Cash back is flexible and easy to redeem. Points or miles dangle the possibility of a paid-for vacation and, sometimes, a higher reward value per dollar spent. Nowadays, some cards let you redeem rewards for cash or travel at the same value. But if you’re deciding between the two, it comes down to your lifestyle — and the effort you’re willing to put in.

Cash back

With a cash-back card, rewards come in dollars, not points or miles. You can redeem rewards for a credit on your statement and may also be able to redeem them for gift cards, a check, or a direct deposit to a bank account.

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Easy redemptions, fewer perks

Because redeeming rewards takes no research or effort, this option is perfect for someone who wants a low-maintenance wallet. And, if you're looking to finance a large purchase, many cash-back cards come with a generous introductory 0% interest promotion.

Cash-back credit cards do come with some drawbacks, though. They lack the high-end perks

you'll find on some travel cards and often charge foreign transaction fees, and

sign-up bonuses tend to be more modest.

Choosing a card based on your spending

Since the main appeal of a cash-back card is earning money back for each purchase,

you'll want to pick a card with bonus categories that match how you spend your

money.

Travel

Travel Credit Cards give you rewards in the form of points, miles or some other

rewards currency that doesn't have a set monetary value. Depending on the card,

you can often redeem your points for merchandise, gift cards, or cash back. But

you'll typically get the most value out of your rewards when you redeem them

for travel.

A travel card is an excellent choice if you travel frequently and can take full advantage of the side perks. A cash-back card, though, is usually less expensive and comes with more versatile rewards. For many, that makes it a clear winner.

Conversely, travel rewards credit cards can help you earn points or miles toward future free or discounted travel. Like cash back cards, you may earn a flat rate on all purchases or bonus points within certain spending categories. Some travel rewards cards have categories focused on everyday spending like dining or groceries, which you can redeem toward travel, while others are more centered on rewarding travel purchases for more travel.