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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® VENTUREONE(SM) REWARDS CREDIT CARD

1.25 miles per dollar on every purchase, every day Redeem miles for airline tickets, hotel rooms, car rentals and more No limit on the miles you can earn and miles won't expire Fly free on any airline, any time with no blackout dates Use rewards for travel, merchandise, gift cards and more 0% intro APR on purchases until February 2011 No foreign transaction fees No annual fee

Intro on Purchases Intro APR Period Regular APR Annual Fee Credit Needed 0% on purchases * Until 2/2011 * 13.9%(V) * None * 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 Credit Needed 0%* * 6 Months* * as low as 11.99% Variable* * None * 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% APR on purchases until February 2011 No foreign transaction fees No annual fee

Intro on Purchases Intro APR Period Regular APR Annual Fee Credit Needed 0% on purchases * Until 2/2011 * 16.9%(V) * None * 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 February 2011 No foreign transaction fees No annual fee $0 Fraud Liability if your card is lost or stolen

Intro on Purchases Intro APR Period Regular APR Annual Fee Credit Needed 0% on purchases * Until 2/2011 * 14.9%(V) * None * Excellent

DISCOVER® MORE® CARD - BEST CREDIT CARD COMPANY

0% APR on Balance Transfers for a FULL 12 months 0% APR on Purchases for a FULL 6 months Editor's Note: Discover is our top pick amongst credit card companies because they have proven to be the most customer friendly credit card company during the past two years. Unlike most major credit card companies, Discover did not dramatically raise interest rates on their customers in 2009 and generated virtually no negative feedback in the past year. 5% Cashback Bonus® in categories that change like travel, gas, groceries, restaurants and more Up to 1% unlimited Cashback Bonus on all other purchases automatically Turn your Cashback Bonus into bigger rewards by redeeming for gift cards from over 100 brand-name Partners Instant Response within 60 seconds No Annual Fee

Intro on Purchases Intro APR Period Regular APR Annual Fee Credit Needed 0% * 12 Months * As Low As 11.99% Variable * None * Good

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