While this information was accurate at the time this post was published, these cards’ offers and perks may have expired or changed over time. Visit our reviews of the best credit cards to find the right card for your needs.
Thinking about getting a new credit card, or just looking? We’ve put together the top reasons you should acquire a new card as well as the best cards out there.
#1. EARN REWARDS FASTER THAN YOUR CURRENT CREDIT CARD
It’s likely you haven’t been paying much attention to how your current credit card rewards you for making purchases. In fact, many so-called “reward” cards have tricky formulas, limits on the amounts you can earn and rules that require you to sign up for special quarterly rewards. Oftentimes what looks like a good deal can leave you earning much less than you could with a better card.
We looked high and low for the best reward credit cards, investigating all the top cards out there. Out of all our research 2 credit cards rose to the top of the reward card heap:
Capital One Venture Rewards Credit Card
It’s easy to use the miles you earn, too. Just use your card to pay for travel however you’d like – with any airline, hotel or discount travel engine – and then redeem your earned miles as statement credit towards all or part of of your travel purchases. Plus, when you book travel though Hotels.com/Venture, you’ll earn 10X miles per $1 spent (note that this offer expires on Jan. 31, 2020). Add it all up, and this is our top-ranked rewards card.
Blue Cash Preferred Card from American Express
#2: SAVE LOTS OF MONEY BY PAYING $0 INTEREST FOR 18 MONTHS
Need to make a big purchase or purchases but can’t pay them off right away? Or already paying interest on a credit card balance? The fiscally wise thing to do is to get a card that offers a NO interest period so you can pay down the balance without paying any fees. These cards are basically equivalent to an interest-free loan, and will save you a ton of money.
Citi Simplicity Card
Slate from Chase
#3: IMPROVE YOUR CREDIT SCORE
Whether you’re new to the world of credit or just want to improve your credit score, getting another credit card can help. That’s because another credit card will add to the total amount of revolving credit you have and help your credit utilization ratio. This ratio is basically just how much credit you have compared to how much of that credit you’re using. So if you have $10,000 in credit available and are using $5,000 of it your credit utilization ratio is 50%. Now if you get another credit card with $5,000 in credit your total credit will increase to $15,000, bringing your credit utilization ratio down to 33%. Since up to 30% of your credit score is based on whether you’ve maxed out your total credit line, getting another credit card can assist in improving your score. Just remember not to get too many new credit cards at one time as that might appear as if you need credit, potentially causing your credit score to dip.
There are even cards for people with limited credit or past/current credit issues that can help you improve your credit score with regular and timely payments against your balance.
Barclay Rewards Mastercard – Average Credit
Capital One Secured MasterCard
Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through the credit card issuer Affiliate Program.
if you can’t pay cash for it you can’t afford it.
When I was 18 I applied for every credit card that advertised. Used them when I needed them and that was the problem. When you don’t have the money and use credit, that’s when the banks get you. Mid 20’s used the cash only option after paying off my credit card balances. My credit sucked. I decided to get an american express with a no spending limit option. Used it to pay for everyday expenses rather then use my cash. And made one payment at the end of the month. Not only did my credit get a boost, I also gained reward points, so actually when you look at, I made money using my credit card and used points to pay the annual fee, buy gifts, and take vacations. When you use credit responsibly, it can work in your favor.
I’ve used cc’s wisely over the years. I’ve had a Capital One card earning 2 points for every dollar spent for years and have gone on many, many free flights. I just got a Barclay Arrival Plus World Elite Mastercard. Why wouldn’t you take the free 40,000 points? Both cards have no foreign transaction fees, which is nice. I had a friend just come back who didn’t have the foreign fees and it cost him over $500. If you don’t change your spending habits, live within your means, then why wouldn’t you want to get these freebies?
The article is true but most Americans are wired to be consumers, and not savers. I am a private business owner and I have the Citi double points, Discover IT, SAMs credit (5% gas, 3% eating out) and for business I have the capital one Spark. Discover is a rotating categories card that allows me 5% bonus + the 1% on various categories. On avg considering my lowest rewards will be 2% and avg just under 3% I get back over $2,400 a year in cash back for my spending. Only one of these cards has an annual fee of around $60 I think. I pay all of my bills both business and personal on the 1st, whether they are due 28 days later, or due the 3rd. Last I looked I had a 785 FICO score and have over 95,000 in credit and have never paid any credit card interest. Its all extra money regardless of the amount that it is, so why not take advantage of it if you are a responsible person. If I invested the $2400 a year into a ROTH at 7% market growth id have over $240,000 in 30 years tax free. As stated before it is true these rewards come with risk considering most have very high interest rates, and most people will fall prey.
I have three credit cards that I pay off monthly. They each have reward points awarded by how much I spend. I save my points and trade in for Amazon Gift Cards. I am an Amazon Prime member and I find I get a lot of things free by charging everything I buy during a month on one of the three cards. I recently charged a new roof for my home, and got two $100 Amazon gift cards and got a new point and shoot camera for free. I think I have a good racket going on.
I love my credit cards. This article is so true. I have replaced the cards I had with fancier cards but I’m looking to qualify for the creme of the crop in the next 12 months.
Credit cards made my credit score sore. I used to keep my cards maxxed out and pay only the minimum every month. My credit score was 675.
I started working for a company that taught me about credit. I spoke at customers at length about rewards cards and I made a change. I don’t pay off the new balance I pay off the entire balance on the due date, and in 2 short years my score is now 785. I’ve refinanced my house and bought a new car. My credit limits are now $5,000 when I used to have $1500 limits. I recently got approved for a Chase Simplicity preferred, when is a great card and tells me I’ve arrived. I was using my Capital One Quicksilver card for every purchase with 1.5% cash back, but now I can get 2 points on restaurants with the Chase card. I love the customer service at Capital One so I am waiting to give them more support. The venture card by far has the BEST REWARDS and I hope to qualify for that one really soon. 2 miles per dollar on every purchase, I want that. Can someone call Capital One and tell them I deserve it :)
I don’t know which financial category I fit in. I make about 24k a year, I’m 26 years old, paying for a $8,000 van, insurance, a phone bill… and a bankruptcy. When I was little, my paternal dad destroyed my credit score, cause we have the same name I suppose it was pretty easy. I’m going to court in a few weeks to finalize bankruptcy and here’s what I’ve learned about credit. I don’t know how I’ve been living without it. I understand the fears of banks and all, yeah. But you see, due to my current low credit and age, my van and insurance costs are insane. I have to save for the next 3 weeks to cover court. Just went to the dentist, today, need a LOT of overdue work done. Have to live in pain for 4 weeks so I can pay off the first visit and this is WITH my health insurance. I learned skimping, saving and scavenging the hard way, and I feel I now DESERVE good credit, and a chance to show the financial side of America that my word is good, so I can get my teeth fixed, I don’t have to pay $100 a WEEK on a ’99 van, or $100 a month for the insurance. Live below my means? Done it for 26 years. If I could just have one good vacation for my girlfriend and I every few months, or for the first time actually spoil myself instead of saving, stressing and worrying. . . I’ll be the bank’s bitch and take the challenge.
I have all of these cards but I’m extremely poor
i hope you enjoy spending my moies from barclay bank i believe the payment was 200 million
your say is good, i will take a new credit card.
I see quite a few people here that are saying that using cash only is the way to buy everything.
That having no credit to worry about is the way to live! If that works for their life style then great, go that way as in the scheme of things that will work.
But for the great majority of people it will not work.
Many have homes to buy and need new vehicle’s for their companies to use and the sort. Many utilities in our area do not want to take cash for payment and charge more for using cash. And I can name others who do the same.
If you are going to live more than hand to mouth you just about have to have a credit card. I know this as I had cards until I was nearly killed by a DUI driver and became fully Disabled. I found out that I could not buy anything really and ended up as one of the hand to mouth club.
Dr bills in the hundred of thousands took everything from me and my family that I had earned in just a few short years.
Don’t count on your Insurance company paying even when the driver at fault Insurance fought not to pay.
It has taken me fifteen years to get credit back for something I did not do, but now that I am getting that done I am able to buy with in my means I am able to have items that I need and that took credit.
In today’s world you just about have to have credit to have a normal life.
So use it with in your means and you will be fine and not in terrible debt!
You can’t buy a home by saving with cash.