With a variety of rewards credit cards available, understanding and comparing their details can be quite the task. Each card earns rewards at varying rates, uses different types of currencies for those rewards, and may come with specific usage and redemption rules. However, choosing a top-tier rewards credit card can potentially provide significant benefits and potentially substantial financial returns. Here, we present our top 10 choices for the best rewards credit cards.
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card ranks high with its impressive rewards rate and flexible redemption options, making it great for frequent travel and dining expenses and all at a reasonable annual fee. It’s also prized for its generous welcome bonus, and varied travel perks.
PROS & CONS OF SAPPHIRE PREFERRED CARD
Pros: High rewards on varied spending categories, several travel and shopping protections.
Cons: Annual fee, no introductory APR offer.
AMERICAN EXPRESS PLATINUM CARD
The American Express Platinum Card is a top choice for frequent travelers seeking luxury and style. It provides premium travel perks, including airport lounge access and a variety of rewards such as Membership Rewards points.
PROS & CONS OF AMERICAN EXPRESS PLATINUM CARD
Pros: Bonus categories, transfer partners, luxury perks.
Cons: High annual fee of $695, complex rewards structure, demands good/excellent credit.
CAPITAL ONE VENTURE REWARDS CREDIT CARD
The Capital One Venture Card is a superior travel card offering 2 – 5 miles per $1 spent and an early bonus of 75,000 miles for a $4,000 initial three-month expenditure. It stands out for its simple rewards structure and the ability to earn miles on every purchase.
PROS & CONS OF CAPITAL ONE VENTURE REWARDS CREDIT CARD
Pros: Lower annual fee than rivals, annual travel credits, and easy-to-use miles.
Cons: Limited domestic airline and luxury hotel travel partners, lacks hotel status benefits.
CITI PREMIER CARD
The Citi Premier® Card is a strong choice for travel rewards, particularly when coupled with non-travel purchases. It provides 3X points on travel, as well as additional favored categories like restaurants, supermarkets, and gas stations.
PROS & CONS OF CITI PREMIER CARD
Pros: Bonus categories, no expiration on rewards.
Cons: Annual fee, requires good/excellent credit.
DISCOVER IT CASH BACK
The Discover It Cash Back card is well-suited for moderate spenders who can track and manage the 5% rotating categories and corresponding quarterly spending cap. This no-annual-fee card can amass tidy rewards on top of its standard 1% earning rate.
PROS & CONS OF DISCOVER IT CASH BACK CARD
Pros: Good cash back rate, automatic cash-back matching at year-end, no minimum cash back redemption.
Cons: Maximum limit on bonus cash back, requirement for quarterly activation of bonus categories, low 1% base reward rate on all other purchases.
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
For frequent travelers seeking flexible rewards, the Bank of America Premium Rewards credit card proves to be a good option, especially for existing Bank of America customers with high account balances. The card provides a strong rewards program, airline fee credits, and numerous travel perks.
PROS & CONS OF BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
Pros: Sign-up bonus, additional points on travel and dining, premium travel protections.
Cons: Annual fee, requires good/excellent credit.
WELLS FARGO ACTIVE CASH CARD
The Wells Fargo Active Cash card rivals many flat-rate cash back cards with its unlimited 2% cash rewards on purchases and no annual fee.
PROS & CONS OF WELLS FARGO ACTIVE CASH CARD
Pros: High rewards rate, no annual fee, introductory APR period.
Cons: No bonus categories.
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
The Hilton Honors American Express Surpass Card, ideal for Hilton hotel regulars, offers massive points on Hilton purchases and other perks. It’s a perfect choice for big spenders who leverage the benefits offered by the complimentary Diamond status.
PROS & CONS OF HILTON HONORS AMERICAN EXPRESS SURPASS CARD
Pros: Over $600 in annual statement credits, free standard night award.
Cons: High annual fee without first-year waiver, high regular and penalty APR, points value is lower than most rewards programs.
CHASE FREEDOM UNLIMITED
Chase Freedom Unlimited offers a simple cash back program, providing a flat rate on all purchases with no annual fee. Its bonus categories, flexible rewards, and substantial welcome offer make it a major competitor among cash-back cards.
PROS & CONS OF 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
The Southwest Rapid Rewards Premier Credit Card is an excellent choice for frequent Southwest Airlines travellers, providing perks like bonus points and anniversary bonuses. It includes a $75 annual travel credit which readily offsets the annual fee.
PROS & CONS OF SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
Pros: No foreign transaction fee, ability to earn points toward A-list status, unrestricted reward seats.
Cons: High regular APR, no intro APR offer, annual fee.
Before choosing a credit card, consider your spending habits, travel preferences and financial objectives to understand which card best fits your needs. Be wary of changes in terms, conditions and rewards structures, always check the latest details on each credit card issuer’s website for up-to-date information.
