Deciphering the best rewards credit cards can be an overwhelming task due to their various forms, different earning rates, reward types, and specific rules for earning and redeeming points. However, if you don’t choose wisely, you might let excellent perks and potential monetary gains slip through your fingers. We’ve selected the top 10 reward cards for your consideration.
CHASE SAPPHIRE PREFERRED CARD
The Chase Sapphire Preferred Card offers an advantageous combination of high reward rates and great flexibility in redemption, making it ideal for those who frequently spend on travel & dining. It’s recognized for its generous sign-up bonus, flexible redemption options, travel perks, notwithstanding a minor annual fee.
Pros & Cons of a Sapphire Preferred Card
Earns substantial rewards on various expenditures
Offers numerous travel and shopping protections
Cons
Carries an annual fee
Doesn’t provide an intro APR offer
AMERICAN EXPRESS PLATINUM CARD
For the style-minded, frequent traveler, the American Express Platinum Card is a must-have due to its elite travel benefits, airport lounge access and a host of rewards including Membership Rewards points.
Pros & Cons of American Express Platinum Card
Exceptional bonus categories
Wide range of transfer partners
Deluxe perks
Cons
Bears a hefty annual fee of $695
Reward structure is complex
Requires high credit score
CAPITAL ONE VENTURE REWARDS CREDIT CARD
The Capital One Venture Card, one of the most premium travel cards, rewards you with 2 – 5 miles per $1 spent and offers an initial bonus of 75,000 miles when you spend $4,000 in the first 3 months. It also boasts simple rewards structure, making mile-earning effortless.
Pros & Cons of Capital One Venture Rewards Credit Card
Maintains lower annual fee than competitors
Offers annual travel credit through Capital One Travel and anniversary mile rewards
Allows easy earning and use of miles
Cons:
Lacks domestic airline and upscale hotel travel partners
Doesn’t offer hotel status benefits
CITI PREMIER CARD
A solid option for travelers, the Citi Premier Card also rewards non-travel expenses. It offers 3X points on hotels, air travel, restaurants, supermarkets and gas stations.
Pros & Cons of Citi Premier Card
Presents bonus categories
Rewards never expire
Cons
Annual fee is present
Requires good to excellent credit
DISCOVER IT CASH BACK
The Discover It Cash Back card is ideal for consistent spenders who don’t mind tracking quarterly spending cap and 5% rotating categories. With no annual fee, it can provide substantial rewards beyond its steady 1% earning rate.
Pros & Cons of Discover It Cash Back Card
Provides 5% cash back on rotating quarterly categories with activation
Matches all cash back at the end of the first year
No minimum cashback redemption
Cons
The 5% bonus cashback limit is $1,500 per quarter
Bonus categories require activation each quarter
Offers a lower 1% base reward rate on other purchases
BANK OF AMERICA PREMIUM REWARDS CREDIT CARD
For those who travel often and seek rewards flexibility, the Bank of America Premium Rewards card is a worthy contender, especially if you’re an existing Bank of America customer. The card features a solid rewards program and travel benefits.
Pros & Cons of Bank of America Premium Rewards Credit Card
Generous sign-up bonus
Earns additional points on travel and dining
Premium travel protections
Cons
Requires an annual fee
High credit score requirement
WELLS FARGO ACTIVE CASH CARD
The Wells Fargo Active Cash Card offers an unlimited 2% cash rewards rate on purchases without an annual fee, making it competitive with top flat-rate cash back cards.
Pros & Cons of Wells Fargo Active Cash Card
High rewards rate
No annual fee
Introductory APR period
Cons
No bonus categories
HILTON HONORS AMERICAN EXPRESS SURPASS CARD
Ideal for Hilton guests, this card offers hefty points on Hilton purchases plus extra perks. This flagship card from Hilton comes with substantial advantages that frequent Hilton guests can exploit.
Pros & Cons of Hilton Honors American Express Surpass Card
Provides over $600 in statement credits annually
Offers a free standard night award with no restrictions at participating locations
Cons:
High annual fee without first-year waiver
High usual APR and penalty APR
Points value is lower than most rewards programs
CHASE FREEDOM UNLIMITED
The Chase Freedom Unlimited features a simple cash back program with flat-rate rewards on all purchases and no annual fee. Its handy bonus categories, flexible rewards, and impressive welcome offer make it a strong contender among cash-back cards.
Pros & Cons of Chase Freedom Unlimited
No annual fee
Introductory APR period
High rewards rate
Cons
Excellent credit score needed
SOUTHWEST RAPID REWARDS PREMIER CREDIT CARD
This card is perfect for those flying frequently with Southwest Airlines. It provides numerous benefits like bonus points, anniversary bonuses, and Rewards Premier Credit Card can easily justify the annual fee with its $75 annual travel credit on Southwest and sector qualifying points towards the A-list status for purchases.
Pros & Cons of Southwest Rapid Rewards Premier Credit Card
No foreign transaction fee
Gains points towards A-list status
No blackout dates with unlimited reward seats
Cons
High regular APR
No intro APR offer
Annual fee
Before applying for any card, it’s essential to assess your spending habits, travel preferences, and financial ambitions to identify the card that meets your requirements. Be sure to check for the latest details on the credit card issuer’s website as terms, conditions, and reward structures may change.
