There are numerous credit cards on the market, each boasting different benefits and reward schemes. This variety can make it difficult to understand how they stack up against one another. They differ in their act of accumulating rewards and the type of rewards you receive, plus each has its own set of conditions regarding reward earning and redemption. Failing to opt for one of the most advantageous rewards credit cards might mean missing out on benefits and even tangible cash. Below, we have listed our top 10 rewards credit cards for your consideration.
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card stands out with its high reward rates and versatile redemption options. Excellent for frequent spenders in the travel and dining sectors, the card has a reasonable annual fee. Its main draws include a generous sign-up bonus, multiple redemption choices, and useful travel perks.
Benefits & Drawbacks of Sapphire Preferred Card
* High rewards on several spending sectors
* Numerous protections for travel and shopping
Drawbacks
* Yearly fee
* No introductory APR offer
AMERICAN EXPRESS PLATINUM CARD
The American Express Platinum Card is perfect for regular travelers who seek comfort. This card provides luxurious travel benefits, airport lounge access, and a variety of rewards, including Membership Rewards points.
Benefits & Drawbacks of American Express Platinum Card
* Bonus categories
* Transfer partners
* Luxurious perks
Drawbacks
* Annual fee of $695
* Complex rewards
* Requires good/excellent credit
CAPITAL ONE VENTURE REWARDS CREDIT CARD
The Capital One Venture Card, a premium travel card, offers 2 – 5 miles per dollar on purchases and a significant initial bonus. The card stands toe-to-toe with other luxury credit cards thanks to its additional features and the simplicity of its rewards structure.
Benefits & Drawbacks of Capital One Venture Card
* Lower annual fee compared to similar market cards
* Annual travel credit and anniversary miles
* Simple earning and usage of miles
Drawbacks
* Lack of domestic airline and high-end hotel partners
* Lack of hotel status benefits
CITI PREMIER CARD
The Citi Premier® Card is a standout among travel credit cards, particularly when it comes to earning rewards on non-travel spending. It offers multiple points on air travel and hotels, as well as various favored sections such as restaurants, supermarkets, and gas stations.
Benefits & Drawbacks of Citi Premier Card
* Bonus categories
* Rewards that never expire
Drawbacks
* Annual fee
* Requires good/excellent credit
DISCOVER IT CASH BACK
The Discover It Cash Back card rewards moderate spenders who choose to avail of the 5% rotating categories and watch the quarterly spending limit. Its absence of a yearly fee and its 1% ongoing earning rate make it a fantastic option for maximizing rewards.
Benefits & Drawbacks of Discover It Cash Back Card
* 5% cash back on recurring quarterly categories (activation required)
* Automatic match of earned cash back at the first year’s end
* No minimum cashback redemption
Drawbacks
* 5% bonus cashback rate capped at $1500 per quarter
* Quarterly activation of bonus categories required
* 1% base reward rate on all other purchases
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
The Bank of America Premium Rewards credit card is ideal for frequent travelers seeking flexible rewards – especially if they have significant balances with Bank of America. The card comprises a strong rewards program, airline fee credits, and travel perks.
Benefits & Drawbacks of Bank of America Premium Rewards Credit Card
* Sign-up bonus
* Greater points earned on travel and dining
* Premium travel protection
Drawbacks
* Annual fee
* Requires good/excellent credit
WELLS FARGO ACTIVE CASH CARD
The Wells Fargo Active Cash card stands strong with other top-notch cash back cards by offering an unlimited 2% cash rewards rate on purchases without charging a yearly fee.
Benefits & Drawbacks of Wells Fargo Active Cash Card
* High rewards rate
* No annual fee
* Intro APR period
Drawbacks
* No bonus categories
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
For Hilton regulars, the Hilton Honors American Express Surpass Card provides substantial points on Hilton purchases along with other amenities. Made for big spenders with a penchant for Hilton, it provides a host of benefits including complimentary Diamond status.
Benefits & Drawbacks of Hilton Honors American Express Surpass Card
* More than $600 in yearly statement credits
* A free standard night reward with no category limits at participating properties
Drawbacks
* High yearly fee with no waiver for the first year
* High regular APR and penalty APR
* Lower reward point value compared to other programs
CHASE FREEDOM UNLIMITED
The Chase Freedom Unlimited offers a clear-cut cash back scheme with a uniform rate on all spending and no annual fee. Its notable features include useful bonus categories, versatile rewards, and an attractive welcome offer.
Benefits & Drawbacks of Chase Freedom Unlimited
* No annual fee
* Intro APR period
* High rewards rate
Drawbacks
* Requires good/excellent credit
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
The Southwest Rapid Rewards Premier Credit Card is ideal for Southwest Airlines regulars due to benefits like bonus points and anniversary bonuses. The annual travel credit on Southwest of $75 and the ability for purchases to earn qualifying points for A-list status make the annual fee worthwhile.
Benefits & Drawbacks of Southwest Rapid Rewards Premier Credit Card
* No foreign transaction fee
* Points earned towards A-list status
* Unlimited reward seats with no blackout dates
Drawbacks
* Higher regular APR
* No introductory APR
* Annual fee
FINAL THOUGHTS
Before you apply for any credit card, it’s essential to consider your spending conduct, travel inclinations and financial objectives to determine the card that best suits your circumstances. Always verify the most recent details on the credit card issuer’s website as reward structures and terms and conditions may have changed.
