If you do your research and are responsible with your money, you can use credit cards to build your wealth. To make the most of your money, be sure you choose the best rewards credit cards that fit your lifestyle.
Best Rewards Credit Cards at a Glance
Do you prefer cashback over airline miles? Do you dine out more than you cook at home? Ask yourself these questions before choosing which the best rewards credit cards for you to build wealth. The summary below will help you see what's out there.
Best Unique Card: Citi Prestige
- Get one night free on a four-day — or longer — hotel stay
- $250 travel credit every year helps offset $450 annual fee
Best For Airline Miles: Capital One Venture Rewards
- 50,000 bonus miles after spending $3,000 within the first three months
- 2X miles on every purchase
- Annual fee of $95
Best For Strong Credit Score: Discover it Cashback
- $0 annual fee
- 1-5% cashback
- 14-month 0% annual percentage rate (APR)
Best Overall Rewards: Chase Sapphire Preferred and Wells Fargo Propel American Express
Chase Sapphire Preferred
- 1X-2X points on purchases
- 60,000 bonus points after spending $4,000 in first three months
Wells Fargo Propel American Express
- $0 annual fee
- 1-3X rewards rate on purchases
- 20,000 bonus points after spending $1,000 in first three months
Most Cash Back: Chase Freedom Unlimited
- 1.5% cashback on all purchases
- $150 sign up bonus
- $0 annual fee
Best Unique Rewards Credit Card
Citi Prestige offers a 4th-night free benefit to anyone who books a hotel stay for four or more nights. You have to book through the Citi travel reservation site, and you won't get any points for your stay; however, you do get a free night on Citi. Best yet? You can do it up to two times a year.
This card is useful if you travel routinely for work and are looking for a way to save some of your hard-earned cash.
Best Card for Airline Miles
Wondering about the best rewards credit cards for airline miles? Take a look at Capital One's Venture Rewards Credit Card. After spending $3,000 within the first three months, you get an intro bonus of 50,000 miles.
Plus, you get two-times miles on every purchase you make. When you redeem your miles, opt to fly any airline or stay at the hotel of your choosing. Your miles never expire, nor is there a monthly or yearly limit to how many you can accumulate. There is an annual fee of $95, which is waived for the first year.
What Kind of Credit Card Can I Get with a 700 Credit Score?
If you have a good credit score — ranging between 700 and 749 — consider signing up for the Discover it Cashback Card. It's among the best rewards credit cards for people with a solid credit score.
There is no annual fee and you get between 1% and 5% cashback on every purchase. You can also get a 0% APR for the first 14 months on both purchases and credit transfers. The only downside to this card is that there isn't a rewards bonus for signing up. Discover more than makes up for this with the 14-month 0% APR and $0 annual fee.
If you're in the process of building your credit, come back to this card once you've made some progress. Just know not all merchants accept Discover.
Which Credit Cards Give the Best Rewards?
For a truly flexible rewards credit card, Chase Sapphire Preferred leads the pack. Get one to two times points for every dollar spent. You'll also get 60,000 bonus points if you spend $4,000 within the first three months of signing up.
Don't like annual fees? Take a look at the Wells Fargo Propel American Express card. There's no annual fee and the rewards rate is one to three times spending. You also get 30,000 points after you spend $3,000 within the first three months.
Which Rewards Credit Card Gives You the Most Cash Back?
If you're looking to build wealth, the best rewards credit cards may very well be those that pay you cash back.
For the most cash back when it comes to the best rewards cards, look at Chase Freedom Unlimited. Freedom Unlimited gives 1.5% cash back on every purchase you make. You'll also get a $150 sign up bonus after you spend $500 within the first three months. There are no annual fees, and there aren't any caps in place on how much cash you can get back.
Are Credit Cards Worth It?
If you're responsible and only charge what you can pay off each month, a rewards credit card is always worth your time. Without one, you're essentially saying you don't like free perks. Why wouldn't you want free cash back or airline miles? It's a no-brainer.
Is a Cashback Credit Card Worth It?
Cash, for many people, is the ultimate reward from a credit card. And a cashback credit card is absolutely worth it if you pay off the balance each statement period. As long as you aren't paying interest on groceries you bought three months ago, a credit card that offers cash back is always worth your time. Think about it this way: They are purchases you would make anyway, so why not get rewarded? Why not get a return on your spending?
Is Cashback Better Than Points?
Are the best rewards credit cards for building your wealth paying cash or points? It depends on your values and your lifestyle.
Cashback can be put toward future expense or can even be invested. Cards that advertise paying cash back, often have lower APRs and low (if not zero) annual fees. If you like to travel, however, points and miles could actually build more wealth. You'll get free flights and hotel stays during your next vacation. The interest rate might be higher than a cashback card, but as long as you pay it off each month, you could potentially get a free vacation each year.
The best rewards card really just depends on what you want and your lifestyle. Only you can decide the clear winner when it comes to which is best.
