Top Travel Rewards Credit Cards Aug 2023
Top Travel Rewards Credit Cards Aug 2023
Best Travel Rewards Credit Cards: Unlocking Amazing Benefits for Your Adventures
Rates checked as of August 1, 2023.
Are you an avid traveler or someone who loves to take the occasional vacation? If so, then a travel rewards credit card might just be the perfect companion for your adventures. These cards allow you to accumulate points or miles with every purchase, which can then be redeemed for flights, hotel stays, or other travel bookings. On top of that, many of these travel rewards cards come with additional perks such as free airport lounge access and statement credits for TSA PreCheck and other expedited security screening programs.
In this article, we will explore some of the best travel rewards credit cards available. Whether you prefer a card with no annual fee or are willing to pay an annual fee for enhanced benefits, there is a card out there for you.
Best Travel Rewards Credit Cards: No Annual Fee
Chase Sapphire Preferred® Card
- Interest rate: Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.24% to 28.99%.
- Annual fee: None.
- Foreign transaction fee: A hefty 3%.
- Rewards: Five points per dollar spent on travel purchases through Chase, three points on dining and drugstore purchases, and 1.5 points per dollar on other spending; earn 5% total cash back on qualifying Lyft rides through March 2025.
- Redemption: Redeem points at a rate of a penny each for cash back, gift cards, or travel; points do not expire.
- Sign-up bonus: $150 back if you spend $500 on purchases in the first three months from account opening.
Capital One® Venture® Rewards Credit Card
- Interest rate: 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then 17.24% to 28.24% variable APR.
- Annual fee: None.
- Foreign transaction fee: None.
- Rewards: 1.5 miles per dollar spent on purchases.
- Redemption: Miles can be used to cover travel purchases made at any airline, car rental, or hotel; miles may also be redeemed for statement credit to pay your bill.
Wells Fargo Propel American Express® card
- Interest rate: 0% introductory APR for purchases for the first 12 months, then variable APR of 20.24%, 25.24%, or 29.99%.
- Annual fee: None.
- Foreign transaction fee: None.
- Rewards: Three points per dollar spent on a range of travel-related purchases, including travel bookings through the Wells Fargo Rewards® program, restaurant spending, gas and transit; all other purchases earn one point per dollar.
- Redemption: Options include travel bookings and cash back, with a value of one cent per point redeemed.
- Sign-up bonus: 20,000 points if you spend $1,000 in the first three months.
For those looking for the best travel rewards credit cards without an annual fee, these three options are worth considering. While the Chase Sapphire Preferred® Card offers a wide range of rewards and benefits, it does come with a foreign transaction fee, so it may not be the best choice for frequent international travelers. On the other hand, both the Capital One® Venture® Rewards Credit Card and the Wells Fargo Propel American Express® card have no foreign transaction fees, making them ideal options for globetrotters.
Best Travel Rewards Credit Cards Worth the Annual Fee
Capital One Venture Rewards Credit Card
- Interest rate: 20.99%, 25.99% or 28.99% variable APR for purchases.
- Annual fee: $95.
- Foreign transaction fee: None.
- Rewards: Five miles per dollar spent on hotel stays and rental cars booked through Capital One Travel; all other spending earns two miles per dollar; limited airport lounge access and other benefits apply.
- Redemption: Redeem miles at a rate of a penny each for statement credits on travel purchases or to book a new travel reservation through Capital One; or transfer miles to any of more than 15 travel loyalty programs.
- Sign-up bonus: 75,000 miles if you spend $4,000 in the first three months.
U.S. Bank Altitude® Reserve Visa Infinite® Card
- Interest rate: 19.74% to 29.74% variable APR for purchases.
- Annual fee: $85.
- Foreign transaction fee: None.
- Rewards: 1.5 cents per point when booking travel through U.S. Bank’s Rewards Center, and five points per dollar spent on prepaid hotels and car rentals booked through the rewards center; three points per dollar on restaurant spending; two points per dollar on purchases with airlines, gas stations, and electric-vehicle charging stations; and one point per dollar on other spending.
- Redemption: Points can be redeemed for cash back at a value of 1 cent per point. Points expire after five years.
- Intro bonus: 30,000 points if you spend $2,000 in the first four months.
Citi Premier® Card
- Interest rate: 21.24% to 29.24% variable APR for purchases.
- Annual fee: $95, waived the first year.
- Foreign transaction fee: None.
- Rewards: Get three points per dollar spent in a range of categories such as restaurants, gas stations, supermarkets, air travel, and hotels; all other spending earns one point per dollar. Once a year, get $100 off a single hotel stay of $500 or more through thankyou.com.
- Redemption: Points are worth a penny each if you redeem them for gift cards or travel bookings through the Citi ThankYou program. You can also transfer points to partner airline and hotel loyalty programs. Points do not expire.
- Sign-up bonus: 60,000 points if you spend $4,000 in the first three months.
These three travel rewards credit cards come with an annual fee, but the benefits they offer can more than make up for it. With the Capital One Venture Rewards Credit Card, you can enjoy enhanced rewards on every purchase, while the U.S. Bank Altitude Reserve Visa Infinite Card and Citi Premier Card provide exceptional rewards and flexible redemption options.
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Best Travel Rewards Credit Cards for Flexible Travel Redemptions
Chase Sapphire Preferred® Card
- Interest rate: 21.24% to 28.24% variable APR for purchases and balance transfers, and 29.99% variable APR on cash advances.
- Annual fee: $95.
- Foreign transaction fee: None.
- Rewards: Five points per dollar on travel purchased through Chase Ultimate Rewards® and two points per dollar on other travel spending; three points per dollar on dining, and select online grocery and streaming services; and one point per dollar on other spending.
- Other benefits: Get $50 in statement credits annually for hotel stays booked through Chase; on each yearly anniversary of opening your account, you get a 10% points bonus on total purchases made the previous year. Chase offers excellent travel benefits, including rental car insurance.
- Redemption: Get 25% more value when you redeem for airfare, hotels, car rentals, and cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth $750 toward travel.
- Bonus offer: Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Ultimate Rewards®.
American Express® Gold Card
- Interest rate: 22.24% to 29.24% variable APR.
- Annual fee: $250.
- Foreign transaction fee: None.
- Rewards: Earn four Membership Rewards® Points per dollar spent on restaurants, U.S. supermarkets, and on up to $25,000 in eligible purchases per calendar year at U.S. supermarkets; earn three points per dollar on airfare purchased directly with airlines and on eligible flights booked through amextravel.com, and one point per dollar on other spending.
- Other benefits: Cardholders receive a $100 airline fee credit per calendar year, up to $120 annually in dining credits at select restaurants, and up to $10 per month in statement credits when paying with the Gold Card at Grubhub, Seamless, The Cheesecake Factory, Ruth’s Chris Steak House, Boxed, and participating Shake Shack locations.
- Redemption: You can redeem Membership Rewards® Points for travel through the American Express Travel portal, transfer points to a variety of airline and hotel partners, or redeem for statement credits and gift cards.
- Intro bonus: Earn 60,000 Membership Rewards® Points after you spend $6,000 on purchases in the first 6 months. Plus, through June 30, 2024, earn a total of 10 ThankYou® Points per $1 spent on hotel, car rentals, and attractions (excluding air travel) booked on the Citi Travel℠ portal.
For those who prefer the flexibility to redeem their travel rewards in various ways, the Chase Sapphire Preferred® Card and American Express® Gold Card are excellent choices. With the Sapphire Preferred card, you can get extra value when redeeming through Chase Ultimate Rewards®, while the American Express Gold Card offers a wide range of redemption options, including airline transfers and statement credits.
How Do Travel Rewards Cards Work?
Travel rewards credit cards allow you to earn points or miles on your purchases, which can then be used for travel-related redemptions. There are three main types of travel credit cards: general travel cards, airline cards, and hotel cards.
General travel credit cards are not tied to a specific loyalty program and offer points or miles with the card issuer’s own rewards program. They provide flexibility in redeeming rewards for a variety of travel expenses.
Airline credit cards are co-branded with specific airlines, such as Delta Air Lines or United Airlines. With these cards, you earn miles or points that can be redeemed for flights, and often come with perks such as priority boarding and free checked baggage.
Hotel credit cards are co-branded with hotel chains like Hyatt or Marriott. These cards allow you to earn points with that specific hotel brand’s loyalty program, which can be used for free hotel stays and other benefits like room upgrades and late check-out.
What Are Travel Rewards Worth?
The value of travel rewards points or miles can vary depending on the rewards program and card. General travel programs typically offer predictable redemption rates, while airline and hotel programs may offer more flexibility but variable redemption values.
To determine the value of your points or miles, divide the cash price of a flight or hotel stay by the number of points or miles required to book it. This calculation will give you an idea of how much value you’re getting per point or mile.
How to Compare Travel Credit Cards
When comparing travel credit cards, it’s important to consider factors such as welcome bonuses, rewards rates, redemption options, redemption values, perks, annual fees, and international acceptance.
The welcome bonus can provide significant value upfront, so it’s worth assessing the potential value and whether you can meet the minimum spending requirement. Rewards rates should align with your spending habits, and redemption options should allow you to utilize your points or miles effectively. Perks and benefits should enhance your travel experience and justify any annual fee.
Lastly, ensure that the credit card is widely accepted internationally and fits your travel needs.
Is the Annual Fee Worth It?
Though annual fees are common for travel rewards credit cards, the benefits they provide can often outweigh the cost. To determine if the annual fee is worth it for you, calculate the value of the welcome bonus, the monetary value of the benefits, and any intangible benefits like trip protections. Also, estimate the annual value of rewards based on your spending habits.
If the total value outweighs the annual fee and you can utilize the benefits effectively, the card is likely a good fit for you.
How to Get the Most Out of Your Travel Card
To maximize the value of your travel credit card, make sure you earn the welcome bonus by meeting the minimum spending requirement. Use your card for all eligible purchases and pay the balance in full each month to avoid interest charges. Familiarize yourself with all the card’s benefits and redemption options to take full advantage.
Avoid getting too many credit cards that you can’t manage effectively and research the best ways to redeem your rewards to get the most value out of them.
Travel rewards credit cards can unlock amazing benefits for your adventures. Choose the right card based on your spending habits, travel preferences, and desired benefits. Enjoy earning points or miles, and get ready to embark on your next unforgettable journey!
