There is a big difference between simply getting a rewards credit card and finding the best offer for your needs. Finding any old rewards card is easy. Hundreds of offers are available, and even people with bad credit can qualify for some of them. But with numerous rewards currencies to choose from and various restrictions to watch out for, the best rewards card isn’t always so obvious.
To help people make truly informed choices, WalletHub compared every non-cobranded consumer rewards credit card from the 20 largest issuers (83 total offers). We evaluated each card’s eligibility requirements, rewards earning and redemption policies, and expected rewards value.
You can check out our findings below, along with some tips for choosing the right rewards card. Some of the cards listed on this page originate from our partners, but that did not impact our conclusions. Card information was collected on June 6, 2022, and is likely to have changed since.
Main Findings
Best Overall: Capital One has the best credit card rewards program for the seventh year in a row, earning an average WalletHub score of 92%.
Earning Potential: The best rewards credit card can yield up to $1,204 more than the worst rewards card over the first two years.
Strategic Redemption: Redeeming credit card rewards for travel is the best deal, yielding 12% more value than merchandise, the worst option.
Earning Policies: Capital One and Fifth Third Bank have the best rewards-earning policies, with no earning limits and no loss of rewards if you miss a payment.
Redemption Policies: Credit card companies seem content to continue using redemption restrictions to limit the cost of rewards programs. None scored above 79% for their redemption policies.
Eligibility & Transparency: Discover, PNC Bank, Navy Federal Credit Union, and Wells Fargo set the clearest expectations by stating rewards terms and restrictions up front.
Rewards Minimums: 42% of credit cards require cardholders to earn a minimum amount of rewards before redeeming.
Conditional Rewards: 28% of rewards credit cards have earning rates that vary based on amount spent or time period.
Best Rewards Credit Card By Issuer
WalletHub crunched the numbers, calculating how much the average person would earn with each card, after fees, over the first two years of use. We used a two-year timeframe to level the playing field between cards that offer first-year promotions (i.e., an initial bonus and/or a waived annual fee) and those that don’t.
| Issuer (Total Rewards Cards*) | Best Card | 2-Year Value of Best Card | Best Card’s Score |
|---|---|---|---|
| Capital One (8 rewards cards ) |  Capital One Venture Rewards Credit Card | $2,020 | 89.5 |
| Navy Federal Credit Union (5 rewards cards ) |  Navy Federal Credit Union Visa Signature® Flagship Rewards Credit Card | $1,695 | 83 |
| PNC Bank (3 rewards cards ) |  PNC Premier Traveler® Visa Signature Credit Card | $1,675 | 81 |
| First National Bank of Omaha (2 rewards cards ) |  Evergreen® by FNBO Credit Card | $1,660 | 80 |
| Wells Fargo (1 rewards cards ) |  Wells Fargo Active Cash® Card | $1,660 | 89 |
| Bank of America (7 rewards cards ) |  Bank of America® Premium Rewards® credit card | $1,656 | 82 |
| Discover (5 rewards cards ) |  Discover it® Miles | $1,643 | 89 |
| PenFed Credit Union (3 rewards cards ) |  PenFed Pathfinder® Rewards Visa Signature® Card | $1,638 | 73.7 |
| Chase (5 rewards cards ) |  Chase Sapphire Preferred® Card | $1,604 | 92.1 |
| Citibank (4 rewards cards ) |  Citi Premier® Card | $1,592 | 90.7 |
| TD Bank (4 rewards cards ) |  TD Double Up Card | $1,560 | 73 |
| US Bank (7 rewards cards ) |  U.S. Bank Altitude® Connect Visa Signature® Card | $1,526 | 77 |
| American Express (9 rewards cards ) |  Blue Cash Preferred® Card from American Express | $1,513 | 79 |
| Fifth Third Bank (2 rewards cards ) |  Fifth Third Bank Preferred Cash/Back Card | $1,460 | 89 |
| Synchrony Bank (1 rewards cards ) |  Synchrony Premier World Mastercard® | $1,460 | 81.5 |
| USAA (4 rewards cards ) |  USAA® Preferred Cash Rewards Visa Signature® Card | $1,295 | 88 |
| SSFCU (2 rewards cards ) |  Security Service Power Cash Back World Mastercard® | $1,195 | 71 |
| Truist (4 rewards cards ) |  Truist Enjoy Cash credit card | $1,095 | 61.5 |
| Credit One Bank (7 rewards cards ) |  Credit One Bank Wander Card with No Annual Fee | $816 | 60 |
*We considered all non-cobranded consumer rewards cards offered by each issuer. Detailed scoring for other cards considered in this report can be obtained by request.
** Bank of America: Customers enrolled in Preferred Rewards can increase their bonus by 25% - 75%, based on their banking and investment balances.
Remember, a card’s value figures to change based on your spending habits and the latest terms. Initial bonuses may be limited-time promotions, for example.
For more great offers, check out the complete list of WalletHub’s best rewards credit cards of 2023.
Tips for Choosing a Rewards Card
Credit cards with rewards aren’t one-size-fits-all. Neither are credit card rewards programs. But these tips will help you find the plastic (or metal) that’s tailor-made for your wallet.
- Read Reviews – Your assumptions and preconceived notions about a credit card rewards program may be well-founded or way off base. You need to do some research to find out the real story, especially the latest news and info because rewards program policies change often. Reading customer reviews will give you a good sense of whether there are any hidden tricks or restrictions, how helpful customer service is, etc.
- Check Your Credit Score – Many credit card rewards programs require good credit or better to qualify for a participating card. Some even require excellent credit outright. You can check your latest credit score for free on WalletHub.
- Determine How You’ll Use It – Do you want a rewards card for all everyday expenses? Or do you want a card just for certain types of spending, such as travel purchases? It’s important to answer these questions early on because it will tell you what terms and types of cards to focus on. For example, some rewards cards offer a consistent earning rate across all spending categories. Others give you more value when you buy certain things or redeem a certain way.So figure out what exactly you’re looking for. Once you know that, it will be easy to decide whether a given credit card has what you need.
- Consider Both Earning & Redemption Value – It’s impossible to evaluate a rewards credit card if you don’t know how much its rewards are worth. This is obvious with cash back credit cards, but it can be tough to tell with points and miles cards. The easiest way to see how much a credit card’s points or miles are worth is to compare the number needed for a particular item (e.g., a flight) to the cost of that item if purchased independently. For example, if you need 40,000 miles for a $400 flight, the miles would be worth a penny apiece.
- Avoid Unnecessary Hassle – If you’re the forgetful type, stay away from cards with rotating bonus rewards categories. Such cards require you to sign-up for new bonus categories each quarter. And if you don’t, you’re unlikely to earn more than the market average that quarter.
- When In Doubt, Think Cash Back – You’ll never have to wonder about the rate at which you’re earning rewards with a cash back credit card. You’ll never have to worry about rewards devaluation, either. After all, you’ll be earning rewards in terms of dollars and cents.It’s a different story with points and miles cards, however. It’s hard to tell how much they’re worth. And that’s partly because credit card execs can jack up the number needed for a free flight, hotel room, statement credit, etc., whenever they please.
- Don’t Rule Out Annual Fees – Often times, cards with annual fees offer better initial bonuses and higher earning rates than free cards. So don’t discount a card simply because it charges a fee, especially if it’s low. Just make sure the extra rewards you’ll earn are worth more than the fixed costs you have to pay.
If you’re still not sure, you can also try WalletHub’s free CardAdvisor tool to get personalized recommendations.
Detailed Credit Card Rewards Program Policies
| Qualifying Factor | Max Points | American Express | Bank of America | Capital One | Chase | Citibank | Credit One Bank | Discover | Fifth Third Bank | First National Bank of Omaha | Navy Federal Credit Union | PenFed Credit Union | PNC Bank | SSFCU | Synchrony Bank | TD Bank | Truist | US Bank | USAA | Wells Fargo |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Offers Automatic Program Enrollment | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Offers 100% Transparency In Displaying Redemption Rate Details For Non-Members | 5 | 5 | 2.1 | 2.5 | 2 | 1.3 | 3.6 | 5 | 5 | 2.5 | 5 | 3.3 | 5 | 5 | 0 | 3.8 | 1.3 | 0.7 | 2.5 | 5 |
| Does Not Advertise Points/Miles Cards as Cash Back Cards | 5 | 3.33 | 5 | 5 | 3 | 2.5 | 5 | 5 | 0 | 2.5 | 5 | 5 | 5 | 5 | 5 | 1.25 | 5 | 5 | 5 | 5 |
| Issuer Informs Customer of Remaining Rewards at Time of Account Closure | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 0 | 5 | 0 | 5 | 0 | 0 | 3.6 | 5 | 5 |
| No Minimum Spending Required To Earn | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.1 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 |
| No Overall Earning Limit Imposed | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 |
| Earning Rate Does Not Vary Depending On Amount Spent or Time Period | 5 | 1.1 | 3.6 | 5 | 3 | 2.5 | 4.3 | 1 | 5 | 5 | 5 | 5 | 3.3 | 5 | 5 | 5 | 3.75 | 3.6 | 3.75 | 5 |
| No Sign-up Required for Bonus Categories | 5 | 5 | 5 | 5 | 4 | 5 | 5 | 3 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 5 | 3.6 | 5 | 5 |
| Ability to Combine Earnings Across Your Accounts | 2 | 2 | 2 | 2 | 2 | 2 | 0 | 1.6 | 2 | 0 | 0 | 0 | 0.7 | 2 | 0 | 0.5 | 0 | 1.4 | 2 | 2 |
| Ability to Share Earnings With Other Members | 2 | 0 | 0.6 | 2 | 2 | 1.5 | 0 | 1.6 | 2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4 | 2 | 2 |
| Earnings Are Granted Despite Account Inactivity | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 0 | 2 | 2 |
| Earnings Are Granted Despite A Missed or Late Payment | 2 | 0 | 1 | 2 | 2 | 0 | 0 | 2 | 2 | 2 | 0 | 2 | 2 | 2 | 1 | 0 | 0 | 0 | 2 | 1 |
| Earnings Do Not Expire By Date | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2.5 | 2 | 0.8 | 1.7 | 2.5 | 0 | 2.5 | 0 | 1.4 | 2.5 | 2.5 |
| Expired Earnings Can be Reinstated (Free of Charge) | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1.6 | 0.7 | 1.3 | 2 | 2 | 2 | 0 | 1.1 | 2 | 2 |
| Ability to Utilize Transfer Partners | 4 | 1.8 | 0 | 1 | 1.6 | 1.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ability to Utilize Transfer Partners is Free of Charge | 2 | 1.3 | 0 | 0.75 | 1.2 | 1.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ability to Use Earnings to Offset Any Travel Purchase or Receive Cash Back Without Sacrificing Value | 4 | 1.3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 2.7 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| Statement Credit Can Be Applied to Full Balance (instead of matching to specific charges) | 1 | 0.3 | 0.8 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 0.3 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| No Minimum Threshold Required to Redeem For Cash Back | 4 | 4 | 2.3 | 4 | 4 | 4 | 2.3 | 4 | 4 | 0 | 0.8 | 1.3 | 1.3 | 0 | 4 | 0 | 0 | 0 | 2 | 0 |
| Offers Automatic Redemption of Earnings | 1 | 0 | 0.9 | 0.625 | 0.6 | 0 | 0.7 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 1 | 0 | 0 | 0.6 | 1 | 1 |
| Offers Low Redemption Value Volatility | 4 | 3.5 | 3.7 | 2.8 | 2.08 | 4 | 4 | 4 | 4 | 4 | 4 | 3.5 | 2.4 | 3.6 | 4 | 4 | 4 | 1.1 | 3.2 | 4 |
| Rewards Value Per $1 Spent | 30 | 30 | 30 | 30 | 30 | 30 | 12 | 30 | 30 | 30 | 30 | 30 | 30 | 18 | 30 | 30 | 18 | 30 | 24 | 30 |
| TOTAL SCORE | 100 | 82.7 | 85 | 91.7 | 86.5 | 84.6 | 66.1 | 86.2 | 89 | 80 | 82.9 | 75.5 | 80.9 | 70.6 | 81.5 | 73.5 | 56.5 | 71.1 | 81.45 | 89 |
Methodology
This report analyzed the rewards credit cards offered by the 20 largest credit card issuers, by outstanding balances, including a few rewards programs associated with prominent credit unions and regional banks. Information about each issuer’s non-cobranded consumer rewards cards was collected from the issuers’ websites. Once data collection was complete, we scored each card using the rubric listed below, which is comprised of four main categories:
- Eligibility & Transparency – Max 20 points
- Earning Policies – Max 30 points
- Redemption Policies – Max 20 points
- Rewards Value Per $1 Spent – Max 30 points
We averaged the individual scores for each issuer’s cards to arrive at overall issuer scores, which we then converted to percentages. Finally, we reached out to the public relations department for each issuer to confirm our findings. One issuer – namely USAA – did not provide any feedback. Offers information was collected on June 6, 2022.
| Qualifying Factor | Maximum Amount of Points Awarded | How To Calculate Points Awarded |
|---|---|---|
| Eligibility & Transparency - Max 20 points | ||
| Offers Automatic Program Enrollment | 5 | Award max point if the card qualifies for this factor. |
| Offers 100% Transparency In Displaying Redemption Rate Details For Non-Members* | 5 | Award max point if the card qualifies for this factor. |
| Does Not Advertise Points/Miles Cards as Cash Back Cards | 5 | Award max point if the card qualifies for this factor. |
| Issuer Informs Customer of Remaining Rewards at Time of Account Closure | 5 | Award max point if the card qualifies for this factor. |
| Earning Policies – Max 30 points | ||
| No Minimum Spending Required To Earn | 2.5 | Award max point if the card qualifies for this factor. |
| No Overall Earning Limit Imposed | 5 | Award max point if the card qualifies for this factor. |
| Earning Rate Does Not Vary Depending On Amount Spent or Time Period (excluding promotions) | 5 | Award max point if the card qualifies for this factor. |
| No Sign-up Required for Bonus Categories (excluding one-time selections) | 5 | Award max point if the card qualifies for this factor. |
| Ability to Combine Earnings Across Your Accounts | 2 | Award max point if the card qualifies for this factor. |
| Ability to Share Earnings With Other Members | 2 | Award max point if the card qualifies for this factor. |
| Earnings Are Granted Despite Account Inactivity | 2 | Award max point if the card qualifies for this factor. |
| Earnings Are Granted Despite A Missed or Late Payment | 2 | Award 2 points if earnings are granted even when a payment is late or missed.
Award 1 point if earnings are granted when an account is brought back to good standing after a late or missed payment. Award 0 points if earnings are forfeited due to a late or missed payment. |
| Earnings Do Not Expire By Date | 2.5 | Award max point if the card qualifies for this factor. |
| Expired Earnings Can be Reinstated (Free of Charge) | 2 | Award max point if the card qualifies for this factor. |
| Redemption Policies – Max 20 points | ||
| Ability to Utilize Transfer Partners | 4 | Award 0 points if card has no ability, 1/3 points if card has 1-10 transfer partners, 2/3 points if card has 11-20 transfer partners or 1 point if card has 21+ transfer partners. |
| Ability to Utilize Transfer Partners is Free of Charge | 2 | Award max point if the card qualifies for this factor. |
| Ability to Use Earnings to Offset Any Travel Purchase or Receive Cash Back Without Sacrificing Value | 4 | Award max point if the card qualifies for this factor. |
| Statement Credit Can Be Applied to Full Balance (instead of matching to specific charges) | 1 | Award max point if the card qualifies for this factor. |
| No Minimum Threshold Required to Redeem For Cash Back | 4 | Award max point if the card qualifies for this factor. If any statement credit, direct deposit or check has no minimums to redeem for cash, we counted it as 'Qualified', even if one or two options do have a minimum. |
| Offers Automatic Redemption of Earnings | 1 | Award max point if the card qualifies for this factor. |
| Offers Low Redemption Value Volatility | 4 | Where possible, we took the average redemption values for these categories: travel, cash back, gift cards & merchandise, and subsequently, calculated the variance across them. Award 4 points if the variance is 0, 3.2 points if the variance is under 2%, 2.4 points if the variance is under 3%, 1.6 points if the variance is under 6%, 0.8 points if the variance is under 7% and 0 points if the variance is 7% or more. |
| Rewards Value Per $1 Spent** | 30 | ≤ $486= 0 $487 – 729 = 6 $730 – 972 = 12 $973 – 1215 = 18 $1,216 – 1,549 = 24 $1,460 + = 30 |
*Exception for cash back cards or cards marketed as "cash back" when the undisclosed redemption rates are lower than the advertised cash back redemption.
**Rewards Value Explanation:
We identified the best card from each issuer by calculating the two-year monetary value of each offer’s rewards (including initial bonuses), minus any annual fees.
When calculating a card’s rewards value, we picked the best redemption option – travel, gift cards, cash back or merchandise – and used the average value for that redemption option to convert rewards currency into dollar terms. In doing so, we did not consider earning or redemption bonuses that require the cardholder to use the credit card issuer’s travel portal. Such portals limit customers’ options and often have relatively high prices.
We used spending data from the U.S. Bureau of Labor Statistics, which you can find below, to calculate each card’s monetary value. Exact values were used whenever possible, but in certain cases – such as “Travel” – we combined categories such as “Airlines,” “Hotels,” “Other Lodging” and “Public and Other Transportation” to create a more digestible list. We assumed that half of one’s utility expenses would be charged to a credit card, as certain types – electric bills, for example – typically aren’t plastic plastic-eligible. “Other” spending represents the sum of small household spending categories: healthcare, apparel and housekeeping supplies, for instance.
Annual Consumer Spending By Category
| Category | Annual Spending |
|---|---|
| Gas | $2,109 |
| Groceries | $4,464 |
| Restaurants | $2,248 |
| Quick Service Restaurants | $1,211 |
| Entertainment | $3,226 |
| Movies | $123 |
| Streaming Services & Subscriptions | $360 |
| Drug Stores | $768 |
| Utilities | $2,834 |
| Wireless Phone | $669 |
| Landline, Internet & Cable TV | $545 |
| Airfare | $454 |
| Car Rental | $77 |
| Local Commuter Transportation | $287 |
| Hotels | $821 |
| Favorite Store | $1,667 |
| Other | $14,643 |
| Total | $36,506 |
Sources: U.S. Bureau of Labor Statistics (Consumer Expenditures in 2018 Report).
Ask the Experts
In search of more information to help consumers understand credit card rewards programs a bit better and ultimately pick the right programs for their needs, we posed the following questions to a panel of experts. You can check out their bios and advice below.
- What advice do you have for the 41% of people who are jealous of those who are able to pay for travel with credit card rewards?
- Why do you think 19% of people say that inflation makes them less interested in earning credit card rewards?
- Does it make sense to you that low-income households are 2x more likely to think that credit card rewards are not worth the hassle compared to high-income households?
- Are you surprised that 79% of people think cash back is the best kind of credit card reward?
- The majority of people say they would never apply for a credit card with annual fees; are they making a mistake?
- What advice do you have for the 1 in 5 people who think that credit card rewards programs are hard to use?
Ask the Experts
Executive in Residence and Lecturer, Wealth Management, Silberman College of Business – Fairleigh Dickinson University
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J.D., MBA – Clinical Assistant Professor of Management – Sacred Heart University
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CFP® – Senior Professor of Practice, Personal Financial Planning – University of Houston, Bauer College of Business
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Ph.D. – Professor of Economics, J Stanford Smith Chair – DePauw University
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MPH – Principal Agent – The Agency Agency
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CPA, MBA, CGMA – Adjunct Professor, Accounting – Gwynedd Mercy University
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