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Best Rewards Credit Cards for June 2020

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Best Rewards Credit Cards for June 2020

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated May 29, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

Whether you spend a large amount on groceries each month, have a long daily commute to work or travel from time to time, earning credit card rewards on those expenses is a great way to help offset some of those costs.

Rewards credit cards allow you to earn points, miles or cash back on eligible purchases. Depending on the card, you may then be able to redeem those rewards for statement credits, travel, merchandise or other options.

When choosing a rewards credit card, you should first determine what type of purchases you spend the most on and which card can help you get the most value from those purchases. You should also consider the card’s sign-up bonus, annual fee and redemption options for rewards.

In this post, we break down several rewards credit cards to help you determine which one could be the best fit for you based on how you plan to use the card.

In this post:

Comparing the best rewards credit cards

Rewards card Introductory bonus/Welcome Offers Rewards earning rate Annual fee
Chase Sapphire Preferred® Card Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards® 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide $95
Capital One® Savor® Cash Rewards Credit Card Earn a one-time $300 cash bonus after you spend $3000 on purchases within the first 3 months from account opening 4% Cash Back on dining; 4% Cash Back on entertainment; 2% Cash Back at grocery stores; 1% Cash Back on all other purchases. Plus, earn 8% cash back on tickets at Vivid Seats through May 2020. $0 intro for first year; $95 after that
Blue Cash Preferred® Card from American Express $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months. 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). 6% Cash Back on select U.S. streaming subscriptions and 1% Cash Back on other purchases. $95
Costco Anywhere Visa® Card by Citi N/A 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter, 3% on restaurants & travel, 2% at Costco & Costco.com, 1% on all other purchases $0 (Costco membership required)
Discover it® Cash Back For new cardmembers – Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match. Earn 5% cash back on everyday purchases at different places each quarter like grocery stores, restaurants, gas stations, select rideshares and online shopping, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically. $0
Chase Freedom Unlimited® $150 Bonus after you spend $500 on purchases in your first 3 months from account opening. Earn unlimited 1.5% cash back on all purchases. $0

To see rates & fees for Blue Cash Preferred® Card from American Express please click here.

Best rewards card for travel: Chase Sapphire Preferred® Card

  • 60,000 bonus points

  • 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide

  • 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

Highlights
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • 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
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Earn 5X points on Lyft rides through March 2022. That's 3X points in addition to the 2X points you already earn on travel.

See additional details for Chase Sapphire Preferred® Card

More Info

The Chase Sapphire Preferred® Card card offers a lucrative sign-up bonus that can be used to help offset the cost of future travel. Cardholders earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. that's $750 toward travel when you redeem through chase ultimate rewards® If you redeem those points for airfare, hotels, car rentals or cruises through Chase Ultimate Rewards®, you’ll get 25% more value – making the sign-up bonus worth $750.

The card also offers 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide.

What else we like. Along with redeeming points for travel, gift cards, cash and more, Chase Sapphire Preferred® Card cardholders can transfer points at a rate of 1:1 to 10 airline partners and three hotel partners. Travel transfer partners include British Airways Executive Club, Emirates Skywards, Flying Blue Air France KLM, JetBlue TrueBlue, Southwest Airlines Rapid Rewards, United MileagePlus, Marriott Bonvoy, World of Hyatt and more.

What to look out for. The Chase Sapphire Preferred® Card card charges an annual fee of $95. The card does not offer a 0% introductory APR on purchases, so it is not ideal if you’re planning to finance a big purchase.

Best rewards card for dining and entertainment: Capital One® Savor® Cash Rewards Credit Card

The Capital One® Savor® Cash Rewards Credit Card is a great option if you regularly dine out or frequently attend concerts and other entertainment events. Cardholders earn unlimited 4% Cash Back on dining; 4% Cash Back on entertainment; 2% Cash Back at grocery stores; 1% Cash Back on all other purchases. Plus, earn 8% cash back on tickets at Vivid Seats through May 2020.

Cash back can be redeemed as a statement credit or check, as well as for previous purchases, gift cards and more.

What else we like. The Capital One® Savor® Cash Rewards Credit Card comes with a generous sign-up bonus offer: Earn a one-time $300 cash bonus after you spend $3000 on purchases within the first 3 months from account opening.

What to look out for. The Capital One® Savor® Cash Rewards Credit Card charges an annual fee of $0 intro for first year; $95 after that. That said, you can try out the card without an upfront financial commitment.

Best rewards card for supermarket shopping: Blue Cash Preferred® Card from American Express

Blue Cash Preferred® Card from American Express

Apply Now

on American Express's secure site

Terms and Conditions apply

Rates & Fees

  • $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.*

  • 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). 6% Cash Back on select U.S. streaming subscriptions and 1% Cash Back on other purchases.

  • 1% back on other purchases*

Highlights
  • Earn a $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.
  • 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
  • 6% Cash Back on select U.S. streaming subscriptions.
  • 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more). 1% Cash Back on other purchases.
  • Don't wait for your Card in the mail. Start earning cash back before your card even arrives, if eligible for Instant Card Number.
  • Low intro APR: 0% for 12 months on purchases and balance transfers from the date of account opening, then a variable rate, currently 12.99% to 23.99%
  • Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.
  • $95 annual fee.
  • Terms Apply.
  • See Rates & Fees

See additional details for Blue Cash Preferred® Card from American Express

More Info

If you spend a large amount on groceries every month, you’ll come out on top with the Blue Cash Preferred® Card from American Express. The card offers 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). 6% Cash Back on select U.S. streaming subscriptions and 1% Cash Back on other purchases.

Cash back is earned in the form of Reward Dollars, which can be redeemed as statement credits.

What else we like. With the Blue Cash Preferred® Card from American Express, cardholders earn a welcome bonus of $250 statement credit after you spend $1,000 in purchases on your new card within the first 3 months.

Additionally, the card offers an introductory APR on purchases of 0% on purchases for 12 months (then a 12.99%-23.99% variable APR applies), as well as an intro APR on balance transfers of 0% on balance transfers for 12 months (then a 12.99%-23.99% variable APR applies) .

What to look out for. The Blue Cash Preferred® Card from American Express comes with an annual fee of $95. That said, if you max out the $6,000 spending maximum at U.S. supermarkets in a calendar year, you’ll earn $360 back from those purchases – which more than covers the annual fee.

Best rewards card for gas purchases: Costco Anywhere Visa® Card by Citi

  • 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter, 3% on restaurants & travel, 2% at Costco & Costco.com, 1% on all other purchases

  • 0% fee for transactions while traveling abroad

  • $0 annual fee

Highlights
  • Discover one of Citi's best cash back rewards cards designed exclusively for Costco members
  • 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter
  • 3% cash back on restaurants and eligible travel purchases
  • 2% cash back on all other purchases from Costco and Costco.com
  • 1% cash back on all other purchases
  • No annual fee with your paid Costco membership and enjoy no foreign transaction fees on purchases
  • Receive an annual credit card reward certificate, which is redeemable for cash or merchandise at U.S. Costco warehouses, including Puerto Rico
  • The standard variable APR for Citi Flex Plan is 15.24%. Citi Flex Plan offers are made available at Citi's discretion.

See additional details for Costco Anywhere Visa® Card by Citi

More Info

If you spend a decent amount on gas each month and if you regularly shop at Costco, you should take a look at the Costco Anywhere Visa® Card by Citi. The card currently offers one of the highest rewards rates on gas purchases: Cardholders earn 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter, 3% on restaurants & travel, 2% at Costco & Costco.com, 1% on all other purchases. If you max out the spend cap by spending $7,000 on gas, you’ll earn $280 back on those purchases in a year, minus the price of Costco membership.

Note, the gas category includes eligible gas purchases made worldwide – including those made at Costco. However, gas purchased at superstores, supermarkets, convenience stores and warehouse clubs other than Costco, as well as fuel used for non-automobile purposes, does not qualify for the bonus cashback rate.

What else we like. The Costco Anywhere Visa® Card by Citi comes with a $0 annual fee. However, a Costco membership is required, which runs $60 per year for a Gold Star membership and $120 per year for a Gold Star Executive membership.

 What to look out for. Costco Anywhere Visa® Card by Citi cardholders can only redeem rewards for merchandise or cash back at Costco warehouses located in the U.S., including Puerto Rico. Additionally, rewards are only distributed one time per year (after your February billing cycle) and must be redeemed by Dec. 31 of the year in which they are issued.

Best rewards card for bonus categories: Discover it® Cash Back

  • 0% for 14 months on purchases and Balance Transfers, then 11.99% - 22.99% Variable.

  • Earn 5% cash back on everyday purchases at different places each quarter like grocery stores, restaurants, gas stations, select rideshares and online shopping, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically. *

  • Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically*

Highlights
  • INTRO OFFER: Unlimited Cashback Match. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
  • Earn 5% cash back on everyday purchases at different places each quarter like grocery stores, restaurants, gas stations, select rideshares and online shopping, up to the quarterly maximum when you activate.
  • Plus, earn unlimited 1% cash back on all other purchases - automatically.
  • Redeem cash back any amount, any time. Rewards never expire.
  • Use your rewards at Amazon.com checkout.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • No annual fee.
  • See Rates & Fees

See additional details for Discover it® Cash Back

More Info

If you don’t want to be limited to earning rewards in the same two or three bonus categories all year, you may want to consider the Discover it® Cash Back card. The card lets you Earn 5% cash back on everyday purchases at different places each quarter like grocery stores, restaurants, gas stations, select rideshares and online shopping, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.

Upon activation, you’ll get 5% cash back on up to $1,500 in combined purchases each quarter (then 1%) in the following categories during 2020:

  • January – March 2020: Grocery stores, Walgreens and CVS (Activate now)
  • April – June 2020: Gas stations, Uber, Lyft and wholesale clubs (Activate starting Feb. 1)
  • July – September 2020: Restaurants and PayPal (Activate starting May 1)
  • October – December 2020: Amazon.com, Walmart.com and Target.com (Activate starting Aug. 1)

Cash back can be redeemed for statement credits, gift cards, charitable donations and more.  

What else we like. For new card members, Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.

If you max out the card’s $1,500 spend threshold each quarter, you’ll earn $300 back in one year. Once you factor in Discover’s cashback match offer, that amount jumps to $600 back at the end of your first year.

The $0-annual-fee card also offers an intro APR on purchases of 0% for 14 months (then a 11.99% - 22.99% variable APR applies), and an intro APR on balance transfers of 0% for 14 months (then a 11.99% - 22.99% variable APR applies).

What to look out for. You must activate the bonus categories each quarter in order to earn the bonus cashback rate. Also, keep in mind that Discover will not match your cash back after the first year.

Best rewards card for general purchases: Chase Freedom Unlimited®

Chase Freedom Unlimited®

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Apply Now

on Chase's secure site

  • 0% Intro APR for 15 months on purchases

  • $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.

  • 14.99% to 23.74% Variable

Highlights
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • Earn unlimited 1.5% cash back on all purchases.
  • 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
  • No annual fee
  • No minimum to redeem for cash back
  • Cash Back rewards do not expire as long as your account is open

See additional details for Chase Freedom Unlimited®

More Info

If you want to earn rewards on every purchase, but you don’t want the hassle of dealing with rotating categories or spending caps, the Chase Freedom Unlimited® card should be on your radar. The flat-rate card lets you earn unlimited 1.5% cash back on all purchases.

What else we like. The $0-annual-fee Chase Freedom Unlimited® card lets cardholders earn $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.

What to look out for. While the Chase Freedom Unlimited® card’s straightforward approach to earning rewards may be appealing to some, there are a number of rewards credit cards available that offer considerably higher rewards rates on groceries, gas, travel and more.

Best rewards credit cards FAQs

Before deciding which of these cards is right for you, it’s important to familiarize yourself with the fundamentals of how rewards credit cards work. In addition to reviewing our frequently asked questions below, we recommend that you take a closer look at the terms and conditions for the card’s rewards program from the issuer’s website.

How do rewards credit cards work?

Rewards credit cards offer points, miles or cash back on eligible purchases. Depending on the card, you may be able to redeem those rewards for statement credits, checks, travel, charitable donations, cash back, merchandise, gift cards and more.

How can you earn credit card rewards?

Many rewards credit cards let you earn rewards when you make eligible purchases using your card and/or when you reach the spend threshold required to earn the card’s sign-up or welcome bonus. Rewards cards may also offer annual bonuses each year on your account anniversary, referral bonuses when you refer a friend to the card and the friend is approved, or when you add an authorized user to your credit card account.

Note, you generally cannot earn rewards on cash advances, balance transfers or illegal transactions.

How many credit card rewards points can I earn?

That depends on the card. For example, some cards offer a flat rewards rate on every purchase. Other cards may offer 1 point or mile (or 1% back for cashback cards) per dollar spent on general purchases, and extra points, miles or cash back in bonus spending categories, like gas, dining or airfare.

While you may be limited on the amount of extra rewards you can earn from bonus categories, cards typically allow you to earn unlimited rewards on general purchases.

What can I do with credit card rewards?

In addition to redeeming rewards for statement credits, travel and more, some cards allow you to transfer your rewards to travel partners.

Will your rewards expire?

Again, that depends on the card. For many credit cards, your rewards will never expire as long as your account remains open and in good standing. However, there are cards that expire your rewards if you don’t make a charge on your card or redeem your rewards within a given time period.

The bottom line

If you are in the market for a credit card that offers rewards on the purchases you make, there are certainly plenty of options to choose from. Ultimately, we think the best rewards credit card for you comes down to how you plan to use the card. For example, if you prefer eating in over dining out, the Blue Cash Preferred® Card from American Express, which offers an accelerated cashback rate at U.S. supermarkets, may be your best fit. But if you want to earn rewards to help cover travel purchases, the Chase Sapphire Preferred® Card card offers better value when redeeming points through Chase Ultimate Rewards.


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