Find the Best Rewards Credit Card for You!

I think it’s safe to say we all know that credit card debt is bad, really bad. And props go out to all you people that don’t use credit cards! Check out the awesome Cash Envelope System here.

Credit cards can be very useful for some of us though. Help build and improve credit (although not necessary), maximize savings by offering rewards, arrange traveling accommodations, limit your exposure to fraud, track your spending, extending warranties and other benefits.

To find a rewarding credit card that makes sense for you: weigh the rewards formulas, fees, and restrictions, along with your spending habits. Take the time to read the fine print of the credit card offer too. You may find a few features that are valuable and could save you some money and you may also find catches like seasonal savings, spending tiers, hidden caps, rewards expiration dates, and penalties.

If you have existing debt, tend to carry a credit card balance, or bad credit you should probably consider credit cards with low interest rates and low fees (rather than focusing on rewards programs) or cut out credit cards all together!

I personally use a credit card for almost everything. BUT I always pay my balance in full and I keep my spending under control too. Then I redeem my earned points for gift cards to places I normally shop, like Amazon or Target. I basically utilize the same credit card method that Amber talks about here. This system DOES NOT work for everyone though.

Best Credit Cards for Rewards

If you have …

Excellent credit.

These first 3 cards are all recommended as some of the best options, but they have annual fees after the first year. I personally prefer to avoid cards with annual fees.

Chase Sapphire Preferred Card (Travel)
Blue Cash Preferred Card from American Express
Capital One Venture Rewards Card (Travel)

Capital One VentureOne Rewards Credit Card (Travel)

• 1.25 miles per dollar on every purchase, every day and no annual fee
• One-time bonus of 10,000 miles once you spend $1,000 dollars on purchases within the first 3 months, equal to $100 on travel.
• Redeem miles for airline tickets, hotel rooms, car rentals and more
• No limit on the miles you can earn and miles don’t expire
• Fly on any airline, any time with no blackout dates
• 0% intro APR on purchases until February 2014
• No foreign transaction fees

Both Capital One Venture versions come with a 10,000-mile bonus if you spend $1,000 in the first three months. After the first year, the VentureOne card is the better travel-rewards option for people who spend less than $8,000 a year.

American Express Blue Cash Everyday

• Earn 100 Reward Dollars after you make $1,000 in purchases in the first three months of Card membership.
• Get 3% cash back at U.S. stand-alone supermarkets, 2% cash back on gasoline at U.S. stand-alone gas stations and select major department stores; 1% cash back on other purchases.
• The first $6,000 of purchases at U.S. stand-alone supermarkets in a calendar year qualifies for 3% cash back; 1% thereafter.
• Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit. Cash back is earned only on eligible purchases.
• Simple and Straightforward: With the Blue Cash Everyday Card, you can start earning cash back. No rotating reward categories. No enrollment required.
• No annual fee, 0% intro APR on purchases for 12 months. After that, your APR will be a variable rate, currently 12.99%-21.99% with flexibility to pay over time.
• Terms and Restrictions Apply.

Available to members of Pentagon Federal Credit Union:

PenFed Premium Travel Rewards American Express (Travel)
PenFed Platinum Cash Rewards

Good credit.

Capital One Venture Rewards Card (see details above)

Capital One VentureOne Rewards Credit Card (see details above)

Capital One Cash Rewards

• $100 bonus after you spend $500 on purchases within the first 3 months
• 50% bonus on the cash back you earn every year
• 1% cash back on all purchases
• No annual fee
• Earn unlimited cash back that doesn’t expire
• Redeem cash back anytime for any amount, even set automatic redemptions
• Personalize your card with an image of your choice
• 0% intro APR on purchases and balance transfers until February 2014

Fair credit.

Capital One Cash Rewards (see details above)

Capital One Cash Rewards for Newcomers

• A card designed to help those new to the U.S. establish credit and earn cash back
• Build credit with responsible use-plus automatic reporting to the three major credit bureaus
• Get 2% cash back on travel purchases
• Earn 1% cash back on all other purchases
• No foreign transaction fees
• No annual fee

Limited/No credit.

Journey Student Rewards from Capital One

• Designed to help students build good credit with responsible use
• Access to your monthly credit score, plus an interactive tracking tool to help monitor your credit
• Customizable text and e-mail alerts to help keep you on track
• Get 1% cash back on all purchases, plus a 25% bonus each month you pay your bill on time
• No annual fee
• $0 Fraud Liability if your card is lost or stolen

Capital One Cash Rewards for Newcomers (see details above)

For most of these credit card offers, you can apply right here!

I put this list together by researching creditcards.com, abcnews.com, forbes.com, cardhub.com, and consumerreports.com. The information above is my own opinion after researching these sites, but we happened to have links for most of the credit cards that I chose, so this post does contain affiliate links.