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THE BEST CREDIT CARD REWARDS PROGRAMS

While the credit crunch has led a number of banks to drastically and oftentimes unfairly change key credit card terms, such as interest rates and credit limits, the drastic changes made to many credit card rewards programs has slipped under the radar. Over the past three years, credit card companies have sharply reduced the value of rewards programs.

This trend is most evident with cash back rewards credit cards. A few years ago, the best cash back rewards cards offered 5% on gas and groceries. However, smart credit card users outwitted the credit card companies, using their credit cards only in places that would get them the best rewards.

Consequently, the best rewards credit cards today are not nearly as good as they were two years ago. However, there are still good rewards credit cards deals to be found.

In order to come up with our selection of the best rewards credit cards, we eliminated all cards that charge an annual fee because annual fees eat up what can be a substantial portion of yearly awards, especially for those who don't spend $20,000 to $30,000 a year with their credit cards. The remaining offers have been broken into categories. You can compare these offers below and apply online via secure application links.

Best Miles Reward Credit Cards

CAPITAL ONE® NO HASSLE MILES(SM) REWARDS

1 mile per dollar spent on purchases up to $1,000 each month 2 miles per dollar above $1,000 each month No limit on the miles you can earn and miles don't expire Redeem for Travel, Merchandise, Gift Cards and more No blackout dates and no seat restrictions Fly FREE on any airline to any destination No foreign transaction fees 0% APR on purchases until November 2010 No annual fee

Intro on Purchases Intro APR Period Regular APR Annual Fee Transfers Credit Needed 0% on purchases * Until 11/2010 * 13.9%(V) * None * Yes Excellent

MILES BY DISCOVER® CARD

12,000 Bonus Miles – 1,000 Miles each month you make a purchase for the first 12 months Double Miles on up to $3,000 in travel and restaurant purchases each year Book any travel, anytime with no blackout dates or restrictions 1 Mile for every $1 on all your other purchases Unlimited Miles that never expire No Annual Fee Redeem for travel credits to your account, gift cards from any of our 90 brand-name Partners or cash starting at just 1,000 Miles

Intro on Purchases Intro APR Period Regular APR Annual Fee Transfers Credit Needed 0%* * 6 Months* * 11.99% - 18.99%* * None * Yes Good

CAPITAL ONE® NO HASSLE MILES(SM) REWARDS - GOOD CREDIT

1.25 miles for every dollar spent on purchases No limit on the miles you can earn and miles don't expire Redeem for Travel, Merchandise, Gift Cards and more No blackout dates and no seat restrictions Fly FREE on any airline to any destination 0% intro APR on purchases until November 2010 No foreign transaction fees No annual fee

Intro on Purchases Intro APR Period Regular APR Annual Fee Transfers Credit Needed 0% on purchases * Until 11/2010 * 16.9%(V) * None * Yes Good

Best Gas Cash Back Reward Credit Cards

CAPITAL ONE® NO HASSLE CASH(SM) REWARDS - EXCELLENT CREDIT

2% cash back on gas and groceries 1% cash back on all other purchases No limit on the cash you can earn and cash won't expire Redeem cash rewards for statement credit, check or gift card Get your cash back whenever you want, even set up automatic redemption 0% APR on purchases until November 2010 No foreign transaction fees No annual fee

Intro on Purchases Intro APR Period Regular APR Annual Fee Transfers Credit Needed 0% on purchases * Until 11/2010 * 14.9%(V) * None * Yes Excellent

DISCOVER® MORE (SM) CARD

0% Intro APR for 6 months on Purchases, and up to 6 months on Balance Transfers* No annual fee Customer Service in less than a minute, anytime you want 5% Cashback Bonus® in categories like travel, home, gas, restaurants, movies and more Up to 1% Cashback Bonus on all other purchases automatically Unlimited cash rewards Editor's Pick for best overall offer. Click more details below the card to find out why.

Intro on Purchases Intro APR Period Regular APR Annual Fee Transfers Credit Needed 0% * 6 Months * As Low As 11.99% * None * Yes Good

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