What’s the Best Rewards Credit Card for You?

Chase Sapphire Preferred® Card

Apply Now

• On Chase's Secure Website

Annual Fee

$95

APR

15.99% - 22.99% Variable

Credit Needed

?

Excellent

Editor's Rating

?

• Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
• 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
• Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
• Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
• Earn 5X points on Lyft rides through March 2022. That's 3X points in addition to the 2X points you already earn on travel.

+ see card details

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Citi® Double Cash Card

Apply Now

• On Citi's Secure Website

Annual Fee

No Annual Fee

APR

13.99% - 23.99% Variable

Credit Needed

?

Excellent

Editor's Rating

?

• Earn cash back twice. Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
• To earn cash back, pay at least the minimum due on time.
• Balance Transfer Offer: 0% intro APR on Balance Transfers for 18 months. After that, the variable APR will be 13.99% - 23.99%, based on your creditworthiness.
• Balance Transfers do not earn cash back.
• If you transfer a balance, interest will be charged on your purchases unless you pay your entire balance (including balance transfers) by the due date each month.
• There is a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater.
• The standard variable APR for Citi Flex Plan is 13.99% - 23.99% based on your creditworthiness. Citi Flex Plan offers are made available at Citi's discretion.

+ see card details

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Southwest Rapid Rewards® Premier Credit Card

Apply Now

• On Chase's Secure Website

Annual Fee

$99

APR

15.99% - 22.99% Variable

Credit Needed

?

Excellent

Editor's Rating

?

• Earn 40,000 points after you spend $1,000 on purchases in the first 3 months your account is open.
• 6,000 bonus points after your Cardmember anniversary.
• 2 points per $1 spent on Southwest® purchases and Rapid Rewards® hotel and car rental partner purchases.
• 1 point per $1 spent on all other purchases.
• No foreign transaction fees.
• No blackout dates or seat restrictions.
• Redeem your points for flights, hotel stays, gift cards, access to events, and more.

+ see card details

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Blue Cash Preferred® Card from American Express

Apply Now

• See Rates & Fees. Terms Apply.
• On American Express' Secure Website

Annual Fee

$95

APR

13.99%-23.99% Variable

Credit Needed

?

Good/Excellent

Editor's Rating

?

• Earn a $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
• 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
• 6% Cash Back on select U.S. streaming subscriptions.
• 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more). 1% Cash Back on other purchases.
• Low intro APR: 0% for 12 months on purchases from the date of account opening, then a variable rate, currently 13.99% to 23.99%.
• Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee and no interest.
• Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.
• $95 Annual Fee.
• Terms Apply.

+ see card details

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Chase Sapphire Reserve®

Apply Now

• On Chase's Secure Website

Annual Fee

$550

APR

16.99%-23.99% Variable

Credit Needed

?

Excellent

Editor's Rating

?

• Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
• $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year
• 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases. $0 foreign transaction fees.
• Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards. For example, 50,000 points are worth $750 toward travel
• 1:1 point transfer to leading airline and hotel loyalty programs
• Access to 1,000+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select
• Up to $100 application fee credit for Global Entry or TSA Pre✓®
• One Year Complimentary Lyft Pink ($199 minimum value). Complimentary DashPass subscription from DoorDash after activating by 12/31/21.

+ see card details

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What is a Rewards Credit Card?

The first thing you should know about rewards credit cards is that they come in two categories:

1. Cash Back Credit Cards: Award you cash for every purchase you make using the card.
2. Travel Credit Cards: Award you with points or miles for every purchase.

Neither is better than the other, as it all comes down to what you're looking to get out of a rewards credit card as a user.

If you travel several times per year, then it likely makes more sense to apply for a travel credit card over a cash back credit card, since it'll award you larger rewards in most cases. On the contrary, if you're someone who doesn't really travel, then you should consider a cash back credit card to help you earn rewards on your everyday purchases.

Both types of cards have advantages over other forms of payment, like cash or a debit card. For starters most credit cards have built-in protection against fraud. Additionally, many will provide you the ability to initiate a chargeback should there be a dispute between you and a merchant.

Best Rewards Credit Cards of 2020

1. Chase Sapphire Preferred® Card

Apply Now

• On Chase's Secure Website

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Why we like it: The Chase Sapphire Preferred® Card allows users to earn 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide. The points you earn with the card are Chase Ultimate Rewards points. The rewards program allows you to combine the points you earn with 13 travel rewards programs, including United, Southwest and Marriott Hotels. This extreme flexibility is why the Chase Sapphire Preferred® Card is among our favorite rewards credit cards.

It's worth noting that the Chase Sapphire Preferred® Card is offering an unusually high sign-up bonus, provided you meet the spending requirements. Therefore, if you're considering applying for this card, it may be a great time to do so.

Things to watch out for: The Chase Sapphire Preferred® Card requires excellent credit, meaning it can be a bit tough to qualify for. Additionally, the card packs an annual fee, so you'll want to make sure you'll be able to earn enough rewards to justify paying that cost. Regardless, if you're able to qualify, this can be one of the best cards available on the market.

2. Capital One® Venture® Rewards Credit Card

This product is not available through ValuePenguin.

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Why we like it: The Capital One® Venture® Rewards Credit Card offers an above average 2 Miles per dollar on every purchase, every day. The miles you earn on this card can be transferred to over 14 travel loyalty programs, making them very flexible. Additionally, this is one of the only cards to provide users with Global Entry or TSA PreCheck at this price point. Most other cards that have this feature will have annual fees of $450 or more.

JetBlue is the newest transfer partner available to Capital One® Venture® Rewards Credit Card cardholders. This partnership provides great value for consumers who fly JetBlue out of the Northeast.

Things to watch out for: The main drawback of the Capital One® Venture® Rewards Credit Card is that your rewards will be half the value when you use them for cash, as opposed to travel. Therefore, we only recommend applying for this card if you're planning to utilize the miles for travel as opposed to earning cash rewards. If you're interested in earning cash back rewards, we recommend you read about our top picks of 2020 for this category.

3. Discover it® Cash Back

Why we like it: The Discover it® Cash Back offers cardholders 5% cash back in seasonal rewards that apply on up to $1,500 in spending each quarter (activation is required). All other spending earns users 1% cash back, meaning you'll be able to earn rewards regardless of what you purchase. We've outlined the 5% rotating bonus calendar for 2020 below.

Since Discover will offer you up to 5% cash back and will double your rewards in your first year, this means that you'll have the opportunity to earn up to 10% cash back on certain categories. That is an incredible value proposition when compared to other cash back credit cards.

Things to watch out for: The main drawback of the Discover it® Cash Back is that it requires you to activate the 5% categories every quarter. This isn't a major hassle, but it isn't ideal for people who want something a bit simpler. If you don't activate the categories every quarter, the card will only yield 1% cash back, which isn't terrible, but users can certainly do better. Of course, the 5% cash back is only useful if your spending aligns with those categories, so make sure to glance at the categories below before you apply.

Update: The Discover it® Cash Back recently added Target and Walmart.com as 5% cashback bonus categories for the 4th quarter of the year. This is excellent news as both stores offer a dizzying array of products online at competitive prices. Consider signing up for this card prior to Q4 to maximize your cash back potential.

4. Citi® Double Cash Card – 18 month BT offer

Apply Now

• On Citi's Secure Website

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Why we like it: The Citi® Double Cash Card – 18 month BT offer is one of our favorite cards, because it's so simple to use. It offers 2% cash back rewards with no categories to keep track of and no activation required. Cardholders can take advantage of the following rewards structure: Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay. The card also comes with a balance transfer offer that may make it an attractive choice for certain users.

Things to watch out for: The Citi® Double Cash Card – 18 month BT offer doesn't currently offer a sign-up bonus. Other competing cards will typically reward users with anywhere from $150 to $200 for achieving a certain spend within three months. Regardless, in the long term the Citi® Double Cash Card – 18 month BT offer will provide users with excellent value. While sign-up bonuses are great, we typically don't recommend users base their credit card of choice off of a promotional offer, as the long-term usage of the card has the potential to outweigh the value that can be achieved from any sign-up bonus.

5. Chase Freedom®

This product is not available through ValuePenguin.

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Why we like it: The Chase Freedom® provides provides an extremely good Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.

Things to watch out for: The main drawback of the Chase Freedom® is that it requires you to keep track of rotating categories. Provided you'll activate and utilize the categories every quarter, then you should go ahead and apply for the card. If you're forgetful or just want something a bit simpler, we recommend opting for a card like the Citi® Double Cash Card – 18 month BT offer.

6. Chase Freedom Unlimited®

This product is not available through ValuePenguin.

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Why we like it: The Chase Freedom Unlimited® provides a 1.5% cash back offer. on all purchases. You'll also be able to earn the following sign-up bonus: $200 cash back after you spend $500 on purchases in your first 3 months from account opening

What makes the card even better is that if you happen to have the Chase Sapphire Preferred® Card, you'll be able to transform your cash back to Chase Ultimate Rewards points. As previously mentioned, this is one of the best rewards programs, and pooling points together can save you a lot of money when you use the travel portal.

Things to watch out for: One thing to be aware of is that Chase has what's called a 5/24 rule, meaning that if you were approved for five credit cards within the last 24 months, you will be instantly denied for any new applications with the issuer. However, we believe this will only impact a small number of credit card applicants.

7. Southwest Rapid Rewards® Premier Credit Card

Apply Now

• On Chase's Secure Website

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Why we like it: The Southwest Rapid Rewards® Premier Credit Card offers 2 points per $1 spent on Southwest® purchases and Rapid Rewards® hotel and car rental partner purchases. 1 point per $1 spent on all other purchases. While the rewards structure is solid, the main draw of this card is the potential to earn a Southwest Companion Pass.

Many people sign up for the Southwest Rapid Rewards® Premier Credit Card as a means of earning the airline's Companion Pass. Currently, cardholders can earn the following sign-up bonus: Earn 40,000 points after you spend $1,000 on purchases in the first 3 months your account is open.

Things to watch out for: Since you're earning Southwest points with this card, it doesn't quite make sense for anyone that doesn't travel with the airline frequently. Before applying for this card you'll want to make sure that Southwest has a major hub near your home and that the airline flies to whatever destinations you frequent. After all, an airline rewards credit card is only as good as the airline itself.

8. Capital One® SavorOne® Cash Rewards Credit Card

This product is not available through ValuePenguin.

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Why we like it: The Capital One® SavorOne® Cash Rewards Credit Card provides cardholders 3% back on dining and entertainment purchases. By contrast, most normal cards will struggle to give you more than 2% in these sorts of categories — that includes cards with an annual fee. The only way you can get better rates is with this card's older brother, the Capital One® Savor® Cash Rewards Credit Card, although that card charges an annual fee of $0 intro for first year; $95 after that.

Capital One clearly considered every small detail when designing this card, which is something we appreciate. The card's bright color will make it easier to see in the places you're likely using it the most — dimly lit restaurants, bars and clubs. Like all Capital One cards, the Capital One® SavorOne® Cash Rewards Credit Card also has no foreign transaction fees meaning you don't have to think twice about using it when you travel abroad.

Things to watch out for: This is a really strong credit card offer with not many things to watch out for. If we had to nitpick, we'd say that the sign-up bonus could be a bit more enticing. However, even then, the card's rewards structure is more than enough to make up for that fact.

9. Blue Cash Preferred® Card from American Express

Apply Now

• See Rates & Fees. Terms Apply.
• On American Express' Secure Website

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Why we like it: The Blue Cash Preferred® Card from American Express provides 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). 6% Cash Back on select U.S. streaming subscriptions and 1% Cash Back on other purchases.

Things to watch out for: This is one of the few cash back credit cards on our list with an annual fee. Still, provided your spending falls within the bonus cash back categories, you'll likely earn enough cash back rewards to offset the card's annual fee. Overall, this is a solid card, especially for families or anyone who frequently spends money at U.S. supermarkets.

For rates and fees of the Blue Cash Preferred® Card from American Express, please click here.

10. Chase Sapphire Reserve®

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• On Chase's Secure Website

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Why we like it: The Chase Sapphire Reserve® offers 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases. In terms of perks, you'll get access to Priority Pass airport lounges and get a TSA PreCheck/Global Entry application fee waiver. This is one of the best cards to have in your wallet if you're simply looking to maximize your rewards. As we've stated, the Chase Ultimate Rewards program is among the best for flexibility when booking travel.

Things to watch out for: The $550 annual fee associated with this card is considerable. However, it's worth noting that if you use the $300 annual travel credit, the card's annual fee is effectively $150. Still, we're assuming there will be some consumers who will be uncomfortable forking over a high annual fee every year. That said, the card provides incredible value for high spenders.

Honorable Mentions

Uber Visa Card

This product is not available through ValuePenguin.

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Why we like it: The Uber Visa Card offers some of the best cash back rewards rates available. Users get 5% back on Uber services, which includes Uber rides, Uber Eats and JUMP bikes and scooters, 3% on hotels, restaurants and airfare, and 1% back on everything else. Not only is that a generous amount of bonus categories, but the percentages are rewarding for frequent Uber users.

Why it missed our list: The Uber Visa Card is a great card for frequent Uber users, but falls short for anyone who doesn't frequently use their services. Note, the rewards are doled out as points that you can only redeem with Uber, so you won't have much use for them, anyway, if you don't use Uber services.

AAdvantage® Aviator® Red Mastercard®

This product is not available through ValuePenguin.

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Why we like it: If you're looking to accrue a high number of airline miles easily, there isn't a much better option. While most cards require you to spend a few thousand dollars to earn a sign-up bonus, the AAdvantage® Aviator® Red Mastercard® is much simpler. All you have to do is pay the card's annual fee and make a purchase within 90 days and you'll get the following sign-up bonus: Earn 60,000 AAdvantage® bonus miles after making your first purchase in the first 90 days and paying the $99 annual fee. That should be enough for a domestic round-trip flight. Of course your exact mileage will vary, but 60,000 miles is quite a hefty amount of miles.

Why it missed our list: The card has a decent benefits structure, but it could be improved upon. Users are able to earn 2 miles on every dollar spent on American Airlines purchases and 1 mile on all other purchases. This isn't bad by any means, but there are a ton of cards with similar earning structures. Therefore, we really only recommend signing up for this card if you're someone who's searching for a large sign-up bonus and want to earn it rather quickly.

Questions to ask before applying for a card

Before applying for any credit card, we always recommend our users execute their due diligence and ask themselves a few key questions:

1. What do I want out of a rewards credit card?

Understanding what you want out of a rewards credit card, whether it be free flights or cash back in your pocket, will help align your card choice with your ultimate financial goals.

2. What kind of card can I qualify for?

It simply doesn't make sense to apply for a card that requires excellent credit if you have poor or even just fair credit. Understanding your credit score will help you narrow down your choice of rewards credit cards. If you're interested in comparing credit cards by credit score, read our helpful guides below:

Best Credit Cards For

3. Is the rewards credit card worth it for me?

Ultimately, you'll want to ensure that you're able to extract enough value from the credit card you choose in order to make up for any annual fee. For example, if you wanted to opt for a $100 annual fee cash back card, you'll want to make sure you're earning more than $100 in cash back rewards on an annual basis. An easy way to go about this is to use our credit card comparison tool.

FAQs about rewards credit cards

Here are some common questions about rewards credit cards.

How do you redeem credit card rewards?

While this varies depending on which card you choose, most credit card rewards can be redeemed through a bank's online portal. Usually, this entails logging into your account and selecting a redemption method, whether it's getting cashback transferred to your bank account, using your points to book a flight, or transferring your points to a travel partner.

What is the best rewards credit card?

The best rewards credit card depends on your budget, spending habits and lifestyle. If you're a low spender, go for a no-fee cashback card like the Citi® Double Cash Card – 18 month BT offer. If you're a big spender and heavy traveler, consider the Chase Sapphire Reserve®.