Choosing the best rewards credit card can be a daunting task, given the abundance of available options with distinct earning rates, reward currencies, and accompanying rules. Nonetheless, if you overlook these top-rated reward credit cards, you risk missing out on potential benefits or even substantial cash rewards. Here’s our selection of the top 10 reward cards.
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card is an excellent choice for regular travel and dining spenders. With remarkable reward rates and flexibility in redemptions, this card packs a punch, despite its minimal annual fee. It’s celebrated for its significant sign-up bonus, versatility in redeeming rewards, and travel perks.
PROS & CONS OF CHASE SAPPHIRE PREFERRED CARD
PROS:
Robust rewards across various spending categories
Numerous travel and shopping protection features
CONS:
Annual fees
Absence of introductory APR offer
AMERICAN EXPRESS PLATINUM CARD
The American Express Platinum Card is a must-have for frequent travelers desiring luxury travel experiences. Enjoy premium benefits like airport lounge access alongside a host of rewards, including Membership Rewards points.
PROS & CONS OF AMERICAN EXPRESS PLATINUM CARD
PROS:
Rewards across different categories
Transferable rewards to partners
Luxurious privileges
CONS:
Steep annual fee of $695
Complex reward structure
Requires good/excellent credit score
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CAPITAL ONE VENTURE REWARDS CREDIT CARD
The Capital One Venture Card is a top-tier travel card, offering 2-5 miles per $1 spent on purchases, with an introductory bonus of 75,000 miles upon spending $4,000 within the first three months. This card stands out with its streamlined reward structure, allowing users to earn miles on all purchases.
PROS & CONS OF CAPITAL ONE VENTURE REWARDS CREDIT CARD
PROS:
Lower annual fee compared to competitors
Bountiful annual travel credit and anniversary miles
Simple and straightforward miles earning and redemption
CONS:
Limited partner airlines and upscale hotel options
No specific hotel status benefits
CITI PREMIER CARD
If you’re searching for a travel credit card that also rewards non-travel expenditures, the Citi Premier® Card fits the bill. It offers triple points on hotel and air travel, as well as other favored categories – including restaurants, supermarkets, and gas stations.
PROS & CONS OF CITI PREMIER CARD
PROS:
Rewarding bonus categories
Non-expiring rewards
CONS:
Annual fees
Requires good/excellent credit score
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DISCOVER IT CASH BACK
The Discover It Cash Back card is perfect for moderate spenders who are willing to activate 5% rotating categories each quarter and keep track of spending caps. This no-annual-fee card can yield significant rewards above its consistent 1% earning rate.
PROS & CONS OF DISCOVER IT CASH BACK CARD
PROS:
5% cashback on varying categories throughout the year (activation required)
Automatically matches all cash back earned at the end of the first year
No minimum cashback redemption criteria
CONS:
Limited $1,500 ceiling for 5% cashback each quarter
Bonus categories need quarterly activation
Base reward rate of 1% on all other purchases
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
Regular travelers desiring versatility in credit card rewards should consider the Bank of America Premium Rewards credit card. This is particularly true for existing Bank of America customers with significant balances, as this card features a robust rewards program, airline fee credits, and travel perks.
PROS & CONS OF BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
PROS:
Attractive sign-up bonus
Higher points on travel and dining
Top-tier travel protections
CONS:
Annual fees
Requires good/excellent credit score
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WELLS FARGO ACTIVE CASH CARD
The Wells Fargo Active Cash card offers a competitive 2% cashback rate on all purchases without charging an annual fee, making it a strong contender among flat-rate cash back cards.
PROS & CONS OF WELLS FARGO ACTIVE CASH CARD
PROS:
High rewards rate
No annual fees
Introductory APR period
CONS:
No bonus reward categories
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
For frequent visitors to Hilton hotels, the Hilton Honors American Express Surpass Card provides substantial points on Hilton purchases and added benefits. Despite its high cost, high spenders and regular Hilton guests can leverage a wealth of benefits that come with complimentary Diamond status.
PROS & CONS OF HILTON HONORS AMERICAN EXPRESS SURPASS CARD
PROS:
More than $600 in statement credits annually
Free standard night award at participating properties without category limits
CONS:
High annual fee without first-year waiver
High regular and penalty APR
Points valued lower than many other rewards programs
CHASE FREEDOM UNLIMITED
With a simple cash back program offering a flat rate on all purchases and no annual fee, the Chase Freedom Unlimited card is a strong contender among cash-back cards. Its versatile rewards and compelling welcome offer make it a standout choice.
PROS & CONS OF CHASE FREEDOM UNLIMITED CARD
PROS:
No annual fees
Introductory APR period
High rewards rate
CONS:
Requires good/excellent credit score
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
If you’re a frequent flyer with Southwest Airlines, the Southwest Rapid Rewards Premier Credit Card could be your best companion. It offers benefits including bonus points, anniversary bonuses, a $75 annual travel credit on Southwest, and the opportunity to earn A-List status based on your spending.
PROS & CONS OF SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
PROS:
No foreign transaction fees
Earn points towards A-list status
Unlimited rewards with no blackout dates
CONS:
High regular APR
No introductory APR offer
Annual fee
BOTTOM LINE:
Before applying for any credit card, it’s vital to assess your spending habits, travel preferences, and financial objectives to decide the best card for you. Additionally, be aware that terms and rewards structures may change, so always validate the most recent details on the respective credit card issuer’s website.
