This article was updated June 24, 2018.

Credit cards can be really rewarding, creating as much as $240 in annual value for the average household who uses them, according to the Federal Reserve Bank of Boston. People who have excellent credit scores can do even better than that. 

Banks are generally eager to spend more on perks designed to attract people with excellent credit, hoping to find customers who will spend heavily and pay on time -- an ideal customer. And the rewards can be beefy, as new cardholder bonuses of $500 or more and rewards rates of 2% or higher are common throughout the card industry.

The three cards below have some of the best perks for cardholders with excellent credit. Below, we'll explore each card in depth, and explain why each one earns a spot on the list.

Card name

New cardholder bonus

Annual fee

Minimum redemption

Chase Sapphire Preferred®

50,000 points ($625 in travel)

$95, waived in the first year


Bank of America® Travel Rewards

20,000 points ($200 in travel)


2,500 points

Barclaycard Arrival Plus® World Elite MasterCard®

50,000 miles ($500 in travel)

$89, waived in the first year

10,000 miles for travel ($100 of travel)

Sources: Card issuers.

Chase Sapphire Preferred®

The Chase Sapphire Preferred® is a leader when it comes to beefy new cardholder bonuses and on-going rewards. Qualifying new cardholders receive 50,000 points for spending $4,000 in the first three months after approval, which converts into $625 of travel value.

Cardholders earn 2 points per dollar spent on travel and restaurant purchases, and 1 point per dollar for all other purchases. Importantly, there are no caps on bonus travel and restaurant categories, making it a top pick for those who spend heavily in the bonus categories.

What makes this card great is that it features some of the highest conversions for travel and cash redemptions. Points can be redeemed for travel at a rate of $0.0125 per point, or for cash at a rate of $0.01 per point. The only downside is the card's annual fee of $95, which is waived in the first year. Learn more from our complete Chase Sapphire Preferred® review.

Woman standing on dock with suitcase

People with excellent credit can rake in thousands of dollars of travel benefits from credit cards. Image source: Getty Images.

Bank of America® Travel Rewards

The Bank of America® Travel Rewards card is perhaps the best choice in no-annual-fee credit cards. The new cardholder bonus delivers 20,000 bonus points to qualifying cardholders who spend at least $1,000 on purchases in the first 90 days after approval. These points convert to $200 of value when redeemed for travel.

Cardholders earn a flat rate of 1.5 points on every dollar spent. Bank of America clients can receive bonuses on top of the standard rewards rate, which adds 10% to 75% on top of the standard rewards rate. Bonus rewards aren't necessarily difficult to earn, as the 10% bonus can be earned by simply having an active Bank of America® checking or savings account.

Importantly, the Bank of America® Travel Rewards card has one of the most flexible redemption options of any travel card. Cardholders can redeem for statement credits, which effectively erase purchases of hotel stays, flights, or other qualifying travel that are charged to the card.

Statement credits can be especially rewarding for bargain shoppers. Travelers who are good at finding low-priced deals by shopping around are likely to get more value out of statement credit redemptions than a rewards program that is limited to a bank's specific travel portal. Learn more from our complete Bank of America® Travel Rewards review.

Barclaycard Arrival Plus® World Elite MasterCard®

The Barclaycard Arrival Plus® World Elite MasterCard® is an excellent pick in travel rewards cards for its lofty new cardholder bonus and on-going rewards rates. Qualifying new cardholders receive 50,000 miles after spending $3,000 in the first 90 days after account opening, which equates to $525 of travel value when its 5% redemption bonus is included.

The card earns at a flat rate of 2 miles per dollar spent. When miles are redeemed, 5% of the miles are added back to the cardholder's rewards balance. Thus, the card effectively earns 2.1 miles per dollar spent when the 5% redemption bonus is included. Like the Bank of America® Travel Rewards card, it also features flexible statement credit redemptions.

The card does have some disadvantages compared to others on the list, primarily its $89 annual fee (which is waived in the first year), and its minimum redemption level for travel (10,000 miles). That said, it offers a simple rewards program with a high rewards rate on every dollar spent, thus making it a good card for someone who doesn't want to juggle several different cards for the best possible rewards rate. Learn more from our complete Barclaycard Arrival Plus® World Elite MasterCard® review.

How to win the credit card game

When used wisely, credit cards feature better fraud protection than debit cards and generous rewards programs that could pay for your next vacation. But they should be used just as you would use cash or a debit card, and shouldn't be used to finance expenses that you can't pay for today. Just one month of interest charges can wipe away all of a card's rewards benefits, so it's important to always pay the balance in full.

Winning the credit card game is as easy as minding this simple rule: Always pay in full.


Jordan Wathen has no position in any stocks mentioned. The Motley Fool recommends Barclays. The Motley Fool has a disclosure policy. The Motley Fool receives compensation from some advertisers who provide products and services that may be covered by our editorial team. It’s one way we make money. But know that our editorial integrity and transparency matters most and our ratings aren’t influenced by compensation. The statements above are The Motley Fool's alone and have not been provided or endorsed by bank advertisers. Review The Motley Fool’s ratings methodology to uncover how we pick the best credit cards.