I love credit cards and how aggressively they compete with one another for our business. If you aren't carrying any credit card debt and have a pretty good credit score, you can be taking advantage of the cut-throat competition and researching a credit card that will reward you for your business.
Even with travel coming to a standstill because of the Coronavirus, some credit card companies are still offering aggressive bonuses but extending the time in which you can meet those minimum spends. Some companies, like Chase, are adding tools to help you know how much you need to spend to reach a bonus – a nice addition that helps you avoid missing out on a bonus.
Your mix of optimal credit cards will vary from ours. If you routinely fly a certain airline, that airline's card should be higher on your list because you are more likely to use those points or miles. We don't list every loyalty program's credit card, that wouldn't be feasible, so we tried to list the most aggressive offers with the broadest appeal.
If you always fly with an airline or have status with a hotel, you should always check those first and compare it with a card that offers a broader rewards structure, like Chase Ultimate Rewards, to see which is best.
Finally, remember Chase has a 5/24 rule. If you've been approved for 5 cards in the last 24 months, they will decline you automatically.
Below is a list of the best credit card bonus offers, updated for this month:
With a lot of folks staying home and states starting to open up, there hasn't been a lot of activity in the bonus market the last few months.
1. Chase Sapphire Reserve – 50,000 Points
Chase often leads the pack because of their generous Chase Ultimate Rewards program. With this card, you will get 50,000 Ultimate Rewards points after you spend $4,000 in purchases within the first three months. You also earn 3X points on travel and dining purchases and 1x everywhere else. 50,000 Ultimate Rewards points are worth approximately $750 on the Chase Ultimate Rewards platform.
This card is for travelers because you also get $300 in travel credit, 50% more value when you redeem points for travel through Chase Ultimate Rewards, and you get up to $100 application reimbursement for Global Entry or TSA PreCheck. There's a sizable $550 annual fee – offset by all the bonuses. It's a direct competitor to the American Express Platinum.
2. Capital One® Savor® Cash Rewards – $300
If you enjoy dining out, the Capital One Savor Cash Rewards card will earn you unlimited 4% cashback on dining and entertainment. It's one of the highest rates for that category.
There is also a $300 cash bonus after you spend $3,000 on purchases in the first three months, plus you get 2% cashback at grocery stores and 1% on all other purchases. The annual fee is $0 for the first year, then it's $95.
3. Wells Fargo Cash Wise Visa Card – $150
Wells Fargo is best known for its banks but did you know about their Wells Fargo Cash Wise Visa Card? You can get $150 cash when you spend $500 in your first three months of account opening, one of the highest bonuses for that level of spend. You also get 1.5% cash rewards on all purchases plus 1.8% cash rewards when you use a “qualified mobile wallet purchase” like Apple Pay (first 12 months).
No annual fee either – very nice. We dig deeper into the Wells Fargo Cash Wise card if you wish to learn more.
4. Capital One® Quicksilver® Cash Rewards Credit Card – $150
The Capital One Quicksilver Cash Rewards Credit Card will give you a $150 cash bonus after you spend just $500 on purchases within 3 months of opening the account. This is on top of an unlimited 1.5% cashback on every purchase, which are great perks for a cashback card with no annual fee. There are no rotating categories to worry about, no juggling cards, just straight 1.5% cashback all day long.
If you're in the market for a 0% offer, this card also have a 0% intro APR on purchases and balance transfers for 15 months. No annual fee.
5. Chase Freedom – $150
The Chase Freedom card will give you $150 after you spend just $500 on purchases in the first three months. You can also earn 5% cash back on up to $1,500 in purchases in rotating bonus categories and 1% on all other purchases with absolutely no limit.
If you're in the market for a balance transfer, you can get 0% Intro APR for 15 months from account opening on both purchases. All this is available to you with no annual fee.
Chase Freedom Unlimited is the cousin to the Chase Freedom Card and one key difference is that you earn unlimited 1.5% cashback. No annual fee.
6. Southwest Rapid Rewards Premier Credit Card – 40,000 Rapid Rewards points
If you fly a lot of Southwest Airlines, you should look at this card. You can get 40,000 Rapid Rewards points, worth hundreds in Southwest flights, when you spend $1,000 in purchases in the first 3 months.
You also earn 2 points for every $1 you spend on Southwest purchases and Rapid Rewards hotel and car rental partner purchases. You earn 1 point per dollar on all other purchases.
The best part about this is that the points count towards Companion Pass, one of the best airline perks, and one of the ways I initially got CP for me and my wife.
There is a $69 annual fee and you get 3,000 bonus points after your Cardmember anniversary, which helps defray the cost.
7. Marriott Bonvoy Boundless – 75,000 bonus points
The Marriott Bonvoy Boundless Card from Chase has a great bonus of 75,000 bonus points after spending $3,000 in purchases within in the first three months of opening the account. You can use these points for nights at a Marriott Bonvoy hotel, gift cards, etc. The points are worth roughly a penny each so it's nearly $750 in value.
You get 6X points on spending at Marriott Bonvoy hotels, 2X on all purchases, and you even get a free night award each year. The annual fee is $95.
8. Capital One® Venture® Rewards Credit Card – 50,000 miles
The Capital One Venture Rewards card will give you a 50,000 mile bonus when you spend $3,000 on purchases within 3 months of opening the account. Those 50,000 miles are worth $500 in travel. You can transfer those miles to 12 travel loyalty programs.
One of the nice perks about this card is that you can get a $100 application fee credit for Global Entry or TSA PreCheck.
The card earns 2X miles one very purchase as well as 10X miles on thousands of hotels through January 2020 when booked through hotels.com/venture. There is a $0 intro annual fee for the first year than it's $95.
9. Hilton Honors American Express Surpass Card – 125,000 Hilton Honors Points
The Hilton Honors American Express Surpass Card will give you 125,000 Hilton Honors bonus points when you use this card to make $2,000 in purchases within the 3 months. You also earn a free Weekend Night Reward from Hilton Honors after you spend $15,000 on the card in the calendar year.
On your spend, you earn 12X points per dollar spent at a hotel or resort in the Hilton Portfolio, 6X at restaurants, supermarkets and gas stations in the United States; and 3X on all other eligible purchases.
Lastly, when you spend $40,000 in a calendar year, you get Hilton Honors Diamond status through the end of the next calendar year. Diamond status comes with complimentary breakfast, upgrades, lounge access, premium internet, late check-out, 100% bonus on base points and a fifth night free when booking with points.
$95 annual fee.
10. Ink Business Credit Cards – $500/80,000 UR Points
I listed these cards last because they're business credit cards and not everyone owns a business, but the rewards for these cards are incredible.
There are actually two Chase Ink cards I want to highlight – the Ink Business Cash and the Ink Business Preferred Credit Card. The big difference is that the Ink Business Cash Credit Card has no annual fee and a small bonus.
Chase Ink Business Cash Credit Card
With the Ink Business Cash Card, you can get $500 bonus cashback when you spend $3,000 on purchases in the first three months. You also earn 5% cash back on the first $25,000 spent at office supply stores, internet, cable, and phone services each account anniversary year. You can also earn 2% cashback on the first $25,000 spent at gas stations and restaurants. Finally, you get 1% cashback on everything else with no limits.
Best of all, there's no annual fee.
Chase Ink Business Preferred Credit Card
The Ink Business Preferred Credit Card gives you 80,000 bonus points after you spend $5,000 on purchases in the first 3 months – that's worth $1,000 towards travel when you use the Chase Ultimate Rewards portal. You also earn 3 points per $1 on the first $150,000 spend on travel and “select business categories.” You earn 1 point per $1 on everything else with absolutely no limit.
There's just a $95 annual fee.
Capital One Spark Business Cards
Capital One® Spark® Cash
The Capital One Spark Cash card has a bonus of $500. It's a business card with 2% rewards but the welcome offer is solid. You can get $500 after you spend $4,500 in the first three months.
This is on top of the great perks of the card which include free employee cards, convenient year-end summary reports, no foreign transaction fees and the ability to download transactions into Quicken, Quickbooks, and Excel.
The annual fee is $0 intro for the first year and then $95 after that.
Capital One® Spark® Miles
The Capital One Spark Miles is the miles version of the Capital One Spark Cash card. For a limited time, you can get 50,000 bonus miles when you spend $4,500 in the first three months.
This card also features a lot of useful options for business owners including free employee cards, summary reports, no foreign transaction fees, and the ability to download transactions into Quicken, Quickbooks, and Excel.
The annual fee is $0 intro for the first year and then $95 after that.