Rewards credit cards allow you to earn cash back, points or miles on your everyday expenses, meaning they’re a great way to make the most of those purchases. It’s important to understand which type of reward is best for you, depending on how you use your credit cards and what you use them on.
CardCritics, GOBankingRates’ resident credit card experts, identified the best rewards credit cards by compiling and extensively analyzing data on all of the major credit cards available, then rating them on a 5-star rating system. The comparison factors include annual fees, APRs, sign-up bonuses, ongoing rewards, accessibility, redemption options, and more. These factors were then weighted by importance to focus on key features that are most important in each specific category.
Full list of our picks for Best Rewards Credit Cards
Click on the card name to read our full review.
Chase Freedom Unlimited®
What we love about the Chase Freedom Unlimited® Card: Uncomplicated, unlimited rewards
The Chase Freedom Unlimited Card is a powerhouse card with few equals when it comes to cash back, offering the high rewards rate you want without the complexities that come with rotating categories and offers that require activation. You’ll get 5% for travel purchases through Chase Ultimate Rewards, 3% for dining and drugstores, and 1.5% on all other purchases. You can redeem your rewards for cash back, gift cards, or travel through the Ultimate Rewards website. Plus, enjoy a special offer of unlimited matched cash back. Use your card for all your purchases and at the end of your first year, Chase will automatically match all the cash back you earned! There is no limit to how much cash back you can earn. There is no annual fee. Read our full review
American Express Blue Cash Preferred®
What we love about the American Express Blue Cash Preferred® Card: Cash back on common purchases
The American Express Blue Cash Preferred Card stands out for its generous cash back rates on some of the purchases you spend the most on, such as groceries and gas. You’ll earn 6% cash back at U.S. supermarkets on up to $6,000 per year in purchases, 6% back on US streaming plans, and 3% back at U.S. gas stations and on transit. You’ll earn 1% cash back after limits are reached, and you’ll also earn 1% on all other purchases. The card has a $95 annual fee after the first year, which has an intro fee of $0. And don’t forget the welcome offer: You receive a $250 statement credit after you spend $3,000 in purchases within the first six months. Read our full review
Capital One VentureOne Rewards
What we love about the Capital One VentureOne Rewards Card: Solid rewards with no annual fee
The Capital One VentureOne Rewards Card offers a flat rate of 1.25X miles on all purchases and an elevated 5X rate on hotels and rental cars booked through Capital One Travel. You’ll also collect a sign-up bonus of 20,000 miles once you spend $500 on purchases within three months from account opening, which equals $200 in travel. Those who plan to make a large purchase or who need to carry a balance will appreciate the 0% intro APR on purchases and balance transfers for 18 months; after that; 3% fee on the amounts transferred within the first 18 months. The card charges no annual fee or foreign transaction fees. Read our full review
Wells Fargo Autograph℠
What we love about the Wells Fargo Autograph Card: Generous rewards in popular categories
The Wells Fargo Autograph Card offers a high rewards rate on some of the most common types of purchases, and it also comes with an impressive welcome bonus for a card without an annual fee. New card members can earn a limited time offer of 30,000 points after spending $1,500 in the first three months, which is a $300 cash redemption value. You can also collect unlimited 3X points on key categories like restaurants, travel, gas stations, transit, popular streaming services and phone plans, making it a great choice if you spend regularly in those categories. Other purchases will get you 1X points. The card also comes with a notable 0% introductory APR offer on purchases for 12 months, then a will apply. Read our full review
Capital One SavorOne Rewards
What we love about the Capital One SavorOne Rewards Card: Cash back on top categories
The Capital One SavorOne Rewards Card is a great choice for those looking to get a good, straightforward rate of cash back on everyday purchases without an annual fee. The card gives you unlimited 3% cash back on groceries, dining, entertainment, and streaming services, plus you can earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel. All other purchases will generate 1% cash back. Those who expect to carry a balance early on will appreciate the 0% intro APR on purchases and balance transfers for 15 months; APR after that; a 3% fee applies on the amounts transferred within the first 15 months. The card also comes with a welcome offer of $200 when you spend $500 on purchases within the first three months. Read our full review
Chase Freedom Flex℠
What we love about the Chase Freedom Flex Card: Ample rewards for the savvy spender
The Chase Freedom Flex Card gives you lucrative rewards on revolving categories, allowing you to elevate your earnings by activating bonus categories each quarter. You also get solid flat-rate earnings on other categories, such as 5% for travel purchased through Chase Ultimate Rewards, 3% for dining and drugstore purchases, and 1% on all other purchases. Rewards can be redeemed for cash back, gift cards, or travel through the Ultimate Rewards website. As a bonus offer, you receive $200 after spending $500 in the first three months. Additionally, for a limited time you’ll earn 5% back on grocery store purchases on up to $12,000 spent in the first year (excluding Target and Walmart). The Freedom Flex Card has no annual fee. Read our full review
U.S. Bank Altitude® Go Visa Signature®
What we love about the U.S. Bank Altitude® Go Visa Signature® Card: Restaurant rewards and no annual fee
The U.S. Bank Altitude Go Visa Signature Card is an excellent choice for those who spend more on eating out or ordering takeout. The card gives you 4X points on dining, takeout and delivery, plus 2X points at grocery stores, gas stations and EV charging stations and on streaming services. For a welcome offer, you’ll get 20,000 bonus points after you spend $1,000 within the first 90 days after opening an account. That’s adds up to a $200 value that can be redeemed for cash back, merchandise, gift cards and travel. There’s also 0% intro APR for 12 billing cycles, then a APR applies. Read our full review
Regions Prestige Visa Signature
What we love about the Regions Prestige Visa Signature Card: Solid rewards on everyday purchases
The Regions Prestige Visa Signature Card allows you to earn 3X points on dining and entertainment and 2X points on gas and groceries, making it a great card for everyday use. You’ll also earn 1X points on other purchases. Plus, there’s no earnings limit or annual fee, so you can maximize your rewards. The current sign-up offer gives you 10,000 bonus points when you spend at least $500 within the first 90 days, which amounts to a $100 value. Once you spend at least $1,000, you’ll earn an additional 10,000 bonus points. This card also comes with a 0% introductory APR for 12 months on purchases and balance transfers, then it’s . Read our full review
U.S. Bank Altitude® Connect Visa Signature®
What we love about the U.S. Bank Altitude® Connect Visa Signature® Card: Great rewards on travel and more
The U.S. Bank Altitude Connect Visa Signature Card offers elevated rewards in an impressive variety of spending categories. You can earn 5X points on prepaid hotels and car rentals booked with the Altitude Rewards Center, as well as 4X points on travel, at gas stations and EV charging stations. On top of that, you’ll also collect 2X points on dining, at grocery stores and for streaming services. You’ll also get a $30 credit for annual streaming service purchases. The welcome offer is substantial, with new cardholders getting 50,000 bonus points after spending $2,000 in the first 120 days. The $95 annual fee is waived for the first year. Read our full review
Citi Rewards+®
What we love about the Citi Rewards+ Card: Strong perks and rewards on groceries
The Citi Rewards+ Card is a great choice that packs plenty of perks and offers enhanced rewards, especially for those who grocery shop regularly. You’ll get 2X points on supermarket and gas station purchases on up to $6,000 each year (then 1 point per $1). As a welcome bonus, you can earn 20,000 bonus points after spending $1,500 within the first three months of account opening. For a limited time through June 30, 2024, you can earn 5 ThankYou® Points per $1 spent on hotel, car rentals, and attractions booked on the Citi Travel℠ Portal. Plus, you’ll get a 0% intro APR for 15 months on purchases and balance transfers, then based on creditworthiness. Read our full review
What Is a Rewards Credit Card?
A rewards credit card lets you make the most of your credit card purchases by accumulating points, miles or cash back when you use the card. You usually earn either a flat rate (like 1 point for every dollar spent on all purchases) or a higher rate for certain categories (like 5 points for every dollar spent on dining out).
The best rewards cards usually have a welcome bonus that allows new cardholders to earn extra rewards when they spend a certain amount of money in a set period of time.
Some rewards credit cards have distinct rewards programs and rules for redeeming rewards, so it’s important to understand the specific rewards program to help you maximize your rewards.
Types of Rewards Credit Cards
The two most common types of rewards credit cards are travel and cash back rewards cards.
Travel rewards cards – A travel credit card is a card that offers rewards in the form of miles or points that can be redeemed for travel purchases such as flights, hotels and rental cars. These points may also be redeemable for statement credits, gift cards and more, depending on the card. A travel card usually offers a higher rate of rewards points when you use it to book travel.
Travel cards also typically come with a host of additional perks that make travel more enjoyable. Your card may score a free checked bag for your flight, a hotel room upgrade, access to airport lounges and more.
Cash back cards – Cash back cards earn you a practical reward that just about everyone can benefit from – money. When you make purchases with a cash back card, you get back a specified percentage of what you spend in the form of cash. While other types of credit cards reward you with points or miles that you may only be able to use for certain purposes, cash back cards offer a level of simplicity that many cardholders appreciate.
Here’s an example: If a card offers 2% cash back on gas station purchases and you spend $60 to fill your tank, you’d get $1.20 back. How you receive your cash back rewards varies from card to card. Some may give it to you in the form of a statement credit, while others may pay you back in actual cash. Other cards may allow you to choose how you want to receive it.
As you compare cash back cards, you’ll notice that some offer flat cash back rates for all types of purchases, while others offer different cash back values depending on which category your purchase falls under. Some cards rotate which categories feature enhanced cash back rewards, with a new category offering extra cash back each quarter.
Pros and Cons of Using a Rewards Card
Rewards cards can be a great way to earn cash back, miles or points on everyday purchases you’re likely already making. But they aren’t the best choice for everyone. Here’s a rundown of the pros and cons:
PROS
Rewards – As the name suggests, the main appeal of rewards credit cards is getting rewards on your everyday purchases.
Sign-up bonuses – The best rewards cards usually have a welcome bonus that allows new cardholders to earn extra rewards when they spend a certain amount of money in a set period of time. You’ll find this feature more often with rewards cards than with other types of cards.
CONS
Rewards caps – Some rewards credit cards have earning caps, meaning your ability to earn rewards in certain categories is limited. Make sure you consider this when selecting your rewards card, especially if it has an annual fee.
Higher APRs – With higher APRs than other types of credit cards, rewards cards may not be the best fit for users who carry a balance.
How To Compare Rewards Credit Cards
Rewards cards help you earn more from purchases you make with your credit card. It’s important to consider each card’s strengths and weaknesses in the categories below so you can line them up with how you’ll use the card. This will help you not only earn the most, but avoid spending too much.
Annual Fee – An annual fee is a yearly fee you pay to have a credit card. Annual fees vary among cards. Many have no annual fee, while some have high annual fees. Some cards also waive the first year’s annual fee as a welcome bonus. Rewards cards with high annual fees usually have additional perks and special rewards rates that can make the annual fee worth it for the right user.
Sign-up bonus – A sign-up, or welcome, bonus is an incentive offered to new cardholders. It allows new cardholders to earn extra rewards when they spend a certain amount of money in a set period of time. You’ll find this feature more often with rewards cards than with other types of cards.
Intro APR – Many rewards credit cards also offer 0% introductory APR for anywhere from six months to 21 months. This intro APR can be for purchases, balance transfers or both. This break from interest can help if you’re making a big purchase or need to consolidate debt.
Foreign transaction fees – Some rewards cards charge a foreign transaction fee, which can be from 1% to 3% of the purchase amount when you make a purchase in a foreign country.
How To Maximize Rewards
To maximize credit card rewards points, you’ll need to research cards and pick the ones that fit in your spending plan.
Earn your sign-up bonus – While you should avoid overspending to meet your sign-up bonus, you should understand the requirements associated with the bonus and structure your spending accordingly.
Target categories – Be aware of any special categories your rewards card has and use the card when you make purchases in those categories.
Redeem through the issuer’s portal – Some cards let you earn bonus rewards if you redeem them through the issuer’s portal. This is another example of how knowing the rules of your card can help you earn more money.
Don’t carry a balance – Rewards cards often have higher APRs than other types of cards so they’re not the best fit for carrying a balance.
Best Credit Cards 2023
- 10 Best Balance Transfer Credit Cards for 2023
- 10 Best Cash Back Credit Cards for 2023
- 10 Best Credit Cards for 2023
- 10 Best Travel Credit Cards for 2023
- Best Airline Credit Cards for 2023
Methodology
CardCritics, our resident credit card experts, identify the best credit cards by compiling and extensively analyzing data on all of the major credit cards available, then rating them on a 5-star rating system. The comparison factors include annual fees, APRs, sign-up bonuses, ongoing rewards, accessibility, redemption options, and more. These factors were then weighted by importance to focus on key features that are most important in each specific category.
FAQ
Check below for some frequently asked questions about rewards credit cards.
- Are rewards cards worth it?
- Whether a reward card is worth it depends mostly on the spending habits of the person using it. Be sure to research, plan and exercise discipline when spending to maximize the value of a rewards card.
- Can credit card rewards expire?
- Credit card rewards usually do not expire as long as your account is open, but check your terms and conditions to be sure.
- Can credit card rewards be taxed?
- Cash back from a credit card is generally considered to be a “discount,” and therefore these rewards are not taxed. However, there are some uncommon circ*mstances where rewards may be taxable like if you receive rewards just for opening an account or any other reason that doesn’t require any purchase. If you’re unsure, ask your credit card issuer and a tax advisor.
- What credit score do I need to get a rewards credit card?
- Most upper-tier rewards cards require you to have a credit score of 670 or higher. There are some exceptions to this as student cards or even secured cards can have rewards too.
