The Best Rewards Cards (and the best Card You Can Use on Uplink)

In our last Flourishing LIVE episode on 8 July 2022, we discussed the use of rewards bank cards to maximize your rewards when purchasing your crypto. As a follow up, we thought we’d share some of our favorite rewards cards.

First a quick summary on general strategies and why we selected certain credit cards:

• Pay attention to websites who keep an eye on credit cards deals, such as The Points guy and Nerd Wallet. We picked up much of our knowledge from both sites, in fact. This post’s specifics will eventually become dated, but these sites will constantly update you on the best offers out there.
• Plenty of credit cards allow rollover and payment of higher interest rate cards at 0% for an introductory period. We didn’t take into account such offers in our recommendations below, but if you’re sitting on a large balance, you may want to take advantage of such offers.
• Consider what we refer to as “intro rewards surfing”. Most credit cards will provide introductory rewards which exceed annual rewards, such as extra points or cash back for your first $X spent, or extra airline miles during your first year.
• Consider spend categories and use them to your advantage. Many cards will offer a standard rewards rate, with a higher rate for specific categories such as groceries, fuel, streaming, or retail purchases. If you drive many miles/kilometers daily, for example, keep a double or triple fuel rewards cards around just for fuel purchases.
• Keep a reasonably high credit score to gain access to the best rewards. Anything over 650 should put you in a good position to apply for all the cards below. Generally, if you pay off balances quickly and never cancel your longest running card (your score is based on credit length in part), you should be set for the most part.

Next we’ll call out two credit cards we think deserve a spot in your wallet, and call out a third card which almost feels as if it’s designed to maximize rewards for upLink asset purchases (ok we know it’s not, but it’s darn close).

On to our favorites.

The Best “Basics” Card: American Express Blue Cash

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REWARDS RATES

• 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%)
• 6% Cash Back on select U.S. streaming subscriptions
• 3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses and more
• 3% Cash Back at U.S. gas stations
• 1% Cash Back on other purchases
• $95 annual fee

WHY WE LOVE IT

• This is a terrific “basics” card, providing 6% rewards on food (watch for the 6,000 limit) and streaming, and 3% on fuel. This isn’t our recommendation for use with upLink, but it’s worth a mention.
• One of the best earnings structures among cash back credit cards. There’s a $95 annual fee, but it’s likely you’ll earn back well in excess of that, especially if you drive a lot.
• The card comes with access to Amex Offers, which can save you even more money on specific purchases. It’s one of the least expensive annual fee cards to do so.

The Best Discretionary Spend Card: Chase Freedom Unlimited

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REWARDS RATES

• 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more;
• 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service
• 1.5% on all other purchases
• $0 annual fee

WHY WE LOVE IT

• Ok, we’ll admit this card’s sibling, the Sapphire card, provides better travel rewards. But the Freedom card provides benefits beyond just travel. If you dine at restaurants and/or travel a fair bit, the value add here far exceeds the $95 annual fee by orders of magnitude. If do neither with any frequency, this isn’t a card we recommend for you.
• This is the only $0 annual fee card we know of which provides traveler protection benefits beyond just simple rewards. These include trip cancellation insurance, primary car rental insurance and lost luggage insurance. We speak from experience — if you travel, it’s absolutely worth it.

The Best UpLink Rewards Card: Citi Custom Cash Card

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REWARDS RATES

• 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter.
• 1% cash back on all other purchases.
• $0 annual fee

WHY WE LOVE IT

• This card does one thing, but does it well: it allows you to select a single category which will provide 5% back. Selecting retail purchases enables you buy upLink with your card refunding almost all fees.
• Combine this with the Basics card and you’re maximizing all the must buys in life: food, fuel, and crypto!

Bonus: Earn 1.5% Bitcoin Back: Upgrade

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Check out the Upgrade card if you’re a hard core crypto maximalist looking for Bitcoin rewards for utilities, services, technology purchases, and any other categories not optimized by the above cards.