10 Best Mastercard Cards for Rewards & Perks

Earning Structure:

• 10x points on hotels, car rentals, and attractions booked through Citi Travel
• 3x points on dining, supermarkets, gas stations, air travel, and hotels
• 1x point on all other purchases

Welcome Bonus:

New cardholders can earn 60,000 bonus ThankYou® Points after spending $4,000 in the first three months of joining.

Card Details:

• Annual fee: $95
• APR: Variable, typically 20.24%–28.24%
• Other benefits: Mastercard World Elite perks, ID theft protection, exclusive event access
• Network: Mastercard
• Type: Travel rewards credit card
• Foreign transaction fees: None

Key Benefits:

• Strong rewards in travel and dining categories
• Transfer partners include major airlines such as Singapore Airlines and Turkish Airlines
• Access to Mastercard World Elite benefits
• Flexible redemption options through Citi ThankYou program

Redemption Options:

Points can be redeemed for travel, gift cards, merchandise, or transferred to airline and hotel partners.

Credit Requirements:

Applicants typically need a credit score of at least 670 to qualify.

Spending Limitations / Potential Drawbacks:

The card has an annual fee and may not provide enough value for people who do not spend heavily on travel or dining.

Why it Works for Beginners:

It offers simple earning categories and flexible redemption choices, making it easy for new cardholders to understand and use.

Earning Structure:

• 1% cash back when making a purchase
• 1% cash back when paying off that purchase

Welcome Bonus:

New cardholders may qualify for $200 cash back after spending $1,500 within the first six months of membership. This bonus will be fulfilled as 20,000 ThankYou® Points, which can then be redeemed for $200 cash back.

Card Details:

• Annual fee: $0
• APR: Variable, typically 18.24%–28.24%
• Other benefits: Mastercard World Elite perks such as ID theft protection and special offers
• Network: Mastercard
• Type: Cash back
• Foreign transaction fees: May apply depending on terms
• Additional features: Access to Citi ThankYou® Points if linked with eligible Citi cards

Key Benefits:

• No annual fee
• Straightforward 2% cash back structure
• Redemption flexibility with cash back or points
• Wide acceptance through Mastercard network
• Extra protections and perks from Mastercard

Redemption Options:

Rewards can be redeemed as statement credits, direct deposit, checks, or converted into Citi ThankYou® Points when paired with other Citi cards.

Credit Requirements:

Applicants generally need a FICO score of 670–739 to qualify.

Spending Limitations / Potential Drawbacks:

The card does not offer bonus categories, so it may not maximize rewards for specific spending.

Why it Works for Beginners:

Its simple earning structure and no annual fee make it easy for new cardholders to manage.

Earning Structure:

• 5% cash back on rotating quarterly categories (up to $1,500 in combined purchases)
• 5% on travel purchased through Chase Ultimate Rewards
• 3% on dining, including takeout and delivery
• 3% on drugstore purchases
• 1% on all other purchases

Welcome Bonus:

New cardholders can earn a $200 bonus after spending $500 within the first three months of joining.

Card Details:

• Annual fee: $0
• APR: Variable, around 18.99%–28.49%
• Other benefits: World Elite Mastercard perks, cell phone protection, purchase protection
• Network: Mastercard
• Type: Cash-back
• Foreign transaction fees: 3%
• Additional perks: Complimentary offers with select partners

Key Benefits:

• No annual fee to maintain the card
• Rotating 5% bonus categories
• Strong rewards on dining and drugstores
• Access to Mastercard World Elite benefits
• Cell phone protection when paying with the card

Redemption Options:

Rewards can be redeemed for cash back, travel, gift cards, or purchases through Chase Ultimate Rewards.

Credit Requirements:

Applicants generally need a credit score between 670 and 739 to qualify.

Spending Limitations / Potential Drawbacks:

The 5% bonus applies only to $1,500 in combined quarterly purchases, and foreign transaction fees make it less useful abroad.

Why it Works for Beginners:

It offers strong rewards with no annual cost, making it simple for new cardholders to start earning cash back.

Earning Structure:

• 5x miles on hotels and rental cars booked through Capital One Travel
• 1.25x miles on every purchase

Welcome Bonus:

Earn 20,000 bonus miles after spending $500 within the first three months of membership.

Card Details:

• Annual fee: $0
• APR: Variable, typically around 19.24%–29.24%
• Other benefits: Travel accident insurance, extended warranty protection
• Network: Mastercard
• Type: Travel rewards credit card
• Foreign transaction fees: None
• Additional perks: Access to Capital One Travel portal and virtual card numbers for secure online shopping

Key Benefits:

• No annual fee
• Flexible redemption for travel or statement credits
• No foreign transaction fees when traveling abroad
• Simple earning structure without rotating categories

Redemption Options:

Miles can be redeemed for travel purchases, statement credits, gift cards, or shopping through Capital One’s partners.

Credit Requirements:

Applicants typically need a FICO score between 670 and 739 to qualify.

Spending Limitations / Potential Drawbacks:

The base earning rate of 1.25x miles is lower than some other travel cards.

Why it Works for Beginners:

It is easy to manage with no annual fee and straightforward earning rules, making it a good starter travel rewards card.

Earning Structure:

• 1.5% cash back on all purchases

Welcome Bonus:

This card does not currently offer a welcome bonus.

Card Details:

• Annual fee: $0
• APR: 29.74%
• Other benefits: Access to Capital One CreditWise, security alerts, and card lock features
• Network: Mastercard
• Type: Secured credit card
• Foreign transaction fees: None
• Deposit requirement: Refundable security deposit to open the account

Key Benefits:

• Earn unlimited 1.5% cash back on purchases
• $0 annual fee to keep costs low
• No foreign transaction fees for international use
• Helps build or rebuild credit with responsible use
• Extra rewards on Capital One Travel purchases

Redemption Options:

Cash back can be redeemed as statement credits, direct deposits, or to cover recent purchases.

Credit Requirements:

Applicants with limited or poor credit may qualify, making it accessible for those starting over.

Spending Limitations / Potential Drawbacks:

The card requires a security deposit and carries a higher APR, so carrying a balance can become costly.

Why it Works for Beginners:

It combines simple cash back rewards with credit-building features, making it a practical choice for first-time or rebuilding cardholders.

Earning Structure:

• 1.5% cash back on every purchase

Welcome Bonus:

This card does not currently offer a welcome bonus.

Card Details:

• Annual fee: $39
• APR: 29.74% variable
• Other benefits: Access to credit monitoring, automatic credit line reviews
• Network: Mastercard
• Type: Cash back
• Foreign transaction fees: None

Key Benefits:

• Flat-rate cash back on all purchases
• Available to those with average credit
• No foreign transaction fees
• Reports to major credit bureaus
• Potential for credit limit increases over time

Redemption Options:

Cash back can be redeemed as statement credits, direct deposits, or gift cards.

Credit Requirements:

Applicants may qualify with a credit score as low as 580.

Spending Limitations / Potential Drawbacks:

The card has a high APR and an annual fee, which can reduce the value of rewards if balances are carried.

Why it Works for Beginners:

It offers simple rewards and approval for those with less-than-perfect credit, making it a good starting point for building credit history.

Earning Structure:

• 8% cash back on Capital One Entertainment purchases
• 5% cash back on hotels, vacation rentals, and rental cars booked through Capital One Travel
• 3% cash back on dining, entertainment, popular streaming services, and grocery stores (excluding superstores like Walmart® and Target®)
• 1% cash back on all other purchases

Welcome Bonus:

New cardholders can earn $100 after spending $300 in the first three months of joining.

Card Details:

• Annual fee: $0
• APR: Variable, around 19.24%–29.24%
• Other benefits: Fraud coverage, account alerts, and access to credit monitoring
• Network: Mastercard
• Type: Student cash back card
• Foreign transaction fees: None

Key Benefits:

• No annual fee
• Rewards in categories students use daily
• No foreign transaction fees
• Simple flat-rate rewards on other purchases

Redemption Options:

Cash back can be redeemed as statement credits, checks, or applied toward purchases.

Credit Requirements:

Typically available to students with limited or fair credit history.

Spending Limitations / Potential Drawbacks:

Rewards exclude superstore purchases, and credit limits may start low for new users.

Why it Works for Beginners:

It gives students a way to earn meaningful rewards while learning to manage credit responsibly.

Earning Structure:

• 3x points on dining and groceries
• 3x points on Air Canada purchases
• 1x point on all other eligible purchases

Welcome Bonus:

New cardholders can earn 75,000 bonus points after spending $4,000 in the first three months of joining.

Card Details:

• Annual fee: $95
• APR: Variable, typically 20.49%–28.99%
• Other benefits: Free first checked bag, travel insurance, preferred pricing on flight rewards
• Network: Mastercard
• Type: Travel rewards credit card
• Foreign transaction fees: None
• Additional perks: Access to Aeroplan partner offers and promotions

Key Benefits:

• Strong rewards on travel and dining
• No foreign transaction fees
• Free checked bag on Air Canada flights
• Comprehensive travel insurance coverage

Redemption Options:

Points can be redeemed for flights, seat upgrades, hotel stays, car rentals, and merchandise through the Aeroplan program.

Credit Requirements:

Applicants need a credit score of 670–739 to qualify.

Spending Limitations / Potential Drawbacks:

The card’s strongest value is tied to Air Canada travel, so those who rarely fly with the airline may not maximize rewards.

Why it Works for Beginners:

It gives simple earning categories and easy redemption options, making it a practical first travel rewards card.

Earning Structure:

• Up to 26x points at IHG Hotels & Resorts
• 5x points on travel, gas stations, and restaurants
• 3x points on all other purchases

Welcome Bonus:

Earn 140,000 bonus points after spending $3,000 within the first three months of joining.

Card Details:

• Annual fee: $99
• APR: Variable, around 19.99%–28.49%
• Other benefits: Annual free night certificate, automatic Platinum Elite status
• Network: Mastercard
• Type: Travel rewards credit card
• Foreign transaction fees: None

Key Benefits:

• Annual free night at eligible IHG properties
• Extra points on travel, dining, and gas
• Complimentary elite hotel status
• No foreign transaction fees
• Wide global acceptance with Mastercard

Redemption Options:

Points can be redeemed for hotel stays, travel bookings, gift cards, or merchandise through the IHG One Rewards program.

Credit Requirements:

Applicants generally need a FICO score of 670–739 to qualify.

Spending Limitations / Potential Drawbacks:

The card is best for those who stay at IHG properties, so rewards may feel limited for travelers who prefer or want to try other hotel brands.

Why it Works for Beginners:

It provides straightforward earning categories and an annual free night, making it easy for new cardholders to see value without complex reward strategies.

Earning Structure:

• 2% cash back on all eligible purchases

Welcome Bonus:

New cardholders can earn a $500 bonus after spending $5,000 within the first three months of membership.

Card Details:

• Annual fee: $0
• APR: Variable, around 17.49%–25.49%
• Other benefits: Expense management tools, employee cards available
• Network: Mastercard
• Type: Business credit card
• Foreign transaction fees: None
• Additional features: Purchase protection and zero liability for unauthorized charges

Key Benefits:

• No annual fee
• Flat-rate cash back on all purchases
• Wide acceptance through Mastercard network
• Helpful tools for managing business expenses
• No foreign transaction fees

Redemption Options:

Cash rewards can be redeemed as statement credits or direct deposits to eligible Wells Fargo accounts.

Credit Requirements:

Applicants need good to excellent credit, with a FICO score between 670 and 739, to qualify.

Spending Limitations / Potential Drawbacks:

The card does not allow transferring rewards to travel partners, which limits redemption flexibility.

Why it Works for Beginners:

The flat-rate cash back and no annual fee make it simple for new business owners to use without dealing with complicated reward structures.