There is a lot of buzz these days about reward credit cards. Besides being convenient to use, they come with many benefits like sign-up bonuses, ongoing rewards, and other incentives, which make them worth keeping. For example, a travel card has high values on hotel bookings.
The competition has never been more fierce, with new features and benefits being introduced all of the time. With the increasing popularity of these financial tools, their variety has also increased. Different cards cater to different needs, so users need to find one that suits their needs. In this article, we’ll cover the most important things you need to know about the 12 best rewards credit cards of November 2024.
Rewards Credit Cards: Best Offers
There are so many benefits to rewards credit cards in comparison to regular cards. When you get one, you’re not just earning points for cash back or airline miles; you’re also gaining access to special benefits and perks that can lead to big savings.
With the right one in your wallet, almost everything you buy can become a source of free stuff. They offer great sign-up bonuses and ongoing savings on common purchases like gas, groceries, restaurants, and more. They are tailor-made for people who love getting something back for the money they spend. Additionally, using an online payday loan app can provide quick financial support when needed.
They all have their unique perks, and if you want to make the most of the best rewards and cash back credit cards available today, keep reading to discover why our top picks stand out from the rest.
Chase Sapphire Preferred® Card
The Chase Sapphire Preferred® is a great choice for anyone who prefers a generous introductory bonus, and benefits, such as restaurant discounts, travel medical coverage, and emergency medical protection. If you plan on paying down your balance each month or are just looking for the best overall value, it may not be worth it.
- $0 annual fee
- Bonus on signing up and reasonable APR (14.24%-16.24%)
- All purchases earn 1.5% cash back
- If you transfer balances within 45 days of opening your account, you will qualify for an introductory APR of 0% for 12 months
- $0 foreign transaction fees
Chase Sapphire Reserve®
Chase Sapphire Reserve® is a premium travel perks card from Chase. The card offers a 19.99%-26.99% variable APR rate, a $550 annual fee, as well as an annual travel statement credit of up to $300 applied automatically. Chase Sapphire Reserve® offers plenty of benefits to make up for the high annual fee, making it a worthwhile investment for travelers.
- $300 in cash-back every year
- Trip cancellation and delay reimbursement
- Priority travel line seating and lounge access
- 80,000 bonus points upon making purchases of $4000 in the first 12 weeks
- Choose from 1,300 hotels and flights worldwide
Capital One Venture Rewards Credit Card
With the Capital One Venture, you’ll receive a premium card with a comprehensive benefits package that’s affordable ($95). If you’re searching for a card that will help you improve your credit score with a free FICO® Credit Score, this is a great choice.
- Sign-up bonus, worth $500
- As a new member, you receive cash back on your first transaction and 3 points per dollar on all subsequent purchases
- The introductory APR period starts at 14.24% and ends at 11.24%
- New cardholders can receive $1,000 in cash bonuses if they make a purchase within the first 16 weeks
- Fees for foreign transactions are not charged
Wells Fargo Active Cash® Card
Wells Fargo doesn’t charge an annual fee and offers a bonus of $200 after spending $1000 in the first 12 weeks, as well as 2% cash back on all other transactions. Despite not being a card with many benefits, it does offer simple, straightforward rewards without the fuss of keeping track of categories.
- Insurance for cell phones worth $600
- 17.99%, 22.99%, or 27.99% variable APR
- Fees for foreign transactions are not charged
- Flexible redemptions options: check, a statement credit, Wells Fargo ATM withdrawals
- APR of 0% for an introductory period
Capital One SavorOne Cash Rewards Credit Card
With the SavorOne from Capital One, cardholders can earn 3% cash back on eligible transactions, and 5% on travel purchases with an APR range of 17.99% to 27.99%. For those who don’t mind paying a fee, this is a great way to get cash back and can be a great option for those with good or excellent credit.
- There are plenty of entertainment, streaming, dining-out, and grocery benefits
- Up to 12 months of 0% APR cash back
- No fees, or annual fee
- 8% cashback on selected entertainment
- New customers can get $200 simply by spending $500 within 12 weeks
Citi Custom Cash Card
With the Citi Custom Card, customers get cash back on every spending with minimal hassle. The no-annual fee and competitive APR (16.24% – 26.24%) make this a good choice for those who want to make cash back without worrying about complicated rewards programs.
Cardholders with fluctuating spending patterns will likely do better with a cash-back product that has a higher APR because this product has a relatively low APR excluding bonus categories. Still, the loyalty rate is highly competitive considering the $0 annual fee.
- Travel, entertainment, gas, groceries, hardware stores, and restaurants are among the bonus categories that qualify for the 5% bonus
- Other spending is eligible for 1% cash back
- $200 after spending $750 within 12 weeks
- Rotating bonus categories
- Spending and balance transfers are subject to 0% APR for the first 16 weeks
Citi® Double Cash Card
The Citi® Double Cash Card is a great choice if you want to build your finances while accumulating cash back rewards. Spending on the card earns you 2% cash back -1% when you pay your bills and 1% when you shop. A voucher or statement credit can then be redeemed for these points.
- 16.24%-26.24% variable APR
- 0% introductory APR on balance transfers for the first year and a half
- Spend $1500 within 6 months and earn $200
- There are several redemption options available, including, statement credit, account deposit, and check
- $0 annual fee
The Citi® Double has some other perks that could make it worth considering. While it’s great for regular purchases or as an addition to other bonus cards, it’s not ideal for people who travel a lot due to fees associated with foreign transactions.
Blue Cash Preferred® Card from American Express
Spending money on selected streaming services and grocery stores can earn you 6% cash back, making the Blue Cash Preferred® from American Express an ideal financial addition for families. Cardholders also earn cashback on everyday expenses like gas and groceries.
The $95 annual fee will quickly be offset by those who spend a lot at supermarkets. Others may look elsewhere due to the lack of reward opportunities in entertainment, travel, and dining.
- 3% cash back at selected department stores and petrol stations
- 1% cash back on all other purchases
- $350 credit after spending $3,000 on orders after the first six months
- $95 annual fee: 0% for the first 12 months
- 16.24%-27.24% variable APR
Discover it® Cash Back
Discover it® Cash Back is the most popular rewards card for those looking for a simple cash-back program. With this card, you will earn 1% cash back on all spending, with no limits or terms. And in the first year, Discover will match cash-back offers automatically.
One of the biggest benefits of the Discover it® is that it gives users flexibility in how they can earn rewards – so those looking for simple benefits might prefer looking elsewhere. But unlike many others on the market, there are no caps or limits on how much you can earn – meaning that you can earn as much as you want as long as you continue to make qualifying purchases.
- No annual fee
- 14.99%-25.99%
- 5% cash back on Amazon, restaurants, gas stations, and groceries
- Free FICO score
- Introductory 0$ APR for 15 months
Chase Freedom Flex
Credit scores from the three major credit bureaus do not have to be perfect to qualify for the Chase Freedom®. As a result, it’s a great first credit card for those who want to build their credit and learn how to manage their finances.
In terms of high reward rates and categories, the Chase Freedom Flex is one of the best available today. It’s best for cardholders who don’t mind keeping tabs on the structure of their bonus categories.
- All transactions are subject to 0% APR for a year and a half. After that, they will be subject to 16.99%-26.74% APR
- $0 annual fee
- Mobile app is available for iPhone and Android users
- 1% points on grocery, restaurant, and gas purchases
- Use points for a wide range of redemption options, including gift cards (3%), and travel purchases (5%) with a variety of airlines and hotel properties worldwide
U.S. Bank Altitude® Connect Visa Signature® Card
U.S. Bank Altitude® Connect Visa Signature® Card is one of the best rewards cards for travel enthusiasts. You can use this card worldwide where Visa is accepted without paying foreign transaction fees. The APR for this card should be excellent as long as your history is good.
Overall, this card is great for earning cash back or spending money on leisure activities and dining out. Additionally, low-cost travelers looking for a simple rewards structure would benefit from the U.S. Bank Altitude® Connect.
- 18.99%-26.99% variable APR
- 5x points for hotel and car travel spending, 3x for EV charging, and gas stations, 2x for selected streaming, plus groceries, and restaurants
- 50,000 bonus points after spending $2000 within the first 4 months
- $95 annual fee
- The first 12 months are interest free
U.S. Bank Cash+® Visa Signature® Card
When put to use on everyday spending, the U.S. Bank Cash+® rewards card can earn an impressive number of points, particularly after combining it with other plastics. It does work well as an everyday spending companion, but it requires some planning due to its reward structure.
Cardholders who are savvy with their bonus spending will benefit most from the Bank Cash+®. It would also be useful for frequent travelers, otherwise, the 5% cash-back reward is pointless.
- No annual fee
- 0% introductory APR on transfers, balances, and transactions for the first 15 months
- $200 cashback after spending $1000 within the first 4 months
- 17.49%-27.49% variable APR
- Payment plan available on purchases over $100
How To Compare Rewards Credit Cards
There are a number of different rewards credit cards to consider when it comes to earning bonuses and making your money work harder for you. If you want the best one for you, compare not only what’s on offer, but also the rewards structure, so you can make sure that you get something that suits you rather than what looks the best.
Is there a particular type of reward you’d like to earn? Are there any special conditions or requirements that apply? Once you have an idea of what you’re looking for, it’s time to start digging around. You can begin by comparing the following conditions of all potential reward programs. This will help you get a feel for how each card works and what to expect from each one.
Best for
When choosing a rewards credit card, you need to consider your income level, credit score, and spending habits. Note that the category of card you opt for will determine the extent of benefits you will enjoy. There are companies that issue rewards in the form of cash. However, there are also companies that reward customers with products or rebates in exchange for points.
Others also give you access to exclusive deals and benefits. However, all reward programs have one thing in common: they are all designed to motivate you to spend money, and it is in your best interest to decide which reward scheme will benefit you the most.
Annual Fee
Many people believe that the best reward cards will have low annual fees. However, this is not the case. Technically, the higher the annual fee, the more rewards are available. Thus, the higher your annual fee, the more reward points you’ll earn. Typically, the average and median annual fees for U.S. credit cards are $178 and $95, respectively.
Nonetheless, there are some very good reward programs on the market that still offer attractive cash back or travel rewards that can be redeemed for free travel, vouchers, or merchandise. However, there are some things you need to keep in mind when comparing reward credit card annual fees.
- With each card, you’ll earn a certain number of rewards. Cash-back cards with low annual fees and high cash-back rates are ideal if you plan to redeem them for cash.
- When it comes to redeeming your rewards for travel, some issuers will charge a fee for each redemption. So if you want to use them for flights, make sure you compare the total cost of your flight reward redemption against the total cost of your annual fee.
Rewards Rate
By definition, reward credit cards come with a fixed cash-back rate that is typically lower than the interest rate that you would pay on other types of plastic. In contrast, a luxury high rewards rate card will offer 5% cash back, while a regular rewards credit account might offer 1%. The ones that have a high annual fee will have the best reward rate, with some offering as high as 8 or 9% on selected purchases.
Intro Offer
An introductory offer is an offer that’s available to new customers who are applying for a new credit card. Credit card introductory offers are primarily intended to attract new customers.
This allows the bank to build a relationship with the customer by offering them a low APR, and it also helps the customer become familiar with the credit card company’s products. An introductory offer can be a promotional reward such as a cashback bonus of $200 for low offers, and $2000 or more for higher offers.
When Is It Worth To Take a Reward Credit Card?
A reward card can help you take advantage of any offer you come across, whether it’s free money or trips, or anything else. For starters, it can help you earn extra rewards that can add up over time. With that in mind, they’ll typically have higher minimums than other types of cards, so you’ll need to be comfortable with the amount you’re spending each month.
You can also use them to boost your credit score. Just keep in mind that certain companies may charge high annual fees. So take your time before applying and make sure you’re ready for any potentially higher monthly costs. The best way to determine if one is right for you is to test it out first.
What Are the Different Types of Reward Credit Cards?
A rewards credit card can offer a variety of rewards programs, including cash back and travel credit rewards to give a percentage of purchases back to the cardholder. These are very popular with people who are comfortable with spending money on things they need or want.
In addition, there are travel rewards cards which allow you to save money and enjoy the benefits of travel rewards without having to pay up front for expensive trips. Because there are travel reward cards that can be used to earn points toward free flights and other travel-related purchases.
What Are the Pros and Cons of a Rewards Card?
There are times when the prospect of free stuff can outweigh a high annual fee, and you may end up spending money on items you wouldn’t otherwise purchase. So before getting a card, consider the following pros and cons.
Rewards cards best offer includes a variety of benefits:
- Earning extra money with them is a great way to supplement your income. With many cards, you can earn rewards for spending money, such as cash back or bonus points, and you can earn bonus points by using them at certain stores and locations. You can also use them to purchase vouchers, which can be used to buy things you normally wouldn’t be able to afford.
- They are a great way to save money. When you use your card repeatedly, you’ll accumulate points that can be exchanged for gift cards or other items at a later date.
- Staying organized is easy with them. You can track how much you spend each month and see how it compares with other people in your area; this way you can stay on top of your budget.
It’s possible to earn free stuff, but there are some potential drawbacks:
- They are often difficult to use. You need to remember to keep track of your spending and pick the right card for your needs.
- It’s possible that you won’t see as much benefit as you would like if you don’t use it consistently.
- Some charge annual fees, application fee, late fees or a penalty APR if you miss a payment or otherwise default on the card. These types of fees can quickly add up and make it hard to keep up with all the costs associated with using a card like this.
How to Maximize Credit Card Rewards
The structure of these products are heavily influenced by rewards. These days, you can earn points, miles, or cash back on every purchase. The key is to figure out how you can use those benefits to earn the most bang for your buck. There are a few ways to maximize your credit card points and earnings:
- Redeem points for vouchers, travel, and other options.
- Earn bonuses for paying the full balance in each billing period.
- Use a credit card that has higher rates.
- Keep your credit card open and active for a long period of time. This helps build your credit score and shows that you can pay off your debt in full each month.
- Maximize credit card benefits like free rental insurance, extended warranty protection, and travel accident coverage.
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