More than ever before, credit card companies are throwing cash, points, and miles at consumers to entice them to sign up for new credit cards. We’re talking bonuses worth hundreds of dollars just for signing up for a new credit card. Many of these cards don’t even have an annual fee!
Here are a couple of things to note about finding the best rewards credit cards:
1. Most lists are outdated. Be careful which lists you’re looking at when it comes to rewards credit cards. Many, such as the lists from Consumer Reports, are outdated. Those cards have long been replaced with even better offers.
2. Many lists leave out the best cards. Of course, it’s not practical to list every one of the thousands of great credit card options out there. But here, we’re really trying to distill it down to the best offers at the time of this writing.
Here, we’ll list our editor’s picks of the top eight best overall rewards credit cards. If you’re interested in cards within a certain category, check out our specific lists. Otherwise, this is just the top seven best rewards cards today (and seven bonus options):
1. Blue Cash Preferred® Card from American Express
The Blue Cash Preferred® Card from American Express is an excellent way to earn cash back on your everyday expenses. In fact, unlike most cards weighted more towards dining, entertainment, and travel, this one is weighted towards gas and groceries.
With this card, you’ll get 6% cash back on up to $6,000 per year in supermarket purchases, 3% cash back at US gas stations and 1% cash back on all other purchases. You can redeem your Reward Dollars as a statement credit. For new card members, spend $1,000 on purchases within three months of account opening, and get a $250 statement credit.
Plus, AMEX has also added a few new bonus categories; 6% cash back on select US streaming services (like Netflix, Hulu and others) and 3% cash back on ground transportation.
The $95 annual fee for this card isn’t fun to pay, but it’s definitely not the worst option among high-rewards cash back cards. It also offers a 12-month 0% introductory APR on purchases and balance transfers.
2. Capital One® Venture® Rewards Credit Card
The Capital One® Venture® Rewards Credit Card is one I’ve carried for years. It has several excellent features. First, you can earn a one-time bonus of 50,000 miles when you spend $3,000 on the card in the first three months from account opening. These miles are worth $500 when used for travel.
Second, you earn 2 miles for every dollar spent. Use these miles for travel, and this card offers a 2% rewards rate one every purchase. Many other travel rewards credit cards lure you in with the promise of 3x-5x rewards miles but that only applies to travel spending. This credit card gives you 2% every time.
There is no annual fee to own the Capital One® Venture® Rewards Credit Card for the first year; $95 thereafter.
3. Chase Sapphire Preferred
The Chase Sapphire Preferred is listed in the best-of lists on plenty of websites, and not without reason. Right now, it’s offering a great bonus: 60,000 bonus points for spending $4,000 in your first three months after account opening.
On an ongoing basis, the Chase Sapphire Preferred offers 2 point per $1 spent on travel and dining at restaurants, and 1 point per $1 spent on all other categories.
Other perks include 20% off travel when you redeem through Chase Ultimate Rewards, and a 1:1 point transfer program. This lets you transfer your Chase points into other travel rewards programs, which can let you leverage your rewards more easily.
The card also offers no foreign transaction fees, and it’s chip enabled for more security and worldwide acceptance.
The main drawback to this card is that it has a $95 annual fee. If you don’t spend enough money on the card to out-earn that $95, then this card may not be worth your while. But if you want to reap excellent rewards on everyday spending, then this could be the rewards card for you.
- Another Option: Another option is the Chase Freedom Unlimited, which offers unlimited 1.5% cash back on all purchases. Plus it now offers a $150 cash bonus after spending $500 in the first three months. The big benefit of this card vs. the Sapphire Preferred is that it has no annual fee so if you’re a lighter spender, you may earn more overall.
4. Chase Freedom
The Chase Freedom is considered one of the best cash back rewards cards available today. After signing up and making just $500 in purchases during the first three months, you’ll receive a cool $150. This card offers 1% cash back on all purchases with 5% cash back on select categories each and every quarter.
Those categories include things like gas, groceries and at department stores but there’s a slight catch. Only $1,500 can be spent per quarter in these categories before your cash back rate defaults to 1%. Cash back never expires, and there is no limit to what you can earn.
You’ll also receive a generous 0% intro APR on purchases and balance transfers for 15 months. After this expires, the ongoing variable APR becomes 16.74% – 25.49% variable.
There is no annual fee to own the Chase Freedom.
5. Capital One® Quicksilver® Cash Rewards Credit Card
The Capital One® Quicksilver® Cash Rewards Credit Card pays a solid 1.5% cash back on all purchases. The card also offers a one-time $150 bonus and a 0% APR introductory offer on purchases and balance transfers for 15 months, with no annual fee.
Perhaps the biggest benefit for Capital One users is that no foreign transaction fees are charged. This means that when you use your and the merchant processes transactions in a different currency, you are not charged a fee. The transaction can be done in person or online; and Capital One will always handle the currency conversion free of charge.
6. Blue Cash Everyday® Card from American Express
If you were scared away by the annual fee of our top card on this list, the Blue Cash Everyday® Card from American Express is right up your alley. 3% cash back is earned at the grocery store (up to $6,000 spent annually), 2% back at gas stations and at department stores and 1% cash back spent on everything else.
New cardmembers will receive a $150 bonus after spending $1,000 in the first three months.
Also included with this card is a 0% intro APR on purchases and balance transfers for 15 months. After this expires, the ongoing variable APR becomes 15.24% – 26.24% variable.
There is no annual fee to own the Blue Cash Everyday® Card from American Express.