Are you considering signing up for a new credit card? If so, then you might think that it’s as simple as filling out an application and seeing if the financial institution approves you. For the most part, it genuinely is that simple. However, at TheDealExperts, we look for the best credit card deals because we look for the best deals on practically everything. Depending on which card you sign up for, you could either be getting a fantastic deal, or you could be missing out on lots of rewards and money savings!
Therefore, if you want to get the most out of your credit card and get the best credit card deal, here’s what you need to consider!
Who Has the Best Credit Card Deals?
Let’s get straight to it. Who has the best credit card deals out there? There isn’t one single best answer to that question. The reason is that credit card deals, rewards, interest rates, and cashback benefits vary so widely that the best value for one person won’t be the best deal for someone else.
Consider a simple example. Alice loves to travel, has a fantastic credit score, and a robust income. Betty doesn’t travel very much but loves to shop online. Betty has a mediocre credit score and an income that’s very much around the median for where they live.
A credit card with fantastic travel perks might make sense for Alice, but it doesn’t make much sense for Betty. She doesn’t like to travel, so why would she bother racking up all those points? Similarly, Alice can probably apply for the best credit cards that banks have to offer and get approved. However, with a mediocre credit score and median income, Betty won’t likely qualify for the most elite cards.
The point is that the “best” credit card deal for one person might not be the best deal for someone else, so figuring out the best value is very personal.
Some Credit Card Companies Do Have Better Deals Than Others
There are, however, companies and credit cards that excel in one area and, for most people, are the best deal in that particular market. The American Express Platinum Card, for example, is well-known as one of the best travel cards. Citi has a card line that has 2% cashback on all purchases. Discover has rotating 5% categories that can give you a significant amount of cashback on various everyday expenditures, including groceries, gas, or Amazon shopping.
In general, for cashback, 2% is the highest that you’ll get on every purchase. Some companies, like Discover, offer rotating categories of a higher percentage (5%), but the cashback on every purchase is still 1%. Others will give 1% on all purchases, 2% on some categories, and 3% on others, like Bank of America does with their BankAmericard. If you want a cashback card with the highest percentage back, you should look for one that gives you 2% back most of the time.
If you’re looking for 0% APR introductory rates on balance transfers or purchases, then the highest number of months you’ll typically find is 18. As of this writing, only one credit card, the US Bank Platinum Visa, offers 0% APR on all new purchases for longer, at 20 months. If you find a credit card with 0% APR for 12-18 months, you’re typically in the ballpark of the best credit card deal for interest.
Typically, for the interest rate, 12-13% is the lowest APR you’ll get for any credit card. An APR of around 20% is more common. If the card you’ve selected has a 29.95% APR, it’s one of the highest on the market, and you should probably avoid it unless you have confidence that you can pay it off each month.
Of course, access to each of these credit cards varies with your credit score and income levels. These are merely suggestions of what you could consider a fantastic credit card deal. Anything with a long 0% APR period, low interest rate (12% or so), and high cashback or other rewards is likely the best deal on the market today.
Why Do You Need To Research Before Applying for a New Credit Card?
Now that you know a little more about the best credit card deals out there, it’s essential to understand why you should thoroughly research your new credit card before you hit the apply button.
Every time you put in a formal credit application, the card company will pull your credit report. They’ll look at things like your current monthly payments, your income, and your overall credit score. Most cards have unadvertised cutoffs (which you can usually find by searching online). Anything below a particular score, like 580, for example, is an automatic rejection. Typically, the more prestigious and rewarding the card is, the higher the cutoff number is.
This inquiry is a “hard pull,” which means that it will show up on your credit report for two years. That inquiry lowers your credit score by a small amount. According to FICO, these hard inquiries typically lower your credit “by less than five points.” If you have bad credit, though, every point matters and a few applications could make your ok credit score turn bad.
The other fact that FICO points out is that people who have six hard inquiries on their credit report are “up to eight times more likely to declare bankruptcy than people with no inquiries on their reports.” So, if you apply for one card, get rejected, try another, get another rejection, and so forth, you could very quickly give a wrong impression on your credit report. You might be able to pay off the credit cards just fine, but the automated approval systems might flag your profile as too high of a risk, and then you’ll struggle to get any credit.
Given all of this, please carefully consider any application for credit you submit. Research the cards online a little and figure out which are the best for you. You don’t want to waste an application on a suboptimal card as you’ll have to wait for two years for that to come off your report! Of course, we have a list of the top credit cards here at TheDealExperts.
What Should You Consider Before Applying To Get the Best Credit Card Deal?
Before applying for any new credit card, there are a few things that you should know to avoid an unnecessary dent in your credit score.
First, you should know your credit score. There are a few ways to get this for free. Some possible ways are to go to AnnualCreditReport.com (this site is the one that the US government recommends) or CreditKarma.com. There are quite a few other sites that will do this, as well. If you already have a credit card, some companies like Bank of America or Discover, are already providing you with an updated credit score each month.
Note that there are many different scoring methodologies out there (FICO vs. VantageScore, for example), but they’re all relatively similar. As long as you have a good FICO score, for instance, you should have a good VantageScore.
Credit scores range from 300 at the lowest end to 850 at the highest end. It’s relatively challenging to hit 300 or 850, so most people fall somewhere in the middle. Generally speaking, credit card companies classify people into buckets, with each bucket having a likelihood of default.
For Experian, for example, the buckets look like this:
- Exceptional (800-850). If you’re in this range, the world is your oyster, and you’ll usually be able to get credit without denials and receive excellent terms.
- Very Good (740-799): People in this range usually get approved for credit, but they may not get the best possible interest rate or terms. They’re generally still quite good, though, so you should expect to have a decent interest rate.
- Good (670-739): People in this bucket still often get approved for credit, but they may start to have worse terms. That credit card might have a 25% APR instead of the best possible 18%, for example.
- Fair (580-669): In this range, applying for credit becomes more of a roll of the dice. Some companies will lend to people in this category, but some will flat out reject you. American Express, for example, will likely decline any application for anyone in this range.
- Poor (580 and below): Below 580, applying for credit is challenging. Expect high interest rates and many declines. You may have to look into secured credit cards to rebuild your credit.
Before you apply, get a free copy of your credit report and know the bucket in which your score falls. Knowing this (especially if your score is low) will save you unnecessary applications that could hurt your score even more!
Your Income, Gross and Net
Every credit card application will ask you for your income, so this is something that you should review before you apply. Most applications will ask for your gross income, which is the amount you earn before taxes. If your offer letter says “$50,000 a year,” that’s your gross income. There are occasionally some applications, though, that ask about your net income. This term refers to the amount you get after all taxes and other deductions. So, if you earn $1,000 a week and have $300 taken off for taxes, your net pay is $700.
For people with a W-2, this information is as simple as reviewing some paystubs. However, for self-employed people, if you don’t pay yourself via a W-2, you should go back and take a look at your average income over the past year or two. Also, think about your future income. Put a figure down that is realistic.
Your Debt-to-Income Ratio
Credit card companies look at many things before issuing an approval. One of the key metrics is your debt-to-income (DTI) ratio. To calculate this number:
- Take your monthly gross income and then look at all the minimum payments you have.
- Include your loan payments, car payments, and rent or mortgage, as well.
- Divide the payment amounts by your monthly gross income and multiply by 100. That number is your debt-to-income ratio.
As a quick example, let’s suppose you make $5,000 a month, or $60,000 per year. You have an apartment with $1,000 rent. Adding the minimum payments of your credit cards comes out to an extra $250 a month. You also need to make a car payment of $250. Finally, you have some student loans that take up $500 a month. Altogether, that’s $2,000 or a DTI ratio of 40% ($2,000 / $5,000 = 0.4 * 100 = 40%).
The Federal Reserve defines a DTI ratio of 40%+ to be a sign of financial stress, so you should aim to keep your ratio low. Under 30% will ensure the highest probability of approval on your application.
If you have a DTI over 40%, you may wish to consider holding off applying for a new credit card until you pay off some existing debt.
How Do These Factors Affect the Best Credit Card Deals I Can Get?
Let’s say you look at the advice above and, while your score isn’t perfect, you think it’s good enough to at least have the company approve you for the card. You may be wondering if there’s any reason to hold off applying. Is there any benefit waiting to apply for a card, or as long as you have the bare minimum to make the company accept you, is that enough?
The benefits you receive from a potential credit card are the same, no matter your score and income. If they advertise a low 0% APR period for 18 months, you’ll get that 18 months whether or not your score is 680 or 800. Similarly, if they say you’ll get 1% cashback on all purchases, you’ll get that no matter your score.
What will change, however, is the credit limit you receive and the APR you get. Both of these can affect your finances in ways that you might want to consider before applying.
The credit limit you receive when you apply for a credit card affects more than what you can buy. Higher credit scores and income levels typically result in higher limit approvals. Higher limits not only mean that you can put more on the card, but they also protect your credit score from going down in the future.
An example best illustrates this concept. Consider someone with a 700 credit score. This person has one credit card with a $10,000 limit on it. As of right now, there is a balance of $2,500 on the account. Our friend walks into an Apple Store and sees a shiny new iPhone. They don’t have the $1,200 on hand, but, no problem, they can get the Apple Card and make the interest-free monthly payments! Goldman Sachs (the bank behind the Apple Card) approves the individual with their score and income levels for a $1,500 limit. They put the $1,200 iPhone on their card and walk away.
Next month, this person sees their credit score drop by 30 points. What just happened? This one decision had two adverse effects on the score. First, any hard inquiry causes a credit score to drop by a couple of points or so. Second, they’ve completely changed their credit utilization ratio. Before, it was 25%, well under the 30% target that leads to the best credit scores. Now, they have the original $2,500 plus $1,200 for the phone and a new combined limit of $11,500. The new utilization ratio is 32% ($2,500 + $1,200 = $3,700 / $11,500 = 0.3217 x 100 = 32.17%). That’s now above the 30% threshold.
Therefore, the approval winds up blocking this person’s access to the best credit terms. Suppose they need a $10,000 loan to fix the roof. They might receive an offer at 25% APR instead of 15%. Then, not only would the iPhone cost $1,200 on the Apple Card, but you now have to factor in the extra 10% APR on the subsequent $10,000 loan (which, incidentally, is much worse than the little bit of interest on the $1,200 phone).
Now, if they had waited until their income was higher and their Apple Card limit was $10,000, then the application would, eventually, help their score a little. The combined balance would still be $3,700, but the total limit would be $20,000. Their new utilization ratio would be 18.5%, which is less than the original 20%. The subsequent “roof leak loan” would still receive 15% APR instead of the higher 25% APR, and overall, they’d save quite a bit of money.
The APR you receive reflects the amount of risk that the lender believes they are assuming by extending you the credit line. The more chance and uncertainty that the lender takes, the more they have to charge in interest. The best credit card deals have a lower APR.
Of course, the APR you receive has a significant impact on your overall financial health. Let’s say you have a card at 20% and a card at 30%. You put $1,000 on this card and make only the minimum payments. With the 20% APR card, you’ll pay off the balance in 10.9 years. You’ll pay $990.60 in interest on this debt. Certainly not the best, but not the worst either.
At 30%, though, this simple $1,000 charge becomes a nightmare. Making only the minimum payments, you’d take 24.3 years (that’s almost as long as a mortgage!) to pay off this debt and spend $3,725.63 in interest.
Even though these APRs only differ by 10% (in absolute terms), you will take 2.5x as long to pay the debt and spend nearly 4x the interest while paying it off.
Even if you’re pretty sure you’ll never carry a balance, you should still want a card with a low APR. You never know what life will throw your way, and paying hundreds or thousands in interest every month is not a sustainable solution.
What Should You Look for in a New Credit Card?
Let’s suppose you’ve got your score and relevant financial information, and you’re confident in your ability to get a new credit card. The next step is to look at cards.
You might be thinking that most credit cards are the same. After all, one might offer half a percent back, while the other might offer 1%. Some have rotating 5% categories, while others have lower interest rates. However, the truth is that credit cards have very different benefits, some of which are more valuable to certain people than others.
When thinking about getting a new credit card, you should first have a clear understanding of what your financial goals are with this new card. Think of a credit card as a financial tool. It should help you achieve your goals in some meaningful way. Do you want to travel a lot? Perhaps a card with travel points is right for you. Are you looking to save on interest? Maybe you should pick a card with a 0% APR balance transfer promotion.
Therefore, make a mental list of a few important things to you for your next new credit card. As noted earlier, credit card rewards and perks have such variety that there’s almost always a card that will fit your desires.
With that said, please keep in mind that the rewards you earn will likely impact you very little compared to the cost of carrying a balance month-to-month. So, to the extent that you can, try and pay off your balance every month to avoid unnecessarily spending your money on interest. If you expect to carry a balance regularly, you should aim for a credit card with the lowest interest rate possible. There’s no point getting 5% back if you’ll pay a 25% APR. You’d be much better getting a card with 15% APR and getting no cashback!
Consider a Card’s Annual Fee, If There Is One
When looking at credit cards, you might notice some of them have annual fees. The American Express Platinum, for example, has a yearly fee of $550 at the time of this writing. However, with this card, there are many travel perks not found on other American Express products. For people who enjoy traveling, it might be worth the annual fee. However, if you don’t expect to travel much, paying a $550 yearly cost is expensive (and, remember, if you carry a balance, not only will you be responsible for the annual fee, but you’ll also pay interest on it!)
Some credit cards unlock additional perks with an annual fee. For example, the free card might have 0.5% cashback, but the $95 a year one has 1%. In this case, think about how much you expect to put on the card each month. If you put on $1,000 per month, 0.5% will give you $5 a month in cashback, while 1% will give you $10. A $5 a month difference is only $60 per year and probably isn’t worth the $95 fee. However, if you put $10,000 on the card each month, it most definitely is!
Please pay attention to this fee and make sure it’s worth it before signing up for your new credit card! The best credit card deals typically have no annual fee, although there are some times when you’ll want to pay for one to get certain perks. Never pay a yearly fee for a card with standard perks like 0.5% or 1% cashback. There’s almost always a card out there that offers this without a cost!
There’s Quite a Bit To Consider Before You Hit the Apply Button
If you’re thinking of a new credit card, there’s quite a bit to consider before you apply. Think about what your financial goals are with this card, what rewards you get, what costs there are (annual fees and expected APR), and know your key financial metrics. Make sure that you apply for cards that advance your financial position in a meaningful way since a wasted application will have a small impact on your credit score for two full years.
If you apply and receive a rejection response, please pay attention to the reasons for the denial! Credit card companies must provide specific reasons for their rejection within 60 days of your application, by law. Before applying for credit again, look at those reasons. Use that information to guide your next steps before applying for credit in the future. After all, if you receive a rejection from one company for having too high of a debt-to-income ratio, you probably will receive similar rejections if you apply elsewhere.
If you want to see some of the best credit cards around, take a look here on TheDealExperts for some of the top credit cards. That list contains the cards that are the best in terms of rewards, annual fees, and credit limits. If you’re looking for the perfect new credit card, that list undoubtedly has it!
Frequently Asked Questions about the Best Credit Card Deals
Below are some questions that people often ask us about the best credit card deals.
What is the best credit card?
The “Best Credit Card” will depend greatly on what your lifestyle and personal spending habits are. For people who travel often, airline credit cards can be a great way to stretch spending into future vacations, but for those who spend the most on necessities like gas and groceries, certain cards will provide cash back on a certain percentage of groceries. It is important to look at your personal financial situation and how much benefit a card will provide.
Many cards have an annual fee, which can cost more than the benefits are worth if you don’t spend a certain amount on the card each year. Generally, larger companies will offer sign-up bonuses and exclusive deals for first-time customers, which can make opening several cards at once seem appealing. We highly recommend against this, as choosing one or two cards and focusing your spending on them will usually reap greater long-term benefits.
The most important decision in picking a credit card is how much you will spend on it each month, and what category those expenses fall into. Selecting a card that offers the most benefits for your spending amount is crucial in the selection process.
Make sure you check each major credit card company, and any other companies you are eligible for a card with, and compare their available cards. Choosing the right card can help your credit score and even make you money over time, so spend the time to get it right!
These factors all work to determine the “Best Credit Card” for you. Don’t just get one because your friends or family recommend it! We highly encourage you to do the research and make an informed decision.
What credit card is best for me?
This depends on the features or benefits that are best suited for your ‘why?’; “what do you need a credit card?”.
Would you like to:
Build, improve or establish credit?
Credit builder credit cards are for those with a poor or limited credit history, who won’t qualify for other credit cards; they come with a higher interest rate and a lower credit limit.
Earn miles, points or other perks?
Getting a reward credit card can give you access to benefits and incentives such as vouchers or in-store points, air miles or cash back, for a little fee.
Use your card overseas?
Overseas credit card can be used with minimal charges while you’re on holiday, they are a helpful way to manage your holiday spending.
Get cash back?
A money transfer credit card works by using your balance to transfer a debt, you can transfer money into your current account.
Transfer your balance?
A balance transfer credit card works if you have an outstanding debt that you want to pay off quicker or with less interest.
Purchase credit cards are useful for spreading the cost of expensive items over a few months, they often have a 0% interest period during which you can shop and pay no interest on what you owe.
Whatever your needs, many of these cards come with low or 0% interest, as long as you pay back in time.
What is the best credit card company to go with?
The best credit card company will depend on how much and where you travel. Most credit cards have similar cards with similar rewards, but the places where they are accepted will be vastly different. Visa and MasterCard are much more widely accepted both in the US and abroad than Discover, American Express, or any of the smaller bank credit cards.
This is because stores must pay a small premium to use credit cards to accept purchases, which is why some small stores may have a ‘minimum’ price that must be reached in order for them to be able to accept your credit card. It is important to assess where and how often you will be using the card, as if you often travel internationally, you should be sure to choose a credit card company that will be accepted in more international locations.
Perhaps most important in the selection process is figuring out what company will give you a good sign-up bonus and will provide you good customer service. In general, smaller companies have better customer service, but will be accepted at far fewer locations, and may not be accepted anywhere outside of the US. For most people, this type of card will work, since they will work and spend much of their life in a somewhat small radius of where they live and work.
For more travel-inclined people, larger companies have better acceptance and will have the resources to assist you with issues 24/7 and in many complicated situations you may find yourself in while travelling. You should always do research and find the best credit card and company for your individual situation.
What is the best credit card to have?
The best credit card to have will be very different depending on your situation. Generally, credit card companies have an inexpensive, basic card that is available to almost all people regardless of credit score, but it will likely not have many of the benefits that a more premium, exclusive card will. The more expensive the card fee, the better it’s benefits will typically be. The most exclusive cards are rumored to have benefits like personal shoppers, gifts, and many are only available via invite.
The American Express Centurion Card costs 5,000 USD per year, and requires it’s cardholders to spend more than 20,000 USD per month to keep the card. The most basic American Express card, only available to military members and their families, is open to all people, regardless of their credit score, and is issued by USAA, a military insurance company. This card has very few benefits, but it also has no annual fee, as do many other entry-level credit cards.
These options are available to people with midrange credit scores and are excellent for building credit while getting rewards, like cashback on certain types of purchases or extra airlines miles on travel-related purchases.
Overall, the most expensive cards will have the best benefits, but will also have annual fees that can reach into the high hundreds or even thousands. For some, convenience is worth these exorbitant costs, but for most cardholders, practicality will dictate the best card to have.
What is the best credit card to get?
The best card to get will give you the most sign-up bonuses for the least amount of money, if that’s what you’re looking for. Typically, a better sign-up bonus will accompany a larger sign-up fee, but for many, this is worth it.
The Capital One Venture Rewards card offers double miles on every purchase, which for people who travel, far outweighs the 95 USD per year fee. This is typically the story for every credit card; the rewards are very specific and only certain people will make back the ‘investment’ of the annual fee they pay. This is how the credit card company makes money, and how you can beat the system to get the most out of your spending.
By finding cards that will work for your spending habits and signing up for them when you will spend the most, you can easily see a high return on investment. In general, tracking your spending and knowing what large purchases you will have coming up can help you to get the most out of a new credit card, especially ones with certain periods of extra points or rewards after you receive the car.
For example, booking a plane trip on a new card with the airline could get you up to 4x the miles, as the airline card will double your miles and the new card sign up bonus doubles all mileage for the first 3 months. By stacking the bonuses, you can take advantage of every offer they give you, and get the best possible rewards for signing up for a new card.
What is the best credit card to use?
The best credit card to use will depend on what you are going to buy. When you spend on groceries or gas, cards that give rewards on those types of purchases will be better suited to your purchase, but for plane tickets, an airline credit card will offer the best bonuses for your purchase.
The best cards will give you rewards on the purchase you make. Making sure that you spend with the right card for the type of purchase you are making can allow you to earn the maximum points and cashback on each dollar spent.
The best possible way to do this would be to have many different cards, but opening too many lines of credit can hurt your overall credit score. We advise you to select one or two cards to open and ensure they give rewards for your most common purchases so that you see greater returns on your annual fee that you ‘invest’ in the credit card.
By choosing credit cards that give the best rewards, you can double or triple the value of each dollar you spend and see your money returned back to you instead of giving it to a company. This will help you to stretch your spending and take advantage of all the best deals that are available to you. Generally, it is possible to find good credit card bonuses for any situation and the best card to use ill depend on what you are buying and what cards you have.
What are the top 10 credit cards?
We heavily focus our research on rewards credit cards as those tend to give the most back. There are a lot of other choices if you’re specifically looking for cards for balance transfers, poor credit, students, etc.
Here is our list of the top ten rewards credit cards right now are with a very brief idea of what the card offers:
Citi Double Cash Card
This card offers 2% cash back and a straightforward rewards setup.
Chase Sapphire Preferred Card
Double points on travel and dining purchases make this an excellent card for people who travel often and like to eat out.
Bank of America Premium Rewards Card
Travel an dining purchases earn double points, making this an excellent option for those who travel often.
Chase Sapphire Reserve
Up to 3x rewards points if you spend often on travel and food expenses.
Discover It Student Cash Back
Students can earn a ‘good grade’ bonus and up to 5% cashback for students, and no annual fee.
No annual fee and and the longest 0% APR available to most credit scores.
Chase Freedom Unlimited
1.5% cash back on all purchases and a large sign-up bonus makes this card a great option for all people.
Capital One Venture Rewards Card
TSA Precheck credit and unlimited double miles, combined with a large sign-up bonus, makes this card a great option for travelers.
Capital One Savor Cash Rewards Card
Unlimited 4% cash back on all entertainment and food purchases, and 2% on all grocery purchases, make this card an excellent choice for large families and foodies alike.
Discover It Miles
A simple 1.5 miles on all purchases and miles matching for the first year make this card a good choice for travelers and people who don’t want to deal with the hassle of complicated credit card agreements.
Who has the best credit card?
The best credit card company for you will depend greatly on the circumstances surrounding how you will use the card, and what companies you may or may not already have a card with. Most credit card companies will have excellent offers for first time card holders and those who transfer from another credit card company , or those who have a longstanding relationship with the company and good credit.
Good credit and making informed selections about the card you are applying for are more important than using the same company as friends or people who have recommended a specific card. Though their card may be an excellent choice for them, there may be a card that can fulfill your needs with a better interest rate or benefits given your style or type of spending.
In general, every credit card company will have several styles of card, and the differences between these card options is far greater than the differences between the differing companies and the cards they offer. If you already have a card with a certain company, we suggest that you call or research online their other card options and select the one that offers the best deal for you.
Typically, cards that require higher credit scores will have lower interest rates and will offer more exclusive deals for cardholders. Though another company may have competitive deals, it is always smart to call and ask about the best cards available to you from the credit card company you have a relationship with, especially if you have average to good credit, as they know you are reliable and make your payments on time.
What is the best credit card overall?
The best credit card overall will vary between people because of financial and personal differences. For those who love to eat out, the Chase Sapphire Preferred Card may be the best option, as it offers double points on dining purchases and some travel expenses. For students, the Discover It Student Cash Back card could be the best credit card. They can earn up to 5% cashback and get a bonus for getting good grades each semester of school, plus it has no annual fee, making it an excellent choice for college students that find themselves strapped for cash.
For those who are looking for a card with a simple rewards system and good bonuses, the Chase Freedom Unlimited is hard to beat, as it has 1.5% cashback on all purchases and a particularly large sign-up bonus. These are just a few examples of the variety of cards that are available, and each is best suited to people in specific situations, and makes sense for people with certain spending habits and credit score ranges. The better your credit score and more you spend each month, the better the credit cards are that you are eligible to apply for, with higher credit limits, more bonuses, and lower interest rates.
This is because credit card companies know that you are reliable and will pay them back. The same way that you would not lend a stranger thousands of dollars without knowing that they could pay it back, the credit card company will not offer the cards they stand to lose the most on to just anyone. You will become better able to select from all credit cards on the market if you insure that you have good credit and a good relationship with your credit card company.
What are the top credit cards?
Each credit card company has top-tier credit cards. These cards will require a high credit score and will generally have an annual fee that can be hundreds of dollars. These cards also have excellent rewards and exclusive benefits.
The American Express Platinum card costs over $500 per year, but gives access to hundreds of airport lounges and has many dining rewards all over the country, making it a great card for those who travel often. The Capital One Venture Rewards Card offers a TSA Precheck credit, unlimited double miles, and a large sign-up bonus, making this card a great option for travelers.
Each credit card company has their own version of each of the top tier cards, and each one is designed to be best for a certain style of spending. Some are great for dining out and everyday spending, some are for travel, and some and for business expenses and larger purchases. The most exclusive cards do not even publicly advertise their offers and benefits.
They are generally invite only, can costs thousands of dollars and often have spending minimums each month. Some are even rumored to come with personal shoppers who will get anything the card holders desires, fulfilling their every wish, for a cost, of course. The top credit cards are expensive and exclusive, and there are often better deals for most customers for far less money in annual fees and spending minimums.
What are the best credit cards to own?
The best credit card to own will give you the best rewards, have a low annual fee, and have a low interest rate. The better a credit card’s benefits, the more it will typically cost each year. For certain groups, such as active duty military, many credit cards companies will waive the annual fees for their top-tier cards.
Should you fall into a group that is eligible for the exclusive cards at a low or waived fee, you should seriously consider applying for them, as they will be the best possible deals. For those who are not eligible for such deals, we advise you to research directly from the source and get information from the credit card companies for the most up to date information and deals they have available for customers.
Secondary sources can become out of date, and those who claim there is one single ‘best’ card to own are simply deluding themselves and readers. Only you know the specifics of your finances and personal spending habits. We strongly advise you to track your purchases and then use the information you collect to guide your choice of what credit card to get.
We have lists on our site of cards we suggest, but again, please do your own research into what will work best for you! At the end of the day, no one can tell you what the best card for you is.
What is the best credit card offer?
The best credit card offer will depend on what you spend the most on, be it groceries and gas, plane tickets, or dining out. The best credit cards will give you the best rewards on the purchases you make. Ensuring that you spend with the right type of card for the purchase you are making can allow you to earn the maximum points and cashback on each dollar spent. The offers that have large sign-up bonuses are great, especially if you have large purchases such as travel or another significant expense coming up.
Some cards have a three-month or six-month period after getting the card in which you will earn double or triple points, and taking advantage of this can be extremely beneficial. The biggest factor in selecting the best credit card offer is choosing the right card for you. Sign up bonuses are great, but the long-term benefits of having a card that best suits your lifestyle and spending habits is far more important than a few thousand credit card points.
Typically, credit card companies do not put the very best sign up bonuses on the best cards. The large sign up bonuses go on cards with higher interest rates or larger annual fees, which allow the company to recoup its ‘investment’ of the sign up bonus faster. A large sign up bonus can make a very standard card look more attractive on paper, and we advise you to look at how the card will fit into your lifestyle and spending habits more than how the sign up bonus will benefit you.
A card that gives unlimited 2% cash back on all purchases will save you far more money over the course of several years than one with 1% and a sign up bonus equivalent to spending $5,000 on the card. Keep this in mind when selecting your next credit card.
No one card has the best offer. Some cards have better offers than others, but the best offer tends to come down to your personal needs. If you want travel rewards, American Express is typically a great choice. For top cashback, consider Chase Freedom Flex or Citi Double Cash.
Typically, Citi, Chase, Bank of America, and the other large financial institutions will have the best offers. Sometimes, your local credit union can also have fantastic offers.
The best credit card deal that you can have is different for each person. For people with excellent credit who want the best rewards, the Chase Sapphire Preferred card is typically the best. If you’re looking for cashback, the Capital One Quicksilver is a fantastic option. People who have bad credit may find the Capital One Secured MasterCard to be the best option.
Apply online! That’s the best way to apply for most of these cards. You’ll need some necessary information, like your address, Social Security number, and income. Before you apply for the card, please make sure that you check your credit score to see if it is high enough that you can reasonably expect approval. There’s no point applying for a credit card that requires a 680 minimum score if yours is 500! That’s only going to hurt your credit score even more.
Most people find American Express, Discover, Capital One, and Citi to be some of the best credit card companies out there. Each one has its strengths and weaknesses. Ultimately, to get the best credit card deal, you should focus less on the company and more on the credit card itself.
The best credit card to have is one that will give you the perks that you need while advancing your financial goals in a meaningful way. For each person, that’s different. If you need to reduce your interest payments, the best card might have a 0% APR for balance transfers for 18 months. If you want travel perks, the best card could be the American Express Platinum card. Decide on what extras you want and find the card that has those!
The cards with the broadest acceptance worldwide are Visas and MasterCards. Discover and American Express have high acceptance rates in the US, but worldwide, they don’t have the same clout. Therefore, if you’re looking for the best credit card to use, you’ll typically want a Visa or MasterCard.
According to JD Power’s credit card company rankings, American Express has the highest satisfaction rate. Discover ranks second, and Bank of America ranks third.
Most people have the most satisfaction with American Express, Discover, or Bank of America. Of course, Chase, Citi, and other high profile banks also have some of the best credit card deals.