Choosing the right rewards credit card can be a bit daunting, given the multitude of options available. Each card varies in its reward rates, types of rewards, and accompanying rules on earning and redemption. Selecting a subpar card could mean missing out on valuable benefits or cash returns. Below, we list the top 10 rewards cards that should be on your radar.
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card is a brilliant option for frequent spenders on travel and dining, offering high reward rates and flexible redemption options at a reasonable annual fee. Its notable sign-up bonus and travel benefits further enhance its appeal.
Advantages & Disadvantages of Chase Sapphire Preferred Card:
Pros:
– High rewards across different spending categories
– Extensive travel and shopping protections
Cons:
– Yearly fee
– No introductory APR offer
AMERICAN EXPRESS PLATINUM CARD
For seasoned travelers who appreciate luxury, the American Express Platinum Card is a must-have. It boasts premium travel benefits, access to airport lounges, and a variety of rewards, including Membership Rewards points.
Pros & Cons of the American Express Platinum Card:
Pros:
– Specialized bonus categories
– Transfer partners
– Exclusive luxuries
Cons:
– Hefty annual fee of $695
– Complex rewards program
– Requires good/excellent credit
CAPITAL ONE VENTURE REWARDS CREDIT CARD
The Capital One Venture Card, a top-tier travel card, garners 2 – 5 miles per $1 spent on purchases, and offers an initial bonus of 75,000 miles for spending $4,000 in the first three months. Its uncomplicated rewards structure allows users to earn miles on all purchases.
Pros:
– Lower annual fee compared to similar cards
– Easy-to-earn and use miles
Cons:
– Limited domestic airline and high-end hotel travel partners
– Lack of hotel status benefits
CITI PREMIER CARD
The Citi Premier® Card is a fantastic travel credit card, especially if you are also interested in rewards on non-travel spending. The card provides 3X points on hotels, air travel, and various popular categories like eateries, supermarkets, and gas stations.
Pros & Cons of the Citi Premier Card:
Pros:
– Multiple bonus categories
– Lifetime validity for rewards
Cons:
– Annual fee
– Requires good/excellent credit
DISCOVER IT CASH BACK
Ideal for moderate spenders, the Discover It Cash Back card offers sizeable rewards, especially if you are prepared to track and activate the 5% rotating categories and quarterly spending cap.
Pros & Cons of the Discover It Cash Back Card:
Pros:
– 5% cash back on rotating spending categories (needs activation)
– Automatic matching of the cashback earned at the end of the first year
– No minimum requirement for cashback redemption
Cons:
– Limited $1,500 per quarter spend for the 5% cashback rate
– Quarterly activation required for bonus categories
– Lower 1% reward rate for other purchases
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
For regular travelers seeking flexible rewards, the Bank of America Premium Rewards card is worth considering, especially for existing Bank of America customers with substantial account balances. The card offers a robust rewards program, airline fee credits, and travel privileges.
Pros & Cons of the Bank of America Premium Rewards Credit Card:
Pros:
– Attractive sign-up bonus
– More points on travel and dining
– Superior travel protections
Cons:
– Annual fee
– Requires good/excellent credit
WELLS FARGO ACTIVE CASH CARD
The competitive Wells Fargo Active Cash card offers 2% cash rewards on all purchases and doesn’t charge an annual fee, making it a strong contender among top flat-rate cash back cards.
Pros & Cons of a 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
Loyalists of Hilton hotels will find value in the Hilton Honors American Express Surpass Card, which offers significant points on Hilton purchases and extra perks.
Pros & Cons of a Hilton Honors American Express Surpass Card:
Pros:
– Over $600 in annual statement credits
– Free standard night award with no category limits
Cons:
– High annual fee without a first-year waiver
– High standard and penalty APR
– Points hold less value compared to other rewards programs
CHASE FREEDOM UNLIMITED
With a flat rate on all purchases and no annual fee, the Chase Freedom Unlimited stands out for its straightforward cash back program, useful bonus categories, and an exceptional welcome offer, making it a leading player among cash-back cards.
Pros & Cons of a 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
People flying frequently with Southwest Airlines will benefit from the Southwest Rapid Rewards Premier Credit Card, which offers perks like bonus points and anniversary bonuses.
Pros & Cons of a Southwest Rapid Rewards Premier Credit Card:
Pros:
– No foreign transaction fee
– Earn points towards A-list status
– Unlimited reward seats with no blackout dates
Cons:
– High standard APR
– No intro APR offer
– Annual fee
To sum up, it’s crucial to assess your spending habits, travel preferences, and financial goals before applying for any credit card. Make sure to check the latest terms, conditions, and reward structures on the respective credit card issuer’s website, as they may have changed.
