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Author: Robin Saks Frankel | Last Updated: August 14, 2018
Here at Bankrate, our credit card experts used a proprietary grading system to give each credit card a unique Bankrate score. In order to do this, they studied over 1,640 credit cards and measured each one against a scoring matrix to deliver a final number out of 100. The score is intended to help you identify the best of the bunch, and find a credit card that is right for you.
Our matrix was designed by experts to determine the best rewards credit cards. Each card is reviewed for its annual fee, foreign transaction fees, rewards value, sign-up bonus, APR, and extras or discounts. We have focused more closely on attributes that are most important for great rewards credit cards, such as rewards value, annual fee, sign-up bonuses, foreign transaction fees, and any extra perks or discounts.
Using the Capital One Venture Rewards Credit Card will allow you to earn miles without paying an annual fee. The Venture card earns 2 miles for every $1 spent. The Venture card is a great starter travel card for simple earning and predictable rewards.
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Editor’s take: If you are looking for a travel rewards card, we recommend the Venture card. You’ll earn flat-rate miles on every purchase you make and have the ability to score big on bookings through hotels.com. You won’t get all the perks found in other rewards cards, but you’ll earn no-frills miles without having to worry about categories, spending limits, or fees.
Read Bankrate’s full Capital One Venture Rewards Credit Card review.
The Discover it® Cash Back credit card is a rotating category cash back card that allows you to enroll every quarter to earn 5% cash back on up to $1,500 in purchases made in various categories throughout the year, enrollment required. Additionally, Discover will match your first year cash back rewards at the end of the year. This means that if you earned $300 in cash back throughout the year, Discover will give you another $300 after your one year anniversary of card ownership.
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Editor’s take: The Discover it® Cash Back credit card is one of Bankrate’s favorites due to its generous welcome offer. While the rewards structure is a bit more complicated than some of its flat-rate cash back counterparts, but with no annual fee and a generous, 14-month interest-free introductory period, this card stands up with the best of them.
Read Bankrate’s full Discover it Cash Back review.
The Capital One Savor Cash Rewards Credit Card is a foodie’s dream. This card offers an unlimited 4% back on dining and entertainment, 2% at grocery stores and 1% on everything else. This makes for a pretty compelling card choice for people who dine out frequently. The card has an introductory offer of $500 cash back when you spend $3,000 within the first 3 months of opening the card, which is easily achievable for most cardholders and makes for a sizeable bonus rewards perk. Despite the $95 annual fee (waived for the first year), heavy spenders on dining and entertainment will most definitely feel the value of this card.
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Editor’s take: The Capital One Savor Cash Rewards card is ideal for those who spend heavily on dining. If you consider yourself a foodie, this credit card might have a place in your wallet. The cash back rates are generous, the rewards unlimited, and the redemption process straightforward — all in all a very compelling offer.
Read Bankrate’s full Capital One Savor Cash Rewards Credit Card review.
Among the best starter cards for collecting points and miles, the Chase Sapphire Preferred® Card has some great perks. You’ll earn 2X points on dining and travel and 1X points on all other purchases. This card really shines when it comes to redeeming points through Chase’s Web portal, where their value jumps 25%. This means 50,000 points are worth $500 if you use them as a statement credit, but $625 if you use them to book travel through Chase Ultimate Rewards.
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Editor’s take: The Chase Sapphire Preferred is a favorite among travel enthusiasts because of its valuable sign-up bonus and points flexibility. Transferring points to partner airlines can actually boost their value even more, making your rewards even better than you bargained for.
Read Bankrate’s full Chase Sapphire Preferred review.
Wells Fargo just relaunched their revamped version of the Propel rewards card. With 3X points earned on dining, travel, gas stations and popular streaming services, this card has a ton of reward-earning potential. What really sets this card apart, though, is that it has no annual fee. While you won’t find some of the luxury perks that cards with high annual fees typically offer, the Propel Card goes toe-to-toe (and in many cases wins) against other cards that carry $95 annual fees.
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Editor’s take: If you are looking to add a card to your wallet that offers straightforward, generous rewards, we recommend the Wells Fargo Propel American Express Card.
Read Bankrate’s full Wells Fargo Propel American Express Card review
Much like the Blue Cash Preferred Card, the Blue Cash Everyday Card offers cash back rewards on purchases made at U.S supermarkets, U.S gas stations, and select U.S department stores. The Blue Cash Everyday Card has lower rewards rates but also comes without an annual fee. With a simple earning structure and better cashback rates than a lot of other rewards cards, it’s a great option for families and everyday spending, while avoiding annual fees.
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Read Bankrate’s full Blue Cash Everyday Card from American Express review.
Simply put, a rewards card is a credit card that gives you something in exchange for making a purchase. The amount you’ll be rewarded varies greatly from card to card but it’s nearly always based on a percentage of what you just spent. For example, if you charge $100 on a rewards card that has a flat 2% rewards rate, you’ll get 2 points, 2 miles or 2 units of whatever the reward is that’s offered by your card.
Rewards cards offer perks tailored to your likes. There are cards that offer cash back, airline miles, even free meals at restaurants, saving you cash on your most wanted items. Many cards with rewards also offer bonuses for spending a certain amount within the first few months.
But while some of these cards offer 0% APR introductory periods, they typically carry higher interest rates than other cards once the intro period is up. Be careful though, these cards can come with high interest rates, which can negate your rewards if you typically carry a balance.
Want to reap rewards for the purchases you make on a daily basis? The best reward cards offer cash back, airline miles and points that can be used in a myriad of ways with every swipe of your plastic. These cards give you the opportunity to get something back for your daily purchases, allowing you to take advantage of your spending habits.
These cards are ideal for individuals with excellent credit who generally pay off their balance in full each month. They are also beneficial to those who frequently spend in particular categories. With reward cards, your regular everyday spending habits get you perks to be used on what you’d like.
While some of these cards are offered to those with fair credit, the large majority go to those with good to excellent credit. If your credit isn’t in great shape, you may not qualify.
Rewards cards come in many flavors. Here are some of the most common types:
A stash of rewards is only meaningful if you redeem them. Redemption options run the gamut from a simple statement credit, to using rewards to book travel, to transferring rewards from your card to an airline or hotel’s loyalty program often for an increased value. Consider all the ways rewards can be used, but keep in mind that your particular card may only allow you to redeem your rewards in one type of way. Some of the most common methods or redemption are:
When browsing card options, consider the types of rewards that apply most to your lifestyle. If you frequently travel, consider an airline or gas card. If your spending is more general, consider cash-back cards.
Keep in mind that not all reward cards are created equal. Some come with annual fees that can negate a percentage of your perks. Carrying a balance can also cause the bonuses you achieve to go out the window.
It’s important to compare cards thoroughly before applying. Look over our broad list of rewards credit cards to start earning perks today.
Luxury cards with exclusive perks and bonuses may be restricted to consumers with excellent credit scores, but there are multiple credit cards on the market today that will reward you for spending on, and managing, your credit card responsibly regardless of your credit score. Our experts have identified our top and runner-up rewards cards for each credit band.
If you have excellent credit, you will likely get approved for the best credit cards on the market, including credit cards with massive sign-up bonuses, impressive rewards rates, and exclusive member bonuses. The Chase Sapphire Preferred Card is perfect for consumers with excellent credit who dine out regularly and travel frequently. This card is also known for its massive sign-up bonus – 50,000 points, worth $625 in travel rewards, if you spend $4,000 within the first three months of card ownership. There is a $95 annual fee for owning this card, but it is waived in the first year and can pay for itself as you collect and redeem your Chase Ultimate Rewards points.
American Express is known for its extravagant perks for premium cardholders. The Platinum Card from American Express is the standard in luxury rewards credit cards, especially in the travel category. One of the most enticing perks that this card offers is its access to premium airport lounges across the country. While the Chase Sapphire Preferred card is a great choice for both restaurants and travel, consumers who spend lots of money and travel very frequently may want to give the Platinum Card a second look.
Consumers looking for a straightforward rewards card with a solid sign-up bonus and rewards rate should consider applying for the Capital One Venture Rewards Credit Card. While you will miss out on the premium perks that luxury and branded travel credit cards offer, you won’t have to worry about rotating categories, spending limits, or high annual fees.
Consumers with good credit that are looking for a cash back credit card that will reward them for basic everyday spending, the Blue Cash Preferred Card from American Express is hard to beat. You won’t earn bonus points for travel, but the impressive 6% cash back at U.S supermarkets and 3% back at U.S gas stations and select U.S Department store makes this card the leader in cash back rewards. Spending $3,000 a year on groceries (about $250 a month) will net almost double the $95 annual fee in cash back. Add the 3% rewards rate at the pump and this card is well worth the cost of ownership.
The Capital One QuicksilverOne credit card offers consumers the opportunity to earn cash-back rewards while building credit. You won’t get the same enticing sign-up bonuses, rewards rates, and perks that reward cards for good and excellent credit offer, but you will earn 1.5% cash back on every purchase that you make. Responsible credit card use is one of the best ways to build or rebuild credit, and this card will give you the opportunity to be rewarded along the way.
Healthy credit-building behavior is a skill that you should start developing as early as possible. The Discover it® Student Cash Back card has no annual fee, offers up to 5% cash back in rotating categories each quarter, up to the quarterly maximum each time you activate. This card also offers bonus rewards for good grades, and matches all of the cash back that you have earned at the end of your first year. If you are a student in a position where you feel comfortable with your ability to spend responsibly and pay your bill off on time each month, you should consider this rewards credit card.
There are still a handful of options that, with good payment behavior, can help you repair your credit and earn rewards. Bankrate’s favorite rewards credit card for bad credit is the Discover it® Secured, which offers 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, and 1% back on all other purchases. If you have a credit score lower than 600, you will be hard-pressed to find another card that offers cash back rewards with no annual fee.
If your heart is set on a cash back credit card, and your credit score is too low to get approved for the Discover it Secured, the Credit One Bank® Unsecured Visa® for Rebuilding Credit is another option. With this card, you will earn 1% cash back on “eligible” gas and grocery purchases. However, this card comes with an annual fee anywhere between $0 and $99 depending on your credit score. In sum, the Credit One Bank® Unsecured Visa® for Rebuilding Credit is a rewards card for bad credit, but not one that we would strongly recommend.
| Card Name | Best for | Bankrate Review Score | Rewards Rate |
|---|---|---|---|
| Capital One® Venture® Rewards Credit Card | Travel | 94/100 | 2X miles on every purchase, every day |
| Discover it® Cash Back | First year rewards | 93/100 | 5% back on up to $1,500 each quarter, in rotating categories, enrollment required; 1% on everything else |
| Capital One® Savor® Cash Rewards Credit Card | Dining, entertainment & groceries | 97/100 | 4% cash back on dining and entertainment, 2% at grocery stores, and 1% on all other purchases |
| Capital One® VentureOne® Rewards Credit Card | Low APR | 80/100 | 1.25x miles on every purchase, every day |
| Chase Sapphire Preferred® Card | Dining | 95/100 | 2X points on travel and dining at restaurants; 1X points per dollar on other purchases |
| Capital One® Quicksilver® Card | Flat-rate cash back | 93/100 | 1.5% cash back on every purchase, every day |
| Wells Fargo Propel American Express® Card | Rewards with no annual fee | 97/100 | 3X points on dining, travel, and gas |
| Chase Freedom Unlimited® | Flat-Rate Cash Back | 92/100 | 1.5% cash back on all purchases |
| Wells Fargo Cash Wise Visa® Card | Cash back sign-up bonus and mobile wallet purchases | 90/100 | 1.5% cash back on all purchases |
| Blue Cash Everyday® Card from American Express | Retail Stores | 89/100 | 2% back at US gas stations and dept stores (Terms Apply) |
Author Spotlight: Robin Saks Frankel is a credit cards journalist with multiple years of experience in card reviews, breaking news, points guides and editorial advice. Robin has written content for Bankrate, Nerdwallet, and multiple other financial publications. You can find her on Twitter @robinsaks.
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