Best rewards credit cards 2023

With the Chase Sapphire Preferred® Card, you 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 redeemed through Chase Ultimate Rewards®.

The Chase Sapphire Preferred® Card allows you to transfer points to various airlines and hotels on a 1:1 basis. Transfer partners include British Airways, Southwest, United, Virgin Atlantic, Marriott and Hyatt, to name a few.

The card also offers a full menu of travel related benefits, including no foreign transaction fees and auto rental collision damage waiver.

Card rewards:

• 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 redeemed through Chase Ultimate Rewards®.
• 5x points on travel purchased through Chase Ultimate Rewards®
• 3x points on dining
• 2x points on all other travel purchases
• 1x on all other purchases
• 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®.

See card details/apply or read our full Chase Sapphire Preferred® Card review.

Best cash back rewards credit card

Discover it® Cash Back

Discover it® Cash Back gets top honors as the best cash back card. The 5% cash back on select quarterly categories is worth up to $75 per quarter ($1,500 max spend) when you activate—that’s $300 per year. And that’s just the start. You then get 1% cash back on all other purchases. You also get a Cashback Match™ on all cash back you’ve earned your first year.

Discover it® Cash Back also comes with standard Discover features:

• Paying late won’t raise your APR.
• There is no late fee on your first late payment.
• Get your free TransUnion FICO Score.
• 100% US-based customer service.

Card rewards:

• Earn 5% cashback on select categories each quarter – up to $1,500 in purchases per quarter when you activate by the required deadline each quarter.
• 1% cashback on all other purchases.
• Cashback Match™ on all cashback you’ve earned at the end of your first year.
• Redeem your rewards for cash at any time.
• Cash back that never expires

Best sign-up bonus

The Capital One Venture Rewards Credit Card is one of the best sign-up bonus credit cards because it comes with an uber generous sign-up bonus that could earn you 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening. Plus you earn 2X miles per dollar spent on every purchase (not just airline or travel purchases), and there are no foreign transaction fees.  

Card rewards:

• Earn 75,000 bonus miles when you spend $4,000 on purchases in the first 3 months from account opening.
• Earn unlimited 2x miles per dollar on every purchase – every day.
• Receive up to $100 credit for Global Entry or TSA Pre✓® when you use your card.

See card details/apply or read our full Capital One Venture Rewards Credit Card review.

Best credit card for premium travel rewards

The Citi Premier® Card is an excellent rewards card for frequent travelers, with plenty of earning potential when it comes to everyday purchases. The card earns 3 rewards points per dollar spent at restaurants, supermarkets, gas stations, air travel, and hotels, and 1 point per dollar spent on all other purchases. The Citi Premier® Card also comes with an Annual Hotel Savings Benefits of $100 off a single hotel stay of $500 or more. 

In addition to all of the above benefits, the Citi Premier® Card also comes with a generous signup bonus of 60,000 points when cardholders spend $4,000 within the first three months of account opening. The card has no foreign transaction fees, and points can be redeemed for a variety of expenses including participating airline loyalty programs, gift cards, online shopping, and more. 

Although the card does have a $95 annual fee, cardholders with frequent travel and dining expenses will more than make up the cost with rewards points.

Card rewards:

• 60,000 bonus points after you spend $4,000 in the first three months.
• 3x points per dollar spent on restaurants, supermarkets, gas stations, air travel, and hotels.
• 1x points on all other purchases.
• Points can be redeemed for gift cards, online shopping, travel rewards, cash rewards, statement credits, and more.

See card details/apply or read our full Citi Premier® Card review.

Best credit card for dining rewards

Capital One Savor Cash Rewards Credit Card

Disclaimer – The information about the Capital One® Savor® Cash Rewards Credit Card has been collected independently by MoneyUnder30.com. The card details have not been reviewed or approved by the card issuer.

The Capital One® Savor® Cash Rewards Credit Card is perfect for those who eat out often. It offers 4% cash back on dining, entertainment, and popular streaming services, plus 3% cash back at grocery stores, and 1% on all other purchases.

It also offers a great sign-up bonus of $300 after you spend $3,000 on purchases within the first three months from account opening.

With the Capital One® Savor® Cash Rewards Credit Card, your cash back never expires and there’s no cap on how much you earn!

Card rewards:

• 4% back on dining, entertainment, and popular streaming services.
• 3% at grocery stores.
• 1% on everything else.
• $300 sign-up bonus after you spend $3,000 on purchases within the first three months from account opening.

See card details/apply or read our full Capital One® Savor® Cash Rewards Credit Card review.

Best credit card for student rewards

The Chase Freedom® Student Credit Card gives you 1% cash back on every dollar you spend, regardless of category. There’s no maximum, and you can redeem your rewards for cash, gift cards, travel, and other products offered through Chase.

You’ll also get a $50 bonus after first purchase made within the first 3 months from account opening.

Here are a few other perks:

• No annual fee.
• $0 liability for unauthorized transactions.
• Monitor your credit score through Credit Journey.
• Credit limit automatically increased after five monthly on-time payments.

Card rewards:

• Earn unlimited 1% cash back on every dollar spent.
• Earn a $50 bonus after first purchase made within the first 3 months from account opening
• Good Standing bonus of $20 issued every year for the first five years.
• Redeem your rewards for cash, gift cards, and more.
• Rewards don’t expire.

See card details/apply or read our full Chase Freedom® Student credit card review. 

Best rewards credit card for small business

The Ink Business Cash® Credit Card is a great rewards credit card for small business owners, entrepreneurs, and the self-employed. It comes with a hefty $900 bonus cash back after you spend $6,000 on purchases in the first 3 months after account opening.

You’ll earn 5% cash back (on the first $25,000 spent in combined purchases) for office supplies, phone, internet, and cable, and 2% cash back (on the first $25,000 spent in combined purchases) for restaurants and gas, as well as an unlimited 1% cash back on all other purchases. If your business has a lot of expenses in these categories, this card is a great opportunity to earn extra rewards.

The Ink Business Cash® Credit Card also includes a 0% Intro APR on Purchases for 12 months. For business owners with employees, you can get additional employee cards at no extra cost, plus, the card has a $0 annual fee, making it an affordable option even for business owners on tight budgets.

Card rewards:

• 5% cash back (on the first $25,000 spent in combined purchases) for office supplies and internet.
• 2% (on the first $25,000 spent in combined purchases) on restaurants and gas.
• 1% on all other purchases.
• $900 bonus cash back after you spend $6,000 on purchases in the first 3 months after account opening.
• Your rewards never expire as long as your account is in good standing.

See card details/apply or read our full Ink Business Cash® Credit Card review.

Best rewards credit card for business rewards

The Ink Business Unlimited® Credit Card is another rewards card for business owners that has no annual fee so it’s all rewards and perks from the moment you sign up. 

For starters, it offers a generous $900 bonus cash back after you spend $6,000 on purchases in the first 3 months after account opening. In addition to the sign-up bonus, cardholders earn a competitive 1.5% cash back across the board for all purchases. With unlimited earnings, the Ink Business Unlimited® Credit Card is a great choice when you know your expenses are not going to fall into one particular category – so you know flat out that you’ll be getting that 1.5% cash back to you across every single purchase.

The Ink Business Unlimited® Credit Card also comes with a suite of other perks like free employee cards, fraud protection, and purchase protection, making this card a great fit for any size business.  You can redeem your rewards for cash back, gift cards, travel and more through Chase Ultimate Rewards^®.

Card rewards:

• 1.5% unlimited cash back on all purchases. 
• $900 bonus cash back after you spend $6,000 on purchases in the first 3 months after account opening.
• Your rewards never expire as long as your account is in good standing.

See card details/apply or read our full Ink Business Unlimited® Credit Card review.

Best rewards credit card for balance transfers

The Citi Custom Cash Card is unique among balance transfer cards in that it’s highly generous with its intro APR, its cash back rewards, and its lack of annual fee. 

The card offers 0% for 15 months on purchases & 0% for 15 months on balance transfers. The balance transfer fee is a little high (5%) but the Custom Cash℠ Card’s unique and compelling rewards more than make up for it. The ongoing rate of 18.24% - 28.24% (Variable) applies after the intro APR expires. 

To start, you’ll get $200 just for spending $1,500 within your first six months of account opening – then on top of that, you’ll get 5% cash back on whichever category you spent the most in during the last billing cycle, up to $500 worth of spending (or $25 in rewards). You’ll then get unlimited 1% cash back on everything else. 

Card rewards

• $200 cash rewards bonus after spending $1,500 in purchases within the first six months of account opening.
• 5% cash rewards in your top spending category from each billing cycle (30 days).
• Unlimited 1% cash rewards on purchases.
• Cash rewards don’t expire as long as your account remains open.
• Cash rewards can be redeemed in $25 increments by visiting ThankYou.com.

See card details/apply or read our full Citi Custom Cash℠ Card review.

Best credit card for gas rewards

Discover it® Chrome

Discover it® Chrome gives you 2% cashback at gas stations and restaurants on up to $1,000 in purchases per quarter. If you dine out frequently, or you use a lot of gas, this is the card for you. You also get 1% cash back on everything else.

But that’s not all. Discover it® Chrome also provides an unlimited Cashback Match™ on all cash back earned in your first year.

The usual Discover benefits include:

• Paying late won’t raise your APR.
• No late fee on your first late payment.
• No foreign transaction fees.
• Free TransUnion FICO Score.

Card rewards:

• 2% cashback at gas stations and restaurants on up to $1,000 in combined purchases each quarter.
• 1% cashback on all other purchases.
• Unlimited Cashback Match™ on all the cashback you earned at the end of your first year.
• Cash rewards can be redeemed in cash in any amount, and at any time.
• Rewards never expire.

Best Credit Card For Everyday Purchases Rewards

The Chase Freedom Unlimited® is one of the best no annual fee cards. They offer a straightforward rewards program.

You’ll get 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1.5% on all other purchases. In addition, the Intro Offer will earn an additional 1.5% on all purchases (up to $20,000 spent in the first year).

If the rewards and no annual fee aren’t enough to win you over, know that they also offer 0% APR on both purchases and balance transfers for the first 15 months you have your card.

Card rewards:

• 5% cash back on travel purchased through Chase Ultimate Rewards®.
• 3% cash back on dining, including takeout and some delivery.
• 3% cash back on drugstore purchases.
• 1.5% cash back on all other purchases.
• Cash back points can be redeemed through Chase Ultimate Rewards® with no minimum. And rewards never expire as long as your account is open.

See card details/apply or read our full Chase Freedom Unlimited® review.

The different types of reward credit cards

There are many different reward types to choose from, and which one you choose depends on personal preference. Here’s some info about each to help you decide:

• General cash back credit cards. Cash back is exactly what it sounds like — you get cash back when you use your credit card. Some cards offer one cash back rate on all purchases, which are best for those looking for an easy-to-use program. However, these cards tend to offer lower cash back percentages than cards that focus on certain categories.
• Travel rewards credit cards. You can typically redeem travel rewards (in points or miles) for travel expenses like flights and hotel stays. There are general travel rewards cards that offer points/miles on just about any type of travel; airline credit cards that give you points with a specific airline; and hotel cards that earn you points on specific hotels.
• Gas rewards credit cards. These cards offer cash back on gas station purchases. They also often offer additional reward categories but with a lower cash back rate than on gas.
• Dining rewards credit cards. These cards offer cash back on dining and entertainment purchases. Gas and dining credit cards often go hand in hand, but not always.
• Student rewards credit cards. No surprise, these credit cards are geared at students, who typically have a limited credit history. They offer many of the same rewards that other cash back credit cards offer, with beginner-friendly application requirements. Plus, student credit cards usually offer rewards for good grades or other perks.

Read more: The different types of credit cards out there

How to choose a rewards program

Simply choosing a credit card because it has great rewards won’t necessarily work in your favor. You must be sure that the rewards offered are consistent with your own lifestyle, spending patterns, and personal preferences.

For example, if you don’t travel frequently, a card that offers generous travel rewards won’t work for you. Similarly, if a credit card specializes in rewards for gas and restaurants, you probably won’t want that card if you work from home and don’t dine out frequently.

Here are some things to keep in mind when you’re shopping for a new rewards card:

• Avoid credit cards that have rewards similar to a card you already have. If you already have a card that provides 2% cash back on restaurant purchases up to $1,000 per quarter, and you’re unlikely to exceed that spending level, there’s no point getting a second card with an identical benefit. A better strategy is to get a card that specializes in a different spending category.
• Don’t focus solely on the bonus offer. You may be better served by a card providing ongoing 2% cash back on all purchases, than one that offers a $300 bonus in the first three months, then reverts to 1% on subsequent purchases.
• Don’t ignore secondary features. Cards will often offer more perks than just rewards. For example, if car rentals are a significant part of your normal credit card spending pattern, you’ll want a card that offers a rental collision damage waiver.
• Look for any potential limits on rewards. These are common on quarterly rewards categories. For example, the card may pay 5% cash back, but purchases for the quarter are limited to $1,500.
• Be aware of exclusions. A card offering rewards for gas purchases may exclude gas purchased at wholesale clubs, like Sam’s Club and Costco.
• Watch for limited merchant participation. A card may only provide generous cash back on purchases from a limited number of brands. If you don’t normally use the ones included, you probably won’t use the rewards.
• Watch out for rewards that require extra action on your part. A credit card may require you to claim certain rewards. Be aware of which rewards those are and set a reminder for yourself to make the claim.
• Note any rewards expiration. Somewhere buried in the fine print may be a provision specifying rewards expire if not used within one year of being earned, or some other timeframe. If you’re in the habit of allowing rewards to accumulate, this can be a dealbreaker.

On a more general level, be aware that rewards programs can change. Credit card agreements typically have language that permits the issuer to modify or even cancel rewards with little notice. Pay close attention to any official-looking documents you receive from the issuer that you might otherwise ignore. You could continue happily spending in anticipation of rewards that were canceled months ago.

Read more: How to choose a credit card wisely

Who should get a rewards credit card

Rewards credit cards are a great spending tool, but they’re not for everyone. To be an ideal candidate, you should meet the following criteria:

• You use your credit card a lot. Rewards cards are only effective for people who make frequent use of credit cards. If you’re not a credit card user, you won’t reap the benefits the rewards provide.
• You can take advantage of upfront bonuses. Big welcome offers require spending a certain amount of money in the first three months. You should put all your spending on this one card until you’ve met the requirements for the bonus.
• You’re smart about saving money. While we all want to save, you need to be sure the rewards apply to spending you would be doing otherwise, and that you don’t carry a balance on your card.
• You have good or excellent credit. Card issuers reserve the most generous rewards programs for stronger credit profiles. While it’s still possible to get rewards cards for less-than-perfect credit, think of rewards in those cases as an added perk rather than a primary reason for taking the card.

How rewards work

Credit card issuers don’t provide rewards just to be kind. They’re an inducement to get your credit card business. In effect, rewards act as a rebate on your spending. Since a credit card company makes money every time you use their card, they can pay you a reward out of their revenue. How much of a reward they pay depends on how much they want your business.

A credit card issuer can pay rewards in either cash (or cash equivalents, like statement credits) or points. Points are sometimes convertible into cash, but are generally redeemable in certain spending categories, typically travel.

Apart from knowing how much your rewards will be, you should also know what your options are for redemption. They can include any one or a combination of the following:

• Statement credits
• Gift cards
• Specific spending categories, like travel
• Credits to other accounts with the same institution
• ATM withdrawals, though this is not common

Be sure you understand exactly how a credit card issuer will redeem your rewards. It should match your preference. For example, if you want to use rewards to pay down your credit card balance, you’ll want to be sure they’re available through statement credits.

Why you should use a rewards credit card

The most beneficial way to use a rewards credit card is when those rewards apply specifically to purchases you ordinarily make. This way, you can use the card to reduce your expenses.

For example, if a card offers a $500 cash bonus on $5,000 spent within three months, it should be consistent with how much you would or could pay by credit card. If you can comfortably fit your normal spending within the $5,000 limit, the $500 bonus means you’ll be reducing those expenses by 10%.

The same is true with ongoing cash rewards. If the card offers 2% cash back as a permanent feature, you’ll reduce your spending by 2%. For example, if you normally use your credit cards for spending of $20,000 per year, 2% cash back saves you $400 per year.

But once again, the benefit of a rewards credit card depends on your ability to not carry interest-bearing balances.

How to save money maximizing your rewards

There are two major considerations to maximizing your rewards:

1. The rewards should match your regular spending habits

A rewards credit card should never encourage you to spend more than you ordinarily would.

For example, if a card offers $300 cash back for spending $3,000 within the first three months, that shouldn’t send you on a spending spree to buy things you normally wouldn’t. You may get the $300 reward, but you’ll spend $3,000 you didn’t need to spend. You’ll end up spending more than you’re getting in rewards.

2. The cost of the card shouldn’t exceed the benefit of the rewards

Credit card rewards are best for people who don’t carry balances. If you’re spending on the card to get rewards, and you’re carrying a balance at 20% interest, you’ll pay out 10x more in interest than you get with 2% cash back.

Also, always remember that while rewards are paid when earned, interest is charged until your balance is paid. That means you’ll be paying 20% on the outstanding balance in each year it’s owed.

Read more: How to get the most out of your rewards credit cards

Summary

There are scores of credit issuers offering generous welcome offers from their rewards credit cards. If you’re in the market for a rewards credit card, pick one from this list that best matches your own spending patterns, preferences and credit profile.

Whatever card you decide on, make sure to choose a card that earns bonus points (or cash) on your most common everyday expenses. And always remember to pay off your balance in full each month, otherwise any interest accrued will offset any rewards you earn.

Read more

• Best credit cards for restaurants and bars
• 7 ways to maximize your rewards category spending across multiple cards