15 Best Rewards Credit Cards of August 2024
Key Take Aways
- Maximize Rewards: Look for credit cards that offer the highest rewards rates in your top spending categories, such as travel, dining, or groceries.
- Sign-Up Bonuses: Many cards come with generous sign-up bonuses worth hundreds of dollars, available after meeting initial spending requirements.
- Sign-Up Bonuses: Many cards come with generous sign-up bonuses worth hundreds of dollars, available after meeting initial spending requirements.
Choosing the right rewards credit card can significantly enhance your financial life by offering valuable perks, cash back, and travel benefits. Whether you’re a frequent traveler, a foodie, or someone looking for simple cash back, there’s a card on this list for you.
Be sure to consider the annual fees, sign-up bonuses, and additional perks when making your decision. Explore the full guide to find the perfect card for your needs and start making smarter financial decisions today.
What to Look for in a Rewards Credit Card
Before diving into our top picks, it’s important to understand what makes a rewards credit card great. Here are some key factors to consider:
Reward Rates
Look for cards that offer the highest reward rates in categories where you spend the most. Some cards offer flat-rate rewards, while others provide higher rewards in specific categories like groceries, dining, or travel.
Sign-Up Bonuses
Many rewards cards come with generous sign-up bonuses, often worth hundreds of dollars. These bonuses typically require you to spend a certain amount within the first few months of opening the account.
Annual Fees
Some of the best rewards cards come with annual fees, but don’t let that deter you. The rewards and benefits often outweigh the cost. However, if you’re not a big spender, there are plenty of no-annual-fee options that still offer great rewards.
Additional Benefits
Consider the additional perks and benefits a card offers, such as travel insurance, purchase protection, extended warranties, and access to exclusive events.
1. Chase Sapphire Preferred® Card
Why We Love It
The Chase Sapphire Preferred® Card is a favorite among travelers for its robust rewards program and flexible redemption options. You earn 2x points on travel and dining and 1x point per dollar on all other purchases. Points are worth 25% more when redeemed for travel through Chase Ultimate Rewards®.
Key Benefits
- Sign-Up Bonus: Earn 80,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. That’s $1,000 toward travel when redeemed through Chase Ultimate Rewards®.
- Annual Fee: $95
- Additional Perks: No foreign transaction fees, travel insurance, purchase protection.
Best For
Frequent travelers who want flexible rewards and substantial travel perks.
2. Citi® Double Cash Card
Why We Love It
The Citi® Double Cash Card offers one of the highest flat-rate cash back programs available. You earn 2% cash back on all purchases—1% when you buy and 1% when you pay your bill.
Key Benefits
- Sign-Up Bonus: None
- Annual Fee: $0
- Additional Perks: 0% intro APR on balance transfers for 18 months.
Best For
Individuals looking for a straightforward cash back card with no annual fee.
3. American Express® Gold Card
Why We Love It
The American Express® Gold Card is perfect for foodies, offering 4x points at restaurants and on takeout and delivery, 4x points at U.S. supermarkets (on up to $25,000 per year in purchases, then 1x), 3x points on flights booked directly with airlines or on amextravel.com, and 1x points on all other purchases.
Key Benefits
- Sign-Up Bonus: Earn 60,000 Membership Rewards® points after spending $4,000 on purchases in the first 6 months.
- Annual Fee: $250
- Additional Perks: Up to $120 dining credit annually at select partners, up to $100 in airline fee credits.
Best For
Food enthusiasts and travelers who can maximize the card’s generous dining rewards.
For maximum value with the American Express® Gold Card, make sure to take full advantage of its generous dining rewards and supermarket points. Use the card for all your dining, takeout, and grocery purchases to earn 4x points. Additionally, leverage the $120 dining credit at select partners and the $100 airline fee credits to offset the annual fee and enhance your travel experiences. Remember, always pay your balance in full each month to avoid interest charges and truly maximize your rewards.
4. Capital One Venture Rewards Credit Card
Why We Love It
The Capital One Venture Rewards Credit Card offers 2x miles on every purchase, every day. Miles can be redeemed for travel, with no blackout dates, through the Capital One travel portal or transferred to over 15 travel loyalty programs.
Key Benefits
- Sign-Up Bonus: Earn 60,000 miles after spending $3,000 on purchases within the first 3 months.
- Annual Fee: $95
- Additional Perks: Up to $100 credit for Global Entry or TSA PreCheck.
Best For
Travelers who want a simple, straightforward rewards program with flexible redemption options.
5. Discover it® Cash Back
Why We Love It
The Discover it® Cash Back card offers 5% cash back on rotating quarterly categories, such as groceries, gas, restaurants, and online shopping, up to the quarterly maximum each time you activate. Plus, earn 1% cash back on all other purchases.
Key Benefits
- Sign-Up Bonus: Discover will match all the cash back you’ve earned at the end of your first year.
- Annual Fee: $0
- Additional Perks: Free FICO® Credit Score, 0% intro APR on purchases and balance transfers for 14 months.
Best For
Shoppers who want to maximize cash back in specific spending categories.
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Calculate Your Payoff Plan6. Bank of America® Customized Cash Rewards Credit Card
Why We Love It
The Bank of America® Customized Cash Rewards Credit Card offers 3% cash back in a category of your choice (gas, online shopping, dining, travel, drug stores, or home improvement/furnishings), 2% at grocery stores and wholesale clubs (on up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases), and 1% on all other purchases.
Key Benefits
- Sign-Up Bonus: $200 online cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening.
- Annual Fee: $0
- Additional Perks: Preferred Rewards members can earn 25% to 75% more cash back on every purchase.
Best For
Those who want flexibility in choosing their cash back categories.
7. Wells Fargo Active Cash℠ Card
Why We Love It
The Wells Fargo Active Cash℠ Card offers an unlimited 2% cash back on all purchases. It’s a great option for those who prefer a flat-rate rewards card with no categories to track.
Key Benefits
- Sign-Up Bonus: $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months.
- Annual Fee: $0
- Additional Perks: 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers.
Best For
Individuals seeking a straightforward cash-back card with a generous flat rate.
Maximize your benefits with the Wells Fargo Active Cash℠ Card by using it for all your everyday purchases to earn an unlimited 2% cash back. Take advantage of the 0% introductory APR for 15 months on purchases and qualifying balance transfers to manage your expenses effectively. To get the most value, always pay your balance in full to avoid interest charges and keep your credit score in good shape. This strategy will help you make the most of the card’s straightforward and generous rewards program.
8. Blue Cash Preferred® Card from American Express
Why We Love It
The Blue Cash Preferred® Card from American Express offers 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%), 6% on select U.S. streaming subscriptions, 3% at U.S. gas stations, and 1% on other purchases.
Key Benefits
- Sign-Up Bonus: Earn a $300 statement credit after spending $3,000 in purchases on your new Card within the first 6 months.
- Annual Fee: $95
- Additional Perks: Up to $120 annual Equinox+ credit (enrollment required), purchase protection.
Best For
Families and individuals who spend heavily on groceries and streaming services.
9. U.S. Bank Cash+® Visa Signature® Card
Why We Love It
The U.S. Bank Cash+® Visa Signature® Card allows you to earn 5% cash back on your first $2,000 in combined eligible purchases each quarter on two categories you choose, 2% cash back on one everyday category (like gas stations, grocery stores, or restaurants), and 1% cash back on all other purchases.
Key Benefits
- Sign-Up Bonus: $200 rewards after spending $1,000 in eligible purchases within the first 120 days of account opening.
- Annual Fee: $0
- Additional Perks: No annual fee.
Best For
Those who want to customize their cash back categories to fit their spending habits.
10. Capital One SavorOne Cash Rewards Credit Card
Why We Love It
The Capital One SavorOne Cash Rewards Credit Card offers 3% cash back on dining, entertainment, popular streaming services, and at grocery stores, and 1% on all other purchases. There’s also a special 8% cash back on Capital One Entertainment purchases.
Key Benefits
- Sign-Up Bonus: Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening.
- Annual Fee: $0
- Additional Perks: No foreign transaction fees, access to Capital One Entertainment.
Best For
Foodies and entertainment lovers looking for robust cash-back rewards without an annual fee.
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Start Budgeting Today11. Chase Freedom Unlimited®
Why We Love It
The Chase Freedom Unlimited® offers 5% cash back on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstore purchases, and 1.5% on all other purchases.
Key Benefits
- Sign-Up Bonus: Earn an additional 1.5% on everything you buy (on up to $20,000 spent in the first year)—that’s worth up to $300 cash back.
- Annual Fee: $0
- Additional Perks: 0% intro APR for 15 months from account opening on purchases and balance transfers.
Best For
Those looking for a versatile card with excellent rewards in multiple categories.
12. Hilton Honors American Express Surpass® Card
Why We Love It
The Hilton Honors American Express Surpass® Card offers 12x points at Hilton properties, 6x points on select U.S. restaurants, U.S. supermarkets, and U.S. gas stations, and 3x points on all other purchases.
Key Benefits
- Sign-Up Bonus: Earn 130,000 Hilton Honors Bonus Points after you spend $2,000 in purchases on the Card in the first 3 months.
- Annual Fee: $95
- Additional Perks: Complimentary Hilton Honors Gold status, Priority Pass™ Select membership.
Best For
Frequent travelers who stay at Hilton properties.
13. Marriott Bonvoy Boundless® Credit Card
Why We Love It
The Marriott Bonvoy Boundless® Credit Card offers 6x points at Marriott Bonvoy hotels, 2x points on all other purchases, and automatic Silver Elite status.
Key Benefits
- Sign-Up Bonus: Earn 100,000 bonus points after you spend $3,000 on purchases in your first 3 months from account opening.
- Annual Fee: $95
- Additional Perks: Free Night Award every year after the account anniversary, travel, and purchase protections.
Best For
Loyal Marriott guests looking to maximize their stays and rewards.
14. Southwest Rapid Rewards® Priority Credit Card
Why We Love It
The Southwest Rapid Rewards® Priority Credit Card offers 2x points on Southwest purchases, Rapid Rewards hotel and car rental partner purchases, local transit and commuting including rideshare, internet, cable, phone services, and select streaming services, and 1x points on all other purchases.
Key Benefits
- Sign-Up Bonus: Earn 40,000 points after you spend $1,000 on purchases in the first 3 months.
- Annual Fee: $149
- Additional Perks: $75 Southwest travel credit each year, 7,500 bonus points after your Cardmember anniversary, 4 Upgraded Boardings per year when available.
Best For
Frequent Southwest Airlines flyers who want to maximize their Rapid Rewards points.
15. Alaska Airlines Visa Signature® Credit Card
Why We Love It
The Alaska Airlines Visa Signature® Credit Card offers 3x miles on Alaska Airlines purchases, 1x miles on all other purchases, and Alaska’s Famous Companion Fare™ from $121 ($99 fare plus taxes and fees from $22).
Key Benefits
- Sign-Up Bonus: Get 40,000 bonus miles plus Alaska’s Famous Companion Fare™ from $121 ($99 fare plus taxes and fees from $22) after you make $2,000 or more in purchases within the first 90 days of opening your account.
- Annual Fee: $75
- Additional Perks: Free checked bag on Alaska flights for you and up to six guests on the same reservation.
Best For
Frequent Alaska Airlines travelers who want to earn miles quickly and enjoy valuable travel perks.
Pros and Cons of Rewards Credit Cards
Pros
- Cash Back and Points: Many rewards cards offer cash back, points, or miles on every purchase, which can add up to significant savings or valuable travel perks.
- Sign-Up Bonuses: Many cards offer substantial sign-up bonuses, often worth hundreds of dollars, for meeting initial spending requirements.
- Additional Benefits: Rewards cards often come with additional perks such as travel insurance, purchase protection, extended warranties, and access to exclusive events.
- Flexibility: Some rewards programs offer flexible redemption options, allowing you to use your rewards for travel, statement credits, or gift cards.
Cons
- Annual Fees: Some of the best rewards cards come with annual fees, which can be a deterrent if the cardholder does not utilize the benefits enough to justify the cost.
- High Interest Rates: Rewards cards often come with higher interest rates. Carrying a balance can quickly negate the value of any rewards earned.
- Spending Requirements: Earning sign-up bonuses and maximizing rewards often requires meeting specific spending thresholds, which may encourage unnecessary spending.
- Complexity: Keeping track of rotating categories, point valuations, and redemption options can be complicated and time-consuming.
Choosing the right rewards credit card can significantly enhance your financial life, offering you valuable perks, cash back, and travel benefits. The best rewards credit card for you depends on your spending habits and financial goals. Whether you’re a frequent traveler, a foodie, or someone looking for simple cash back, there’s a card on this list for you. Remember to consider the annual fees, sign-up bonuses, and additional perks when making your decision. Happy card hunting!
Frequently Asked Questions About the Best Rewards Credit Cards
The best rewards credit cards of August 2024 include options like the Chase Sapphire Preferred® Card, Citi® Double Cash Card, and American Express® Gold Card. These cards offer a variety of rewards such as cash back, travel points, and dining perks, tailored to different spending habits and financial goals.
Rewards credit cards offer points, miles, or cash back for every dollar you spend. These rewards can be redeemed for travel, statement credits, gift cards, and more. Some cards offer higher rewards rates in specific categories like groceries, dining, or travel.
Rewards credit cards with annual fees can be worth it if the benefits and rewards outweigh the cost of the fee. Many cards offer substantial perks, such as higher reward rates, travel credits, and exclusive access to events, which can justify the annual fee for frequent users.
Yes, there are many excellent rewards credit cards with no annual fee, such as the Citi® Double Cash Card and the Discover it® Cash Back card. These cards offer competitive rewards rates and valuable perks without the added cost of an annual fee.
Sign-up bonuses are one-time rewards offered to new cardholders for meeting a minimum spending requirement within the first few months of opening the account. For example, you might earn 60,000 points after spending $3,000 in the first three months. These bonuses can be worth hundreds of dollars.
While rewards credit cards offer many benefits, they can come with higher interest rates and annual fees. It’s important to use these cards responsibly by paying your balance in full each month and avoiding unnecessary spending to earn rewards.
