Credit card rewards come in diverse forms, making it complex to assess how they stack up against one another. Each card has unique earning rates and reward types, not to mention the various rules associated with earning and redeeming rewards. However, failing to select one of the top rewards credit cards could result in missed benefits and potential monetary gains. Here’s our pick of the top 10 rewards cards:
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card stands out for its lucrative rewards rates, coupled with impressive redemption flexibility. It’s ideal for avid spenders on travel and dining, given its reasonable annual fee. The card is popular for its hefty sign-up bonus, flexible redemption, and travel bonuses.
POSITIVES & NEGATIVES OF A SAPPHIRE PREFERRED CARD
Multiple high rewards categories
Various travel and shopping protections
NEGATIVES
Annual fee
No introductory APR offer
AMERICAN EXPRESS PLATINUM CARD
For those who frequently travel and seek luxury, the American Express Platinum Card is a match. It provides high-end travel benefits, exclusive airport lounge access, and an array of rewards, including Membership Rewards points.
POSITIVES & NEGATIVES OF AN AMERICAN EXPRESS PLATINUM CARD
Bonus categories
Transfer partners
Luxury perks
NEGATIVES
$695 annual fee
Complex rewards system
Requires good/excellent credit
CAPITAL ONE VENTURE REWARDS CREDIT CARD
The Capital One Venture Card, a premium travel card, offers 2-5 miles per $1 spent and a generous initial bonus of 75,000 miles for spending $4,000 in the first 3 months. Known for its straightforward rewards structure, it allows users to earn miles on all purchases.
The Card boasts perks that put it on par with other high-end credit cards.
Negatives include a lack of domestic airline and luxury hotel travel partners and absence of hotel status benefits.
CITI PREMIER CARD
The Citi Premier Card shines as a trusty travel credit card, especially attractive for harnessing rewards on non-travel purchases. The card earns 3X points on hotel and air travel, and on favorite categories such as restaurants, supermarkets, and gas stations. Negatives include an annual fee and a requirement of good/excellent credit.
DISCOVER IT CASH BACK
The Discover It Cash Back card suits moderate spenders keen on activating the 5% revolving categories and tracking the quarterly spend cap. Without an annual fee, this card delivers neat rewards besides its ongoing 1% earning rate.
Negatives revolve around limitations of the 5% bonus cashback rate and a requirement for quarterly activation of bonus categories.
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
The Bank of America Premium Rewards Credit Card appeals to frequent travelers seeking flexible rewards, and more so to Bank of America customers with high account balances. The card offers a robust rewards program, airline incidental fee credits, and travel benefits.
Negatives include an annual fee and a requirement of good/excellent credit.
WELLS FARGO ACTIVE CASH CARD
The Wells Fargo Active Cash Card, offering an unlimited 2% cash rewards rate on purchases and no annual fee, competes with the best flat-rate cash back cards. The negative is the absence of bonus categories.
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
The Hilton Honors American Express Surpass Card is ideally suited for frequent visitors of Hilton hotels, offering significant points and benefits on Hilton purchases. Negatives include a high annual fee, high regular APR and penalty APR, and points have a lower value than most rewards programs.
CHASE FREEDOM UNLIMITED
The Chase Freedom Unlimited has a straightforward cash back program with a flat rate on all transactions and no annual fee. Given its beneficial bonus categories, flexible rewards, and enticing welcome offer, the Chase Freedom Unlimited is a top competitor among cash-back cards. The downside is the requirement of good/excellent credit.
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
The Southwest Rapid Rewards Premier Credit Card is suitable for frequent Southwest Airlines travelers. It offers appealing rewards and perks, including a $75 annual travel credit on Southwest, which helps justify the annual fee. Negatives include a high regular APR, absence of an introductory APR offer, and an annual fee.
In conclusion, before applying for any credit card, it’s vital to understand your spending tendencies, travel preferences, and financial goals to identify the card that best fits your needs. Be mindful that terms and conditions, as well as reward structures, may have changed, so always check the most recent details on the respective credit card issuer’s website.
