Updated October 4th, 2020 by Jonathan Crookham
*These are my honest, unsponsored opinions. However, I may receive referral bonuses when you use my referral links.
what are the best credit cards for you in 2020?
In this review of some of our favorite rewards credit cards, we recommend the best credit cards for groceries, flexibility, travel, and rotating deals to help you maximize cash back on all of your purchases.
American express blue preferred - best groceries and streaming rewards
This premium AmEx card provides maximum rewards for everyday purchases for a $95 annual fee. We think this is the best credit card for grocery shopping.
cash back
- 6% cash back at grocery stores like Trader Joes and Aldi
- 6% cash back on streaming services like Netflix
- 3% cash back on transit and gas stations
additional info
- 6% cash back does not apply at superstores like Target and Wal-Mart
- 10.74% – 20.74% variable APR
- 6% rewards drop to 1% after $6000 per category per calendar year. If you hit that cap, you would have earned $360 cash back in that category.
- No additional fees for additional cards/cardholders on the same account
families who spend a moderate amount on groceries.
If you spend $250 per month on groceries, you can earn about $195 cash back from groceries alone.
The typical U.S. family of 4 spends over $800 a month on groceries and over $20 per month on groceries. This would result in over $400 cash back in a year (considering the $6000 groceries category cap).
BANK OF AMERICA CASH REWARDS - MOST FLEXIBLE 3% BACK
This free Bank of America rewards credit card lets you choose how you earn.
cash back
- 3% cash back in the category of your choice: gas, online shopping, dining, travel, drug stores, or home improvement/furnishings
- 2% cash back at grocery stores and wholesale clubs
- 1% cash back on all other purchases
- Earn 25%-75% more cash back as a Preferred Rewards member
fees
- NO annual fee
signup bonus
- $200 cash back signup bonus when you spend $1000 in the first 90 days
additional info
- You can change your designated 3% category once per month
Introductory 0% APR for your first 12 billing cycles for purchases. After the intro APR offer ends, a Variable APR that’s currently 13.99% to 23.99% will apply.
anyone who wants to choose how they earn, while paying no annual fee.
It is particularly great for those of us who do most of our shopping online.
This is also great for people already entrenched in the Bank of America ecosystem. Preferred Rewards members can earn up to %5.25 cash back instead of %3.
discover it cash back - best rotating rewards
This free Discover rewards credit card provides 5% rewards in categories that change every 3 months. One of our favorite quarters offers 5% back on purchases from Amazon.com, Walmart.com, and Target.com from October – December.
cash back
- 5% cash back rewards in categories that change quarterly
- 1% cash back on all other purchases
fees
- NO annual fee
signup bonus
- Discover will match your entire first year of cash back. That means 2X cash back for a whole year.
- Apply with this link and get an additional $50 statement credit when you make your first purchase
additional info
- Cash back can be redeemed for discounted gift cards to maximize the value of your rewards
- See 5% category calendar in the Card Details below
- 0% APR for 14 months, Then 11.99%-22.99% APR
2020 Cashback Categories
January-March
- Grocery Stores (excluding Target and Wal-Mart), Walgreens, CVS
April-June
- Gas Stations, Uber, Lyft, and Wholesale Clubs
July-September
- Restaurants and Paypal
October-December
- Amazon.com, Walmart.com, and Target.com
This is an excellent 2nd credit card to have to take advantage of 5% rewards when available. It is particularly great for people who spend a lot online during the holidays. So.. maybe everyone?
chase sapphire preferred card - best travel card
This premium Chase travel rewards credit card offers an astounding signup bonus and great bonuses for frequent flyers.
cash back
- 2x points earned on travel (2 points per $1 spent)
- 2x points on dining
- 5x points earned on Lyft through 2022 (5 points per $1 spent)
- 1 point per $1 spent on all other purchases
-
100 points = $1 cash OR
80 points = $1 when redeemed for travel
fees
- $95 annual fee
signup bonus
- 80,000 points after you spend $4,000 on purchases in the first 3 months from account opening. This equates to $1000 when redeemed for travel.
additional info
- Points can be exchanged with many frequent flyer programs at a 1:1 ratio
- 15.99%–22.99% variable APR
Additional benefits include:
- Trip cancellation insurance
- Baggage delay insurance
- Trip delay reimbursement
- Auto rental collision damage waiver
- Doorpass subscription with Door Dash which eliminates delivery fees and reduces service fees (activate by December 2021)
frequent flyers who spend more than $4000 on travel, ridesharing, and dining per year.
