Rates updated as of May 1, 2023.
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If you’ve had the same rewards credit card in your wallet for a while, it’s time to see whether you could get a better payback on your spending by switching to a new card. According to a survey from Bankrate.com, 43% of credit card holders have either never switched their primary card or haven’t swapped out their card in more than a decade.
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Credit card issuers regularly update their card offerings and rewards programs. “Many changes over the last few years have brought more value to regular, everyday spending,” says Cyndie Martini, CEO and founder of card-processing platform Member Access Processing. And cards often hand over an extra heap of cash back, points or miles to new cardmembers who make a certain amount of purchases in the first few months or meet other requirements. Depending on your spending patterns, you could rack up hundreds of dollars per year in rewards.
Rewards cards aren’t for everyone, especially as interest rates rise. You won’t be able to maximize rewards if you incur interest charges because you don’t pay off your balance each month. “If you have credit card debt, it doesn’t make sense to pay 20% in interest—which is roughly the national average—to get 1%, 2% or even 5% in cash back or airline miles,” says Ted Rossman, senior industry analyst at Bankrate.com.
But for disciplined spenders, a rewards card can be a lucrative tool. We’ve rounded up our top picks among cards in 13 categories. Plus, you can see our selections of the best cards for students at kiplinger.com/kpf/studentcards and for small-business owners at kiplinger.com/kpf/cards21. For each card, we’ve included the annual fee, if it charges one, and the sign-up bonus if one is offered. Except where noted, rewards do not have expiration dates or caps, and the travel cards do not charge foreign-transaction fees. Fees, rewards and other terms are subject to change, so before you apply for a card, check its current terms with the issuer.
Our Review Methodology
For each card, we have calculated a typical annual reward based on spending patterns in the U.S. Bureau of Labor Statistics Consumer Expenditure Survey and assuming $25,000 spent on the card annually (unless otherwise noted). For cards that do not waive their annual fee the first year, we’ve subtracted the annual fee from the cash value of the annual reward. We have also considered factors such as ease and flexibility of earning and redeeming rewards and whether you must be a member of a club or financial institution to apply for a card. Except where noted, rewards do not have expiration dates or caps, and the travel-oriented cards do not charge foreign-transaction fees.
Interest rates, fees, rewards and other terms listed in this article are subject to change. Before you apply for a credit card, check its current terms and conditions with the issuer.
Best for Flat-Rate Cashback
These cards provide simple and strong cash back rewards on all spending. They are best for consumers that do not concentrate their spending in just a few areas. Check out Best Cash Back Credit Cards to see all of the winners in this category.
(opens in new tab)- Interest rate: 0% for six months, then 12.99% to 18%
- Annual fee: $99, waived the first year
- Top rewards rate: 3% back on every purchase the first year, and 2.5% back on all spending from the second year on; the amount of spending that exceeds $10,000 each month does not earn rewards
- Redemption: You collect rewards in the form of points, and they’re worth a penny each for a bank account deposit or statement credit ($50 minimum redemption)
- Membership: Anyone can become a member of Farmers Insurance FCU by joining the American Consumer Council (opens in new tab) and depositing $5 into a savings account
- Sign-up bonus: $100 back if you spend $5,000 in the first three months
(opens in new tab)- APR: 0% intro APR only on balance transfers for 18 months, then 18.99% to 28.99% variable APR, based on your creditworthiness; 18.99% to 28.99% variable on all purchases
- Annual fee: None
- Top rewards rate: A total 2% back on all spending - 1% cash back when you buy, plus an additional 1% when you pay
- Redemption: Rewards come in the form of Citi ThankYou points, which can be redeemed for a statement credit, check or direct deposit into a bank account; or exchange points for gift cards, travel and other options through the ThankYou program, but point values vary for those redemptions
- Sign-up bonus: Citi recently ended the sign-up bonus
(opens in new tab)- Interest rate: 0% on purchases and qualifying balance transfers from account opening for 15 months, then 19.74%, 24.74%, or 29.74% variable APR
- Annual fee: None
- Top rewards rate: 2% cash rewards on purchases
- Other benefits: up to $600 per claim of protection for your cell phone against damage or theft if you pay your monthly wireless bill with the card. Pay a $25 deductible, and get up to two paid claims per 12 months.
- Redemption: statement credit, cash at the ATM with a Wells Fargo debit/ATM card (in $20 increments), gift cards ($25 increments), or a credit to a qualifying Wells Fargo credit card, checking account or mortgage.
- Sign-up bonus: $200 cash reward if you spend $1,000 in the first three months
See Kiplinger's guide to the best cash back credit cards
Best no fee card for travel rewards
With these cards, you reap points or miles without paying an annual fee. You will still need to consider foreign transaction fees if you plan to do a lot of international travel. To see more Kiplinger picks in the travel category, read Best Travel Rewards Credit Cards.
(opens in new tab)- Interest rate: Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 19.74% - 28.49%
- Annual fee: None
- Foreign transaction fee: 3%
- Top rewards rate: Five points per dollar spent on travel reservations made through Chase Ultimate Rewards
- Other benefits: Earn 3% at restaurants and drugstores, plus 1.5% on all other purchases. Earn 5% total cash back on qualifying Lyft rides through March 2025, three months of free membership to DashPass (usually $10 a month), which waives the delivery fee and reduces service fees on eligible orders through food-delivery service DoorDash. After three months, you’re automatically enrolled for nine months of DashPass membership at a rate of 50% off (you can cancel membership anytime). Cardholders also get three free months of Instacart+ membership, which comes with no delivery fee and reduced service fees on eligible orders through the Instacart grocery-delivery service ($99 a year) after three months, you’ll be automatically enrolled in an annual membership unless you cancel. Through July 2024, cardholders who are enrolled with Instacart+ get up to $10 in quarterly statement credits for eligible Instacart purchases.
- Redemption: Redeem points at a rate of a penny each for cash back, gift cards or travel.
- Sign-up bonus: $200 back if you spend $500 on purchases in the first three months from account opening
(opens in new tab)- Interest rate: 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then 16.74% to 27.74% variable APR [Source:
- Annual fee: None
- Foreign transaction fee: None
- Rewards: 1.5 miles per dollar spent on purchases
- Sign-up bonus: A match of miles earned after one year, doubling your rewards
- Redemption: Unlike a co-branded credit card, the miles earned on the card can be used to cover travel purchases made at any airline, car rental or hotel over the past 180 days; miles may also be redeemed for statement credit to pay your bill
(opens in new tab)- Interest rate: 0% introductory APR for purchases for the first 12 months, then 19.74%, 24.74%, or 29.74% variable APR
- Annual fee: None
- Foreign transaction fee: None
- Rewards: Earn three points per dollar spent on a range of travel-related purchases, including travel bookings, restaurant spending, gas and transit (such as parking, tolls and ride-sharing services). You also get three points per dollar on wireless and landline phone plans and eligible streaming services. All other purchases earn one point per dollar.
- Sign-up bonus: 20,000 points if you spend $1,000 in the first three months
- Redemption: Redemption options include travel bookings and cash back, with a value of one cent per point redeemed.
Best dining rewards
Frequent diners can enjoy cash back and other perks using these cards. For other everyday expenses like gas and groceries, see our guide to best cash back credit cards.
(opens in new tab)- Interest rate: 20.99% to 28.99% variable for purchases and pay-over-time purchases
- Annual fee: $250
- Foreign transaction fee: None
- Rewards: Earn four Membership Rewards points per dollar spent at restaurants or on take-out and delivery in the U.S.; earn four points at per dollar at U.S. supermarkets up to a maximum of $25,000 spent in a calendar year, then supermarkets purchases earn one point per dollar; earn three points per dollar on flights booked directly with airlines or with Amex Travel; two points per dollar on other eligible Amex Travel purchases; and one point per dollar on other spending;
- Additional rewards: get up to $10 in monthly statement credits for purchases with certain restaurants and delivery services, including The Cheesecake Factory, Grubhub, Goldbelly and select Shake Shack locations, plus $10 in monthly Uber Cash that you can put toward Uber Eats purchases or Uber rides
- Intro bonus: 60,000 points if you spend $4,000 in the first six months
- Redemption: Points are redeemable at a rate of 1 cent each for flights booked through Amex and certain gift cards (points are worth less for most other redemption options)
- Terms apply
(opens in new tab)- Interest rate: 0% intro APR for 15 months on purchases and balance transfers; then 19.74%, 25.74% or 29.74% variable APR
- Annual fee: None
- Foreign transaction fee: None
- Rewards: You get 3% cash back when you dine out, as well as when you spend money on entertainment and streaming services and at grocery stores
- Additional rewards: You get 5% back on hotels and rental cars booked through Capital One Travel; 8% back on purchases through the Capital One Entertainment ticketing platform; and, until November 14, 2024, 10% back on Uber and Uber Eats purchases; all other purchases get 1% back.
- Sign-up bonus: $200 back if you spend $500 in the first three months
- Redemption: Cash back is redeemable as a statement credit or check or for travel reservations through Capital One; cardholders also get complimentary Uber One membership statement credits, which provide discounts on Uber Eats orders and Uber rides until November 14, 2024, and Capital One Dining benefits, such as special events with chefs
(opens in new tab)- Interest rate: Get 0% on purchases and balance transfers for the first 12 billing cycles; then 19.99% to 28.99% variable APR
- Annual fee: None
- Foreign transaction fee: None
- Rewards: Restaurant purchases earn four points per dollar spent, equaling a 4% payback
- Additional rewards: You also get two points per dollar on qualifying streaming services and at grocery stores and gas stations, and one point per dollar on other spending
- Sign-up bonus: 20,000 points if you spend $1,000 in the first 90 days
- Redemption: Redeem points at a rate of a penny each for cash back, gift cards or travel, among other options; cardholders also get a $15 yearly credit after 11 consecutive months of eligible streaming subscription purchases.
As an independent publication dedicated to helping you make the most of your money, the article above is our view of the best deals and is not the opinion of any entity mentioned such as a card issuer, hotel, airline etc. Similarly, the content has not been reviewed or endorsed by any of those entities.
Other best buy credit cards
- Kiplinger's guide to the best cash back credit cards
- Kiplinger's guide to the best travel credit cards
- Kiplinger's guide to the best student credit cards
- Kiplinger's guide to the best balance transfer credit cards
- Kiplinger's guide to the best business credit cards
- Kiplinger's guide to the best 0% APR credit cards
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