The best rewards credit cards for 2020
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At TPG, our top priority is providing our readers with the information you need to make educated decisions about travel and your rewards-earnings strategy. This is not the best time to travel, domestically or internationally, as airlines have cut major parts of their route network. But we are sharing these offers because they are great offers that could provide value to cardholders for future travel once coronavirus concerns have subsided.
The rewards available from credit cards go well beyond just points and miles. With the right credit card, you can save on shopping, get a jump-start on your vacation fund and more. With TPG’s top rewards credit cards, you can add value, along with points and miles, to your wallet.
There are dozens of rewards credit cards to choose from, but I’ve narrowed them down to this list of the top rewards credit cards available right now. Some of these are travel rewards cards that earn transferable points currencies, some are cash-back cards and a couple are cards that earn rewards for a specific loyalty program.
Of course, right now is not the best time to be traveling. Social distancing and preventing the spread of the novel coronavirus should be a top priority for us all, and travel opportunities are limited as many airlines have cut routes in response to the pandemic. However, these rewards cards can help you save money now or they can help you build up a future travel fund that can be used on an incredible travel redemption once coronavirus concerns subside.
Best rewards credit cards of 2020
- Chase Sapphire Preferred Card: Best for travel rewards
- American Express® Gold Card: Best for dining rewards
- Capital One® Venture® Rewards Credit Card: Best for airline rewards
- Chase Sapphire Reserve: Best for travel insurance
- Ink Business Preferred Credit Card: Best for small businesses
- Blue Cash Preferred® Card from American Express: Best for commuters
- Citi® Double Cash Card: Best for everyday rewards
- Wells Fargo Propel American Express® card: Best for gas rewards
- Capital One® Savor® Cash Rewards Credit Card: Best for entertainment rewards
- Chase Freedom Unlimited: Best for Chase rewards
- Chase Freedom: Best for rotating rewards
Comparing the best rewards credit cards
|Rewards credit card||Best For||Bonus value**||Earning rate||Annual fee|
|Chase Sapphire Preferred Card||Travel Rewards||$1,200||Earn 5x on Lyft, 2x on dining and travel, 1x on everything else||$95|
|American Express Gold Card||Dining Rewards||$700||Earn 4x on restaurants worldwide and U.S. supermarkets (up to $25,000 per year, then 1x), 3x on flights booked directly with airlines or through amextravel.com, 1x on everything else||$250
(see rates & fees)
|Capital One® Venture® Rewards Credit Card||Airline Rewards||$700||Earn 2x on every purchase||$95*|
|Chase Sapphire Reserve||Travel Insurance||$1,000||Earn 10x on Lyft, 3x on travel (after using the $300 travel credit) and dining, 1x on everything else||$550|
|Ink Business Preferred||Small Businesses||$2,000||Earn 3x on assorted business categories (up to $150,000 per year in combined spending; then 1x)||$95|
|Blue Cash Preferred Card from American Express||Commuters||$250||Earn 6% at U.S. supermarkets (up to $6,000 per year) and select U.S. streaming services, 3% on transit and U.S. gas stations, 1% on everything else||$95 (see rates & fees)|
|Citi Double Cash Card||Everyday Rewards||N/A||Earn 2% cash back on every purchase — 1% when you buy and 1% when you pay your bill||$0|
|Wells Fargo Propel American Express® card***||Gas Rewards||$200||Earn 3x on dining (eating out and ordering in), gas stations, transit, travel and select streaming services||$0|
|Capital One Savor Cash Rewards Credit Card***||Entertainment Rewards||$300||Earn 4% on dining and entertainment, 2% at grocery stores, 1% on everything else||$95*|
|Chase Freedom Unlimited||Chase Rewards||$150 ($300, if paired with an Ultimate Rewards card)||Earn an unlimited 1.5% on all purchases||$0|
|Chase Freedom||Rotating Rewards||$150 ($300, if paired with an Ultimate Rewards card)||Earn 5% cash back on purchases up to $1,500 spent on quarterly rotating categories (activation required)||$0|
*Annual fee waived the first year.
**Bonus value is an estimated value calculated by TPG and not the card issuer.
***The information for the Wells Fargo Propel Card and the Capital One Savor Cash Rewards Credit Card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Best rewards credit cards
Chase Sapphire Preferred: Best for travel rewards
Welcome bonus: 60,000 points after you spend $4,000 on purchases in the first three months
Rewards rate: Earn 5x on Lyft, 2x on travel and dining, 1x on all other purchases.
Annual fee: $95
Who should apply: The Chase Sapphire Preferred is one of the best beginner travel cards available — it was named the best travel rewards credit card at the 2019 TPG Awards and is all-around one of the best credit cards for points. You’re getting an excellent sign-up bonus worth $1,200, according to TPG valuations. Its rewards structure is simple, but broad enough to earn points on a large number of purchases.
The points currency you’re earning is among the highest-value transferable currencies out there. You can redeem points for 1.25 cents each through the Chase Ultimate Rewards portal or you can transfer points to one of Chase’s 10 airline or three hotel partners. Plus, you’re only paying a $95 annual fee. For travelers who want a card with more firepower, the Sapphire Preferred has an older sibling, the Chase Sapphire Reserve, which comes with a higher 3x rewards rate and perks like a $300 annual travel credit.
Check out the full card review for the Chase Sapphire Preferred.
Official application link: Chase Sapphire Preferred
American Express Gold Card: Best for dining rewards
Welcome bonus: 35,000 points after you spend $4,000 on purchases in the first three months (although you might be targeted for a higher offer through CardMatch; offer subject to change at any time).
Rewards rate: Earn 4x at restaurants worldwide and U.S. supermarkets (on the first $25,000 spent each year, then 1x); 3x on flights booked directly through airlines or on amextravel.com; 1x on all other purchases.
Annual fee: $250 (see rates and fees)
Who should apply: With the Amex Gold, you’re getting a great 8% return on restaurant and U.S. supermarket spending and a solid 6% return on airfare. The Gold is a nice middle ground between the top-tier The Platinum Card® from American Express and a lower-value beginner card, such as the Amex EveryDay® Credit Card from American Express.
You’re getting perks, such as a dining credit of up to $120 each year and an airline-fee credit of up to $100, plus a rewards structure that focuses on common spending categories besides just travel — all without the massive $550 annual fee (see rates and fees) that comes with the Amex Platinum card. If you want an Amex card that makes it easy to earn Membership Rewards on everyday expenses such as dining and groceries at U.S. supermarkets, this is definitely a card to consider. Again, the CardMatch tool may have a better offer for you.
The information for the Amex EveryDay credit card has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Check out the full card review for the Amex Gold.
Official application link: American Express Gold Card
Capital One Venture Rewards Credit Card: Best for airline rewards
Welcome bonus: 50,000 miles after you spend $3,000 on purchases in the first three months
Rewards rate: Earn 2x miles on every purchase.
Annual fee: $95, waived the first year
Who should apply: The Venture has long been a crowd favorite for travel rewards because of its simplicity. You know you’re getting 2x on every purchase, which takes a lot of the guessing game out of earning rewards. The miles earned can then be used as a statement credit to “erase” eligible travel purchases or they can be transferred to one of Capital One’s transfer partners. As an added perk, you’ll also get a statement credit of up to $100 every four years for your Global Entry or TSA PreCheck application fee, which isn’t a benefit commonly found on low-fee cards.
Capital One has added hotel transfer partners — Accor and Wyndham — to its transfer partners. This card is often marketed as a beginner card, but anyone can take advantage of the card’s rewards structure and benefits. Beginners will enjoy the simplicity of using the Venture, but experts can utilize it as a great card for non-bonus spending, which landed the Venture a spot on our TPG list of best credit cards.
Check out the full card review for the Capital One Venture.
Official application link: Capital One Venture Credit Card
Chase Sapphire Reserve: Best for travel insurance
Welcome bonus: 50,000 points after you spend $4,000 on purchases in the first three months
Rewards rate: Earn 10x points on Lyft; 3x points on travel (after using $300 travel credit) and dining; 1x on everything else
Annual fee: $550
Who should apply: The Chase Sapphire Reserve card is one of the top premium travel cards available. Although recent changes to the card have been met with mixed reactions, this card remains a favorite among many TPGers. You’re earning Chase Ultimate Rewards points on a wide range of travel and dining purchases (because Chase defines both categories quite broadly) while also getting access to luxury perks like an annual $300 travel credit, Priority Pass lounge access, TSA PreCheck/Global Entry application fee credit, $60 annual DoorDash credit (for 2020 and 2021), at least one free year of DashPass membership through DoorDash, a Lyft Pink membership and an impressive array of travel protections.
When it comes time to redeem your rewards, you can transfer points at a 1:1 ratio to any of Chase’s transfer partners, or you can redeem them through Chase’s travel portal for 1.5 cents each (great when booking economy flights). If you’re a regular traveler who can take advantage of all of the card’s perks, this is an excellent rewards card to have in your wallet.
Official application link: Chase Sapphire Reserve
Ink Business Preferred Credit Card: Best for small businesses
Welcome bonus: 100,000 miles after you spend $15,000 on purchases in the first three months
Rewards rate: Earn 3x on the first $150,000 spent in combined annual purchases on travel, shipping purchases, Internet, cable and phone services and on advertising purchases made with social media site and search engines.
Annual fee: $95
Who should apply: The Ink Business Preferred is one of the best all-around business credit cards on the market. For a limited time, you’ll earn 100,000 Ultimate Rewards points when you spend $15,000 in the first three months. TPG values Ultimate Rewards points at 2 cents each, which puts this bonus at $2,000 in value when you maximize Chase’s transfer partners. Or you can redeem points through the Chase Travel portal for 1.25 cents each, giving you $1,250 in value.
The Ink Business Preferred offers 3x (a 6% return) across a wide range of business expenses, giving business owners ample opportunities to earn rewards. Plus, you’ll also get access to some solid benefits, including travel protections and cell phone insurance.
Check out the full card review for the Ink Business Preferred.
Blue Cash Preferred® Card from American Express: Best for commuters
Welcome bonus: A $250 statement credit after you spend $1,000 on purchases in the first three months
Rewards rate: Earn 6% cash back at U.S. supermarkets (on up to $6,000 annually; then 1%) and select U.S. streaming services; 3% on transit and at U.S. gas stations; 1% on everything else.
Annual fee: $95 (see rates and fees)
Who should apply: The Blue Cash Preferred got a much-needed facelift in 2019, adding valuable bonus categories to keep up with changing consumer habits. With a new streaming service being launched every other day, earning 6% on streaming is a great bonus category that only a few cards recognize.
This card is also a commuter’s dream, with unlimited 3% cash back on gas and transit (which includes taxis, ride-shares, tolls, trains, buses and more). Although the card does not earn Membership Rewards points, it remains a simple way to earn rewards on common everyday spending categories.
Check out the full card review for the Blue Cash Preferred.
Official application link: Blue Cash Preferred Card
Citi® Double Cash Card: Best for everyday rewards
Welcome bonus: N/A
Rewards rate: 2% on every purchase — 1% when you buy and 1% when you pay your bill
Annual fee: $0
Who should apply: Two percent cash back on every purchase is a great offer for non-bonus spending. Although Citi did recently strip important purchase protections from this card, the issuer also added the ability to convert your Double Cash rewards to ThankYou points via a linked ThankYou account. ThankYou points are valued at 1.7 cents each at TPG, in part because of Citi’s solid list of transfer partners. The ability to convert points means you’re getting a 3.4% return on every purchase for no annual fee. If you’re in the market for a simple card that earns flexible rewards, it doesn’t get much better than the Citi Double Cash.
Check out the full card review for the Citi Double Cash.
Official application link: Citi Double Cash Card
Wells Fargo Propel American Express card: Best for gas rewards
Welcome bonus: 20,000 points after you spend $1,000 on purchases in the first three months
Rewards rate: Earn 3x on dining (eating out and ordering in), gas stations, transit, travel and popular streaming services; 1x on everything else
Annual fee: $0
Who should apply: The Wells Fargo Propel offers a low-cost way to earn fixed-value points on everyday spending categories. Earning 3x on such a wide array of categories is unique for a no-annual-fee card, which makes this a great option for beginners in the rewards game. If you also have the Wells Fargo Visa Signature® card (another no-annual-fee card), your points could be worth 1.5 cents each. Although this isn’t a great rewards card for travel experts because of its lack of transfer partners, beginners can get a lot out of the Propel.
The information for the Wells Fargo Propel and Wells Fargo Visa Signature has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
Check out the full card review for Wells Fargo Propel.
Capital One Savor Card: Best for entertainment rewards
Welcome bonus: $300 after you spend $3,000 on purchases in the first three months
Rewards rate: Earn 4% cash back on dining and entertainment; 2% cash back at grocery stores; 1% on all other purchases.
Annual fee: $95, waived the first year
Who should apply: Anyone who spends a lot on dining and entertainment should consider this card. Capital One defines both of those categories broadly, meaning you’ll earn 4% back for sit-down restaurants, take-out, coffee shops and bakeries, concert tickets, movies, sporting events and even tourist attractions. If you buy tickets through Vivid Seats, you’ll also get 8% back through May 2020.
This is a great tiered earning structure for rewards-card beginners because you don’t have to pay attention to changing categories, but it can offer excellent value for veterans of the rewards game. With no foreign transaction fees, this is the perfect card to use on entertainment purchases while you’re traveling.
Check out the full card review for the Capital One Savor.
Chase Freedom Unlimited: Best for Chase rewards
Welcome bonus: $150 cash back after spending $500 on purchases in the first three months from account opening
Rewards rate: Earn unlimited 1.5% cash back on every purchase.
Annual fee: $0
Who should apply: Everyone needs a card that earns rewards on those purchases that don’t fall under any other bonus categories. That’s where a card like the Chase Freedom Unlimited shines. The card is especially valuable for existing Chase Ultimate Rewards cardholders.
If you also have the Chase Sapphire Preferred, Chase Sapphire Reserve or Ink Business Preferred Credit Card, you can transfer your cash back rewards from the Chase Freedom Unlimited to your Ultimate Rewards account. You can then redeem those points at an elevated rate through the Chase portal or transfer them to travel partners. TPG values Ultimate Rewards points at 2 cents each, which doubles the value of your rewards.
Check out the full card review for the Chase Freedom Unlimited.
Chase Freedom: Best for rotating rewards
Welcome bonus: $150 after you spend $500 on purchases in the first three months
Rewards rate: Earn 5% cash back on the first $1,500 in purchases spent on quarterly rotating categories (activation required); 1% on everything else.
Annual fee: $0
Who should apply: If you’re willing to keep up with spending categories that change every three months, you can get a lot out of a rewards card like the Chase Freedom. The categories are often easy to maximize. For example, the fourth-quarter 2019 categories were department stores, PayPal and Chase Pay — perfect for holiday shopping. If you maximize the bonus categories each quarter, you’ll earn $300 in bonus category rewards each year.
Just like the Freedom Unlimited, you can also pair this card with one of the Chase credit cards that earn Chase Ultimate Rewards and earn valuable Chase points rather than just cash back. With TPG’s valuation of Chase points at 2 cents each, you’ll be earning 10% back on bonus category spending.
I looked at multiple factors when choosing our top 10 rewards cards — with welcome bonuses, rewards rates and annual fees topping the list. I also assessed the flexibility of each rewards card, the type of rewards each card earned, the simplicity of the redemption process and any perks that come with each card. Finally, for each card I chose, I named a competing card that could also appeal to that audience.
These are my top picks. At the end of the day, the cards that fill your wallet should allow you to earn more than 1% or 1x points on every purchase you make.
How rewards credit cards work
Rewards credit cards offer cardholders redeemable rewards on everyday purchases as an incentive for using the card. These rewards differ from issuer to issuer and even card to card. Some earn cash back while others offer points or miles that can be redeemed for travel. At TPG, we are partial to travel credit cards that offer additional perks and benefits to enhance our travel experiences, but there are also incredible rewards structures available on top cash-back cards.
Typically, top rewards credit cards charge an annual fee as the tradeoff for the rewards, perks and other benefits cardholders receive. However, cardholders who take advantage of what their cards have to offer in rewards or other benefits will find it easy to offset the cost of any annual fee.
Types of credit card rewards
All of these cards earn some type of rewards, but the kind of rewards differs from card to card:
Transferable points — These are the issuers’ currencies that can be transferred to certain partners to maximize value. For example, a number of Chase cards earn Ultimate Rewards points, which can be redeemed for a number of different things through the Chase Ultimate Rewards portal but can also be transferred to one of Chase’s 13 partners, including United or Marriott. Generally speaking, this type of rewards card is the most valuable because of its redemption flexibility.
Cash back — This is the most straightforward type of reward. You’re earning a percentage of each purchase that you can redeem for cash at a later date. Although cash back is always redeemed at a fixed value, it can be highly useful for both beginners and seasoned travelers. Points and miles are best redeemed for airfare or hotel bookings, but cash back has more flexibility without compromising its value. You can use cash back to save up for the day-to-day expenses of your travel or you can simply use it to save money on your statements each month.
Hybrid — Hybrid cards have popped up in recent years. These are cards that earn cash back on their own but can be paired with other cards to convert that cash to more valuable points currencies. A prime example of this type of card is the Chase Freedom Unlimited. You’re earning cash back on purchases, but those rewards can be converted to Ultimate Rewards points when you pair the Unlimited with another eligible Chase card. The Citi Double Cash also recently joined the ranks of hybrid cash-back cards.
Loyalty program — These are cards that earn points or miles for a specific loyalty program, typically for an airline or hotel. Most of the time, these cards also come with brand-specific benefits like complimentary elite status (for hotel cards) or priority boarding (for airline cards). These currencies aren’t as flexible as transferable currencies but they can still be highly valuable.
Popular credit card rewards programs
There are more than a dozen credit card rewards programs out there, from airline and hotel loyalty programs to issuer programs. Each month, TPG publishes our monthly rewards valuations that outline how much each point or mile currency is worth in our eyes, but each program has its advantages and disadvantages. The three largest (and most valuable) issuer rewards programs offer flexible points, a wide range of credit card options to earn points and a solid list of transfer partners.
Chase Ultimate Rewards is one of the top rewards programs for good reason. TPG values points at 2 cents each, and you can redeem points through Chase’s portal (with a redemption bonus depending on which Chase cards you hold) and transfer points to partners like United and Hyatt.
Top cards that earn Ultimate Rewards:
- Chase Sapphire Reserve – full card review
- Chase Sapphire Preferred – full card review
- Ink Business Preferred – full card review
The other top rewards program is Amex Membership Rewards, where points are also valued at 2 cents each. Amex has the most extensive network of airline and hotel transfer partners — 22 — of the top issuer programs, and you can often find transfer bonuses. Of course, you can also redeem points through Amex’s travel portal.
Top cards that earn Membership Rewards:
- The Platinum Card® from American Express – full card review
- American Express® Gold Card – full card review
- The Business Platinum Card® from American Express – full card review
Citi ThankYou Points aren’t quite as valuable in the eyes of TPG (we value the points at 1.7 cents each), but there is still a lot to like about this program. There are some great transfer partners available through Citi ThankYou Points, including Avianca LifeMiles, Etihad Guest and Virgin Atlantic. Just keep in mind that Citi recently stripped most of its travel and purchase protections across its cards, which devalues this program slightly.
Top cards that earn ThankYou Points:
- Citi Prestige® Card – full card review
- Citi Premier℠ Card – full card review
- Citi Rewards+℠ Card – full card review
The information for the Citi Prestige, Citi Premier cards has been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.
How TPG values Amex, Chase and Citi rewards points
At TPG, we publish our own point valuations that evaluate the cash value of each type of rewards point. These valuations are updated regularly and based on a wide range of factors (such as the average value you can get from a point, how flexible the redemption options are and more) to give our readers a picture of how much dollar value you’ll get on average from a specific rewards currency. Here is a quick breakdown of the current TPG valuations of each of the points currencies (not including cash-back rewards cards) included on our list of top rewards credit cards.
|Point currency:||TPG valuation*:|
|Amex Membership Rewards||2 cents|
|Capital One Venture Miles||1.4 cents|
|Chase Ultimate Rewards||2 cents|
|Citi ThankYou Points||1.7 cents|
|Wells Fargo GoFar Rewards||1 cent|
|Marriott Bonvoy Rewards||0.8 cents|
*TPG valuations are calculated by TPG and are not reviewed by the card issuer.
How to compare rewards credit cards
There is no one-size-fits-all credit card. Choosing the right card for you is all about your individual spending habits and financial goals.
First, pick a card that earns rewards in the categories you spend in most frequently. If you spend a lot on entertainment each month, get a card (like the Savor) that caters to that. If you fly the same airline multiple times a month, grab a cobranded airline card that earns bonus rewards and offers perks for those flights.
Also look at your goals for your rewards. Are you looking to save for airfare or hotel stays? A travel credit card that earns points and miles should be at the top of your list. Do you want to save money on everyday purchases? A cash-back credit card might be a better fit. Need to build credit before applying for a top-tier card? Look at flat-rate cards that are easy to get approved for.
At the end of the day, you should be looking at the rewards rate, annual fee and benefits to decide which cards will give you the most long-term value. From there, you can choose which card within those parameters offers the best welcome bonus to strategize which card is best for you to apply for right now.
There isn’t one singular “best rewards card.” You can’t go wrong with any of the options on this list. Find the card (or cards) that make your life easier and your travel experiences better.
Related credit cards guides
- Best travel credit cards
- Best cash-back credit cards
- Best airline credit cards
- Best hotel credit cards
- Best gas credit cards
- Best credit cards for groceries
- Best credit cards for entertainment spending
- Best credit cards for everyday spending
- Best credit cards with no foreign transaction fees
WELCOME OFFER: 60,000 Points
TPG'S BONUS VALUATION*: $1,200
CARD HIGHLIGHTS: 2X points on all travel and dining, points transferrable to over a dozen travel partners
*Bonus value is an estimated value calculated by TPG and not the card issuer. View our latest valuations here.
- 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.