The best Mastercard credit cards of 2020

5d ago

This post contains references to products from one or more of our advertisers. We may receive compensation when you click on links to those products. Terms apply to the offers listed on this page. For an explanation of our Advertising Policy, visit this page.

A few years ago a massive IT problem hit Visa’s European operations and prevented customers from using their Visa cards across most of the continent. Although the issue was resolved within hours, it served as a cautionary reminder of the importance of carrying a diverse wallet — Visas, Mastercards and Amex cards — to cover all eventualities. TPG has guides to the top Visa credit cards and the top American Express cards. Here’s a look at the best Mastercards.

The Best Mastercard Credit Cards of 2020:

The information for the Citi AAdvantage Platinum Select, Citi Premier, Citi Prestige have been collected independently by The Points Guy. The card details on this page have not been reviewed or provided by the card issuer.

In This Post

Citi Premier Card

Sign-up bonus: 60,000 ThankYou Rewards points after you spend $4,000 in purchases in the first three months

Annual fee: $95

Why you’ll love it: The Citi Premier Card is a strong mid-tier Mastercard attached to a solid travel rewards program and backed up with lucrative bonus categories. The value of the card starts with its current sign-up bonus — 60,000 ThankYou points that are worth $1,020 based on TPG’s most recent valuations. Even after earning the sign-up bonus, this is a card you can keep in your purse or wallet, since it earns 3x points on all travel purchases (which even includes gas), 2x on dining and entertainment and 1x on all other purchases. You can redeem your points directly at the Citi ThankYou travel portal at a rate of 1.25 cents apiece toward airfare, or transfer them to Citi’s partners for even more value. You can also use this card overseas without worrying about paying extra as there are no foreign transaction fees on the Premier.

Capital One Savor Cash Rewards Credit Card

Sign-up bonus: Earn a $300 cash bonus after spending $3,000 on purchases in the first three months.

Annual fee: $95 (waived the first year)

Why you’ll love it: The Capital One Savor card was re-released last fall with some impressive 4% cash-back bonus categories. You’ll earn 4% cash back on dining and entertainment purchases — both top-of-the-line rewards for those particular bonus categories — plus 2% back at grocery stores and 1% on all other purchases. The card comes with no foreign transaction fees.

IHG Rewards Club Premier Credit Card

Sign-up bonus: Earn 140,000 bonus points after spending $3,000 on purchases within the first three months of account opening.

Annual fee: $89

Why you’ll love it: The IHG Rewards Club Premier card comes with an 140,000-point sign-up bonus. TPG values those points at $700. You’ll earn up to 25x points at IHG properties, 2x points at grocery stores, gas stations and restaurants and 1x points on all other purchases. The card comes with automatic Platinum Elite status and you’ll get a fourth night reward on award stays. Plus, you’ll get an Anniversary reward Night valid at properties costing 40,000 points or less per night on each account anniversary. The card has no foreign transaction fees and you’ll get a statement credit of up to $100 for a Global Entry or TSA PreCheck application fee every four years.

Citi Prestige

Sign-up bonus: Earn 50,000 bonus points after spending $4,000 on purchases within three months of account opening.

Annual fee: $495

Why you’ll love it:  Its January 2019 refresh brought both positives and negatives, but the Citi Prestige still has the potential to deliver the most outsized rewards of any card in your wallet, Mastercard or otherwise. Let’s start with the basics. You’ll earn 5x points on air travel and dining, 3x points on hotels and cruises and 1x everywhere else. You can transfer these points to Citi’s 16 travel partners, including Air France/KLM Flying Blue, Singapore Airlines KrisFlyer and Virgin Atlantic, to name a few. You’ll also get a $250 annual travel credit.

The real value of the Citi Prestige, though, is its 4th Night reward hotel benefit. This perk gives you a fourth night reward on paid hotel stays of four nights or more and you’ll still earn 3x points for booking the hotel with your Prestige card. Although this perk is now capped at twice per year, it can still be massively valuable.

Citi / AAdvantage Executive World Elite Mastercard

Sign-up bonus: Earn 50,000 AA miles after spending $5,000 on purchases in the first three months of account opening.

Annual fee: $450

Why you’ll love it: The Citi AAdvantage Executive Mastercard comes with a steep price tag but it can be a great option for serious American Airlines fliers. In addition to a sign-up bonus worth $700, you’ll get a Global Entry/TSA PreCheck application fee credit of up to $100 and one of the most valuable perks of all — an Admirals Club membership. If you’re considering purchasing a membership anyway, this is one of the cheapest ways to get it. Paying full price will be more expensive, even if you have high-level AA elite status. You can also share your Admirals Club membership with authorized users.

Speaking of elite status, you’ll also earn 10,000 Elite Qualifying Miles after spending $40,000 a year on this Mastercard, helping you requalify for your American elite status or reach toward the next tier. You also get a 25% credit on food and beverage purchases with the card and you won’t pay foreign transaction fees outside the country.

Citi Double Cash Card

Sign-up bonus: None

Annual fee: $0

Why you’ll love it: If your eyes have started to glaze over by now and you’re looking for something simple, consider the Citi Double Cash Card. Although this Mastercard has no sign-up bonus, the card does exactly as its name suggests — earn you cash. You’ll get 1% cash back when you purchase, and another 1% in cash back when you pay your bill (for a total of 2% cash back). You can use that cash as you please without worrying about maximizing transfer options or saving up for redemption minimums, although Citi has added the ability to convert these rewards into transferable ThankYou Points if you also hold a paid card such as the Citi Prestige or Premier. Simplicity is the key here and the card comes with a simple annual fee of zero. Just be careful about using it outside the U.S., as it does charge a 3% foreign transaction fee.

Citi Rewards+ Card

Sign-up bonus: Earn 15,000 ThankYou points after spending $1,000 in purchases in the first three months.

Annual fee: $0

Why you’ll love it: The Citi Rewards+ Card offers 2 points per dollar spent at gas stations and supermarkets up to the first $6,000 per year and 1 point per dollar spent on other purchases. The points earned on each purchase are rounded up to the nearest 10 points, so all purchases earn at least 10 points. Unless you also have a Citi Prestige or Citi Premier Card, the Rewards+ will earn basic ThankYou points that can be redeemed for gift cards at 1 cent apiece but can’t be transferred to any partners besides JetBlue. You’ll also get 10% of the first 100,000 points you redeem back each year. Like the Citi Double Cash Card, the Rewards+ has a 3% foreign transaction fee.

Bank of America Business Advantage Cash Rewards Mastercard credit card

Sign-up bonus: Earn a $300 statement credit when you make at least $3,000 in net purchases within 90 days of your account opening.

Annual fee: $0

Why you’ll love it: The Business Advantage Cash Rewards card provides 3% cash back on the category of your choice; gas stations, office supply stores, travel, TV/telecom and wireless, computer services or business consulting services, 2% cash back on dining up to the first $50,000 you spend each calendar year on the combination of your choice category and dining, then 1% thereafter.  The cash back is decent, but the true value is for Bank of America’s Business Advantage Relationship Rewards members since they get a bonus on the base earning of every purchase. Gold members get a 25% bonus, Platinum members get a 50% bonus and Platinum Honors members get a 75% bonus. The Bank of America Business Advantage Travel Rewards World Mastercard credit card is similar, but offers 1.5 points per dollar spent on all purchases (except travel purchases through the Bank of America Travel Center, which earn 3 points per dollar spent). Both of these cards are best for Bank of America Platinum Honors members who will get the best return.

American Airlines AAdvantage MileUp Card

Sign-up bonus: Earn 10,000 AAdvantage miles and a $50 statement credit after spending $500 on purchases in the first three months of account opening.

Annual fee: $0

Why you’ll love it: For someone new to points and miles, one of the hardest chores is often figuring out how to hit the minimum spending requirement on a new card without racking up expensive interest payments. But the MileUp Card has a modest minimum spending requirement of just $500 over three months. You’ll earn 2x miles at grocery stores and on eligible purchases with American Airlines, as well as 1x miles on all other purchases. Plus, you’ll get a 25% savings on inflight food and beverage purchases on American Airlines flights when you use your card.

CitiBusiness® / AAdvantage® Platinum Select® World Mastercard®

Sign-up bonus: Earn 65,000 AAdvantage miles after spending $4,000 on purchases in the first four months of account opening.

Annual fee: $99, waived the first 12 months

Why you’ll love it: This card comes with all the perks you’d expect on an airline credit card like a free checked bag (for the cardholder and up to four companions, priority boarding and 25% back on inflight purchases (Wi-Fi, food and beverages). You can also earn a companion certificate after you spend $30,000 or more on the card during your cardmember year and renewing the card (your account must remain open at least 45 days after anniversary date). The certificate is valid for domestic economy flights and to redeem it you’ll pay $99 plus any taxes and fees.

The CitiBusiness AAdvantage Platinum card is also a good business credit card to open because it’s issued by Citibank, which means it won’t add to your Chase 5/24 count. So if you’re looking to earn AA miles and you qualify for a business card, I wouldn’t hesitate to apply.

Bottom Line

Your primary concern in your credit card strategy should be earning flexible, valuable rewards that fit your travel goals, but you shouldn’t overlook what types of credit cards are in your wallet. I make it a personal habit to never leave the house without at least two different “types” or cards — i.e.: one Visa and one Amex — in case I run into problems, such as a fraud alert on my account or a merchant who only accepts certain types of cards. So take a good look at this list of the best Mastercards and make sure at least one of them is part of your credit card inventory.

Featured image by Getty Images.

Editorial Disclaimer: Opinions expressed here are the author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.

Disclaimer: The responses below are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.