Having a credit card that matches your needs and goals is important. That’s why we’ve decided to compile a list of the best credit card offers out there. Along with the benefits associated with them. Here’s what we have:
Citi Double Cash Card: It’s lucrative and simple, but you also get 2% cashback. 1% when you purchase items, and 1% when you pay your statement. The downfall is, there are no fancy perks.
Chase Sapphire Preferred Card: You get a 60,000 point bonus when you spend $4,000 or more on purchases in the first three months and they can be redeemed for travel perks. The downfall is, it’s comparable to other credit cards with less annual fees, as the CSP no longer waives the $95 annual fee.
Chase Freedom Unlimited: With 1.5 cashback on everything, there really isn’t an exclusion when it comes to what perks are offered. There’s also a 5% cashback offer on groceries. The downfall is, this card once again falls short when being compared to cards that have no annual fees.
Blue Cash Everyday Card from AMEX: This card hones in on grocery expenses, doubling up rewards and points back. And there’s a 0% interest rate for the first 15 months. However, the downfall is, no blue cash is received for international purchases.
Capital One SavorOne Cash Rewards: You get 3% cashback on dining purchases (food delivery services, fancy restaurants, etc). They’re also offering 0% interest for the first 15 months. However, the annual fee is no longer waived.
U.S. Bank Visa Platinum Card: What’s amazing about this card, is that U.S. Bank is offering 0% interest on purchases for the first 20 billing cycles. Plus there’s no annual fee. However, this card offers no rewards.
Citi Simplicity Card: This card is currently offering a 0% introductory interest rate for balance transfers and debt consolidation. After the first 12 months of 0% interest, they are charging a 5% interest fee for every balance transfer initiated. This card doesn’t offer many other perks or rewards and is a one-purpose card.
Capital One Venture Rewards: This card makes it easy for people to travel. Giving two miles of rewards per dollar spent. And if you spend $3,000 in the first three months on travel purchases, you can earn up to 50,000 bonus miles. However, in order to earn and travel points, you have to book through Capital One or use affiliated partners, which can limit your options.
- There are many credit cards out there, Do your research and talk to financial professionals about your best options. Here are some ways to use credit cards, while still staying within your means:
- Pay your bill in full every month. No one wants to be the “average American” with mounds of debt. Having to pay for what you use every month will force you to stay within a budget and keep you out of extensive credit card debt.
- Never pay your bill late. Did you know 37% of your credit score is comprised of your payment history? More than that, if you do miss a payment deadline, banks place pretty hefty fees. Automatic drafts are a good way to make sure your bills are never missed.
- Log into your account. Paper receipts are hard to keep track of. This helps you see where you spend your money.
- Use your credit card as a complement to your budget. Once your budget is written out, know what you can use for your “spending money.”
- Know your limits. This ties into everything that we’ve said earlier. But the more you spend on your credit card, the more you’ll have to pay back. If you set a specific amount that you’re allowed to use each month, it will force you to stay within your budget.
- Use your card for big purchases and make a reasonable plan to make your payments. Life happens and credit cards are a good safety net. For instance, if it completely breaks down, you have your card to use. Know how much a dishwasher is going to cost, and make a repayment plan that allows you to keep up with your monthly payments. For instance, if the new dishwasher costs $800, you could set a budget to pay $200/month until that dishwasher is paid off. However, it might be best to refrain from using that card until you’re done paying off that major purchase.
- Take advantage of the rewards credit cards offer. There are usually cash-back incentives or frequent flyer miles. Do your research on which credit card might be best for you and your needs.
- Choose cards with extra perks. Everyone likes getting rewarded. So know which credit card offers what and choose accordingly. If you pay your credit cards in full every month, you can enjoy the perks for free.
- Be smart. Credit cards are fun, and there’s something about having “immediate cash” that makes people want to spend money without any budget in place. If you know your budget, credit cards can be advantageous.
Credit card debt is hard to get out of, but if you keep your head on straight while using them, paying your bills on time, and making sure that you’re staying within your means, credit cards will be beneficial.