Navigating rewards credit cards can be tricky because of their diverse offerings. They differ in how they earn rewards, the type of rewards, and their specific terms. Overlooking the best options could mean missing out on significant perks and rewards. Here’s a list of the top 10 rewards cards and their pros and cons.
**Chase Sapphire Preferred Card**
The Chase Sapphire Preferred Card is perfect for frequent travelers and food lovers due to its high rewards rates and flexible redemption options. While it has a modest annual fee, it offers a generous sign-up bonus and great travel benefits.
**Pros:**
– High rewards on various spending categories
– Extensive travel and shopping protections
**Cons:**
– Annual fee
– No introductory APR offer
**American Express Platinum Card**
Ideal for frequent travelers who appreciate luxury, the American Express Platinum Card provides premium travel benefits and airport lounge access, along with a diverse range of rewards through Membership Rewards points.
**Pros:**
– Bonus categories
– Transfer partners
– Luxury perks
**Cons:**
– High annual fee of $695
– Complex rewards system
– Requires good/excellent credit score
**Capital One Venture Rewards Credit Card**
The Capital One Venture Card stands out among top travel cards, offering 2-5 miles per dollar spent. It also presents an attractive initial bonus of 75,000 miles for spending $4,000 in the first three months. Its straightforward rewards structure makes it easy to earn and use miles.
**Pros:**
– Lower annual fee compared to peers
– Annual travel credit
– Anniversary miles
**Cons:**
– Limited domestic airline and hotel benefits
**Citi Premier Card**
The Citi Premier® Card is a great choice for earning rewards on both travel and everyday purchases, offering 3X points on hotel and air travel, as well as other preferred categories.
**Pros:**
– Bonus categories
– Rewards don’t expire
**Cons:**
– Annual fee
– Requires good/excellent credit score
**Discover It Cash Back**
The Discover It Cash Back card is perfect for moderate spenders who can track and activate its 5% rotating categories and quarterly spending cap.
**Pros:**
– 5% cash back on rotating categories
– Cashback match after the first year
**Cons:**
– 5% bonus rate limited to $1,500 per quarter
– Bonus categories need to be activated quarterly
**Bank of America Premium Rewards Credit Card**
This card is suitable for frequent travelers seeking flexible rewards, especially if they hold significant balances with Bank of America. It features a excellent rewards program and travel benefits.
**Pros:**
– Sign-up bonus
– More points on travel and dining
**Cons:**
– Annual fee
– Requires good/excellent credit
**Wells Fargo Active Cash Card**
The Wells Fargo Active Cash offers a straightforward 2% cash rewards rate on purchases and stands out among flat-rate cash back cards.
**Pros:**
– High rewards rate
– No annual fee
**Cons:**
– No bonus categories
**Hilton Honors American Express Surpass Card**
This card is designed for frequent Hilton hotel guests, offering significant points on Hilton purchases and additional perks. It’s ideal for high spenders who can make the most of the benefits from complimentary Diamond status.
**Pros:**
– Over $600 in annual statement credits
– Free standard night award
**Cons:**
– High annual fee
– High regular and penalty APR
**Chase Freedom Unlimited**
The Chase Freedom Unlimited is known for its simple cash back program with a flat rate on all purchases, supported by bonus categories, adaptive rewards, and an attractive welcome offer.
**Pros:**
– No annual fee
– High rewards rate
**Cons:**
– Requires good/excellent credit
**Southwest Rapid Rewards Premier Credit Card**
This card is tailored for frequent Southwest Airlines flyers, offering perks like bonus points, anniversary bonuses, and a $75 annual travel credit.
**Pros:**
– No foreign transaction fee
– Points towards A-list status
**Cons:**
– High regular APR
– No introductory APR offer
– Annual fee
**Wrapping Up**
Before choosing a credit card, take a close look at your spending habits, travel preferences, and financial goals. Pick a card that matches your lifestyle and financial objectives. Always check the card issuer’s website for the latest terms and conditions or reward updates.