Best Banks For Points

Chase has long been the leader in the points and miles hobby for a few key reasons. Its transfer partner list is anchored by Hyatt and its fixed award chart, which consistently delivers some of the best redemption value available. Chase also has strong airline partners for both domestic and international travel. The ability to earn large signup bonuses across multiple personal and business cards has kept Chase at the top, though the gap is closing. New restrictions on Chase Ink bonuses have slowed this earning potential, and recent changes to Sapphire portal redemptions have reduced value on that side as well. What was once simple is now more complex and inconsistent. Even with the changes, Chase still offers enough strong earning and redemption options to remain the most well-rounded bank for a wide range of travelers.

Amex isn’t far behind Chase. You can accumulate points quickly, and its transfer partners unlock plenty of opportunities for outsized redemptions. Amex consistently offers large signup bonuses on its premium cards, and certain benefits deliver a level of luxury you won’t find elsewhere. Their customer service is also among the best, which matters when something goes wrong. There are drawbacks, though. The Amex 1/7 Rule limits you to earning a welcome offer on the same card once every seven years, making long-term accumulation more restrictive and timing more important. Amex also does not allow you to convert cash back rewards into Membership Rewards points, which further limits your ability to build transferable balances.

Citibank is a major player in the points and miles hobby, sitting in third but not far behind Chase and Amex. If you’re serious about earning points for travel, you’ll likely want exposure to all three systems to diversify your options. Citi has a strong list of transfer partners, including unique hotel programs that don’t get the same publicity as the major chains but can deliver outsized value. They are also the only bank that transfers directly to American Airlines, arguably the strongest overall airline program for award redemptions. Where Citi falls short is in the limited number of cards that unlock full transfer capabilities. You can combine cash back and ThankYou points from lower-tier cards with the Strata Elite or Premier to boost balances, but most of those cards do not offer large welcome bonuses, making them less compelling for valuable 5/24 slots.

Capital One doesn’t get the same publicity as the top three, but it brings a different kind of value. While many premium cards have moved toward coupon-book style benefits that require effort to maximize, Capital One leans into simplicity. Its top card, the Venture X, carries a lower annual fee than the flagship cards from the other issuers, yet still offers a strong signup bonus and straightforward ways to offset that fee. Capital One’s transfer partners are not quite as deep as the top three, but there is still real value across many programs. The ability to erase any travel purchase with points adds another easy redemption path. You may not always extract the highest cents-per-point value, but you can reliably reduce out-of-pocket travel costs with minimal friction, and that simplicity matters. Capital One is one of the strictest banks for approvals, especially if you open new cards regularly, so if there is a card or two you have your eye on, it's best to apply early in the hobby.

There is a significant gap between the top four banks on this list and the rest. Wells Fargo ranks highest among the second tier because it is the only one of the remaining banks that offers transferable points. The catch is that only the Autograph and Autograph Journey cards allow transfers to partners, which limits its value. Wells also lacks the depth and strength of transfer partners that Chase, Amex, Citi, and Capital One provide. The rest of Wells Fargo’s lineup focuses on cash back, and while cash has its place, this hobby is about unlocking outsized value through travel redemptions. Wells gives you a way in, but it is not a complete system on its own.

Barclays stands out over the next three because it still offers a handful of co-branded airline and hotel cards that can be used for real travel value. None of the cards are elite, but if you are loyal to one of the airlines or hotel programs they partner with, there is legitimate upside. Wyndham, in particular, can be a surprisingly strong option in the U.S. and in parts of South America and Africa. If you live on the East Coast, JetBlue also offers useful sweet spots. Barclays won’t be a fit for everyone, but it still has a place in the points and miles hobby.

Bank of America’s rewards ecosystem sits in the lower tier of the points and miles hobby. Most of its cards earn cash back, and there are no transferable point partners to unlock outsized value through award travel. The bank does offer a few co-branded airline cards, including all Atmos cards, which can provide strong value and are some of our favorites. Outside of those, points earned from cards like Travel Rewards and Premium Rewards can be redeemed at 1 cent per point toward travel purchases. The one feature that stands out is Preferred Rewards status. If you keep a large combined balance with Bank of America or Merrill, you can boost points earnings, with top tiers reaching up to 2.625 points per dollar on certain cards. You can then redeem those for statement credits against travel purchases with certain cards.

U.S. Bank ranks near the bottom because it offers very few cards that allow meaningful travel redemptions and has no transfer partners. Most of its lineup consists of cash back cards, and even the travel-branded cards limit redemptions to 1 cent per point through the U.S. Bank portal. When rewards are capped at a fixed 1 cent per point and must be used through a portal, there’s little strategic upside. At that point, you’re essentially earning cash back with extra steps. If simplicity is your goal, you’re better off using a straightforward cash back card and applying those rewards toward any travel purchase you choose.

Discover barely registers in the points and miles conversation. It has no transfer partners, and you can only open one Discover card every 12 months, which limits your ability to build rewards quickly. The Discover it Miles card allows you to redeem rewards at 1 cent per mile to cover travel purchases made within the past 180 days, but that’s the only travel-focused option in its lineup. All other Discover cards earn straightforward cash back. If you’re looking to maximize travel value through partner transfers or outsized redemptions, Discover simply doesn’t compete.