Choosing the right rewards credit card can be complicated due to the variety available, all with different earning and redemption rules. However, not selecting a top-notch rewards card may mean missing out on some valuable benefits or cash rewards. Here are our top 10 picks for best rewards credit cards:
1. CHASE SAPPHIRE PREFERRED CARD: Ideal for those who frequently spend on travel and dining. It offers a mix of great rewards and flexibility in redemption, along with a modest annual fee and a bountiful sign-up bonus.
The upsides include high reward earning potential and ample travel and shopping protections. The downsides: the nuisance of an annual fee and the absence of an introductory APR offer.
2. AMERICAN EXPRESS PLATINUM CARD: This card is perfect for regular travellers who prefer a hint of luxury. It provides a suite of rewards, including Membership Rewards points and airport lounge access.
Pros: Bonus categories, transfer partners, and luxurious perks. Cons: a $695 annual fee, complex rewards, and a requirement for good to excellent credit.
3. CAPITAL ONE VENTURE REWARDS CREDIT CARD: This premium card offers 2 – 5 miles per dollar spent and an initial bonus of 75,000 miles for spending $4,000 in the first 3 months. It is popular for its straightforward rewards structure that permits earning miles on all purchases.
Pluses include lower annual fee compared to competitors and ease of earning and using miles. Minuses: limited domestic airline and upscale hotel travel partnerships, and lack of hotel status benefits.
4. CITI PREMIER CARD: This is a sturdy choice for those looking to earn rewards on both travel and non-travel expenses. It gives 3X points on a range of categories, including restaurants, supermarkets, air travel, and hotel stays.
Pros: Bonus categories and non-expiring rewards. Cons: An annual fee and necessary good/excellent credit.
5. DISCOVER IT CASH BACK: This card serves moderate spenders who will leverage the 5% rotating categories and dedicatedly track the quarterly spending cap.
Among its highlights are automatic end-of-the-year cash back matching and no minimum cash back redemptions. Disadvantages: capped 5% bonus cash back rate and necessity of activating bonus categories each quarter.
6. BANK OF AMERICA PREMIUM REWARDS CREDIT CARD: Ideal for frequent travellers and Bank of America customers with high account balances. This card features a robust rewards program, travel benefits, and airline incidental fee credits.
Pros: Good sign-up bonus, extra points on travel and dining, and advanced travel protections. Cons: An annual fee and necessity of good/excellent credit.
7. WELLS FARGO ACTIVE CASH CARD: A great card providing unlimited 2% cash rewards on purchases with no annual fee.
Upsides: High rewards rate and no annual fee. Downside: no bonus categories.
8. HILTON HONORS AMERICAN EXPRESS SURPASS CARD: Best suited for regular patrons of Hilton hotels. It provides considerable points on Hilton purchases and additional benefits.
Pros: Over $600 in annual statement credits and complimentary standard night awards at participating properties. Cons: High annual fee, high regular and penalty APRs, and lower point value compared to most rewards programs.
9. CHASE FREEDOM UNLIMITED: This card features a straightforward cash back program with a flat rate on all purchases and no annual fee.
Upsides include no annual fee and a high rewards rate. Downside: Requires good/excellent credit.
10. SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD: Perfect for frequent flyers with Southwest Airlines. The cardholders enjoy perks such as bonus points and anniversary bonuses.
Pluses: No foreign transaction fee and earnings going towards A-list status. Minuses: High regular APR, no intro APR offer, and an annual fee.
In conclusion, before you settle for a credit card, evaluate your spending habits and financial goals to find the one that suits you the best. Always double-check the terms and the reward structures on the issuer’s official website.
