Do you prefer miles, gas, points, or cash?
Credit cards with rewards come in many shapes and sizes when it comes to rewards. When you are looking to be rewarded with miles or points for your purchases, it has become a standard practice to equate 1 mile with $0.01 or one cent. Similarly, 1 point needs to be equal to $0.01. We will assume these relationships although they may sometimes be quite far from the true ratios. For instance, 1 point can sometimes not be redeemed for cash but only for purchase of selected items on the company’s site, which mostly appear overpriced. So buyers beware.
Higher reward miles with the annual fee rewards credit card: Capital One VentureOne
Given a choice, we prefer no annual fee credit cards, even if it means less rewards. This applies unless you are planning on spending in the neighborhood of $10,000 per year on just a single card. Take, for instance, Capital One VentureOne Rewards credit card. You would have to spend about $8,000 – $9,000 in a calendar year on this single card just to compensate the 0.75 mile difference between a card that offers 2 miles per $1 spent and carries a $59 annual fee, versus a card that has no annual fee but only provides 1.25 miles per $1 spent.
Earning points with CITI Forward rewards card
One of the best point-earning credit cards is City Forward card. You will receive 1 ThankYou point for each dollar spent except you will get 5 ThankYou points for each dollar spent on entertainment and restaurants. You will be able to redeem the ThankYou points for travel rewards, for gift cards, various merchandise, and even cash back.
Credit cards with cash rewards: Up to 2% cashback bonus with Discover Open Road card
With this card for the road warrior in you, receive 2% cashback bonus at any gas station, and any restaurant. Receive 1% cashback (or less!) on all other purchases. Participate in 5% cashback returns in quarterly categories such as food, hotels, clothing, fashion, and more.
Membership Rewards Express through American Express: up to 3 points per dollar spent
Another great credit card with rewards points is Blue from American Express. It carries no annual fee and offers 1 reward point per each eligible purchase, which includes most purchases. You will receive two reward points for booking travel through American Express, and 3 points per dollar spend when shopping at the American Express Bonus Points Mall. For additional information, see American Express Blue Credit Card.