CNBC’s best travel rewards credit cards of 2023

*The Bilt Mastercard® has been discontinued

Discover and Bank of America cards are currently not available on CNBC Select and links have been redirected to our credit card marketplace where you can review offers from other issuers like American Express or Chase. You can also check out our list of best credit cards for alternative options.

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Travel credit cards stand out for offering generous rewards programs and a suite of benefits that can make your trips more enjoyable and potentially less costly. Even infrequent travelers can benefit from them thanks to bonus rewards on common everyday expenses, such as dining and groceries. 

Some travel card features are pretty standard across the board: no foreign transaction fees, travel insurance and various travel credits. More premium cards up the ante by offering higher-end perks like lounge access, credits for expedited airport security and more.

CNBC Select analyzed dozens of popular travel cards using an average American's annual spending budget and dug into each card's perks and drawbacks to round up the best cards of 2023 based on various consumer habits. (See our methodology for more information on how we choose the best cards.)

• Winner: American Express® Gold Card
• Runner-up: Capital One Venture Rewards Credit Card
• Editor's choice: Capital One Venture X Rewards Credit Card
• Best welcome bonus: Chase Sapphire Preferred® Card
• Best for luxury travel: Chase Sapphire Reserve®
• Best for lounge access: American Express Platinum Card®
• Best for no annual fee: Discover it® Miles
• Best for paying rent: Bilt Mastercard®
• Best for low interest: Choice Rewards World Mastercard®
• Best for students: Bank of America® Travel Rewards for Students

Who's this for? The American Express® Gold Card is a smart choice for consumers who love travel and dining out due to its generous rewards rates. While the card comes with a $325 annual fee (see rates and fees), it offers a number of luxury rewards that help offset the cost.

Standout benefits: One big perk for travelers to take advantage of is the statement credits. Cardholders get up to $120 in annual dining credit to cover restaurant charges ($10 in statement credits monthly at Grubhub (including Seamless), Buffalo Wild Wings, Five Guys, The Cheesecake Factory, and Wonder.; enrollment is required) and a $100 credit towards eligible charges* with a minimum two-night stay when you book The Hotel Collection through AmexTravel.com or the Amex Travel App™. *Eligible charges vary by property. There are also special travel perks, such as room upgrades at specific hotels and special travel discounts and amenities for those who enroll with The Travel Collection by Travel Leaders Group at no extra cost.

How to redeem rewards: American Express Membership Rewards® points value varies depending on how cardholders redeem them. You can use them in a variety of ways, from redeeming for gift cards and statement credits to booking travel through the Amex Travel Portal. To get a potentially bigger bang for your buck, transfer your Membership Rewards points to a variety of airline or hotel partners, including Delta SkyMiles, JetBlue TrueBlue, Hilton Honors, Marriott Bonvoy, Choice Privileges and more.

Who's this for? The Capital One Venture Rewards Credit Card offers no shortage of travel benefits. It's especially valuable for those who want a straightforward way of earning rewards without having to juggle many bonus categories.

Standout benefits: Travelers going overseas can take advantage of no foreign transaction fees. Cardholders also get a credit of up to $120 to cover Global Entry or TSA PreCheck® membership. As an added plus, you can use your Venture Rewards card to get access to exclusive sporting and music events, plus premiere culinary experiences, including the New York City Wine and Food Festival and the iHeartRadio Music Festival.

How to redeem rewards: Miles can be redeemed for flights, hotels, rental cars and other parts of your trip through Capital One Travel, or you can use them to offset recent travel purchases at a fixed value of 1 cent per point. Alternatively, you can transfer them to any of Capital One's hotel and airline partners including Accor Live Limitless, Air Canada Aeroplan, Etihad Guest and others to get even more value from your rewards.

Who's this for? The Capital One Venture X Rewards Credit Card is an excellent choice for frequent travelers who want a premium credit card at a lower price point than other high-end cards with similar benefits.

Standout benefits: This card is loaded with benefits, including an up to $120 statement credit for either Global Entry or TSA PreCheck®, complimentary cell phone insurance, special perks on hotel stays book through the Premier Collection and access to Capital One Lounges as well as the extensive network of Priority Pass™ and Plaza Premium airport lounges worldwide. Every year, cardholders receive up to $300 back in statement credits each year for bookings made through Capital One Travel and a 10,000-mile bonus on each account anniversary (worth at least $100 for travel).

*Terms, conditions and exclusions apply. Refer to your Guide to Benefits for more details.

How to redeem rewards: As with the Venture Rewards Card, there are many ways to redeem your rewards, including transferring them to various airline and hotel partners.

Who's this for? The Chase Sapphire Preferred has a loyal following among travelers looking for a travel-centric rewards program and a robust suite of perks. What makes this card shine the most is its generous welcome bonus offer.

Standout benefits: This card comes with a number of helpful benefits, such as a $100 Annual Chase Travel Hotel Credit, no foreign transaction fees, primary rental car insurance, trip cancellation and interruption insurance and baggage and trip delay insurance. Sapphire Preferred card members can also benefit from a complimentary DashPass membership for a minimum of one year through Dec. 31, 2027.

How to redeem rewards: Chase has 14 airline and hotel partners cardholders can transfer their points to, such as United Airlines MileagePlus, Southwest Airlines Rapid Rewards, Air Canada Aeroplan, World of Hyatt, IHG One Rewards and Marriott Bonvoy.

Who's this for? The Chase Sapphire Reserve is enormously popular among frequent travelers for its luxe perks, including comprehensive travel protections, and a strong rewards program. While this card comes with a substantial annual fee of $795, the many statement credits help to offset the costs.

Standout benefits: To start, this card provides an annual $300 travel credit, which can cover everything from airfare and hotels to parking and tolls. Cardholders can also get a statement credit of up to $120 (every four years) to help cover Global Entry, TSA PreCheck or NEXUS application fees as well as enroll in Priority Pass Select, which gives them access to 1,300+ airport lounges worldwide with free amenities, such as Wi-Fi, snacks and beverages.

Other benefits include discounts and memberships with DoorDash; elite-like benefits when booking hotels through The Edit^SM; trip interruption/cancellation coverage; primary rental car coverage; lost luggage reimbursement; and trip delay reimbursement. Cardmembers traveling internationally also don't need to worry about foreign transaction fees.

How to redeem rewards: If you redeem points for cash and gift cards, each point is worth 1 cent. However, the value of points may increase when you redeem for travel on Chase Travel℠. This is a great way to maximize the value of your rewards and makes this card stand out from the pack. Of course, transferring your points to Chase's airline and hotel partners is also an option.

Who's this for? The American Express Platinum Card® is for road warriors who want to make their travels more comfortable. It grants access to more airport lounges than any other card on the market and is loaded with lots of other travel and lifestyle benefits that help justify its high annual fee; (see rates and fees).

Standout benefits: Cardholders can enjoy a long list of benefits, including:

• $600 Hotel Credit: Get up to $300 back in statement credits semi-annually on prepaid Fine Hotels + Resorts® or The Hotel Collection bookings through American Express Travel using your Platinum Card®. The Hotel Collection requires a minimum two-night stay. Certain room categories are not eligible for upgrade.
• Up to $200 annual airline fee statement credit (enrollment required)
• Up to $300 per calendar year Equinox statement credit (enrollment required)
• $219 CLEAR+ Credit: CLEAR+ helps get you to your gate faster by using your face to verify you are you at 55+ airports nationwide. You can cover the cost of a CLEAR+ Membership with up to $219 in statement credits per calendar year after you pay for CLEAR+ with your Platinum Card®. (Excluding any applicable taxes and fees. Subject to auto-renewal.)
• Up to $300 annual digital entertainment statement credit (enrollment required)
• Up to $155 annual Walmart+ statement credit. (Plus Ups not eligible. Up to $12.95 plus applicable taxes on one membership fee. Subject to auto renewal. Enrollment required.)
• Worldwide airport lounge access, including *Delta SkyClubs and Amex Centurion Lounges
• $200 Uber Cash: Platinum Card® Members can ride or dine in style with $15 in Uber Cash each month, plus a bonus $20 in December after adding their Card to their Uber account. (enrollment required)
• Receive either a statement credit every 4 years after you apply for Global Entry ($120) or a statement credit after you apply for a five-year membership for TSA PreCheck^® (up to $85 through a TSA PreCheck official enrollment provider) and pay the application fee with your Platinum Card. Card Members approved for Global Entry will also receive access to TSA PreCheck at no additional cost.
• Automatic hotel elite status with Hilton Honors and Marriott Bonvoy (enrollment required)
• *Comprehensive travel insurance
• Complimentary Amex concierge service
• Terms apply

*With Delta Sky Club Access, Card Members will receive 10 Visits to the Delta Sky Club to be used from February 1 until January 31 of the next calendar year and can unlock Unlimited Delta Sky Club Access by spending $75,000 in eligible purchases on their Card in a calendar year.

Eligibility and Benefit level varies by Card. Terms, Conditions and Limitations Apply. Please visit americanexpress.com/benefitsguide for more details. Underwritten by New Hampshire Insurance Company, an AIG Company.

How to redeem rewards: Membership Rewards points are best used when transferred to one of Amex's various airline and hotel partners. You can also redeem them for statement credits, gift cards and when checking out at retailers like Amazon, though you'll usually get a lower value for your points.

Who's this for? The Discover it Miles comes with a generous rewards program — all for zero annual fee — that makes it a standout among travel cards.

Standout benefits: Discover offers a welcome bonus that's hard to beat: It will do a mile-for-mile match of all miles earned the first year (for new card members in their first year only). If you rack up 35,000 miles within the first 12 months, Discover will match you with 35,000 miles. That's a total of 70,000 miles or $700 toward travel. (Based on our calculations, the average card user will earn around 32,777 miles in the first year.) Plus, the card has no foreign transaction fees.

How to redeem rewards: With this card, there are no blackout dates when you pay for travel purchases using your card. And, you can easily redeem miles as a statement credit for travel, restaurant or gas station purchases, as well as a deposit to your bank account. The best part is, miles earned never expire even if your account is closed. (Discover credits your account with your rewards balance if your account is closed.)

Who's this for? If you rent your home and don't have the Bilt Mastercard®, you're leaving points on the table. The Bilt Mastercard is the only card that lets you earn travel rewards on rent payments with no transaction fees.

Standout benefits: Bilt makes it easy for even beginners to get maximum value from their points through a unique partnership with the award search engine point.me. With the BiltProtect feature, it also protects cardholders from using up their entire credit limit or risk going into debt by charging their rent every month. Other benefits include cell phone protection; Purchase Assurance Plus, which covers your purchases for 90 days; exclusive discounts with brands like Lyft and ShopRunner; and access to the Mastercard Luxury Hotels & Resorts portfolio, which offers amenities like upgrades, free breakfast and property credits.

How to redeem rewards: Bilt Rewards points can be redeemed for travel either by transferring them to airline and hotel partners or by booking through the Bilt Travel Portal at a fixed rate of 1.25 cents per point. Other redemption options include using them to shop online, book fitness classes, pay rent and even make a down payment on a home.

Who's this for? If you're looking for a card that also a reasonable APR, we recommend the Choice Rewards World Mastercard® from First Tech Federal Credit Union. It made our list of the top travel cards for its unique rewards program and relatively low variable APR of 12.50% - 18.00%.

Standout benefits: The 12.50% - 18.00% variable APR rate is significantly lower than many other competitor cards (we recommend that you pay off your card in full and on time each month). There are also no foreign transaction fees, which is a huge plus when traveling abroad.

Membership to First Tech Federal Credit Union is required, but anyone can join through affiliation with select organizations or employers, a relationship with a current member, working or living in Lane County, Oregon, attending Cogswell Poly Technical College or by joining the Community History Museum (CHM) or Financial Fitness Association (FFA). First Tech pays the membership fee for the CHM and FFA on your behalf.

How to redeem rewards: Rewards can be redeemed at a fixed rate toward cash-back, travel, merchandise, gift cards and experiences.

Who's this for? The Bank of America Travel Rewards for Students is a great choice for students who plan on studying abroad or traveling during breaks. The rewards program is geared toward travel, and cardholders earn 1.5 points per dollar spent on all purchases.

Standout benefits: There are no foreign transaction fees, making it an ideal card for students studying abroad. This card also comes with a longer-than-average special financing offer of no interest for 18 billing cycles (then 17.49% to 27.49% variable APR). A full year of no interest is a great way for you to pay off new purchases over time, without incurring interest charges, though we recommend you pay off your balance on time and in full each month.

You must be 18 or older and enrolled in school (college, vocational or trade school) to qualify for this card.

How to redeem rewards: Cardholders can redeem rewards as a statement credit to cover the cost of travel and dining purchases — a simple way to reduce the cost of taking a spring break vacation or buying a plane ticket home. You can redeem rewards at any time and at any amount.

• Should you get a travel credit card?
• Who should apply for this type of card?
• How to choose a travel credit card
• How to compare travel credit cards
• Making the most of your card
• Other types of credit cards to consider

If you travel often and pay for purchases with cash or debit, you're missing out on rewards and perks that can make travel more affordable. It can be in your best interest to get a credit card that awards high rewards rates on airfare, hotels, rideshares and other common travel expenses.

Using one of the travel cards mentioned above can earn you more than $2,000 in rewards over five years, which can help you offset the cost of past travel expenses or an upcoming vacation.

If you're interested in submitting a travel credit card application, keep in mind that card issuers usually require you to have good credit or excellent credit (scores above 670). Therefore, it's key to check your credit score before applying for a travel card.

Once you know your credit score and can check if you prequalify for a travel card, choose the best card for your needs and apply.

There is a variety of travel credit cards available, from general to airline- and hotel-specific, and all the choices can make it hard to settle on one. In order to choose the best card for your needs, you should consider several factors. Here are some tips on how to choose a credit card.

Consider whether you're willing to pay an annual fee. Some travel cards have steep annual fees over $500, which can be worthwhile, but not for everyone. Make sure you do the math to see if an annual fee travel card is for you.

Another key factor to consider is the type of travel you do most. If you travel within the U.S., then it doesn't really matter if a card charges foreign transaction fees. But if you're off to Mexico or Spain, then it's important to have a no foreign transaction fee card.

Rewards should also play a part in your decision. Do some research to determine which card offers a rewards program more geared toward your spending habits. If you dine out a lot when you travel, consider the American Express Gold Card with 4X points on dining at restaurants worldwide (on up to $50,000 in purchases per calendar year, then 1X). But if you want a competitive rewards rate on all sorts of purchases, the Discover it Miles has no annual fee and unlimited 1.5X miles on every dollar of every purchase.

You can compare card benefits side by side to see if one card rates better than another. The Chase Sapphire Reserve, for example, offers complimentary lounge access, while the Capital One Venture Rewards Credit Card offers cardholders a fee credit for Global Entry or TSA PreCheck.

If you're having trouble narrowing down the best travel card for you, it can be helpful to compare credit cards. You should first list the benefits you're looking for and any deal breakers, such as an annual fee. Then consider cards that have those benefits.

For instance, if you want both travel and dining rewards, the Amex Gold Card is a better choice than the Capital One Venture Rewards Credit Card since the rewards rate is 4X versus 2X.

But if you don't want to pay a high annual fee, the Venture Card is only $95 compared to the $325 you'll pay for a Gold Card. (See rates and fees.)

In order to make the most of your travel card, you should familiarize yourself with the various credit card benefits and fees. Take note of any annual fees, foreign transaction fees and the APR associated with your account. Also consider the rewards rates and added perks, such as annual statement credits.

Once you're familiar with the terms of your card, you can start optimizing them. That may include setting reminders to use the annual $300 travel credit provided by the Chase Sapphire Reserve or submitting a Global Entry application with the Capital One Venture Rewards Credit Card to take advantage of the up to $120 credit.

If you have multiple credit cards, you might want to have a plan for the best time to use each card. Let's say you have the Discover it Miles and American Express Gold Card. Use the Amex Gold Card for dining expenses at restaurants worldwide to earn 4X points (on up to $50,000 in purchases per calendar year, then 1X), then use the Discover it Miles for all your other purchases to earn unlimited 1.5X miles.

Travel credit cards aren't for everyone. If you travel infrequently, you should consider alternative credit card options, such as cards with dining, grocery or gas rewards. There are cards that can provide up to 6% back in those categories, allowing foodies, meal-preppers and commuters to benefit.

Beyond rewards, you might benefit from a card that offers a 0% APR period. Some cards offer no interest for a year or more on new purchases and balance transfers, such as the Citi Simplicity® Card. The card has 0% intro APR for 18 months on balance transfers from the date of first transfer, plus 0% intro APR for 12 months on purchases from date of account opening (after, 17.49% - 28.24% variable APR; balance transfers must be completed within four months of account opening.) There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5). When used responsibly, these cards can help you get out of debt without high interest charges.

To determine which travel rewards cards will put the most money back in your pocket, CNBC Select evaluated over 40 popular travel credit cards offered by major banks, financial companies and credit unions that allow anyone to join. We compared each card on a range of features, including travel rewards (points and miles), redemption rates, annual fees, welcome bonus, introductory and standard APR, balance transfer fee and foreign transaction fees, as well as factors such as required credit and customer reviews when available. We also considered additional perks, the application process and how easy it is for the consumer to redeem points.

The editor's choice card is independently chosen by CNBC Select's editorial team. While it may not have ranked as the number-one card in any given category, it consistently ranks highly across multiple categories and we believe offers some of the best value overall for a stand-alone card. Its rewards, welcome bonus, APR, fees, ease-of-use and ongoing benefits were all taken into consideration.

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For rates and fees of the American Express® Gold Card, click here.

For rates and fees of the American Express Platinum Card®, click here.

For rates and fees of the Discover it® Miles, click here.

Information about the Bank of America® Travel Rewards for Students and Citi Simplicity Card has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.