Credit card comparison website CardHub recently released its 2015 Credit Card Rewards Report. The report analyzed the various credit cards on the market and ranked them all.
“We analyzed Rewards credit cards from the 10 largest issuers so that consumers would be informed about possibly picking a new one, and not missing out on great deals. We wanted to make all of the information accessible to everyone in one easy-to-find guide,” says spokesperson Jill Gonzalez.
Capital One came out on top with a score of 86.2 percent. Following Capital One in the top ten were Discover Card (81.4 percent), Citi (79.2 percent), Chase (78.1 percent), BofA (76 percent), Barclays (72.9 percent), US Bank (71 percent), Amex (69.9 percent), Wells Fargo (68.7 percent), and PNC (66.9 percent).
The report had some surprising findings. For one, Americans currently don’t use about $4 billion in annual rewards they have racked up, even though card users amassed $39 billion in credit card debt in 2013, $57 billion in 2014 and are projected for another $60-plus billion in 2015.
According to the report, the Arrival Plus Barclaycard is currently the best Rewards card on the market. It can yield $1,621.40 in travel rewards during the first two years an account is open, according to CardHub calculations and average consumer spending statistics. Meanwhile, Capital One is the best overall issuer for rewards.
Americans make many mistakes mistakes when it comes to credit cards. “The biggest mistakes consumers are making is that currently, Americans are leaving roughly $4 billion in annual rewards value on the table. There’s no excuse for losing that much money–especially when the information on these programs is at our fingertips,” explains Gonzalez.
But your bad credit card habits can be broken. Take a look at your budget and make sure you are not overspending by using credit cards. “We would advise people to identify their spending interests, so that the Rewards credit card chosen would align to their buying habits,” says Gonzalez. “For instance, if you rarely dine out, do not pick a card that offers high earning rates on restaurant spending. Rather, pick a card with extra on travel or gas. Also, don’t rule out annual fees. Often times, cards with annual fees offer better initial bonuses and higher earning rates than free cards. Therefore, don’t discount a card simply because it charges a fee, especially if it’s low. Just make sure the rewards you reap will sufficiently outweigh the fixed costs.”
So pick the right card for you and watch that credit card spending!