If you’ve been wringing your hands about whether to try to get the Chase Sapphire Reserve card for the benefits your friends won’t stop talking about, stop worrying. It’s not even at the top of the latest list of best reward credit cards from WalletHub. The card comparison site analyzed 65 rewards card offers from the 20 largest issuers, excluding co-branded cards (airlines, hotels, that Uber one).
Rankings were based on eligibility requirements and transparency, reward earning policies, redemption rules, and the value of the reward offerings. Rather than just eyeballing it (my usual method with home DIY projects, which is why I don’t write that vertical) and publishing its “favorite” card offers of 2019, WalletHub shared a dazzlingly complex rubric through which it ranked the cards. Each could earn up to 21 points.
Here are the top five individual cards:
USAA Preferred Cash Rewards Visa Signature Card: 18.5
Wells Fargo Propel American Express Card: 18.8
Chase Sapphire Preferred Card: 18.3
Capital One Venture Rewards Credit Card: 18.2
Discover it Miles: 18.0
Capital One had the best credit card rewards program overall for the fifth consecutive year. (WalletHub was founded in 2013.) Capital One also topped the list for its earning policies: no limits on earning rewards, no expiration or forfeiture rules.
Meanwhile, Barclays, Navy Federal Credit Union, and BECU achieved perfect scores for clearly explaining rewards terms and restrictions.
When WalletHub calculated the monetary value of each card’s rewards over two years, including sign-up bonuses and subtracting annual fees, Capital One’s popular Venture card had a rewards value of $2,068. In contrast, BB&T’s Spectrum Cash Rewards card value was just $825, and the card scored lowest at 11.5.
Redeeming credit card rewards for travel remains the best value over gift cards, cash back, or merchandise, according to WalletHub’s tallying. If you’re still not sure which card is right for you, WalletHub advises applying for a cash back card. “You’ll never have to wonder about the rate at which you’re earning rewards,” the report said, nor will you have to think about your rewards getting devalued. “After all, you’ll be earning rewards in terms of dollars and cents.”