Best rewards credit card for 2020 award seal

Are you looking for a card that gives you the biggest bang for your buck?

Maybe you're the type of credit card user who's all about maximizing your rewards – you have multiple cards in your wallet, and you know what cards to use at what stores to get the most back.

You don't really care about insurance or perks, but you do care about how much money is going to end up back in your wallet.

If that sounds anything like you, these credit cards are sure to please.

These 10 cards are premium credit cards, with the best rewards on the market. They'll give you a major net return on your spending, and many of them come with some pretty impressive perks to cap it off.

Best rewards credit cards for 2020

Here are a few rewards credit cards to take a closer look at:

CategoryCredit CardCurrent Welcome Bonus Offer
Best rewards credit cardAmerican Express Cobalt™ CardUp to 30,000 points (terms)
Valuable travel rewards credit cardAmerican Express® Gold Rewards Card25,000 points (terms)
Valuable rewards with great perksTD® Aeroplan® Visa Infinite Privilege* CardUp to 40,000 miles (terms)
Credit card rewards at the lowest feeScotiabank GM Visa Infinite First year free (terms)

Compare the top 10 rewards cards.

Best overall rewards credit card

Take the #1 card for instance – the .

It will give you:

  • 5 Membership Rewards points for every $1 spent at grocery stores and restaurants,
  • 2 Membership Rewards points for every $1 spent on gas, travel, and transit, and
  • 1 Membership Rewards point for every other $1 spent.

These are some of the best rewards on the market right now, and can be redeemed for essentially any purchase you make on your credit card.

But the best way to redeem them is through the American Express Fixed Flights Program. With this option, you'll get a value of about 1.75 cents per point.

If you're earning 5 points at grocery stores and restaurants, you'll be getting an 8.75% return.

5 points * 1.75 cents per point = 8.75 cents

These numbers make it pretty easy to see why the Cobalt Card is our top rewards credit card.

Plus, the benefits don't stop there. You'll also get:

  • 2,500 bonus points every month you spend $500 for your first 12 months (up to 30,000 points),
  • an easier-to-swallow monthly fee of $10 (instead of a steep annual fee),
  • access to American Express Invites, Front of the Line, and The Hotel Collection,
  • 9 different types of purchase and travel insurance,
  • no minimum income requirements, and
  • 24/7 Concierge Service.

There's a reason why this card comes out on top in many different categories.

One of the best travel rewards credit cards

Second on our list is one of the best travel credit cards on the market, the .

This is a super flexible travel credit card that allows you to redeem for any type of travel you like or transfer your points to a number of different frequent flyer programs.

Armed with the Gold Rewards card, you'll earn:

  • 25,000 welcome bonus points when you spend $1,500 in your first 3 months,
  • 3 points per $1 spent at on car rentals and hotels,
  • 2 points for every $1 spent on gas, groceries, travel, and drugstore purchases, and
  • 1 point for every other $1 spent.

You'll be earning the same Membership Rewards points that you'll earn with the Cobalt card, so there's plenty of value.

But the Gold Rewards card gives you the option to transfer your points to 6 airline programs, including 1:1 to Aeroplan or Avios – which the Cobalt card doesn't, adding even more value.

Because this is a charge card, you're not faced with any pre-set spending limits, and because it's an American Express, you don't need to worry about high personal income requirements.

Similar to the Cobalt card, you'll enjoy:

Best rewards credit card with great perks

Looking for a credit card that not only gives you great rewards but also provides some great perks as well? Enter the .

Start by earning valuable Aeroplan miles on all of your purchases:

  • 1.5 miles per $1 spent on eligible gas, groceries, drugstores, and purchases, and
  • 1.25 miles per $1 spent everywhere else.

This card will also get you started off right with up to 40,000 miles:

  • 25,000 miles after your first purchase, and
  • 5 bonus miles per $1 spent in the first 3 months, up to a maximum of 15,000 miles earned.

But where this card really starts to shine is with the perks. On every Air Canada flight, get the following benefits:

  • free first checked bag,
  • priority check-in,
  • priority boarding, and
  • 4 annual one-time use Maple Leaf lounge passes (only when travelling on an Aeroplan flight rewards ticket).

Plus, every year get a companion ticket on an Air Canada business class booking. Book a trip for 2 in business class, and get a 50% rebate on the airfare for 1 of the tickets.

Want more? This card also comes with great Visa Infinite Privileges while travelling:

  • a Priority Pass membership and 6 complimentary lounge visits per year, and
  • airport benefits at Vancouver, Ottawa, and Montreal-Trudeau Airports, including priority security screening and discounts on parking.

And while it has an annual fee of $399 for the primary cardholder ($99 for authorized users) and a steep household income requirement of $200,000, this card not only offers great rewards, but great perks as well, especially if you fly frequently with Air Canada.

Best rewards credit card at the lowest fee

While all the cards in our top 10 have higher annual fees, the is the only one that waives that fee for the first year and comes in under $100.

Obviously, a credit card that rewards you with GM dollars isn't going to be the best fit for everyone, but if you're in the market for a GM vehicle, this card is a must-have.

With an annual fee of only $79 and 1 GM dollar being worth $1 towards your next GM vehicle, you'll be earning:

  • 5% back on the first $10,000 spent annually, and
  • 2% back on everything you spend over $10,000 annually.

A 5% return on all your purchases (up to $500 earned annually) is unheard of – so it's easy to see why this GM card shows up on our list.

As an added bonus, you'll get 8 different types of credit card insurance, a 20% discount at Avis car rental locations worldwide, and premium Visa Infinite perks.

And since you get your first year free, you're able to try the card out for a year and see if your spending makes the annual fee worth it.

Tip: To truly find what card will give you the most rewards for your specific spending, be sure to try out our creditcardGenius Challenge. That way we can be sure to match you with a card that will be the best fit for you.

Compare Rewards Credit Cards

How we get our rankings

How do we decide what the best rewards credit cards are? We take into account over 126 features of each card, broken down into 7 main categories:

Rewards page genius rating scoring

We then take those features and put them through our algorithm, which calculates a score out of 5. And since we're talking about rewards credit cards, we give extra weight to the rewards category, as it's the primary feature we're after for cards on this page.

Learn more about our Genius Rating methodology.

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