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Author: Claire Dickey
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How to choose the right rewards card and maximize your returns
With a rewards credit card, you can unlock value from the spending you do every day. Whether you’re looking to earn rewards on travel, shopping, dining out, filling up at the pump or a more specific purchase, there’s a rewards credit card that can help you do it.
Bankrate’s picks for 2019 best rewards credit cards
| Card Name |
Best for |
Bankrate Review Score |
| Capital One® Venture® Rewards Credit Card |
Travel |
4.7/5 |
| Chase Freedom Unlimited® |
Your first rewards credit card |
4.6/5 |
| Capital One® Savor® Cash Rewards Credit Card |
Dining and entertainment |
4.9/5 |
| Chase Sapphire Preferred® Card |
Points flexibility |
4.8/5 |
| Discover it® Cash Back |
First-year cash back bonus |
4.7/5 |
| The Blue Business℠ Plus Credit Card from American Express |
Small business owners |
4.5/5 |
| U.S. Bank Cash+™ Visa Signature® Card |
Personalized cash back rewards |
4.6/5 |
| Capital One® Quicksilver® Cash Rewards Credit Card |
Flat-rate cash back |
4.7/5 |
| Chase Freedom® |
Rotating cash back categories |
4.5/5 |
| Citi Rewards+℠ Card |
Everyday spending |
4.6/5 |
| Wells Fargo Propel American Express® Card (not currently available) |
Overall rewards |
N/A |
How we chose the list of top rewards credit cards
The selection is based on research by a team of Bankrate writers and editors with years of personal finance experience. Only the ones you see on this page made the cut, based on factors including:
- Rewards value — After all, the whole point of this type of credit card is to earn rewards. The cards on our list represent some of the U.S. market’s finest credit card rewards programs.
- Overall value — Apart from cash back, points or miles, does the card offer a good deal? Do the benefits outweigh any fees or restrictions? The answer to both questions had to be an emphatic “yes” for the card to make our list.
- Service — The cards we’ve chosen represent several credit card issuers rated among the highest for customer satisfaction, including Discover, Chase and Capital One.
A closer look at our top-rated rewards credit cards
Capital One® Venture® Rewards Credit Card
What sets it apart
When you book and pay for a hotel using the Hotels.com/Venture portal through January 2020, the 2X miles per $1 rewards rate jumps to 10X. There may be no better reason to add the word “quintuple” to your vocabulary. You’ll also enjoy having the freedom to transfer miles to more than a dozen travel loyalty programs, which makes the Capital One Venture even more useful and valuable.
Why it might not be for you
Look elsewhere if you can’t bear to travel without airport lounge access, a major perk offered by competitors including Chase, American Express and Mastercard.
Our final thought
The Capital One Venture is an exceptional rewards card with plenty of perks for the frequent traveler.
Read the full review and apply on Capital One’s secure website.
Chase Freedom Unlimited®
What sets it apart
The Double Cash Back offer supercharges the Chase Freedom Unlimited’s earning potential during the first year. Even after the cash back rate reverts to the normal 1.5%, this card’s simplicity and flexibility could justify giving it a long-term spot in your wallet.
Why it might not be for you
If you frequently travel abroad, be aware that this card has a 3% foreign transaction fee on purchases made outside of the United States. Consider a card that offers similar benefits but with no foreign transaction fee.
Our final thought
The Freedom Unlimited offers both top-notch rewards and flexibility. You can redeem your rewards for cash back, gift cards, travel via the Chase Ultimate Rewards® portal and shopping at Amazon.com.
Read the full review and apply on Chase’s secure website.
Capital One® Savor® Cash Rewards Credit Card
What sets it apart
The 4% rewards rate on dining and entertainment makes the Capital One Savor a compelling choice for people who enjoy food and fun. Don’t mistake it for a two-trick pony, though, as it also offers 2% at grocery stores and 1% on everything else.
Why it might not be for you
If you prefer your kitchen and den to the restaurant and multiplex, consider an alternative like the Blue Cash Preferred® Card from American Express. Its highlights include 6% cash back at U.S. supermarkets on up to $6,000 in purchases per year (1% thereafter) and 6% cash back on select U.S. streaming services.
Our final thought
If you’re frequently out on the town, you’ll find a lot of reasons to put the Savor Cash Rewards card in your wallet. Few cards offer this level of rewards for dining and entertainment.
Read the full review and apply on Capital One’s secure website.
Chase Sapphire Preferred® Card
What sets it apart
The points you earn with your Chase Sapphire Preferred receive a significant bump in value when you redeem for travel through the Ultimate Rewards portal, and you also get the benefit of a 1-1 point transfer with travel partners (nine airlines and four hotel brands). Some rewards portals can be on the restrictive side, but Chase Ultimate Rewards offers a refreshing contrast.
Why it might not be for you
The $95 annual fee, although reasonable, puts some pressure on the cardholder to maximize points value to offset the cost.
Our final thought
The combination of the Chase Sapphire Preferred and the Chase Ultimate Rewards portal can bring lucrative travel rewards even for the casual traveler.
Read the full review and apply on Chase’s secure website.
Discover it® Cash Back
What sets it apart
Discover Cashback Match™ automatically matches the cash back you’ve earned at the end of your first year. If you target your spending effectively in the rotating bonus categories, your earnings can add up quickly.
Why it might not be for you
The bonus categories process does require some effort on your part. If you forget to enroll every quarter or adjust your spending patterns, the 5% bonus on spending (up to the $1,500 quarterly maximum) becomes a missed opportunity.
Our final thought
The Discover it Cash Back is a desirable no annual fee rewards card, due in large part to its first-year bonus offer. If you take full advantage of the 5% bonus categories, the following years won’t be too shabby either.
Read the full review and apply on Discover’s secure website.
The Blue Business℠ Plus Credit Card from American Express
What sets it apart
It’s not unusual for business cards to charge a triple-digit annual fee. If you’re a hometown entrepreneur interested in earning rewards on everyday business purchases, this card offers a user-friendly alternative.
Why it might not be for you
If you travel frequently and make purchases from overseas vendors, fees related to air travel and foreign transactions could be problematic. (See Rates and Fees)
Our final thought
With no annual fee and a simple rewards structure, the Blue Business Plus could be a smart investment for your small business. The 0% intro APR offer for qualifying purchases and balance transfers (12 months at 0%, 15.49% — 21.49% variable thereafter) could also be useful for a new business just getting off the ground.
Read the full review and apply on the American Express secure website.
U.S. Bank Cash+™ Visa Signature® Card
What sets it apart
Would you like to choose from more than a handful of bonus categories? This card offers a selection of 12, and you get to choose two for 5% cash back (up to $2,000 in combined purchases per quarter).
Why it might not be for you
More bonus categories could mean more effort to keep tabs on your choices, especially if you mix things up from quarter to quarter. Don’t forget the 3% foreign transaction fee on international purchases, either.
Our final thought
The U.S. Bank Cash+ Visa Signature expands your choices of where you earn your rewards. Few rewards cards offer this much versatility in bonus categories.
Read the full review and apply on U.S. Bank’s secure website.
Capital One® Quicksilver® Cash Rewards Credit Card
What sets it apart
Unlike some other flat-rate rewards cards, the Capital One Quicksilver doesn’t have an annual fee, a foreign transaction fee or complicated mechanisms that control how you earn your rewards.
Why it might not be for you
If the calendar influences your spending habits (big purchases during home improvement season, for example), you could earn more rewards with a bonus category card.
Our final thought
If you want a low-maintenance cash back card that makes earning rewards simple, the Capital One Quicksilver is well worth your consideration.
Read the full review and apply on Capital One’s secure website.
Chase Freedom®
What sets it apart
Your rewards earnings can skyrocket in the 5% bonus categories when you enroll each quarter. Also, pairing the Chase Freedom with another select Chase card gives you the ability to transfer points and reap even more value from your rewards.
Why it might not be for you
The ongoing balance transfer fee is higher than that of similar cards — $5 or 5% of the amount of each transfer, whichever is greater. Transferring a balance outside of the introductory period might not be the most effective use for this card, which is geared toward earning rewards in bonus categories.
Our final thought
A strategy that takes full advantage of the 5% bonus categories provides the opportunity to earn sizable rewards with the Chase Freedom.
Read the full review and apply on Chase’s secure website.
Citi Rewards+℠ Card
What sets it apart
This card has something that competitors currently don’t offer: the Round Up feature. Your rewards automatically round up to the nearest 10 points on every purchase.
Why it might not be for you
ThankYou Points earned with this card are considered “basic” points. You’ll need to pair it with a Citi Premier℠ Card or Citi Prestige® Card to get maximum value for travel redemptions.
Our final thought
The Round Up feature boosts your earning potential even with small purchases. It’s a wrinkle that makes the Citi Rewards Card an intriguing option for people whose spending habits tend more toward “forage” than “splurge.”
Read the full review and apply on Citi’s secure website.
Wells Fargo Propel American Express® Card (not currently available)
What sets it apart
You’ll earn 3X points on the following: eating out and ordering in, gas stations, rideshares, transit, flights, hotels, homestays, car rentals and popular streaming services. You won’t have to deal with rotating categories or quarterly activations.
Why it might not be for you
You can’t transfer points to airline or hotel loyalty programs. The Wells Fargo Go Far® Rewards portal is your only option for redeeming points for travel, which some travelers could find restrictive.
Our final thought
Despite the limitations of the rewards portal, this card still offers an impressive array of categories and a solid rewards rate, with no annual fee.
The information related to the Wells Fargo Propel American Express Card has been collected by Bankrate and has not been reviewed or provided by the issuer or provider of this product or service.
Rewards cards: What they are and how they work
A rewards card can earn you points, miles or cash back for purchases made with the card. The card can be flat-rate — meaning it offers the same percentage back for every purchase — or offer rotating bonus categories — meaning you’ll earn different percentages depending on the category in which your purchase falls.
Depending on the issuer, rewards cards offer distinct rewards programs and have specific rules concerning how you can redeem your rewards. Some issuers require you to redeem your rewards through the portal. There can also be restrictions on what you can redeem your rewards for, such as cash back, statement credit, gift cards, shopping, travel and more.
In some cases, redeeming through the portal adds value to your rewards. A prime example is using the Chase Ultimate Rewards® portal with the Chase Sapphire Preferred. When you use the portal to redeem points earned with this card for travel purchases, the value increases 25%.
If you redeem 60,000 points for travel purchases through Chase Ultimate Rewards, those points will be worth $750 instead of $600.
Types of rewards cards
Navigating all the rewards card options available to you can be difficult. That’s why we broke out some of the most common types, along with more detailed recommendations from our team on the best cards in each category.
Cash back
With a cash back rewards card, you’ll earn a percentage of cash back on purchases. Your cash back will typically be applied as a statement credit toward your account, yet some cards — such as the U.S. Bank Cash+ Visa Signature Card — can directly deposit the cash back into your U.S Bank checking or savings account.
Travel
Whether it’s a co-branded card with an airline or hotel or a general-purpose travel rewards card, these cards can help frequent travelers earn rewards for their travel-related spending.
With a travel rewards card, you can expect perks like discounted trips, seat upgrades, travel insurance benefits, statement credits and more. For example, the Capital One Venture Rewards Credit Card offers up to $100 Global Entry or TSA PreCheck® credit. Read our guide to your first travel rewards card for tips on how to choose the right travel card option for you.
Co-branded retail cards
Certain co-branded cards are issued through a partnership between a credit card company and a retailer. With co-branded retail cards, you can earn discounts, free shipping and members-only access events.
The Costco Anywhere Visa® Card by Citi, for example, will earn you 4% cash back on eligible gas (up to $7,000 per year, then 1%), 3% on restaurant and eligible travel purchases and 2% on all other purchases from Costco and Costo.com. You’ll earn 1% on all other purchases.
Business
With a business rewards card, you can earn rewards for any business-related spending. The Capital One® Spark® Cash for Business, for example, will earn you an unlimited 2% cash back on every purchase for your business.
These cards may offer perks like free employee cards, travel and auto insurance, travel statement credits and more. If you’re interested in applying for a business credit card, read our tips on how to choose the right card.
“I have [a lot of] credit cards and use each of them for specific reasons: free nights, free flights, upgraded hotel rooms, cash back, etc. Overall, though, the goal is to strategically earn rewards, perks, and cash back to allow my family of four to travel as much as we want for as little money as possible.”
— Lee Huffman, Travel & Lifestyle Writer at Bald Thoughts
Best rewards sign-up bonuses
A generous signup bonus, sometimes called a welcome offer, is one of the marks of a premier rewards credit card. Here’s a look at some of the most lucrative signup bonuses and welcome offers from our top rewards credit cards:
| |
Offer/bonus
|
Spending requirement |
Value
|
| Chase Sapphire Preferred Card |
60,000 bonus points
|
Spend $4,000 on purchases in the first 3 months from account opening |
$750 (toward travel when you redeem through Chase Ultimate Rewards)
|
| Capital One Venture Rewards Credit Card |
50,000 miles
|
Spend $3,000 on purchases within 3 months from account opening |
$700*
|
| Chase Freedom Unlimited |
3% cash back on all purchases in your first year up to $20,000 spent
|
N/A |
$300**
|
| Capital One Savor Cash Rewards Credit Card |
$300
|
Spend $3,000 on purchases within 3 months from account opening |
$300
|
*Estimate based on July 2019 valuations by The Points Guy (50,000 miles x .014)
**Estimate based on doubling the card’s normal 1.5% cash back rate x $20,000
How to judge the value of a sign-up bonus
Not all bonuses are created equal, and sometimes you need to dig deeper into the numbers to figure out how much they’re worth. Follow these tips to get a clearer picture:
- Calculate the value of points/miles — When the value of a bonus isn’t spelled out, resources like The Points Guy’s monthly valuations can come in handy. As The Points Guy explains: “These valuations are based on a combination of what I would pay to buy points if given the opportunity and the overall value I could get from redeeming them, factoring in variables like award availability, fees and change/cancellation policies.”
- Look at the proportions — An overly large spending requirement could reduce the value of a bonus. For example, a $300 bonus after spending $2,000 in 3 months could make more sense economically than a $500 bonus that requires spending twice as much in the same amount of time.
- Avoid getting overextended — Spending more than you normally would just to meet the bonus requirement could come back to haunt you. If your bonus quest results in carrying a big balance, APR charges could negate the benefits of the welcome offer.
Redeeming your rewards
A stash of rewards is only meaningful if you redeem them. Thankfully, many cards offer unlimited redemption and rewards that don’t expire, but it’s still important to consider all the ways rewards can be used prior to applying for a card.
- Redemption options — Before redeeming, you should know what your particular card allows you to redeem for. Options generally include statement credit, cash back, gift cards, shopping, travel and charitable donations. If you plan on redeeming for travel, familiarize yourself with your particular card’s rules beforehand.
- Rewards portals — Some rewards credit cards allow you to transfer your rewards to partner hotels and airlines, but more commonly, cards will require that travel be redeemed through their portal. Make sure to research which cards require this prior to applying, especially if you value flexibility.
- Transferring rewards — If you’re interested in transferring your rewards from your card to an airline or hotel’s loyalty program, some cards allow you to do so and often for increased value. For example, many Chase cards allow you to transfer Chase Ultimate Rewards points to other travel loyalty programs at a 1:1 value.
How to maximize your rewards
Developing a thorough credit card strategy doesn’t happen overnight. Here are a few ways you can maximize your rewards at every stage in your card’s lifecycle.
Determine what your goals are
Before you apply for a card, decide what your goals are for using it. Would you like to do more traveling? Are you interested in saving money on everyday expenses like groceries and gas? Do you want to upgrade your airline or hotel status?
When you establish your long-term goals for your card use, you can then go on to develop a well-coordinated credit card strategy.
Take a look at your spending habits
The rewards card you choose should have a rewards structure centered around what you spend the most on. For example, if you manage a busy family of five, a rewards card that offers a high percentage of cash back on gas and groceries may be a good fit.
Should you already have one or more rewards cards, look for another that accomplishes a new goal or covers a segment of your budget not already accounted for.
Max out your spending categories
To get the most bang for your buck, you’re going to want to max out your card’s spending categories each quarter, should they have them. Cards with unlimited earning potential are an exception.
For example, if you owned the Discover it® Cash Back and spent $1,500 every three months on the 5% cash back rotating category, you’d have successfully maxed out the category at the 5% rewards rate (1% thereafter, activation required).
Double up on cards to earn more
To earn even more rewards, you can pair rewards cards that earn rewards for different types of spending.
Our most important piece of advice when it comes to pairing cards is to start slowly. Applying for multiple cards at once will only hurt your credit score — instead, start with the one that has the widest rewards net and slowly move onto others with more limited rewards categories.
If you’re interested in learning more about pairing cards, read our guide to the best credit card combinations.
If you’re new to rewards cards, it’s easy to assume that accumulating points is always as simple as just using your card.
However, racking up enough rewards for free travel or substantial cash back can be more complicated than it might seem. Checking out the fine print can help you avoid disappointing detours on your way to earning substantial rewards.
Bonus spending categories
The advantage of a rewards card’s rotating category bonuses is that they are usually the highest bonuses you can get, but there may be limits and loopholes. Here are a few to consider:
- Spending definitions — Let’s say you have a rewards card that offers a bonus rate on grocery purchases. Some cards don’t include merchants such as Walmart or Target in their definition of grocery stores. Another example is gasoline purchases. If you buy gas at Costco, for example, remember that some bonus categories specify purchases at gas stations, not wholesale clubs.
- Earning caps — Many cards put a limit on how much you can earn in a specific period of time. With the Chase Freedom and Discover it Cash Back cards, for instance, bonus earnings apply to just the first $1,500 spent each quarter.
- Alternate payment methods — Third-party food apps, online gift cards and mobile wallet payment methods such as Apple Pay or Google Pay might not always count toward bonus spending.
Non-automatic perks
Some card benefits are automatically available when you sign up and use the card, such as earning cash back or getting consumer purchase protections, such as extended warranties. In other cases, you must be proactive. You’ll need to sign up or enroll.
Whether it’s elite status with a hotel or rental car chain, baggage fee credits for when you fly or concierge services, read your card’s fine print carefully to find out what you need to do to enroll. Usually it’s as easy as a one-time or yearly online registration.
Special redemption options
Once you’re comfortable with your credit card’s rewards program, you may be able to find some advanced strategies. One way to do that is to analyze your redemption options.
For example, points from the Chase Sapphire Preferred card are worth 1 cent each when redeemed for statement credits. But Chase offers cardholders 25 percent more value when they redeem points through the Chase Ultimate Rewards Travel Portal, boosting the point value to 1.25 cents.
Also, consider how your brand loyalty and affiliations could ramp up your points. Some banks reward card users for also having a checking account or retirement account with them.
Avoid costly assumptions
There’s a learning curve when it comes to getting the most out of your credit card rewards programs, especially when you make assumptions.
Foreign transaction fees
If you’re more of a domestic traveler, you might not be too concerned if your chosen rewards cards tack on fees of 3% or more for overseas purchases. However, what most people don’t realize is that online purchases from overseas merchants can incur foreign transaction fees.
Changes to rewards programs
Terms are subject to change at virtually any time. Make it a habit to skim your entire credit card statement (either online in PDF form, or the physical copy that arrives via mail) and any communication directly from the issuer to spot any upcoming program changes. You might come to realize that you’re not getting as much value from a card as you once did if it decides to drop or reduce a certain offer, for example.
“The main thing we look for [in a rewards credit card] is the rate at which the miles are accumulated and which spending habits the card will work best for. Since we rarely eat out having a card pay 2x points on restaurants is not beneficial to us compared to a card with 1.5x points on everyday purchases.”
— Brittany and Kelan Kline, Co-Founders at The Savvy Couple
Additional reading on rewards cards
For more information on all-things rewards cards, continue reading content from our credit card experts:
