A common issue among cardholders today is they’re too quick to jump on the latest deals and offers. In fact, CNBC reports that the average American has four credit cards. This lack of mindfulness when it comes to credit card applications can lead to debt mismanagement. Surveys show that the average cardholder carries around $6,200 worth of debt.
Does this mean you should entirely forgo credit cards? No! Rather than canceling all your accounts and sticking to cash transactions, the better approach would be to find a credit card that suits your needs and demands. Remember: different plans have varying promos, so don’t fall for cookie-cutter gimmicks with generic terms.
Here are the best credit card deals on the market today, what key features they offer, and who would benefit from them the most:
Best Cards for Travelers
1. Sapphire Preferred Card from Chase Bank
Annual Fee: $95
APR: 15.99% – 22.99%
Rewards Rate: 2x points on dining and travel
Credit Score: 700 – 749
The Chase Bank Sapphire Preferred Card isn’t stingy with rewards. Cardholders get to enjoy high rewards rates which they’re free to spend on a wide range of goods and services. Chase Bank has a flexible rewards system.
You earn two points for every dollar you spend on eligible dining and travel expenses. If you redeem these points through the bank’s Pay Yourself Back program, you can increase their value by up to 25%. The program consists of varying eligible rewards from rotating categories.
To maximize your account, aim to spend at least $4,000 within three months from account opening to get a welcome bonus of 80,000 points. Chase Bank converts these points to around $1,000.
2. The Platinum Card from American Express
Annual Fee: $550
APR: 15.99% – 22.99%
Rewards Rate: 5x points on travel
Credit Score: 700 to 749
The Platinum Card from American Express has an excellent rewards program. If utilized properly, you’ll get massive discounts on luxury hotel rooms, gas, and airfare.
What sets The Platinum Card apart from other travel cards is that it automatically provides cardholders with a complimentary gold status membership at Hilton Honors, Marriott Bonvoy, and other luxury hotels. This free status alone already compensates for the pricey annual fee.
To maximize their rewards system, make sure you book your flights through American Express Travel or directly with the airlines. That way, you can earn up to five points per dollar spent. Once these points accumulate, you can eventually use them to pay for airfare, gas, and groceries at eligible stores.
The Platinum Card offers new cardholders two different welcome rewards systems. First, you get a welcome bonus of 75,000 points if you accrue $5,000 worth of expenses within six months of account opening. Second, you can earn up to 10 points per dollar spent on grocery stores and gas stations in the U.S. during the first six months of your account.
3. Sapphire Reserve Card from Chase Bank
Annual Fee: $550
APR: 16.99% – 23.99%
Rewards Rate: 3x points on travel
Credit Score: 750 to 850
Chase Bank’s Sapphire Preferred is great. However, if you have good cash flow, regularly eat at restaurants, travel almost every month, and most importantly, have a high credit score, consider upgrading to Sapphire Reserve. Their rewards system allows cardholders to earn points faster and convert them at a higher value.
Sapphire Reserve allows cardholders to earn three points per dollar they spend on restaurant bills—this includes both dine-in and takeout expenses. Plus, the Pay Yourself Back system increases the dollar value of your points by 50%. Meanwhile, Sapphire Preferred cardholders can only boost their points’ value by up to 25%.
You can also maximize your Sapphire Reserve rewards by enrolling in Priority Pass. For a meager one-time fee of $100, cardholders can get access to more than 1,300 different airport lounges globally.
Also, don’t worry about the annual fee. Chase Bank provides Sapphire Reserve cardholders $300 worth of annual travel credit, which would already cover more than half of the $550 you’ll shell out annually.
Best Cards for Balance Transfers
4. BankAmericard from Bank of America
Annual Fee: $0
APR: 12.99% – 22.99%
Intro APR: 18 billing cycles
Rewards Rate: N/A
Credit Score: 690 – 850
The Bank of America’s BankAmericard is a great balance transfer card as it has an intro APR that extends for up to 18 billing cycles within 60 days from account opening. Even if you decide to transfer past the intro APR, you’ll only have to pay a 3% fee. BankAmericard doesn’t have any annual fees.
After the 60-day intro, cardholders are subject to APR ranging from 12.99% – 22.99%—some of the lowest in the industry. You might even qualify for a 12.99% APR if you have good credit standing.
5. Double Cash Card from Citi
Annual Fee: $0
APR: 13.99% – 23.99%
Intro APR: 18 months
Rewards Rate: 1% – 2% cashback
Credit Score: 690 – 850
Citi’s Double Cash Card has a lengthy intro APR that extends for up to 18 months. While cardholders are free to consolidate as much credit card debt as they need during that time frame, note that there’s also a 3% or $5 fee—whichever is higher—balance transfer fee.
What sets Double Cash Card apart from other balance transfer cards is its generous cashback system. Double cashback rates allow cardholders to get a 1% cashback every time they make a purchase and pay their bills. This would total to a 2% cashback per transaction.
Citi’s rewards system combined with the $0 annual fee makes the Double Cash Card a great card to use outside of balance transfers. You can continue using this card for daily expenses even after you finish paying off your credit card debt.
Best for Daily Household Expenses
6. Freedom Unlimited from Chase Bank
Annual Fee: $0
APR: 14.99% – 23.74%
Rewards Rate: 1.5% – 5% cashback
Credit Score: 690 – 850
Chase Bank’s Freedom Unlimited has a fantastic cashback system. Cardholders get a whopping 5% cashback on travel expenses bought over the Chase Ultimate Rewards program, 3% cashback on drugstore and restaurant bills, and a generous 1.5% on all other expenses. Plus, you won’t have to pay any annual fees.
Another excellent feature is their rewards do not expire. You can redeem the cashback you earn any time you want as long as your credit card account is active. There’s also no minimum cashback redemption amount.
7. Cash Back from Discover It
Annual Fee: $0
APR: 11.99% – 22.99%
Rewards Rate: 1% – 5%
Credit Score: 690 – 850
Discover It Cash Back allows cardholders to earn a massive 5% cashback on a wide range of daily expenses, including bills at the grocery store, gas station, and restaurant.
What sets the Discover It Cash Back card apart from competitors is its unique intro offer: the CashBack Match. Discover doubles the total amount of cashback you earn within one year from account opening, and the best part is there’s no limit on the redeemable amount. If you reach a total of $1,000 on cashback, Discover will give you an extra $1,000.
Best Cards for Students
8. Freedom Student Credit Card from Chase Bank
Annual Fee: $0
APR: 14.99%+
Rewards Rate: 1%
Credit Score: 690 – 850
Freedom Student Credit Card from Chase Bank is a simple, no-gimmick account that’s easy to qualify for and offers a fixed 1% cashback on all purchases. Plus, they don’t have an annual fee.
This card is ideal for first-time cardholders who have no existing credit history. Chase Bank will even give cardholders a free credit score with Chase Credit Journey.
The best way to maximize the Freedom Student Credit Card is to build your credit history with it. Consistently use the card on as many daily expenses as you can and always pay off dues right away to keep your debt-to-income (DTI) ratio to a minimum. After a year or so, you can expect Chase Bank to boost your credit limit.
9. Student Cash Back from Discover It
Annual Fee: $0
APR: 12.99% – 21.99%
Rewards Rate: 1% – 5% cashback
Credit Score: 630 – 689
Discover has a generous rewards program for student cardholders. You’ll get to enjoy a massive 5% cashback on purchases made at eligible gas stations, grocery stores, and restaurants. There’s also a 1% cashback on all other purchases.
The 5% cashback is already an excellent feature on its own, but what really sets the Student Cash Back apart is its CashBack Match program. Basically, Discover will double the total amount of cashback you’ve earned during your first year. If you accumulate $200 worth of cashback within a year from account opening, Discover will give you an extra $1,000.
Plus, Discover has a Good Grades program. Cardholders get $20 worth of statement credit for every year that their GPA is at least 3.0. The program will run for five years.
Final Thoughts
Some people think credit cards are debt traps. This misconception couldn’t be further from the truth. If used properly, credit cards can help you earn freebies, improve your credit score, or get discounts on purchases. You just need to find an account that perfectly matches your lifestyle. With advancements in fintech, you no longer need conventional banks to own a credit card, digital banks like Zolve.com provide credit card for international students with great reward offers and loan opportunities especially beneficial for immigrants.
Which of these credit card deals you think matches your current lifestyle? Share your thoughts with us in the comments section below!
