Comparison of issuer overall reward programs

(Last updated: September 2021)

No two credit cards (even from the same issuer) are ever going to offer the exact same set of rewards and perks, but it can still be helpful to know which credit card issuers tend to offer cards with great rewards programs and which ones offer cards with bad rewards programs.

So, in this article, we set out to answer that question.

Below, you'll find a comparison chart showing all the dimensions we looked at when evaluating each credit card rewards program, along with the respective weight (%) that we assigned to each dimension. For each of the 9 most popular credit card issuers, we assigned a 1-5 rating for each factor (1 = terrible, 5 = excellent).

The bottom-line: Chase has the best overall rewards program, with Capital One and American Express coming in at #2 and #3, respectively.

Below the comparison chart, we've also included a more-detailed breakdown of the chart's two most important dimensions: the total annual value of all rewards and perks, and the value per unit of cash back, points, and miles.

Comparison chart of credit card issuer overall reward programs

Breakdown of the comparison chart's two most important dimensions

In this section, we'll explain the rationale and math behind the ratings that we assigned each issuer for the two highest-weight dimensions -- the total annual value of all rewards and the value per unit of cash back, points, and miles.

Total annual value of all rewards and perks for typical spenders (weight: 20%)

Using monthly spending amounts and other reward preference and valuation of "typical spenders" (see below for more info about how this is defined), we calculated the total value of all rewards, signup bonuses, issuer perks, networks perks, fees, and APRs for all of the popular cards of each credit card issuer (i.e., all the cards listed on this website).

The rating we then assigned to each issuer was based on how many (and what percentage) of that issuer's cards were ranked in the top 5, top 10, and top 20. In other words, we gave higher ratings to issuers whose cards tended to have higher total values per year for people with typical spending patterns and preferences.

Definition of "typical spender"

A "typical spender" is defined as someone who spends the following amounts each month, and who has preferences and reward valuation opinions that match the "typical spender" spend profile on Findmeacard.

Summary: Number of cards in each ranking tier

Details: Ranked list of specific cards

Value per unit of cash back, points, and miles

For this dimension of the reward program comparison chart, we considered the typical values that you could expect to receive when redeeming earned cash back, points, and miles.

Cash back is typically pretty straightforward (e.g., "1% cash back" vs. "2% cash back"), with only a small number of minor exceptions here and there (e.g., a little extra cash back when redeeming for certain categories of gift cards). The value of points and miles, however, can very significantly for certain types of redemption options vs. others.

Using the typical value per point or mile for each issuer's proprietary points and miles and cards, which already take all of these considerations into account in order to arrive at one consolidated "typical value" for each card issuer, we then ranked the issuers and assigned a rating to each one.

See below for a summary of these "typical values".

Summary: Typical value per point or mile for each of the 8 most popular card issuers

A little more detail: Value per point or mile for proprietary cards

Here are the values per point or mile for proprietary cards (i.e., not co-branded, and therefore not for a specific hotel chain or airline) offered by the most popular issuers:

Full details: Value per point or mile for each credit card

To see all the details, check out our article titled How much are points and miles worth?