Choosing the best rewards credit card can be an overwhelming task due to the wide variety of options available. The terms and conditions, rewards currency, and earning rates can differ significantly. Failing to select a suitable card might mean missing out on potential perks or even hard cash. The following are our top 10 picks for the best rewards credit cards.
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card is well-known for its high rewards rate and flexibility in redemptions – ideal for those who often spend on travel and dining. It comes with a reasonable annual fee, offers a generous sign-up bonus, and presents various travel benefits.
PROS & CONS OF CHASE SAPPHIRE PREFERRED CARD
Pros: High rewards on multiple spending categories and comprehensive travel and shopping protections.
Cons: An annual fee and no introductory APR offer.
AMERICAN EXPRESS PLATINUM CARD
For the frequent, stylish traveller, the American Express Platinum Card is a great go-to. It features premium travel benefits, airport lounge access, and a variety of rewards, including Membership Rewards points.
PROS & CONS OF AMERICAN EXPRESS PLATINUM CARD
Pros: Includes bonus categories, transfer partners, and luxury perks.
Cons: High annual fee, complex rewards system, and requires good or excellent credit.
CAPITAL ONE VENTURE REWARDS CREDIT CARD
The Capital One Venture Card, a premium travel card, provides 2-5 miles per $1 spent on purchases. It also offers an initial bonus of 75,000 miles for spending $4,000 in the first 3 months. Known for its straightforward rewards structure, the card allows users to earn miles on every purchase.
PROS & CONS OF CAPITAL ONE VENTURE REWARDS CREDIT CARD
Pros: Lower annual fee, generous travel credit, and easy-to-earn and redeem miles.
Cons: Lack of domestic airline and high-end hotel partners, and limited hotel status benefits.
CITI PREMIER CARD
The Citi Premier Card is a robust travel credit card and is particularly great for earning rewards on non-travel purchases. It grants 3X points on hotel and air travel along with rewards on restaurants, supermarkets, and gas stations.
PROS & CONS OF CITI PREMIER CARD
Pros: Bonus categories and rewards that do not expire.
Cons: An annual fee and requires good to excellent credit.
DISCOVER IT CASH BACK
For moderate spenders who are diligent about activating the 5% rotating categories and tracking quarterly spending, the no-annual-fee Discover It Cash Back card can deliver significant rewards.
PROS & CONS OF DISCOVER IT CASH BACK CARD
Pros: 5% cash back on rotating spending categories (activation required), automatic cashback match at the end of the first year, and no minimum for cashback redemption.
Cons: 5% cashback is limited to $1,500 per quarter. Categories must be activated quarterly, and a low basic reward rate for all additional purchases.
WELLS FARGO ACTIVE CASH CARD
The Wells Fargo Active Cash card offers a flat 2% cash reward rate on purchases, with no annual fee, making it highly competitive among flat-rate cash back cards.
PROS & CONS OF WELLS FARGO ACTIVE CASH CARD
Pros: High rewards rate, no annual fee, and an introductory APR period.
Cons: No bonus categories.
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
The Hilton Honors American Express Surpass Card caters for frequent Hilton patrons, offering significant points on Hilton purchases and additional benefits. Comes with perks corresponding to its premium status.
PROS & CONS OF HILTON HONORS AMERICAN EXPRESS SURPASS CARD
Pros: More than $600 in annual statement credits and free standard night awards at participating properties.
Cons: High annual fee without a first-year waiver, high regular and penalty APR, and points carry lower value than most reward programs.
CHASE FREEDOM UNLIMITED:
Known for its simple cashback program, the Chase Freedom Unlimited card offers a flat rate on all purchases with no annual fee. Its bonus categories, flexible rewards and excellent welcome offer makes it a prime contender amongst cashback cards.
PROS & CONS OF CHASE FREEDOM UNLIMITED
Pros: No annual fee, introductory APR period, and high rewards rate.
Cons: Requires good/excellent credit.
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD:
The Southwest Rapid Rewards Premier Credit Card is ideal for frequent Southwest Airlines flyers, offering rewarding bonuses and perks.
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 introductory APR offer, and annual fee.
In conclusion, before applying for any credit card, take time to assess your spending habits, travel preferences, and financial goals to determine which card best suits your needs. Keep in mind that the terms and conditions as well as reward structures of these credit cards may change, so always verify the latest details on the respective credit card issuer’s website.
