The best credit card deals come packaged in many different ways — some with a high rewards rate, others with an exceptional welcome bonus or exclusive perks. All of these offerings can make holding a credit card even more valuable.
If you’re interested in a new card, we’ve compiled a list of some of the best credit card deals for 2023 so you can make an informed selection based on the type of card you’re looking to apply for:
Discover it Cash Back: Best rotating cash back credit card deal
- Rewards rate: 5 percent cash back on rotating categories each quarter (on up to $1,500 per quarter, then 1 percent back; activation required); 1 percent cash back on all other purchases
- Welcome bonus: Discover matches all the cash back you’ve earned during your first year
- Annual fee: $0
If you’re looking to literally double the amount of cash back you’ll earn the first year, the Discover it® Cash Back is the card for you. This cash back credit card comes with Discover’s Cashback Match feature, meaning it will automatically match all of the cash back you’ve earned at the end of your first year. That means if you earn $300 in cash back, Cashback Match will double your earnings to $600 in cash back.
Along with its stellar welcome bonus, the Discover it Cash Back offers 5 percent cash back on rotating categories each quarter (on up to $1,500 each quarter, then 1 percent back; activation required). Discover’s bonus categories for 2022 included cash back on groceries, fitness clubs, gas stations, Target, Amazon, restaurants and more. For 2023, Discover’s Q1 (January to March) categories include grocery stores, drug stores and select streaming services. Check out the full Discover cash back bonus categories calendar to learn more about the various categories offered and how it all works.
Wells Fargo Active Cash Card: Best flat-rate cash back credit card deal
- Rewards rate: Unlimited 2 percent cash rewards on purchases
- Welcome bonus: $200 cash rewards bonus after spending $1,000 within the first three months
- Annual fee: $0
The Wells Fargo Active Cash® Card offers an unlimited 2 percent cash rewards on all purchases — currently the highest flat cash back rate on the market — making it one of the best 2 percent cash back cards available today. It even beats the Citi® Double Cash Card here, which has terms attached to its 2 percent cash back offer (you’ll earn 1 percent back when you make purchases and another 1 percent back when you pay for purchases).
Other notable perks with this card include cellphone protection, Visa Signature perks and a 0 percent intro APR on purchases and qualifying balance transfers for 15 months (followed by a 19.24 percent, 24.24 percent or 29.24 percent variable APR).
Blue Cash Preferred Card from American Express: Best rewards credit card deal
- Rewards rate: 6 percent cash back at U.S. supermarkets (on up to $6,000 per year, then 1 percent); 6 percent cash back on select U.S. streaming subscriptions; 3 percent cash back on transit and U.S. gas station purchases; 1 percent cash back on all other purchases
- Welcome bonus: $250 statement credit after you spend $3,000 within the first six months of card membership
- Annual fee: $95
The Blue Cash Preferred® Card from American Express is one of the best rewards credit card deals thanks to the variety of high-yielding rewards categories it offers for a relatively low annual fee of $95. You’ll have no problem extracting value from this card if your family spends a decent amount of money on U.S. supermarket purchases, select U.S. streaming services (Think: Netflix, Disney+ and Hulu), transit purchases and U.S. gas station purchases.
Additionally, there’s a pretty attainable welcome offer: a $250 statement credit after you charge $3,000 on your new card within the first six months. This is a better welcome bonus than you’ll find with similar cash back cards, which typically offer fewer bonus rewards and only three months to earn the bonus.
Chase Sapphire Preferred Card: Best starter travel credit card deal
- Rewards rate: 5X points on travel purchased through Chase Ultimate Rewards; 5X points on Lyft rides (through March 2025); 3X points on dining, select streaming services and online grocery purchases (excluding Walmart, Target and wholesale clubs); 2X points on other travel purchases; 1X points on all other purchases
- Welcome bonus: 60,000 bonus points after you spend $4,000 in the first three months from account opening
- Annual fee: $95
In terms of bang for your buck, the Chase Sapphire Preferred® Card is one of the best travel credit card deals on the market today. For a mere $95 annual fee, you’ll earn 5X points on travel purchased through Chase Ultimate Rewards; 5X points on Lyft rides (through March 2025); 3X points on dining, select streaming services and online grocery purchases; 2X points on other travel purchases; and 1X points on all other purchases.
What’s more, when you redeem your rewards for travel through the Chase Ultimate Rewards portal, your points are worth 25 percent more. That means the card’s welcome bonus of 60,000 points (earned after spending $4,000 in your first three months) is worth $750 when redeemed for travel through the Chase portal.
Though the Chase Sapphire Preferred is considered a card for casual to semi-frequent travelers, it offers a few perks usually reserved for more premium travel rewards cards, such as 1:1 points transfers with Chase airline and hotel partners, no foreign transaction fees, trip cancellation and interruption insurance, baggage delay insurance and more.
Capital One Venture X Rewards Credit Card: Best luxury travel credit card deal
- Rewards rate: 10X miles on hotel and rental car bookings through Capital One Travel; 5X miles on flights through Capital One Travel; 2X miles on all other purchases
- Welcome bonus: 75,000 miles after spending $4,000 within the first three months
- Annual fee: $395
The Capital One Venture X Rewards Credit Card only has an annual fee of $395 — a major deal when you think of similar elite travel cards’ annual fees, such as the Chase Sapphire Reserve®’s $550 annual fee or The Platinum Card® from American Express’ $695 annual fee. Plus, you may find that the Venture X’s perks are easier to take advantage of than those of competing travel cards.
For instance, with this card, you’ll get benefits like up to $300 in annual statement credits for Capital One Travel purchases, up to a $100 credit for Global Entry or TSA PreCheck, 10,000 bonus miles every account anniversary, a Priority Pass Select airport lounge membership and comprehensive travel insurance protections.
How to choose the best credit card deal
Keep these tips in mind to ensure your credit card brings you long-term value (rather than grief).
Select a card that rewards you for the spending you do most often
If you frequently dip, tap or swipe at the grocery store, but only purchase airfare once or twice a year, it probably doesn’t make sense to apply for a travel or airline credit card. Instead, you should look into one of the top grocery store credit cards, which will reward you for stocking up your pantry.
Don’t know what you spend the most on? Take a look at your credit card or bank statement each month and divvy up your purchases into categories like groceries, gas, dining out and airfare. If it’s a clean tie, you may want to consider a general rewards card that earns a flat rate on every purchase you make.
Don’t overspend to hit a welcome offer
Though a welcome bonus is one of the most gratifying perks a credit card can offer, make sure the card you select has a bonus you can realistically meet. In the worst-case scenario, you could end up accumulating credit card debt to meet a bonus that’s unrealistic for your budget.
A good rule of thumb is to compare a bonus’ qualifying spend and the time frame in which you have to meet it (usually three to six months) to what you’d normally spend over that same time period. For example, a welcome bonus that requires you to spend $3,000 in your first three months wouldn’t be a responsible choice if you typically spend only $1,500 over three months.
Weigh a card’s annual fee against the rewards you’ll earn
Luxury credit cards are a luxury for a reason — they offer premium rewards structures and perks for a higher-than-average annual fee. Those who can afford to spend a significant amount on travel, for example, probably won’t have trouble earning enough rewards to cover the annual fee for their premium travel rewards card.
If you’re unsure whether your spending can cover (or preferably more than cover) a card’s annual fee, take a closer look at the spending you do on other credit cards you hold. You can also factor in the card’s welcome bonus and perks (such as travel statement credits and airport lounge access) to offset the cost of its annual fee.
The bottom line
While the main selling point of a credit card may be its unique travel benefits or welcome bonus, it’s important that you judge a card based on its overall value to your lifestyle. There are some incredible credit card deals out there, but they won’t be all that valuable to you if they don’t match your spending habits. Choose one that matches your lifestyle and you’ll be reaping rewards in no time.
