Reward-based credit cards present an array of options, and comparing them can be quite a task. These cards vary in terms of their earning rates, reward currencies, conditions surrounding earning and redemption, and more. Opting for an inferior credit card may translate to missed out benefits and even a direct loss of money. Here, we have compiled a list of the top 10 reward credit cards.
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card is an excellent choice for those who frequently invest in dining and travel. The card combines high return rates with flexible redemption, all at a considerably low annual fee. It’s also recognized for its notable sign-up bonus and travel privileges.
PROS & CONS OF CHASE SAPPHIRE PREFERRED CARD
PROS:
– High returns in various spending domains
– Numerous travel and shopping protections
CONS:
– An annual fee is required
– No introductory Annual Percentage Rate (APR) offer
AMERICAN EXPRESS PLATINUM CARD
Regular travelers looking for opulence should consider the American Express Platinum Card, which provides a myriad of rewards, including premium travel benefits, airport lounge access, and Membership Rewards points.
PROS & CONS OF AMERICAN EXPRESS PLATINUM CARD
PROS:
– Bonus categories
– Transfer partners
– Premium features
CONS:
– Annual fee of $695
– Complex rewards
– Needs good/excellent credit score
CAPITAL ONE VENTURE REWARDS CREDIT CARD
The Capital One Venture Card, a top-level travel card, rewards spenders with 2 – 5 miles per $1 spent on purchases. An initial bonus of 75,000 miles for $4,000 expenditure within the first three months places this card in league with other high-end credit cards. It is known for its simple rewards structure, enabling users to earn miles on every purchase.
PROS:
– Lower annual fee than other similar cards
– Simple earning and utilization of miles
CONS:
– Less collaboration with domestic airline and upscale hotel travel partners
– No hotel status benefits
CITI PREMIER CARD
The Citi Premier® Card is a commendable option, especially if you aim to earn on non-travel purchases, alongside the standard travel benefits. It offers 3X points on air travel, hotel stays, and popular categories such as restaurants, supermarkets, and gas stations.
PROS & CONS OF CITI PREMIER CARD
PROS:
– Bonus categories
– Never expiring rewards
CONS:
– Annual charge applies
– Requires good/excellent credit score
DISCOVER IT CASH BACK
The Discover It Cash Back card is perfect for individuals who steadily track their quarterly spending, offering substantial rewards beyond the ongoing 1% earning rate.
PROS & CONS OF DISCOVER IT CASH BACK CARD
PROS:
– 5% cash back on rotating quarterly categories (activation required)
– Automatic match of all cash back earned at the year’s end
– No minimum cashback redemption limit
CONS:
– Quarterly category activation required
– Base reward rate of 1% on other purchases
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
The Bank of America Premium Rewards credit card is well suited for frequent travelers, particularly existing Bank of America account holders with significant balances. The card comes with a solid rewards program, travel benefits, and airline incidental user-fee credits.
PROS & CONS OF BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
PROS:
– Sign-up bonus
– Higher points on travelling and dining
– Premium protection during travelling
CONS:
– Annual fee required
– Requires good/excellent credit score
WELLS FARGO ACTIVE CASH CARD
The Wells Fargo Active Cash offers 2% unlimited cash rewards on purchases, charging no annual fee. It competes head-to-head with the best flat-rate cash payouts out there.
PROS & CONS OF WELLS FARGO ACTIVE CASH CARD
PROS:
– High rewards rate
– No yearly charges
– Introductory APR period
CONS:
– Absence of bonus categories
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
The Hilton Honors American Express Surpass Card serves people who prefer staying at Hilton hotels, offering substantial points and added advantages.
PROS & CONS OF HILTON HONORS AMERICAN EXPRESS SURPASS CARD
PROS:
– Annual statement credits crossing $600
– Free standard night award with unlimited category options at participating properties
CONS:
– High annual fee not waived in the first year
– High standard APR and penalty APR
– Point values lower than most rewards programs
CHASE FREEDOM UNLIMITED
The Chase Freedom Unlimited features a user-friendly cash-back program with steady rates on every purchase and no annual charges. Its diverse bonus categories and flexible rewards make it a standout among cash-back cards.
PROS & CONS OF CHASE FREEDOM UNLIMITED CARD
PROS:
– No yearly charges
– Introductory APR period
– High rewards rate
CONS:
– Requires good/excellent credit score
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
Flyers who frequently opt for Southwest Airlines can look toward the Southwest Rapid Rewards Premier Credit Card, offering bonuses like reward points and anniversary gifts.
PROS & CONS OF SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
PROS:
– No foreign transaction fee
– Points earned towards A-list status
– Unlimited reward seats, with no blackout dates
CONS:
– High standard APR
– No intro APR offer
– Yearly fee applicable
IN CONCLUSION,
Before you apply for a particular credit card, it’s crucial to assess your spending patterns, travel choices, and financial objectives to see which card aligns best with your situation. Always validate the latest details on the card issuer’s website, as terms and conditions may vary.
