With a plethora of reward credit cards available, it can be tough to decipher which ones truly deliver on their promises. Different cards offer varying reward rates and forms of rewards, complete with conditions related to earning and redeeming them. If you select an inferior option, it can result in missing out on potential perks or even financial returns. Here are our top ten choices for the most rewarding credit cards.
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card shines in its exceptional rewards rates and flexibility in terms of redemptions. Its moderate annual fee, generous sign-up incentive, and array of travel benefits make it an appealing choice for frequent travelers and diners.
Pros & Cons:
Earns significant rewards on a myriad of spending activities
Provides numerous travel and shopping protections
Cons:
Charges annual fee
Lacks introductory APR offer
AMERICAN EXPRESS PLATINUM CARD
The American Express Platinum Card is a must-have for regular travelers who prefer a touch of luxury. It offers premium perks like access to airport lounges, alongside a variety of rewards, including the coveted Membership Rewards points.
Pros & Cons:
Additional privileges in certain categories
Prominent transfer partners
High-end amenities
Cons:
Impressive annual fee of $695
Involved reward scheme
Requires high-quality credit
CAPITAL ONE VENTURE REWARDS CREDIT CARD
The Capital One Venture Card is a high-end travel card, awarding 2-5 miles per $1 spent on purchases. It also boasts a beneficial initial bonus of 75,000 miles upon spending $4,000 in the first three months. Its straightforward rewards structure simplifies earning and using miles.
Pros & Cons:
Lower annual fee than its category competitors
Profitable annual travel credit and anniversary miles
Simple to earn and use miles
Cons:
Limited domestic airline and luxury hotel travel partners
Lacks hotel status benefits
CITI PREMIER® CARD
The Citi Premier® Card is a robust travel credit card with bonus rewards-earning potential for non-travel spending. It provides 3X points on several categories, including air and hotel travel, restaurants, supermarkets, and gas stations.
Pros & Cons:
Additional privileges in certain categories
Rewards do not expire
Cons:
Annual fee applicable
Requires high-quality credit
DISCOVER IT CASH BACK
The Discover It Cash Back card is suitable for average spenders willing to track and activate 5% rotating categories and quarterly spending cap. Without any annual fee, this card offers decent rewards apart from the standard 1% earning rate.
Pros & Cons:
5% cash back on switching spending categories annually (activation required)
Matched cash back at the end of the first year
No minimum for cashback redemption
Cons:
Bonus cashback restricted to $1,500 per quarter in spending
Bonus categories need quarterly activation
Comparatively low 1% primary reward rate
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
The Bank of America Premium Rewards credit card offers flexibility in card rewards, optimizing earnings for frequent travelers, particularly those with substantial balances in their Bank of America accounts. It offers a fruitful rewards program, airline fee credits, and other travel privileges.
Pros & Cons:
Attractive sign-up bonus
Extra points earned on travel and dining
Premium travel protections
Cons:
Charges annual fee
Requires high-quality credit
WELLS FARGO ACTIVE CASH CARD
The Wells Fargo Active Cash Card provides an unlimited 2% cash reward rate on purchases with no annual fee, distinguishing it among the best flat-rate cash back cards.
Pros & Cons:
High rewards rate
No annual fee
Introductory APR period
Cons:
Lacks bonus categories
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
The Hilton Honors American Express Surpass card is tailor-made for consistent Hilton guests, providing immense points on Hilton purchases and other amenities. The leading card from Hilton is ideal for big spenders who spend enough time at Hilton properties to take advantage of the suite of benefits that come with the complimentary Diamond status.
Pros & Cons:
More than $600 in annual statement credits
Free standard night at participating properties
Cons:
High annual fee without a first-year waiver
High regular and penalty APR
Points worth less compared with most reward programs
CHASE FREEDOM UNLIMITED
Chase Freedom Unlimited offers a simple cash back program, featuring a flat rate on all purchases with no annual fee. Its added bonuses, flexible rewards, and generous welcome offer make it a strong contender in the cash-back cards category.
Pros & Cons:
No annual fee
Introductory APR period
High rewards rate
Cons:
Requires high-quality credit
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
The Southwest Rapid Rewards Premier Credit Card is a great fit for frequent Southwest Airlines flyers, offering benefits like bonus points and anniversary bonuses. The rewards and perks, including a $75 annual travel credit on Southwest, easily offsets the annual fee and your purchases earn points toward A-list status.
Pros & Cons:
No foreign transaction fee
Points earn towards A-list status
Reward seats without availability restrictions
Cons:
High regular APR
No introductory APR offer
Annual fee charged
CONCLUSION
Before applying for any credit card, it’s essential to conscientiously assess your spending habits, travel preferences, and financial objectives to ensure the card selected aligns with your requirements. Always check the respective credit card issuer’s website for any changes in terms, conditions, and reward structures.
