Navigating the world of rewards credit cards can be a bit overwhelming given the multitude of options available, each with their own unique earning rates, reward types, and varying rules for both earning and redemption. It’s crucial to select the top ones; otherwise, you risk missing out on valuable benefits and potentially losing out on money. Below are our top ten picks:
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card offers an enticing blend of high reward rates and flexible redemption, making it an ideal option for those frequently spending on travel and dining, with an affordable annual fee. It is distinguished by its hefty sign-up bonus, diverse redemption options, and travel benefits.
Pros: High rewards on various spending categories. Travel and shopping protections.
Cons: Annual fee. Absent intro APR offer.
AMERICAN EXPRESS PLATINUM CARD
For frequent travelers wanting a touch of luxury, the American Express Platinum Card is worthy of consideration. It provides exclusive travel benefits, airport lounge access, and an array of rewards, including Membership Rewards points.
Pros: Bonus categories. Transfer partners. Luxury benefits.
Cons: High annual fee of $695. Complex reward scheme. Requires good/excellent credit rating.
CAPITAL ONE VENTURE REWARDS CREDIT CARD
The Capital One Venture Card, a premier travel card, offers 2-5 miles per $1 spent, plus an initial bonus of 75,000 miles for spending $4,000 in the first three months. Known for its simple rewards structure, allowing users to earn miles on every purchase.
Pros: Lower annual fee compared to others in its category, and easy to earn and use miles.
Cons: Limited domestic airlines and upscale hotel partnership, and lack of hotel status benefits.
CITI PREMIER CARD
If you’re after a solid travel credit card and want to earn rewards on more than just travel, the Citi Premier Card is right for you. It offers three times the points on various categories like hotels, air travel, restaurants, supermarkets, and gas stations.
Pros: Bonus categories. Rewards that don’t expire.
Cons: Annual fee. Good/excellent credit rating required.
DISCOVER IT CASH BACK
The Discover It Cash Back card, suitable for modest spenders willing to track the 5% quarterly spending cap, provides substantial rewards beyond its standard 1% earning rate without any annual fee.
Pros: 5% cash back on quarterly rotating categories, auto-matched cash back at year-end, no minimum for cashback redemption.
Cons: Categories require activation quarterly, low 1% base reward rate for other purchases.
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
The Bank of America Premium Rewards credit card is a top pick for frequent travelers looking for flexible rewards, particularly for existing Bank of America customers with ample account balances. Offering travel benefits and promising reward program.
Pros: Sign-up bonus. Higher points earning rate for travel and dining. Premium travel protections.
Cons: Annual fee. Good/excellent credit rating required.
WELLS FARGO ACTIVE CASH CARD
Packed with an unlimited 2% cash rewards rate on purchases alongside no annual fee, the Wells Fargo Active Cash Card competes with the best flat-rate cash back cards on the market.
Pros: Attractive rewards rate. No annual fee. Introductory APR period.
Cons: No bonus categories.
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
Primarily designed for Hilton enthusiasts, it offers substantial points on Hilton purchases and additional benefits. The Hilton Honors Aspire Card is perfect for those who frequently stay at Hilton properties to leverage the associated benefits.
Pros: Over $600 in annual statement credits. Free standard night awards with no category limits.
Cons: High annual fee with no waiver for the first year. High base and penalty APRs.
CHASE FREEDOM UNLIMITED
Known for its straightforward cash-back program and lack of an annual fee, the Chase Freedom Unlimited Card stands out thanks to bonus categories, easy-to-use rewards, and an exceptional welcome offer.
Pros: No annual fee. Intro APR period. High rewards rate.
Cons: Requires good/excellent credit.
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
Perfect for Southwest Airlines regulars, offering benefits such as bonus points and anniversary bonuses, the Southwest Rapid Rewards Premier Credit Card justifies its annual fee with rewards and exclusive perks.
Pros: No foreign transaction fees. Earns points towards A-list status. Unlimited reward seats with no blackout dates.
Cons: High base APR. No intro APR offer. Annual fee.
Before committing to a credit card, examine your spending habits, travel preferences, and financial goals to find a card that best fits your needs. Always check the latest details on the credit card issuer’s website as terms, conditions, and rewards structures may have changed. Visit SmartAsset.com for more information.
