Want to earn money while spending? The answer is a reward card. Reward card incentives are in the form of benefits such as cash back, discounts on goods and services or frequent flier miles. There are good cards that offer incredible incentives to help you navigate through the murky financial year that is 2020.
| Credit Card | Reward | Use | Credit Score |
| Blue Cash Preferred® Card | Cash back Bonus cash | Spending on supermarkets, gas stations, carshare, air travel and subscription | Excellent (690 and above) |
| Discover it® Cash Back | Cash back Bonus cash | Spending on supermarkets, online shopping, gas stations, carshare, air travel and subscription | Excellent (700) Good income A debt to income ratio that does not exceed 30% |
| Citi® Double Cash Card | Flat rate cash back No bonus | Spending on any purchase | At least 700 |
| Wells Fargo Propel American Express® Card | Points with plenty of perks Introductory bonus points | Spending on supermarkets, online shopping, gas stations, carshare, air travel and subscription | Above 700 |
| Chase Freedom Unlimited® | Flat rate cash back Bonus cash | All purchases including Amazon.com purchases | 750 and above |
| Capital One® Savor® Cash | Cash back Bonus cash | Dining, take outs and ordering in, Travel and transit | 700 and higher |
| Chase Sapphire Reserve® | Points Bonus points | Spending in restaurants, travel, transit, hotel stays, carshare, car hire | 720 to 850 |
| Capital One® Venture® Rewards Credit Card | Miles Bonus Miles | Traveling | 700 or higher |
| Ink Business Preferred Credit Card | Business Miles Bonus Miles | Travelling, shipping, advertisement and online marketing | At least 740 |
1. Blue Cash Preferred® Card
The card offers high rewards on everyday purchases like U.S. gas and grocery because of its high cash back bonuses.
Rates and Charges
- Annual Fee: $95
- Regular APR: 12.99% – 23.99% (Variable)
- Balance Transfers: Whichever is greater between $5 or 3% of the transaction fee
- Cash Advance Rate: 25.24% (Variable)
- Cash Advance Fee: Whichever is greater between $10 or 5% of the cash amount
- Foreign Transaction Fees: 2.7% of the amount transacted
- Late payment and Returned Payment Fees: Not exceeding $40
Card Facts
Introductory Benefits
- $250 statement credit on $1,000 worth of spending within the first 3 months
- 0% APR for the first 12 months
- 0% Balance transfers for the first 12 months
Cash Backs
- Earn 6% cash back on grocery purchases in any U.S. supermarket for spending capped at $6,000
- Earn 1% cash back for expenditure above $6,000 annually.
- Earn 6% cash back on selected U.S. streaming subscriptions
- Earn 3% cash back on transit spending like car hire, carb costs, rideshares, parking, trains and buses
2. Discover it® Cash Back
An ideal for earning high rewards by spending on specific categories. The card offers up to 5% in cash backs along with other benefits.
Rates and Charges
- Annual Fee: $0
- Regular APR: 11.99% – 22.99%
- Balance Transfer Fees: 3% for balance transfer amounts that are deposited to your account by July 10, 2020, and 5% of the amount of each transfer after the specified period.
- Foreign Transaction Fees: $0
- Cash Advance: Whichever is greater between $10 or 5% of cash advance amount
- Late Payment: None for first-time lateness. Subsequent lateness charges go up to $40
- Returned Payment: up to $40
Card Facts
Introductory Benefits
- Discover matches dollar for dollar every cash back earned on the first year of membership
- 0% APR for the first 14 months
- 0% Balance Transfer fees for the first 14 months
Other Card Facts
- 5% cash back every quarter for all purchases made on grocery stores, dining, U.S. gas stations, selected rideshares as well as online shopping.
- Unlimited 1% cash back on other purchases
- No expiry date on Cash backs
- Free Credit Scorecard with FICO® Credit Score
- Rewards earned are usable at Amazon.com checkout
3. Citi® Double Cash Card
The Citi® Double Cash Card is known for its flat-rate cash back. With this card, you will get 2% cash back for all purchases. You will earn 1% when you make a purchase and the other 1% when you pay the balance.
Rates and Charges
- Annual Fee: $0
- Regular APR: 13.99% – 23.99%
- Balance Transfer Fees: Whichever is greater between $5 or 3% of the balance transfer amount
- Foreign Transaction Fees: 3% of the cost of purchase in U.S. dollars
- Cash Advance Fee: The greater between $10 or 5% of the cash advance amount
- Late Payment Fee: Initial late payment is forgiven. Subsequent late payment is up to $40
Card Facts
Introductory Benefits
- Balance Transfers: 0% APR on balance transfers for the first 18 months
Other Facts
- A minimum balance must be paid to earn the cash back.
- There is no cap on the amount of cash back a person can earn.
- There are no restriction categories to track or enroll
- The cash back can be redeemed as a statement credit, direct deposit, check or converted to points.
- Enjoy other Citi® benefits like access to advance ticket sales, exclusive experiences, sporting tournaments, dining experiences and so much more.
- Credit card cover includes fraud protection, identity theft solution, and lost wallet service.
4. Wells Fargo Propel American Express® Card
The Wells Fargo Propel American Express® Card is a point-based reward card with incredible perks.
Rates and Charges
- Annual Fee: $0
- Regular APR: 13.99% – 25.99% (Variable)
- Cash advances and overdraft APR
- Protection Advances: 23.99% -25.99% (varies based on the U.S. Prime Rate)
- Foreign Transaction Fees: $0
- Balance Transfers: The greater between $5 or $3 of the amount of each balance transfer
- Cash Advances: Whichever is greater between $10 or 5% of the cash advance 120 days from account opening. The fee increases to 5% with a minimum of $5.
- Late Payment: up to $37
- Returned check or payment: up to $37
Card Facts
Introductory Benefits
- Gain 20,000 bonus points for $1,000 worth of purchase three months after account opening.
- 0% APR for the first 12 months
- Balance Transfers: 0% on qualifying balance transfers for the first 12 months
Rewards
- Gain 3X points for dining, spending on U.S. gas stations, travel (carshares and transit), hotels and utilities
- Gain 1X points on all other purchases.
Other Facts
- No cap on the number of points earned.
- You need 2,500 points to redeem rewards.
- Additional perks for travelers include lost baggage insurance, car rental loss and damage coverage, breakdown covers as well as 24/7 travel and emergency compensation.
- There is a claim valued up to $600 for every claim for cell phone protection for damaged mobile phones. The conditions include paying your phone bill with your card and paying $1,200 within a 12-month period including $25 deductibles to qualify.
- Online shoppers can enjoy rewards when shopping through a link provided on the issuer’s website that leads to an online shopping portal. The rewards can be redeemed as points per dollar spent as well.
5. Chase Freedom Unlimited®
The Chase Freedom Unlimited® is a flat-cash back credit card that offers 1.5% cash back for all purchases.
Rates and Charges
- Annual Fee:$0
- Regular APR for purchases and balance transfers: 14.99% – 23.74%
- Balance Transfer Fees: 3% or a minimum of $5 of the transferred amount for the first 60 days after account opening. After 60 days, fees rise to 5% or a minimum of $5 of the amount transferred.
- Foreign Transfer Fees: 3% of the transaction amount
- Cash Advance Fee: The greater between $10 or 5% of the cash advance amount
- Cash Advance APR: 24.99% (Variable)
- Late Payment Fee: up to $39
- Returned Payment Fee: up to $39
Card Facts
Introductory Bonus
- Earn $150 for the first $500 spent on purchases 3 months after account opening
- 0% APR for the first 15 months
Other Facts
- There is a 1.5% cash back for all purchases
- Cash backs do not expire
- There is no threshold for redeemable cash back
- Redeem rewards for cash back or statement credit or use the rewards to book travel from the Chase Rewards® travel portal.
- Points can be used to redeem gift cards as well as certificates on the Chase portal.
- Points can be transferred to other Chase cards with better redemption options.
- The card can be partnered with Chase Freedom® and the Chase Sapphire Preferred® Card
- Offers fraud protection, purchase protection, theft and damage protection on car rentals
- The card can be used to shop at Amazon once it is linked to an Amazon account.
6. Capital One® Savor® Cash
A card ideal for dining and traveling.
Rates and Charges
- Annual Fee: $95
- APR: 15.99% – 24.99%
- Foreign Transaction Fees: $0
- Balance Transfer Fee: $0
- Cash Advance: 3% of cash advance not exceeding $10
- Late Fee: up to $39
Card Facts
Introductory Bonus
- $300 cash bonus for expenditure worth $3,000 or more in the first three months after account opening.
Cash backs
- Earn 4% unlimited cash back on dining and entertainment.
- Get 2% unlimited cash back on grocery purchases
- There is a 1% unlimited cash back on other purchases.
- 8% cash back at Vivid Seats valid till May 2020
Other Facts
- Access to premium experiences in restaurants, hotels and entertainment (except for non-industry entertainment such as digital streaming and subscription services)
- Secondary car rental insurance cover, roadside assistance, emergency assistance in case of theft, extended warranty on purchased items, and personalized concierge services
- No analysis paralysis on cash back rewards. The value of the dollar is standard.
- Rewards have no expiry date until your account is closed.
- Find potential money on your past online purchases and get cash through Paribus
- Shop on Amazon.com with your rewards
7. Chase Sapphire Reserve®
An excellent card for frequent luxury travelers and dining with many additional perks
Rates and Charges
- Annual Fee: $550 or $75 for each authorized user
- Regular APR: 16.99% – 23.99%
- Foreign Transaction Fees: $0
- Balance Transfer Fee: Whichever is greater between $5 or 5% of each balance transfer
- Cash Advance: Whichever is greater between $10 or 5% of the cash advance
- Penalty APR: 0%
Card Facts
Introductory Bonus
- Gain 50,000 points (valued at $750) by using $4,000 worth of purchases in the first three months of account opening.
Reward Points
- Earn 3X points on spending on restaurants
- Earn 1X point for every $1 spent on all other purchases
- Earn 3X points as soon as the Annual Travel Credit is reimbursed.
Other Facts
- $300 Annual Travel Credit is given back for travel expenditure charged to your card in all your account anniversary.
- Get 50% worth of value by redeeming points for travel through the Chase Ultimate Rewards.
- Points can be transferred to leading airlines and hotel loyalty programs at a 1 to 1 value.
- Access to airport VIP lounges around the world when you enroll once to the Priority Pass™ Select
- Special benefits at luxurious hotels and resorts like complimentary room upgrades, extended stay and early check-ins.
- A statement credit worth up to $100 for Global Entry or TSA Pre✓® Fee Credit is returned after every 4 years for the application billed to the card.
- A one-year complimentary Lyft Pink for a minimum value of $199
- Complimentary DashPass subscription from DoorDash after activating by December 31, 2021.
8. Capital One® Venture® Rewards Credit Card
Earn miles for purchasing on selected hotel items and get flexible rewards.
Rates and Charges
- Annual Fee: $95
- Foreign Transaction Fees: $0
- Ongoing APR: 17.24% – 22.49% (Variable)
- Foreign Transaction Fees: $0
Card Facts
Introductory Bonus
- 50,000 miles by spending $3,000 during the 3 months after account opening
- $0 annual fee for the first year after account opening
Reward Mile
- Earn 2X miles for every dollar spent on all other purchases
- Earn 5X miles for every dollar spent for hotel and car rental purchases
Other Facts
- Redeeming the bonus miles gives cash worth $500 because each mile is worth 1 cent.
- The miles are transferable to partner airlines or hotel. The transfer value of the 50,000 bonus miles range between 25,000 to 37,500 depending on the transfer partner you choose.
- There is no minimum redeemable number of miles.
- The card provides secondary car rental insurance cover, accident cover as well as extended warranty protection.
- For the application fee charged to the card, the reward is $100 Global Entry or $85 TSA PreCheck Fee after every 4 years.
9. Ink Business Preferred Credit Card
The card is ideal for businesses requiring frequent travel, shipping and advertising expenses
Rates and Charges
- Annual Fee: $95
- Late Fee: $39
- Returned Payment Fee: $39
- Foreign Transaction Fee: $0
- Cash Advance Fee: Whichever is greater between $15 and 5% of the cash advance transaction
- Balance Transfer Fee: Whichever is greater between $5 or 5% of each amount transfered
Card Facts
Introduction Bonus
- 100,000 bonus points for $15,000 worth of spending during the first three months after account opening
Reward Points
- Earn 3X points for every dollar spent on the first $150,000 from the combined spending of these four categories
- Travel (air travel tickets, trains and carshares)
- Shipping (but not on third-party shipping services)
- Advertising on social media sites and Search Engines.
- Internet, cable and phone services, but not including hardware costs.
- Earn 1X points for every dollar spent on all other purchases.
Other Facts
- The 100,000 bonus points are worth $1,000 when redeemed for travel via the Chase Ultimate Rewards Portal
- Points have no expiry date and are redeemable until account is closed
- Points can be redeemed for travel, cash back or gift cards
- Free employee cards
- Purchase protection, extended warranty protection, mobile phone protection, trip cancellation insurance, roadside dispatch and auto rental collision damage waiver.