2. Rewards Programs

Tie: American Express Membership Rewards and Citi ThankYou Network

Rewards choices abound these days, from Amazon.com gift certificates to free coffee. Needless to say, which one you pick is a matter of lifestyle and personal taste. But if you're looking for a rich rewards program that offers choice between travel, merchandise, various gift certificates or cash-back rewards, it pays to stick with the big players.

American Express's Membership Rewards program is the oldest and remains one of the most comprehensive programs around, but competitors like Citi's ThankYou Rewards have quickly caught up. Membership Rewards is the only program that allows users to transfer points directly into their airlines' frequent-flier mile programs, though the benefit is only available with its charge cards, which carry annual fees.

Citibank's ThankYou network, on the other hand, offers innovative ways of accumulating points (you can earn points for having a checking or savings account at Citibank, for example) and redeeming them (you can redeem points for a credit towards your card balance or student loan with Citibank). But when it comes to redeeming points at the lower levels, it isn't as generous (you need 1,500 points for a $10 Gap gift card with ThankYou versus 1,000 points with Membership Rewards). On the positive side, nearly all of Citibank's rewards cards are fee-free.

Bottom line: It's a tie. Go with the program that better suits your needs.