It’s undeniable. The plastic card in your pocket is the focal point of your finances.
From gas to groceries, and travel to take-out, your credit card is an important tool to help you operate with confidence and comfort.
You’d be surprised at the range of rewards that credit card providers offer these days. These could help you earn on every dollar you spend, and even rack up external rewards like air miles and retail discounts.
That said, not all credit cards are created equal!
Start scrolling to discover our 5 favorite credit card rewards in 2022.
1. Attractive CashBack
This is probably the most sought-after reward for a majority of credit card customers. Depending on your card, you may be rewarded with a dollar amount (or cashback) on purchases and payments.
This is calculated as a percentage of the amount you spend on everyday purchases like gas, public transit, groceries, Amazon purchases, and even when you set up automatic recurring bill payments for your phone and internet bill, meal kit delivery service, and more. For instance, you may earn a 3% cashback on every $100 you spend on groceries.
It’s important to review your spending habits before choosing a card. Let’s say you’re more inclined to spend on groceries instead of a meal kit service, you’d naturally want a card that prioritizes a higher cashback on the former.
2. Travel Rewards
Another super attractive perk that comes with a lot of credit cards – Travel rewards! These could be offered to you by way of air miles, discounts on rental car services, hotel credits, lounge access, travel insurance, and more.
If you make business trips often or even if you love to travel for leisure, a travel rewards card is definitely something you want to consider. That way, every subsequent trip you take becomes that much more affordable!
3. No or Low Annual Fees
Ideally, you’d want a card with a $0 annual fee. However, do NOT let this be your guiding light when making a final decision. If, for example, you are able to break even on the annual fee through cashback and the other rewards on this list, then a nominal fee should not deter you.
It’s especially important to review your spending habits and pre-emptively do the math on whether your cashback will take care of the annual fee and even help you walk away with a profit.
For example, if your annual fee is $120, but you spend $5,000 on groceries that year and earn a cashback of $150, you still make a $30 profit after deducting the fee.
Even if you don’t break even on the cashback, the card might still be worth it for your lifestyle if you break even on the other rewards. In some cases, your provider may waive the fee at your behest if you maintain a good standing on your credit card.
4. Comprehensive Insurance Coverage
Most credit cards also offer insurance, meaning, your card will cover any outstanding payments that you are unable to make in the event of loss of income. This is also referred to as balance protection insurance.
While this depends on the institution, the most common events typically covered include job loss, critical illness, and AD&D. These benefits may either cover a minimal monthly payment or the entire balance. Again, it completely depends on your situation and the provider in question.
If you’re already covered by a term life policy or a disability policy elsewhere for the minimum payments on your card, you may not need to activate the insurance feature on your card.
5. Transferable Balances
Your credit card may give you the option of transferring an outstanding balance from another card.
For example, if you have an unpaid balance of $6,000 on one card that has a 15% APR or Annual Percentage Rate, you could transfer the same balance to another card that offers a 12-month 0% APR. This simple move could potentially save you as much as $900 that year!
However, there are some very important pitfalls to watch out for. You have to make timely payments to maintain the 0% APR.
You will also have to compare interest rates between both cards to ensure you are moving your balance from a high-interest card to a low-interest card and not the other way around. Also, you may be subject to a transfer fee of 3% to 5% of the transferred balance. Be sure to check up on these caveats before you perform a credit card transfer balance.
That wraps up our list of the top 5 credit card rewards in 2022! As you can tell, there are pros and cons associated with each one. Let your lifestyle and spending habits be your guiding light.
In some cases, your credit card provider may even be willing to customize the rewards on your card so long as you maintain a positive standing with them.
We hope this information was helpful. Thanks so much for joining us today!
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Milestone® Mastercard®
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First Progress Platinum Select Mastercard® Secured Credit Card
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Bad Credit Cards
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Upgrade Cash Rewards Visa®
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*To qualify for the welcome bonus, you must open and fund a new Rewards Checking Plus account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Plus account within 60 days of the date the Rewards Checking Plus account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Plus account as part of this application process, you are not eligible for this welcome bonus offer. Your Upgrade Card and Rewards Checking Plus account must be open and in good standing to receive a bonus. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade Visa® Debit Card Agreement and Disclosures for more information. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions.
Destiny Mastercard®
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Merrick Bank Secured Credit Card
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Excellent Credit Cards
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Reflex® Platinum Mastercard®
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OpenSky® Secured Visa® Credit Card
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Fair Credit Cards
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- See website for Details*
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- See website for Details*
- Regular APR
- See website for Details*
- Annual Fee
- See website for Details*
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