Best Rewards Credit Cards in May 2023
Rewards credit cards allow you to earn points, miles or cash back on eligible purchases. Depending on the card, you may then be able to redeem those rewards for statement credits, travel, merchandise or other options. The best rewards credit cards offer sign-up bonuses worth $200 or more, 2% or more back on your ongoing spending, and other valuable perks like travel statement credits and hotel elite status.
Our Best Rewards Credit Cards Picks
Overall
Chase Freedom Flex℠
Groceries
Blue Cash Preferred Card from American Express
Dining and entertainment rewards
Capital One SavorOne Cash Rewards Credit Card
Gas rewards
Costco Anywhere Visa Card by Citi
Amazon purchases
Prime Visa
Travel rewards
Chase Sapphire Preferred Card
Top spending category
Citi Custom Cash℠ Card
Simple cash back rewards
Wells Fargo Active Cash Card
Best For
Overall rewards credit card
Chase Freedom Flex℠
Introductory APR
0% Intro APR on Purchases for 15 months
Annual Fee $0
Regular Purchase APR
19.74% to 28.49% Variable
Rewards rate: 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter! Plus, earn 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores, and 1% on all other purchases.
Sign-up bonus: Earn a $200 bonus after you spend $500 on purchases in the first three months
Why we picked this card: The Chase Freedom Flex℠ earns cash back in a variety of categories at generous rates and comes with an easy-to-earn sign-up bonus on top of that. Plus, it offers a 0% Intro APR on Purchases for 15 months, after which a 19.74% to 28.49% variable APR applies. And there’s a 0% Intro APR on Balance Transfers for 15 months too, after which a 19.74% to 28.49% variable APR applies.
- January-March: Grocery stores (excluding Walmart), Target, fitness clubs and gym memberships
- April-June: Lowe’s and Amazon.com
- July-September: To be announced
- October-December: To be announced
- Earn a $200 bonus after you spend $500 on purchases in the first three months
- 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
- 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more
- 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1% cash back on all other purchases.
- No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
- 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.74% to 28.49%.
- No annual fee – You won’t have to pay an annual fee for all the great features that come with your Freedom Flex℠ card
- Keep tabs on your credit health – Chase Credit Journey helps you monitor your credit with free access to your latest score, real-time alerts, and more.
Best For
Grocery rewards
Blue Cash Preferred® Card from American Express
Introductory APR
0% on purchases for 12 months
Annual Fee $0 intro annual fee for the first year, then $95.
Regular Purchase APR
18.99%-29.99% Variable
Rewards rate: 3% Cash Back on dining and entertainment; 3% Cash Back on popular streaming services; 3% Cash Back at grocery stores; 1% Cash Back on all other purchases. Earn 8% cash back on Capital One Entertainment purchases.
Sign-up bonus: Earn a one-time $200 cash bonus after you spend $1,000 on purchases within the first 3 months from account opening.
Why we picked this card: The Capital One SavorOne Cash Rewards Credit Card earns cash back at a generous rate in a wide range of categories. Plus, it offers an APR of 0% intro on purchases for 15 months, after which a 19.74% – 29.74% (variable) APR applies. And it offers an APR of 0% intro on balance transfers for 15 months, after which a 19.74% – 29.74% (variable) APR applies.
- Movie theaters
- Sports promoters (professional and semi-professional live events)
- Theatrical promoters
- Amusement parks
- Tourist attractions
- Aquariums and zoos
- Dance halls
- Record stores
- Pool halls
- Bowling alleys
- Earn a one-time $200 cash bonus after you spend $1,000 on purchases within the first 3 months from account opening
- Earn unlimited 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®), plus 1% on all other purchases
- Earn 10% cash back on purchases made through Uber & Uber Eats, plus complimentary Uber One membership statement credits through 11/14/2024
- Earn 8% cash back on Capital One Entertainment purchases
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you’ll get Capital One’s best prices on thousands of trip options. Terms apply
- No rotating categories or sign-ups needed to earn cash rewards; plus cash back won’t expire for the life of the account and there’s no limit to how much you can earn
- 0% intro APR on purchases and balance transfers for 15 months; 19.74% – 29.74% variable APR after that; 3% fee on the amounts transferred within the first 15 months
- No foreign transaction fee
- No annual fee
- For Capital One products listed on this page, some of the benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
Best For
Dining and entertainment rewards
Capital One SavorOne Cash Rewards Credit Card
Introductory APR
0% on purchases for 15 months
Annual Fee $0
Regular Purchase APR
19.74% – 29.74% (Variable)
Rewards rate: 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), 6% Cash Back on select U.S. streaming subscriptions, 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more), 1% Cash Back on other purchases. Terms apply. Cash back can be redeemed as a statement credit.
Welcome offer: Earn a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
Why we picked this card: The Blue Cash Preferred® Card from American Express has one of the top rewards rates on U.S. supermarket purchases of any credit card on the market, as well as generous rates on other useful spending categories. Plus, there’s an intro APR of 0% on purchases for 12 months, after which a 18.99%-29.99% variable APR applies.
If you spend heavily on groceries every month, you’ll come out on top with the Blue Cash Preferred® Card from American Express. Along with one of the highest cash back rates available at U.S. supermarkets, the card offers a generous cash back rate on U.S. streaming subscriptions, transit and at U.S. gas stations. If you max out the annual $6,000 spending cap at U.S. supermarkets, you’ll earn $360 back from those purchases — which more than covers the annual fee.
- Earn a $250 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
- $0 intro annual fee for the first year, then $95.
- Buy Now, Pay Later: Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 intro plan fees on plans created during the first 12 months from the date of account opening. Plans created after that will have a monthly plan fee up to 1.33% of each eligible purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
- Low intro APR: 0% for 12 months on purchases from the date of account opening, then a variable rate, 18.99% to 29.99%
- 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
- 6% Cash Back on select U.S. streaming subscriptions.
- 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
- 1% Cash Back on other purchases.
- Get $7 back each month after using your Blue Cash Preferred Card to spend $12.99 or more each month on an eligible subscription to The Disney Bundle, which includes Disney+, Hulu, and ESPN+. Enrollment required.
- Terms Apply.
Best For
Gas rewards
Costco Anywhere Visa® Card by Citi
Introductory APR
N/A
Annual Fee $0
Regular Purchase APR
20.24% (Variable)
Rewards rate: 4% cash back on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter, 3% on restaurants & travel, 2% at Costco & Costco.com, 1% on all other purchases.
Sign-up bonus: No bonus.
Why we picked this card: The Costco Anywhere Visa® Card by Citi offers one of the best cash back rates around on gas, as well as solid earning rates on restaurant dining and travel spending.
If you’re a Costco member and a road warrior who frequently spends at the gas pump, the Costco Anywhere Visa® Card by Citi will be a great fit for your wallet. There’s a $7,000 annual spending cap on the elevated gas rate, and if you max it out, that’s $280 in cash back.
However, if you’re not already a Costco member, be aware that memberships run $60 per year for a Gold Star membership and $120 per year for an Executive membership. Also, take note that gas purchased at superstores, supermarkets, convenience stores and warehouse clubs other than Costco, as well as fuel used for non-automobile purposes, does not qualify for the bonus cash back rate.
Finally, make sure you’re comfortable with how cash back redemption works on the Costco Anywhere Visa® Card by Citi: cardholders can only redeem their rewards for merchandise or cash back at Costco warehouses located in the U.S., including Puerto Rico. Rewards are also only distributed one time per year (after your February billing cycle) and must be redeemed by Dec. 31 of the year in which they are issued.
- Discover one of Citi’s best cash back rewards cards designed exclusively for Costco members
- 4% cash back on eligible gas and EV charging purchases for the first $7,000 per year and then 1% thereafter
- 3% cash back on restaurants and eligible travel purchases
- 2% cash back on all other purchases from Costco and Costco.com
- 1% cash back on all other purchases
- No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases
- Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico
Best For
Amazon purchases
Prime Visa
Introductory APR
N/A
Annual Fee $0
Regular Purchase APR
18.99%–26.99% variable APR
Rewards rate: Earn 5% back at Amazon.com, Amazon Fresh, Whole Foods Market, and on Chase Travel purchases with an eligible Prime membership, 2% back at gas stations, restaurants, and on local transit and commuting (including rideshare), and 1% back on all other purchases.
Sign-up bonus: Get a $150 Amazon Gift Card instantly upon approval and earn 5% back everywhere on up to $2,500 in spending for the first 3 months after account opening ($125 value).* Eligible Prime membership required.
Why we picked this card: The $0-annual-fee Prime Visa offers a generous rewards rate on Amazon purchases, as well as an easy-to-earn sign-up bonus.
If you have an Amazon Prime membership and regularly shop at Amazon.com and Whole Foods Market, you stand to earn a generous amount of cash back from those purchases with the Prime Visa.
But while the card charges a $0 annual fee, know that you’re required to have a Prime membership — which runs $139 annually (or $69 for college students) — to qualify for the higher rewards rate.
- Only available to Amazon Prime members
- Get a $150 Amazon Gift Card instantly upon approval and earn 5% back everywhere on up to $2,500 in spending for the first 3 months after account opening ($125 value).* Eligible Prime membership required.
- 5% back at Amazon.com, Amazon Fresh, Whole Foods Market, and on Chase Travel purchases with an Eligible Prime membership
- 2% back at gas stations, restaurants, and on local transit and commuting (including rideshare)
- 1% back on all other purchases
- No foreign transaction fees
What is a rewards credit card?
A rewards credit card is a card that offers miles, points or cash back based on the amount you spend each month. Depending on the card, the rewards earned may be at a flat rate for all purchases or certain categories may earn bonus rewards. Many rewards credit cards partner with airlines, hotels and other brands to offer specific rewards tailored to those brands. Other rewards cards earn flexible points that can be redeemed in multiple ways, like cash back, gift cards, booking travel or transferring to travel partners.
Types of credit card rewards
Cash back
Cardholders receive a portion of their purchases as cash back. The cash back rewards are usually issued as statement credits, a physical check or a deposit to a bank account. Some redemptions are automatic, while others require you to initiate a request. These are good for non-travelers or those who value simplicity.
Flexible points
Flexible points provide many redemption options, including cash back, gift cards, booking travel and transferring to travel partners. If you have multiple credit cards that earn the same flexible points, most programs allow you to pool your rewards to reach your goals faster.
Airline co-branded
Airline credit cards earn miles towards future travel with the co-branded airline. These cards are issued in coordination with an airline to provide specific benefits for travelers, such as free checked bags, priority boarding and in-flight discounts and even complimentary upgrades. Some airline credit cards accelerate your path to elite status based on your spending.
Hotel co-branded
Hotel credit cards offer perks when staying at participating hotels. Cardholders typically receive automatic elite status, bonus points when paying for their stay and an annual free night.
Travel rewards
For those who don’t want to be limited to one particular airline or hotel brand, a general travel rewards credit card offers points or miles that can be redeemed for future flights, hotel stays and more. These cards may also offer travel protections, credits and discounts.
Pros and cons of rewards credit cards
Pros
- Earn points, miles or cash back on everyday purchases
- Rewards can be used to help offset the cost of purchases
- May offer more robust benefits and protections than non-rewards cards
- Ability to accumulate large sums of rewards from sign-up bonuses
Cons
- Higher rewards rates are typically not available to those with poor or limited credit
- Annual fees over multiple cards will add up
- To maximize earning potential, you may need to be strategic
- Rewards programs may have earning caps
How to choose a rewards credit card
When you’re ready to choose from the best rewards credit cards, here’s how to find the one that’s right for you.
Figure out which cards you can qualify for
Before applying for a new credit card, it helps to know what your credit score is. Many banks, websites and apps offer credit scores for free. Knowing your score helps you focus on the credit cards you’re most likely to get approved for.
The best rewards credit cards are for people with excellent credit, but there are also good card options for every type of credit. Even people with fair credit or those who are rebuilding their credit can qualify for cards with valuable rewards and benefits until their credit scores improve.
Consider your goals for the rewards
Knowing how you want to spend the rewards from your card narrows down your choices to make it easier to pick the right card. Selecting which type of rewards you want to earn enables you to focus on a limited number of cards so that it is easier to compare their bonuses, earnings rates, benefits and fees.
Find rewards that match your spending patterns
Matching your spending habits with the bonus categories of your rewards credit card is the best approach. This allows you to maximize the rewards earned on your regular purchases, like groceries, gas, dining and travel.
Some people get multiple cards that earn the same type of rewards to take advantage of each card’s bonus categories. For example, the Chase Trifecta is a strategy that seeks to earn maximum Ultimate Rewards points on every purchase.
Do the math to decide which card is best for you
After narrowing down your choices, compare how much you can earn from each card in the first year. Factor in the welcome bonus, rewards earned from spending and annual credits. Then subtract the annual fee to determine your net benefit from each rewards card.
How to maximize credit card rewards
- Don’t transfer until you’ve verified that there is award space available. Once you’ve transferred points, they cannot be returned.
- Take advantage of transfer bonuses to loyalty programs. Periodically, different airline and hotel partners offer transfer bonuses to get even more value from your points.
- Use multiple cards to maximize category bonuses. You can increase the amount of cash back, points or miles that you earn by rotating cards with different bonus categories. On that note, using cards that earn the same rewards currency (e.g., Chase Ultimate Rewards®) can help you maximize your points or miles in that program.
- Use shopping portals to earn additional rewards on online shopping. When you shop through your card’s shopping portal, you can earn additional rewards on top of the rewards from your credit card. Some programs offer additional incentives during holidays and other sale events, like back-to-school.
- Register all your credit cards for shopping or dining rewards programs. Programs like Dosh, Bumped and Rewards Network provide extra rewards when shopping or eating at participating retailers and restaurants.
- Get your spouse or partner involved as your “Player 2.” When your spouse gets involved, you can double up on rewards by getting the same cards or diversify your points by applying for cards that you’re not eligible for.
- Use credit cards for your business or side hustle. Earn extra rewards by applying for a credit card in the name of your business. Examples of businesses that may qualify for a business credit card include rideshare driver, rental property owner or an Etsy shop owner. In most cases, the rewards earned from your business credit card can be combined with your linked personal rewards program accounts.