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Best Credit Cards
The following credit cards are our Editor's Picks for the best credit cards available. Alongside each individual offer the rationale behind choosing each card as best in its respective category is outlined.
We've chosen the Chase Slate credit cards, available as either a MasterCard or Visa as the best overall credit cards for this month. The card comes with a 0% introductory APR for both balance transfers and purchases for 15 months. As you will see if you scroll down the page there are some offers with longer 0% terms. However, the reason why we have identified the Slate offers as the best credit cards is due to the Chase Blueprint feature that comes with them, free of charge. For more information about Blueprint, you may read our Chase Blueprint Review (link will open in a new window so that you may easily jump back to this page)
When transferring a balance, the way the to save the most money on interest is to isolate a card with the longest 0% balance transfer term. The Citi Platinum Select MasterCard is an offer that allows a 0% rate for 21 months on balance transfers. Transferring a balance to this card can save hundreds on interest and gives people the opportunity to chip away at their outstanding debt for a long time compared to other similar offers without being hampered by amassing more. This card is ideal for individuals who know that they cannot pay off their balances within 12-15 months. However, in circumstances where debt can potentially be paid off in 15 months Slate from Chase (above) may be a better choice as the Blueprint feature is designed to help pay down balances quicker and more efficiently.
Our pick for the best 0% APR credit card is the Discover More Card, the traditional offer, which provides a 0% APR on purchases and balance transfers for 15 months. The reasoning behind this choice is two-fold. For starters, the card in addition to the interest free introductory rate, the card also provides up to 5% cash back on purchases. Though the introductory rate isn't as long as the Citi Platinum (listed above) the ability to earn cash back makes it a better offer in our opinion. It is also extremely uncommon to find cash back credit cards with 0% terms for purchases that last more than a year. The second reason is the Discover Spend Analyzer tool which allows you to evaluate your spending which helps to pay balances off quicker. The Spend Analyzer is similar in nature to Chase Blueprint but acts more as a budgeting tool and you may view information about it here.
For cash back, we recommend the Chase Freedom Visa. This card has the same type of rewards structure as several others of its kind however, what separates it from the rest is the sign-up bonus. If you spend $500 on the card within three months you get $200 back. To shed some light on this, in order to receive $200 cash back with a standard cash back credit card offering 5% rebates, you would have to spend $4000 on the card. In our opinion it's worth carrying this card just to receive the $200, paying off your balance and then putting it in a drawer to use for emergencies, but even for regular use it's a great cash back deal. The Freedom also comes with free access to Chase Blueprint which is a reason to use it as the best way to maximize earnings with cash back credit cards is to save money on interest, which Blueprint helps with.
Issued by American Express, the New Business Gold Rewards Card is our pick for the best small business currently available. The rewards structure with this card is points based with several different opportunities to earn double and triple rewards depending on what type of purchases are made with the card. American Express is also known as the premier issuer that caters to small business owners and because of this their online interface has several functions to track employee spend and categorize purchases. The categorization element can cut down on accounting costs as statements can be downloaded to Quickbooks and other common accounting software programs seamlessly. The one caveat is that there is an annual fee with this card but it is nominal compared to the earning potential as through partnerships with several common retailers used for small business American Express offers several discounts on purchases for things like rental cars, hotels, office supplies and more when their card is used. This is a charge card which requires balances to be paid in full every month so those looking for cards with revolving balance options should look for a traditional business credit card.
Travel rewards cards are fairly tricky. There are two different types, co-branded cards, like a United Airlines Visa, or general travel rewards offers. In our opinion, general travel cards are the best because you aren't locked in to staying at a particular hotel, flying on just one airline brand, etc. They give you flexibility which is important. For this reason, we have chosen the Chase Sapphire Preferred Card as the best travel reward card. It operates on a points system and points can be redeemed for travel on almost all major carriers or points may be converted to frequent flyer miles. They may also be used for hotel stays, cruises, car rentals, or even merchandise/gift cards if you don't want to be bound for travel rewards redemption. As an added perk, the card is currently offering a 50,000 bonus point incentive (cash value of $625) if $3000 is spent within the first three months. The card also comes with free enrollment in Blueprint and there are no foreign transaction fees when the card is used overseas (this typically save 3% on every purchase).
It has become increasingly difficult to obtain credit as a student due to current government regulations. However, there are still a few issuers who are providing students with the ability to obtain plastic to help pay for expenses that come along with being a college student. Our choice for the best student credit card is the Discover Student Card as it offers a 0% intro rate for purchases, a cash back rewards program, and a competitive regular APR after the 0% term ends. In addition, we feel that because the common mistake that college students make with credit is overspending the use of the Discover Spend Analyzer tool that comes with the card free of charge is an excellent way to evaluate spending and create a budget with your student credit card and track purchases by category to pay down balances quicker.
Our pick for points rewards is the American Express Premier Rewards Gold Card. Yes, this card does come with an annual fee, but the truth is that the best rewards credit cards do. The card is also a charge card which does not allow you to carry a balance. Though the rewards program is superior to those of its competitors, we suggest that if you cannot pay your balance in full every month that you look to the Sapphire Preferred Card from Chase (listed above) as it also comes with a similar rewards structure, though it caters to travel, especially with the initial bonus.
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