NerdWallet’s Best Rewards Credit Card Roundup, Spring 2012 Edition

Like money? How does an extra $575 for vacation sound? What about 2 bucks back for every hundred you spend anywhere? And 5% earnings on gas and groceries? Yeah, free stuff is good. And lucky for you, there’s plenty of it out there. You need only know how to get it. That’s why we’re here–so you can get while the gettin’s good. Below is your one-stop shop for rewards credit cards. We’ve chosen the best cards for each rewards category, so scroll on through and see which best suits your spending!

Best rewards credit card for travelers

The Capital One® VentureSM Rewards Credit Card is the long-reigning travel champ. Why? Check out the guns on this guy. Every purchase earns a full 2% in travel rewards. You don’t have to fiddle around with earning categories or modify spending habits to optimize rewards. Everything–from gumballs to gumbo–earns 2%. No Hassle Miles can be redeemed for flights with any airline, cars at any rental agency and stays at any hotel, motel hostel, resort, B&B, whatever. There are no restrictions. There are no blackout dates. Simply book with your Venture card and redeem for a statement credit. Traveling internationally? CapOne’s got your back. You won’t have to contend with a cumbersome foreign transaction fee, saving you 3% on every out-of-country purchase. The annual fee is $59, but it’s waived the first year and is nothing compared to the Venture’s boundless earning potential.

The good stuff: high base rewards rate, no F/X fee, easy redemption

The not-so-good stuff: $59 annual fee – waived the first year, no bonus categories

Best signup bonus

If you don’t want to be tied down to a specific airline or hotel, the Chase Sapphire Preferred offers one of the best bonuses out there: a cool 40,000 Ultimate Rewards Points, worth $500 of travel. The card gives 2 points per $1 spent on travel and restaurants, and 1 point per $1 spent elsewhere. But your rewards rate is better than just 1%: you earn a 7% points dividend at the end of the year, and your points are worth 20% more when you book for travel through the Ultimate Rewards travel tool. The card has no foreign transaction fee, and its $95 annual fee is waived the first year.

The good stuff: A really big signup bonus, worth $500 if redeemed for travel; flexible rewards; no F/X fee

The not-so-good stuff: $95 annual fee – waived the first year, fewer bonus categories than many other cards

 Best no annual fee credit card

Annual fees are annoying. Even if it pays for itself, it’s a cost you can’t help but flinch to pay. To earn rewards without the fee, check out the Chase Freedom. The best no-fee card on the market, it earns 5% cash back in rotating bonus categories. This year, you’ll earn 5% at grocery stores and movie theaters April through June, gas stations and restaurants July through September and hotels, airlines, Best Buy and Kohl’s October through December. All other purchases earn an unlimited 1% back. Spending $500 in the first 3 months gets you a $100 signing bonus. And, conveniently, rewards come in the form of cash, allowing you to spend earnings when and where you like.

The good stuff: $100 cash back bonus, no annual fee, 5% categories, concierge service

The not-so-good stuff: $1,500 quarterly rewards cap on bonus categories

 Best fee- and hassle-free card

If you’re not a fan of the Chase Freedom’s rotating bonus categories, another great offer is the Capital One Cash. One of the best no-fee cards on the market, it earns 1.5% cash back on all of your purchases: 1% back all year, plus a 50% points dividend annually. The card has a signup bonus of $100 cash back for new accounts.. Like all Capital One cards, it has no foreign transaction fee, which is rare for a no-fee card. And, conveniently, rewards come in the form of cash, allowing you to spend earnings when and where you like, without having to enroll in quarterly bonus programs.

The good stuff: $100 cash back bonus, no annual or foreign transaction fee, 1.5% cash back everywhere

The not-so-good stuff: No bonus categories

Best rewards credit card for suburbanites

For a lot of folks, the most beneficial rewards are those earned on typical day-to-day expenditures. The American Express Blue Cash Preferred is crafted for common spending habits. You earn 6% at grocery stores, 3% at gas stations and department stores and 1% everywhere else. Rewards come in the form of cash–redeemable in $25 increments–and suffer no limits. Right now, the signing bonus is $150, and the purchase APR is 0% for the first 12 months. The $75 annual fee pays for itself if you spend a mere $25 on groceries every week. All additional spending is pure profit.

The good stuff: easy to earn and redeem, high rewards rate on family purchases

The not-so-good stuff: $75 annual fee

Best credit card for socialites

Get paid to have fun with the Citi Forward® card. Rewards target entertainment, earning 5% on dining, books, music and movies. Because Citi classifies Amazon.com as a bookstore, Amazon purchases also qualify for accelerated rewards. All other purchases earn 1%. Rewards are capped at 75,000 points annually, but that’s still about $750 in earning potential every year. The signing bonus is 10,000 points when you spend $650 in the first 3 months and sign up for paperless statements. The Forward is fairly unique in that offers incentives for good spending habits. By staying under your spending limit and making payments on time, you can earn bonus points and even lower your APR.

The good stuff: high rewards in common spending categories, no annual fee

The not-so-good stuff: rewards cap

Best airline credit card

How about a free round-trip flight? Sound good? The Southwest Airlines credit card offers 25,000 miles just for signing up–enough points for a domestic round trip. Ongoing rewards accumulate at 1 mile per dollar spent and double miles on Southwest purchases. Every year, on the anniversary of your signing, you’ll receive a gift of 3,000 bonus miles, equal to $50 in airfare (a great help in offsetting the $69 annual fee). Points don’t expire and can be used on any Southwest flight without blackout dates. Southwest is widely lauded as America’s favorite airline–and for good reason. On every flight, you’re alotted 2 free checked bags. Should you need to change your flight last minute, you won’t be charged a change fee. So rest assured, if you opt for Southwest, you’re going with the best. (I did a rhyme!)

The good stuff: killer signup bonus, anniversary bonus, free checked bags

The not-so-good stuff: annual fee, no airline-specific perks like priority boarding

Best hotel credit card

The Starwood American Express is a diamond in the rough. We value Starpoints at 2.3 cents per point, but you can get up to 5 points per $1 if you play your cards right. If you redeem your points for airline miles, you’ll get a solid 1.25 miles per $1 spent. That 2.3 cents per point valuation makes the Starwood Amex’s 25,000-point signup bonus is easily worth $575! You also get some pretty great perks: an elite status credit, your fifth night free and other benefits. We do caution that the Starwood is, of course, an American Express card, so its acceptance may not be as good as Visa’s or MasterCard’s. Plus, for you international travelers, there’s a 2.7% foreign transaction fee. Still, if you redeem your Starpoints well, you can easily beat the Venture’s 2% base rewards rate.

The good stuff: If you redeem for hotel stays, you can get up to 5% back, and we think you get 2.3% back on average. Plus, a ton of Starwood perks.

The not-so-good stuff: It’s an Amex, there’s a foreign transaction fee, and there’s an annual fee ($65, waived the first year).

Best business rewards credit card

Business looking for a bonus? Look no further. The Chase Ink offers $250 cash back for signing up. You then earn 5% back on office supplies, cable and telecom services, 2% back on gas and dining and 1% back on everything else. The 5% and 2% categories are limited to $25,000 in purchases annually, but the 1% is unlimited. All this comes boomerangs back in the form of cash. You don’t have to worry about expirations, and you won’t have to pay an annual fee.

The good stuff: no annual fee, signup bonus, 5% cash back on business purchases

The not-so-good stuff: rewards cap on bonus categories