supermarkets, and gas stations.
PROS & CONS OF THE CITI PREMIER CARD
Pros:
Rewarding bonus categories
Rewards never expire
Cons:
Charges an annual fee
Requires good/excellent credit
DISCOVER IT CASH BACK
This card suits those judicious spenders who can keep track and utilize the 5% rotating reward categories. With no annual fee, this card can deliver respectable rewards considering its continuous 1% earning rate.
PROS & CONS OF THE DISCOVER IT CASH BACK CARD
Pros:
5% cash back on various spending categories throughout the year (activation needed)
Automated cash back match at the end of your first year
No minimum for cashback redemption
Cons:
5% bonus cashback is subject to a $1,500 quarterly spending cap
Bonus categories need to be activated quarterly
Only 1% base reward rate on all other purchases
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
This card provides a comprehensive rewards program. It’s particularly suitable for frequent travelers, especially existing Bank of America customers with substantial account balances.
PROS & CONS OF A BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
Pros:
Attractive sign-up bonus
Higher point earnings on travel and dining
Premium travel protection
Cons:
Charges an annual fee
Requires good/excellent credit
WELLS FARGO ACTIVE CASH CARD
This card offers a 2% flat-rate cash rewards on all purchases and has no annual fee, making it a strong competitor among the best flat-rate cash back cards.
PROS & CONS OF A WELLS FARGO ACTIVE CASH CARD
Pros:
High reward rate
No annual fee
Introductory APR period
Cons:
No bonus categories
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
This card is a perfect fit for heavy spenders that frequently stay at Hilton hotels, as it offers significant points on Hilton purchases, as well as many other benefits.
PROS & CONS OF THE HILTON HONORS AMERICAN EXPRESS SURPASS CARD
Pros:
Over $600 in annual statement credits
Free standard room night with no category limitations at participating properties
Cons:
High annual fee with no waiver for the first year
High standard and penalty APR
Points have a lower value than many other rewards programs
CHASE FREEDOM UNLIMITED
This card comes with a clear-cut cashback program, useful bonus categories, and an impressive welcome offer.
PROS & CONS OF THE CHASE FREEDOM UNLIMITED CARD
Pros:
No annual fee
Introductory APR period
High rewards rate
Cons:
Requires good/excellent credit
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
Ideal for frequent flyers of Southwest Airlines, offering perks like bonus points and anniversary bonuses.
PROS & CONS OF THE SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
Pros:
No foreign transaction fees
Helps earn points toward A-list status
Unlimited reward seats without blackout dates
Cons:
High regular APR
No introductory APR offer
Charges an annual fee
FINAL THOUGHTS
Before applying for any credit card, it’s pivotal to appraise your spending habits, travel preferences, and financial goals. This way, you align your choices with your requirements. Always check the updated terms and conditions and reward structures on the respective card issuer’s website.
