There are few things as alluring as the promise of free travel to exotic destinations. The banks know this, and have long offered travel rewards to their customers for receiving and using their credit cards. In turn, savvy credit card users have learned how to exploit these offers to travel in comfort and style well beyond their means. (See also: 6 Ways My Family Scores Free Travel With Credit Cards)Recently, I was explaining this to an European executive sitting next to me in Lufthansa’s Airbus A380 business class while returning home from a vacation in Italy. I told him that my family and I could not possibly have paid for our three, $7,000 tickets for this flight. But thanks to my travel rewards credit cards, my journey was all but free after some taxes and fees. Through careful selection and use of these product, these kinds of trips have become an annual occurrence for our family. While there are innumerable ideas, tips, and tricks to be gleaned from endless hours research, my mission is to do the work for you and deliver only the most valuable advice to busy people who lack the time and patience to discover and decipher these deals.It would be nice to pick the best travel reward cards in a purely empirical manner, the way one would choose a card with the lowest interest rate. Unfortunately, each travel rewards card offers a unique mix of benefits and drawbacks, and rarely is one card ideally suited for everyone's travel aspirations. I have read thousands of blog and forum posts, written hundreds of credit card reviews, and personally held dozens of different travel rewards cards over the last twenty years. In the end, I judge these cards based on three criteria:
Value –What is the most return you can expect from a credit card, in cents per dollar spent.
Flexibility – Since everyone hates earning miles that they can’t redeem, how can cardholders redeem awards for travel services from multiple providers.
Costs And Fees – A top travel rewards card should have reasonable fees that are more than justified by its rewards and benefits.Of all the travel rewards cards currently offered, these are the five I find most rewarding:
The Starwood Preferred Guest Card from American Express
If I had to choose only one travel rewards card, I would pick this one without hesitation. Hardcore travel hackers and newbies alike love this card as it combines exceptional hotel rewards with unparalleled options to transferring points to airline miles with 30 different carriers.
Earn one StarPoint per dollar spent on most purchases. Points can be redeemed at Starwood hotels, including Westins and Sheratons, with no blackout dates or capacity restrictions.Redeem a four night hotel stay award and receive the fifth night free.Transfer 20,000 points to airline miles and earn a 5,000 point bonus.$65 annual fee that is waived the first year. Each dollar spent can return 4-5 cents in value for hotel awards, and possibly more when airline miles are used for business or first class international awards.
Click here to apply now
American Express Platinum Card
This card is a must if you are one of the lucky few who enjoy frequent international travel. The Platinum card offers a list of features as long as the options on a high end luxury car. Perhaps that is why Mercedes-Benz just announced a co-branded version of this popular card.
Membership Rewards points are worth one cent each towards statement credits, merchandise, or gift cards, yet they can be worth far more when transferred to miles with 20 different airlines and used for premium class awards.$200 annual credit towards any airline fees such as baggage, food, or change fees.Numerous purchase protection and travel insurance policies.Complimentary memberships in several airline lounge, hotel, and rental car clubs.One annual companion ticket for a premium class, full fare, international airline seat; a benefit potentially worth thousands of dollars.$450 annual fee ($475 for the Mercedes version), but no foreign transaction fees.
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Capital One Venture Rewards 
This innovative card offers two “miles” per dollar spent on all purchases. Capital One’s miles can then be redeemed for one cent each as statement credits against any travel related expense such as airfare, hotel, and rental car charges.
Simple award system grants two cents in value per dollar spent on all purchases with no limit.Miles can be redeemed for travel with any company in the world, and award travel itself is eligible to earn miles and receive upgrades. $79 annual fee that is waived the first year.There are no foreign transaction fees on this or any other Capital One card.
Click here to apply now
Sapphire Preferred from Chase 
Cardholders earn on point for most purchases, with double points for all dining and airfare transactions, and triple points for travel booked through Chase’s site. Points are then worth one cent each, or 1.25 cents for travel booked at their site.
Purchasing and redeeming travel at their site earns 3.75 cents in value per dollar spent.50,000 points sign up bonus is worth $625 when booking travel with Chase.7% annual bonus points dividend further boosts value into the 4% range.Cardmembers can transfer points to select airline and hotel partners, increasing flexibility.$95 annual fee is waived the first year.
Click here to apply now
PenFed Premium Travel Rewards American Express Card 
PenFed is the Pentagon Federal credit union, but anyone can join if they are not already eligible. Like all of their products, this card offers maximum benefits with few hassles or fees.
Earn one point per dollar spent on most purchases, with five points per dollar spent on airfare. Points are worth 1 cent each when redeemed for gift cards, but 1.6 cents towards airfare purchases. Use this card to purchase airfare and you can earn eight cents per dollar spent (5 points x 1.6 cents per point) towards future airfare purchases. 20,000 points available as a sign up bonus; worth $320 towards an airfare purchase.No annual fee and no foreign transaction fees.
Click here to apply now
ConclusionsNo discussion of rewards credit cards is complete without the warning that these products are only best for those who always pay their balances in full and never incur interest. Everyone else should use the card with the lowest APR. That said, if you do pay your balance off every month, and you love to travel, then you have much to gain by applying for and using one of these top travel rewards cards. Join me in the exciting world of those who regularly travel for free. My wife and daughter on one of our trips earned through travel rewards cards:
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