Credit cards have always been a popular topic when it comes to personal finance. It seems like every year there's a new "best" credit card and a new way to use rewards to your advantage. The best part about rewards credit cards is that they offer you a way to get something back. Usually, in the form of cashback, points, or miles for the money, you're already spending.
Each card has its own set of rules and restrictions, so it's important to find the one that best fits your spending habits. For example, if you travel often, you'll want a card that offers rewards for travel expenses. Or, if you eat out frequently, you might want a card that gives cash back on restaurant purchases.
No matter what your spending habits are, there's a credit card that will reward you for them. In this article, we'll be talking about the top 10 reward credit cards for 2022. We'll cover the different types of rewards that each card offers, as well as the fees and interest rates associated with them. So, whether you're looking for your first rewards credit card or you're just curious about what's out there, read on for our list of the best of the best.
What are reward credit cards?
Before we jump into the main topic, it is always a good idea to first understand what we are talking about. So, what are reward credit cards? Reward credit cards are simply credit cards that offer rewards to cardholders for their spending. These rewards can be
Cashback
Points
Miles
These reward credit cards are ideal for people who shop quite frequently using their credit cards. They can enjoy the privileges and convenience of using their credit cards while also earning rewards with every purchase that they make.
Different types of reward credit cards
So now that we know what a reward credit card is, let's talk about the different types of reward credit cards that are available.
1. Cashback Credit Cards
Cashback credit cards are the most popular type of rewards credit card. As the name suggests, these cards give you cashback on your purchases. The amount of cash back you earn varies from card to card, but it typically ranges from 1% to 5%.
Most cashback credit cards have no annual fee, which makes them a great option for people who don't want to pay an annual fee for their rewards card. Additionally, many cashback cards offer sign-up bonuses, which can further increase the amount of cashback you earn.
2. Points Credit Cards
Points credit cards are the second most popular type of rewards credit card. These cards earn you points for your spending, which can be redeemed for cash back, travel, or merchandise.
The number of points you earn per dollar spent varies from card to card, but it typically ranges from 1 point to 5 points. Additionally, many points cards offer sign-up bonuses, which can help you earn points even faster.
3. Miles Credit Cards
Miles credit cards are the third most popular type of rewards credit card. These cards are ideal for people who travel frequently. They earn you miles for every dollar you spend, which can be redeemed for travel expenses such as airline tickets, hotel stays, and car rentals.
Just like any other type of credit card, the miles mostly depend on the credit card issuer and can vary from card to card. However, most miles credit cards offer 1 mile for every $1 you spend.
So these are three types of popular reward cards. Now, let's move on to the best 10 reward cards in 2022.
1. Bank of America’s Customized Rewards (Cash back) credit card
The Bank of America® Customized Cash Rewards credit card is a cashback credit card that offers 3% cash back on the category of your choice. You will also get a 2% cash back on grocery stores and wholesale clubs up to $2,500 in combined choice of category/grocery store/wholesale club quarterly purchases.
This card also offers a $200 cash rewards bonus after you spend $1,000 in the first 3 months and there is no annual fee for this card.
Interest rates: 13.99% - 23.99% Variable APR
Credit score requirements: Excellent - Good (700 - 749)
2. Chase Sapphire Preferred® Card
The Chase Sapphire Preferred® Card is a points card that offers 2x points on travel and dining at restaurants worldwide and 1 point per dollar spent on all other purchases. These points can be redeemed for cash back, travel, or merchandise.
This card also comes with a sign-up bonus of 60,000 points after you spend $4,000 in the first 3 months and there is a $95 annual fee for this card.
Interest rates: 15.99% - 23.99% Variable APR
Credit score requirements: Excellent - Good (700 - 749)
3. Discover it® Cash Back
The Discover it® Cash Back is a cashback credit card that offers 5% cash back on rotating quarterly categories (up to $1,500 in purchases per quarter) and 1% cashback on all other purchases. You can use the rewards on Amazon, grocery stores, PayPal, or any other Discover purchase.
There is no annual fee with the Discover it® Cash Back, and you also get a $50 statement credit after your first purchase within the first 3 months.
Interest rates: 11.99% - 22.99% Variable APR
Credit score requirements: Excellent - Good (700 - 749)
4. Discover it® Student Cash Back
The Discover it® Student Cash Back is a student credit card that offers 5% cashback on rotating quarterly categories (up to $1,500 in purchases per quarter) and 1% cashback on all other purchases. This is a great option for students who want to earn rewards on their spending.
There is no annual fee with the Discover it® Student Cash Back, and it matches all the cashback you've earned at the end of your first year. So you can turn a $100 cashback into $200 cashback.
Interest rates: 12.99% - 21.99% Variable APR
Credit score requirements: Fair - New Credit
5. Citi® Double Cash Card
The Citi® Double Cash Card is a cashback credit card that offers 2% cashback on all purchases – 1% when you buy and 1% when you pay your bill. There is no limit to the amount of cashback you can earn, and there is also no annual fee. There is an intro balance transfer fee of 3% for the first 4 months. After that, it will be 5% for the next 4 months.
Interest rates: 13.99% - 23.99% Variable APR
Credit score requirements: Excellent - Good (700 - 749)
6. Discover it® Secured Credit Card
The Discover it® Secured Credit Card is a great option for people with bad credit or no credit. This is because it requires a refundable security deposit of $200 - $2,500, which will be your credit limit. This card offers 2% cash back at gas stations as well as hotels and restaurants on up to $1,000 in combined purchases each quarter, and 1% cashback on all other purchases.
One of the best parts is there is no annual fee with the Discover it® Secured Credit Card. Secured credit cards are known for building credit scores. So if you are looking to build your credit score as well as enjoy rewards, the Discover it® Secured Credit Card is a great option.
Interest rates: 22.99% Variable APR
Credit score requirements: No credit history or bad credit
7. Marriott Bonvoy Brilliant™ American Express® Card
The Marriott Bonvoy Brilliant™ American Express® Card is a hotel rewards credit card that offers 6x points at Marriott hotels and 2x points on all other purchases. You also get a free night's stay every year after your account anniversary. One of the downsides is there is a $450 annual fee for the Marriott Bonvoy Brilliant™ American Express® Card
You can earn 75,000 Marriott points after you spend $3,000 in the first 3 months. You can also get a statement credit of up to $300 for eligible Marriott purchases such as room rates and dining.
Interest rates: 15.99% - 24.99% Variable APR
Credit score requirements: Excellent - Good (700 - 749)
8. Chase Freedom Unlimited®
The Chase Freedom Unlimited® offers 1.5% cashback on all purchases. You can also get 6.5% cashback on travel purchased through Chase Ultimate Rewards®. Their premier rewards program lets you redeem rewards for cash back, travel, gift cards, and more. One of the best parts is there is no annual fee with the Chase Freedom Unlimited®.
Interest rates: 15.99% - 24.99% Variable APR
Credit score requirements: Excellent - Good (700 - 749)
9. The Venture X Rewards Credit Card From Capital One
The Capital One Venture X Rewards Credit Card is a travel reward credit card. It offers 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel. You also get 2X miles on all other purchases.
You can earn 75,000 miles after you spend $4,000 in the first 3 months. You can also earn 10X miles on hotels and rental cars booked through Capital One Travel. One of the downsides is that the Capital One Venture X Rewards Credit Card has an annual fee of $385.
Interest rates: 16.99% - 23.99% Variable APR
Credit score requirements: Excellent - Good (700 - 749)
10. American Express’s Blue Cash Preferred® Card
The Blue Cash Preferred® Card from American Express is an excellent cash back credit card for people who spend a lot of money on groceries and U.S. gas stations. This card offers 6% cashback at United states’ supermarkets (up to $6,000 a year in purchases), 3% cash back at United states’ gas stations, and 1% cashback on all other purchases. There is also a sign-up bonus of $250 after you spend $1,000 in the first 3 months.
The Blue Cash Preferred® Card from American Express has a $0 introductory annual fee for the first year and then it will be $95. It also offers a $300 intro offer for new members.
Interest rates: 14.24% - 24.24% Variable APR
Credit score requirements: Excellent - Good (700 - 749)
Conclusion:
So there you have it! The top 10 reward credit cards for 2022. Whether you're looking for cash back, travel rewards, or a way to build your credit score, there's a card on this list that's perfect for you. Make sure to do your research and consider your goals before applying for any credit card. And remember, always pay your bills on time and in full to avoid interest charges and late fees.
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