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Best Rewards Credit Cards to Maximize Your Spending in 2024

The Penny Hoarder Staff

by The Penny Hoarder Staff

A man with a beard places two credit cards over his eyes.

In today’s world, using the right rewards credit card is one of the smartest ways to get more value from your everyday spending. Whether it’s cashback on groceries, points toward travel, or miles for your next adventure, rewards credit cards are designed to help you earn as you spend. But with so many options available, it can be tricky to figure out which one is the best fit for you. In this guide, we’ll break down the top rewards credit cards of 2024 and help you maximize every dollar you spend.

Best Rewards Credit Cards:

  • Capital One SavorOne Cash Rewards Credit Card
  • Capital One Venture X Rewards Credit Card
  • Chase Freedom Unlimited®
  • Blue Cash Preferred® Card from American Express
  • Capital One VentureOne Rewards Credit Card
  • American Express® Gold Card

What to Look for in a Rewards Credit Card

When shopping for the best rewards credit card, there are a few key features to consider. The right card for you will depend on your spending habits and lifestyle. Here’s what you should keep in mind:

  • Rewards Type: Rewards cards typically offer cashback, points, or miles. Cashback is straightforward—you get a percentage of what you spend back as cash. Points and miles, on the other hand, can be redeemed for travel, gift cards, or other rewards. If you love to travel, a card that earns miles might be a better fit. If you prefer flexibility, cashback is often the way to go.
  • Redemption Flexibility: Some cards have strict rules about how you can redeem your rewards, while others let you redeem points or cashback in multiple ways, like for travel, statement credits, or gift cards. Make sure the card you choose has redemption options that suit your lifestyle.
  • Sign-Up Bonuses: Many rewards credit cards offer hefty sign-up bonuses if you meet a spending requirement within the first few months. These bonuses can be a great way to kickstart your rewards. Just be sure you can meet the spending threshold without overspending.
  • Ongoing Rewards Rates: Pay attention to how a card rewards you for everyday purchases. Some cards offer flat-rate rewards on everything, while others give you higher rewards rates in specific categories like groceries, gas, or dining.
  • Annual Fees and APR: Don’t forget to check whether the card charges an annual fee and what the ongoing APR (annual percentage rate) will be after any introductory offers. Cards with annual fees can still be worth it if the rewards and perks outweigh the cost, but it’s something to consider carefully.

Comparing Rewards Credit Cards

To help you find the best rewards credit card, let’s compare some of the top options for 2024. Below is a breakdown of rewards rates, sign-up bonuses, and other important details to help you decide which card is right for you.

1. Capital One SavorOne Cash Rewards Credit Card

Best for dining and entertainment

If your life revolves around dining out, streaming your favorite shows, and grabbing groceries, the Capital One SavorOne Cash Rewards Credit Card has your back. With no annual fee and generous cash back on the things you love, this card keeps the rewards rolling in.

Why It’s a Great Pick:

  • Cash Back Where It Counts: Earn 3% cash back on dining, entertainment, streaming services, and grocery shopping (except at superstores like Walmart® and Target®).
  • Entertainment Bonuses: Get a whopping 8% cash back on purchases made through Capital One Entertainment.
  • No Annual Fee: All these perks come without a yearly fee, making it even easier to earn.

Things to Keep in Mind:

  • Superstores Don’t Qualify: Grocery purchases at places like Walmart® and Target® won’t earn you cash back.
  • Balance Transfer Fee: There’s a 3% fee on balance transfers for the first 15 months. (See Rates & Fees)

Real-Life Scenario: If you spend a lot on food, entertainment, and streaming services, this card will reward you for your everyday lifestyle, all without an annual fee.

Explore the Capital One SavorOne Cash Rewards Credit Card

2. Capital One Venture X Rewards Credit Card

Best for annual credits

The Capital One Venture X Rewards Credit Card is a powerhouse for travel enthusiasts. With unlimited miles on every purchase and some of the best travel perks around, this card is ideal for those who spend a lot of time jet-setting.

Why It’s a Great Pick:

  • Hefty Travel Perks: Earn 10X miles on hotels and rental cars, and 5X miles on flights booked through Capital One Travel.
  • Anniversary Rewards: Celebrate each card anniversary with 10,000 bonus miles — that’s $100 toward travel.
  • Lounge Access: Get unlimited access for yourself and two guests to over 1,300 airport lounges worldwide.

Things to Keep in Mind:

  • High Annual Fee: The $395 annual fee might seem steep, but the perks more than make up for it.
  • High Spending Threshold for Bonus: To snag the 75,000 bonus miles, you’ll need to spend $4,000 in the first 3 months. (See Rates & Fees)

Real-Life Scenario: If you’re a frequent traveler who loves stacking up miles, lounge access, and exclusive travel perks, the Venture X is a top choice for making every trip more luxurious.

Explore the Capital One Venture X Rewards Credit Card

3. Chase Freedom Unlimited®

Best for pairing with Chase Cards

The Chase Freedom Unlimited® card offers cash back on nearly everything, making it perfect for those who want a simple yet rewarding card. With a long 0% intro APR and no annual fee, it’s a great card for balancing debt repayment and earning rewards.

Why It’s a Great Pick:

  • Versatile Cash Back: Earn 5% back on travel through Chase, 3% back on dining and drugstores, and 1.5% back on all other purchases.
  • Long Intro APR: Take advantage of a 0% intro APR on purchases and balance transfers for 15 months (20.49% to 29.24% after intro period)
  • No Annual Fee: Keep all your rewards without worrying about annual fees.

Things to Keep in Mind:

  • Ongoing APR Can Be High: Once the intro period ends, the APR can jump, so aim to pay off your balance before that happens.
  • Shorter Intro Period for Big Debts: If you’re managing a large balance, you might need more time to pay it off. (See Rates & Fees)

Real-Life Scenario: If you’re looking for a card that offers cash back on everyday spending while also giving you time to manage debt with a 0% intro APR, the Chase Freedom Unlimited® is a solid choice.

Explore the Chase Freedom Unlimited® Card

4. Blue Cash Preferred® Card from American Express

Best for U.S. supermarkets

If you spend a lot on groceries, gas, and streaming services, the Blue Cash Preferred® Card from American Express is designed to help you save. With up to 6% cash back at U.S. supermarkets and streaming subscriptions, this card gives you plenty of bang for your buck.

Why It’s a Great Pick:

  • High Cash Back Rates: Earn 6% cash back at U.S. supermarkets and on select U.S. streaming subscriptions.
  • Intro Balance Transfer Offer: Enjoy 0% APR on purchases and balance transfers for the first 12 months (19.24% to 29.99% after intro period), giving you time to pay off debt.
  • First-Year Free: The $95 annual fee is waived for the first year.

Things to Keep in Mind:

  • Annual Fee After First Year: After the first year, you’ll need to pay a $95 annual fee.
  • Limited Cash Back at Certain Stores: Purchases at Walmart®, Target®, and wholesale clubs like Costco don’t qualify for the higher cash back rates. (See Rates & Fees)

Real-Life Scenario: If you’ve got a family and regularly spend on groceries, gas, and streaming services, the Blue Cash Preferred® Card can help you maximize your rewards.

Explore the Blue Cash Preferred® Card

5. Capital One VentureOne Rewards Credit Card

Best for financing travel

If you’re looking for a travel rewards card without an annual fee, the Capital One VentureOne Rewards Credit Card is a great choice. It offers solid travel rewards and perks, even if you’re not jet-setting constantly.

Why It’s a Great Pick:

  • No Annual Fee: Enjoy all the travel rewards with no yearly fee to worry about. (See Rates & Fees)
  • Travel Rewards: Earn unlimited 1.25X miles on every purchase, and 5X miles on hotels and rental cars booked through Capital One Travel.
  • Generous Intro APR: Get a 0% intro APR on purchases and balance transfers for 15 months (19.99%, 26.24% or 29.99% after intro period, based on credit worthiness)

Things to Keep in Mind:

  • Lower Everyday Rewards Rate: You’ll earn 1.25X miles per dollar on regular purchases, which is lower compared to some other travel cards.
  • Fewer Travel-Specific Perks: While it offers solid rewards, it doesn’t have the same level of travel perks as premium travel cards.

Real-Life Scenario: If you’re an occasional traveler looking for a card that offers travel rewards without an annual fee, the VentureOne card is a great pick.

Explore the Capital One VentureOne Rewards Credit Card

6. American Express® Gold Card

Best for restaurants

The American Express® Gold Card is a top choice for those who love to eat well—whether that’s at a fancy restaurant or just shopping for groceries. It offers high rewards rates on dining out, U.S. supermarket purchases, and travel, making it a perfect fit for foodies and frequent travelers alike.

Why It’s a Great Pick:

  • Top-Notch Dining Rewards: Earn 4X Membership Rewards® Points at restaurants, including takeout and delivery, and at U.S. supermarkets (up to $25,000 per year).
  • Travel Perks: Rack up 3X Membership Rewards® Points on flights booked directly with airlines or through Amex Travel.
  • Dining Credits: Enjoy up to $120 in dining credits each year at select restaurants and food delivery services.

Things to Keep in Mind:

  • High Annual Fee: The $250 annual fee may feel steep, but if you maximize the rewards and credits, it can easily pay for itself. (See Rates & Fees)
  • Limited Redemption Value: You’ll get the best value when redeeming points for flights or transferring to airline partners.

Real-Life Scenario: If you love dining out and grocery shopping just as much as you love to travel, the American Express® Gold Card offers the perfect combination of high rewards and travel perks to make your everyday and travel spending more rewarding.

Explore the American Express® Gold Card

Each of these cards offers something unique depending on your spending habits. Whether you’re looking for high rewards on groceries, everyday flat-rate rewards, or travel perks, there’s a card in this list to suit your needs.

Additional Perks of Using Rewards Credit Cards

Rewards credit cards don’t just offer cashback, points, or miles. Many also come with valuable perks that can make your spending even more rewarding. Here are a few extra benefits to consider when choosing your card:

  • Purchase Protection: Some rewards cards offer purchase protection, meaning you can be reimbursed if an item you bought with your card is damaged or stolen within a certain period.
  • Extended Warranties: Many cards extend the manufacturer’s warranty on items purchased with the card, giving you added peace of mind on big-ticket purchases.
  • Travel Insurance: If you’re using a rewards card that earns travel miles, you might also benefit from travel insurance. This can cover things like trip cancellations, lost luggage, or travel delays.
  • Concierge Services: Some premium rewards cards come with concierge services that can help with things like booking dinner reservations, securing event tickets, or even planning trips.
  • Exclusive Event Access: Certain cards offer cardholders access to special events, from concerts to VIP travel experiences. These perks can make having the card even more rewarding.

How to Choose the Right Rewards Credit Card for Your Spending Habits

Selecting the right rewards credit card depends on how you spend your money. Here are a few things to consider before you make your decision:

  • Where You Spend the Most: Do you spend a lot on groceries, gas, or dining out? Look for a card that offers high rewards in those categories. For example, if you’re a frequent traveler, a travel rewards card with miles might be a better fit than a cashback card.
  • Preferred Rewards Type: Think about how you want to use your rewards. If you value flexibility, a card that offers cashback might be ideal. If you prefer to earn points for travel or other experiences, a points-based card could be better.
  • Maximizing Rewards: Some cards offer tiered rewards, meaning you earn more in specific categories. Others offer flat-rate rewards, which can be simpler to manage. Choose a card that aligns with how you spend and whether you can maximize its rewards structure.
  • Current Credit Cards: If you already have a credit card, take a look at the rewards it offers. Are you getting the most out of it? If not, it may be worth considering a new rewards card that better suits your spending habits.

By evaluating your spending patterns and deciding what type of rewards matter most to you, you can pick a rewards card that helps you get the most bang for your buck.