There are a myriad of rewards-based credit cards available, which may make it tough to figure out how they stack up against each other. They offer you rewards at various rates and in diverse forms, not to forget the T&Cs around earning or redeeming these rewards. However, without selecting a top-tier rewards-based credit card, you could be losing out on potential benefits and even monetary rewards. Here, we present our top 10 rewards card recommendations.
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card stands out due to its combination of high rewards rate and flexible redemption options. This card is especially appealing to people who frequently spend on travel and dining, all for a modest yearly fee. Its key features include a generous welcome bonus, flexible redemption options, and travel benefits.
Pros & Cons:
Rewards for diverse spending categories
Travel and shopping protections
Cons:
Yearly fee
No introductory APR
AMERICAN EXPRESS PLATINUM CARD
Frequent travelers who value style will appreciate the American Express Platinum Card. This card offers travel benefits, access to airport lounges, and various rewards including Membership Rewards points.
Pros & Cons:
Bonus categories
Transfer partners
Luxury perks
Cons:
Annual fee of $695
Complex rewards structure
Good/excellent credit required
CAPITAL ONE VENTURE REWARDS CREDIT CARD
The Capital One Venture Card is a competitive premium travel card, offering 2 – 5 miles per dollar spent and an initial bonus of 75,000 miles for an expenditure of $4,000 in the first three months. Its straightforward rewards structure allows users to earn miles on every purchase.
Pros & Cons:
Lower annual fee compared to similar cards
Potential to justify annual fee with travel credit and anniversary miles
Easy-to-earn and use miles
Lack of domestic airline and high-end hotel partners
Missing hotel status benefits
CITI PREMIER CARD
The Citi Premier Card is a strong travel card, and also valuable for earning rewards on non-travel purchases. It offers 3X points on travel and a few other popular categories such as restaurants, supermarkets, and gas stations.
Pros & Cons:
Bonus categories
Rewards do not expire
Cons:
Annual fee
Good/excellent credit needed
DISCOVER IT CASH BACK
The Discover It Cash Back card is designed for moderate spenders who don’t mind activating the 5% rotating categories and keeping track of a quarterly spending cap.
Pros & Cons:
5% cash back on quarterly rotating categories (upon activation)
Automatic first year cash back match
No minimum cashback redemption
Limit of $1,500 per quarter for 5% bonus cashback
Bonus categories activation needed quarterly
1% base reward rate on other purchases
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
Frequent travelers seeking versatile card rewards should consider the Bank of America Premium Rewards Card, especially if they’re existing Bank of America customers with sizable account balances.
Pros & Cons:
Welcome bonus
Extra points on travel and dining
Premium travel protections
Con:
Annual fee
Good/excellent credit required
WELLS FARGO ACTIVE CASH CARD
The Wells Fargo Active Cash Card offers an unlimited 2% cash rewards rate on all purchases with no annual fee, making it a top competitor among single-rate cash back cards.
Pros & Cons:
High rewards rate
No annual fee
Introductory APR period
Cons:
No bonus categories
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
Perfect for regular Hilton guests, the Hilton Honors Surpass Card from American Express offers ample points on Hilton purchases and added benefits.
Pros & Cons:
Over $600 in statement credits yearly
Free standard night at participating properties with no category limits
Cons:
High yearly fee with no first-year waiver
High regular and penalty APR
Lower point value than most rewards programs
CHASE FREEDOM UNLIMITED
The Chase Freedom Unlimited Card offers a simple cash back program with a flat rate on all purchases and no annual fee.
Pros & Cons:
No yearly fee
Introductory APR period
High rewards rate
Cons:
Requires good/excellent credit
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
If you frequently fly Southwest, the Southwest Rapid Rewards Premier Credit Card is worth considering, offering bonuses and anniversary benefits.
Pros & Cons:
No foreign transaction fees
Earn points towards A-list status
Unlimited reward seats without blackout dates
Cons:
High regular APR
No introductory APR
Annual fee
In conclusion, before applying for any credit card, it’s critical to evaluate your spending habits, travel preferences, and financial goals to identify the card that best suits your needs. Ensure to check the most recent details on the card issuer’s website as the T&Cs and rewards structures might have been updated.
