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The Ultimate Guide to Credit Cards™
Tuesday, January 24, 2023

* Advice
*
* News
*
* Reviews
* 2023‘s Best Cards
* By Feature
* 0% Balance Transfer
* 0% Purchases
* Low Regular APR
* Air Miles
* Travel
* Cash Back
* Gas Rebate
* Points & Gifts
* Business
* Prepaid
* Secured
* Stores
* Student
* By Credit Needed
* Excellent Credit
* Good Credit
* Fair Credit
* Bad Credit
* No Credit
* By Issuer
* American Express®
* Bank of America®
* Capital One®
* Chase®
* Citi®
* Discover®
* Mastercard®
* PREMIER Bankcard®
* Visa®

WE ARE SORRY. THE PAGE YOU ARE LOOKING FOR CANNOT BE FOUND.

Please use the navigation at the top of the page, or use our search to help find
what you are looking for.

Written by: Eric Bank

Eric Bank

Eric Bank has been covering business and financial topics since 1985,
specializing in taking complex subject matters and explaining them in simple
terms for consumer audiences. In addition to his work on CardRates.com, Eric has
appeared regularly on Credible.com, eHow, WiseBread, The Nest, Get.com, Zacks,
Chron and dozens of other outlets. A former software engineer, Eric holds an
M.B.A. from New York University and an M.S. in finance from DePaul University.

See full bio »

Edited by: Ashley Dull

Ashley Dull

With more than a decade of experience as a content manager and marketer, Ashley
has specialized in finance coverage since 2015. She has worked closely with the
world’s largest banks and financial institutions, up-and-coming fintech
companies, and press and news outlets to curate comprehensive content and media
campaigns. Her credit card commentary is featured on national media outlets that
include CNBC, MarketWatch, Investopedia, and Reader's Digest, among others.

See full bio »

Reviewed by: Adam West

Adam West

Adam corresponds with finance experts to publish industry news coverage related
to helping consumers achieve greater financial literacy and improved credit. He
has more than 12 years of storytelling, editing, and design experience in print
and online journalism and is most knowledgeable in the areas of credit scores,
financial products and services, and the banking industry.

2023'S BEST CREDIT CARD

DISCOVER IT® CASH BACK

at Discover Card'ssecure website

BEST OVERALL RATING

★★★★★

4.9

OVERALL RATING

4.9/5.0
Our Review »
* INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will
automatically match all the cash back you’ve earned at the end of your first
year! There’s no minimum spending or maximum rewards. You could turn $150
cash back into $300.
* Earn 5% cash back on everyday purchases at different places each quarter like
Amazon.com, grocery stores, restaurants, and gas stations, up to the
quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all
other purchases - automatically.
* Discover helps remove your personal information from select people-search
websites. Activate by mobile app for free.
* Every $1 you earn in cash back is $1 you can redeem.
* Get a 0% intro APR for 15 months on purchases. Then 16.24% to 27.24% Standard
Variable Purchase APR applies, based on credit worthiness.
* No annual fee.

* See application, terms and details.

See Rates & Fees
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 months
0% Intro APR for 15 months
16.24% - 27.24% Variable APR
$0
Excellent/Good

All Air Miles credit cards »

#1 IN "AIR MILES"

DISCOVER IT® MILES

at Discover Card'ssecure website

AIR MILES RATING

★★★★★

4.9

OVERALL RATING

4.8/5.0
Our Review »
* UNLIMITED BONUS: Only Discover gives you an unlimited match of all the Miles
you’ve earned at the end of your first year. For example, if you earn 35,000
Miles, you get 70,000 Miles. There’s no signing up, no minimum spending or
maximum rewards. Just a Miles-for-Miles match.
* Automatically earn unlimited 1.5x Miles on every dollar of every purchase -
with no annual fee.
* Redeem Miles to pay any part of your monthly bill, including your minimum
payment.
* Turn Miles into cash in any amount, any time. Or redeem as a statement credit
for travel purchases like airfare, hotels, rideshares, gas stations,
restaurants and more with no blackout dates. However you redeem, Miles keep
the same value. And Miles never expire.
* 0% intro APR for 15 months on purchases. Then 16.24% to 27.24% Standard
Variable Purchase APR will apply.
* Discover helps remove your personal information from select people-search
websites. Activate by mobile app for free.

* See application, terms and details.

See Rates & Fees
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 15 months
0% Intro APR for 15 months
16.24% - 27.24% Variable APR
$0
Excellent/Good

CAPITAL ONE VENTUREONE REWARDS CREDIT CARD

at Capital One'ssecure website

AIR MILES RATING

★★★★★

4.9

OVERALL RATING

4.9/5.0

* $0 annual fee and no foreign transaction fees
* Earn a bonus of 20,000 miles once you spend $500 on purchases within 3 months
from account opening, equal to $200 in travel
* Earn unlimited 1.25X miles on every purchase, every day
* Miles won't expire for the life of the account and there's no limit to how
many you can earn
* Earn 5X miles on hotels and rental cars booked through Capital One Travel,
where you'll get Capital One's best prices on thousands of trip options
* Use your miles to get reimbursed for any travel purchase—or redeem by booking
a trip through Capital One Travel

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 15 months
0% for 15 months
19.24% - 29.24% (Variable)
$0
Excellent, Good

CAPITAL ONE VENTURE REWARDS CREDIT CARD

at Capital One'ssecure website

AIR MILES RATING

★★★★★

4.8

OVERALL RATING

4.8/5.0

* Enjoy a one-time bonus of 75,000 miles once you spend $4,000 on purchases
within 3 months from account opening, equal to $750 in travel
* Earn unlimited 2X miles on every purchase, every day
* Miles won't expire for the life of the account and there's no limit to how
many you can earn
* Receive up to a $100 credit for Global Entry or TSA PreCheck®
* Enjoy two complimentary visits per year to Capital One Lounges or to 100+
Plaza Premium Lounges through our Partner Lounge Network
* Earn 5X miles on hotels and rental cars booked through Capital One Travel,
where you'll get Capital One's best prices on thousands of trip options

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
20.24% - 28.24% (Variable)
$95
Excellent, Good

All Air Miles credit cards
All Cash Back credit cards »

#1 IN "CASH BACK"

CHASE FREEDOM UNLIMITED®

at Chase'ssecure website

CASH BACK RATING

★★★★★

5.0

OVERALL RATING

4.9/5.0
Our Review »
* INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up
to $20,000 spent in the first year) - worth up to $300 cash back!
* Enjoy 6.5% cash back on travel purchased through Chase Ultimate Rewards®, our
premier rewards program that lets you redeem rewards for cash back, travel,
gift cards and more; 4.5% cash back on drugstore purchases and dining at
restaurants, including takeout and eligible delivery service, and 3% on all
other purchases (on up to $20,000 spent in the first year).
* After your first year or $20,000 spent, enjoy 5% cash back on Chase travel
purchased through Ultimate Rewards®, 3% cash back on drugstore purchases and
dining at restaurants, including takeout and eligible delivery service, and
unlimited 1.5% cash back on all other purchases.
* No minimum to redeem for cash back. You can choose to receive a statement
credit or direct deposit into most U.S. checking and savings accounts. Cash
Back rewards do not expire as long as your account is open!
* Enjoy 0% Intro APR for 15 months from account opening on purchases and
balance transfers, then a variable APR of 19.24% - 27.99%.
* No annual fee - You won't have to pay an annual fee for all the great
features that come with your Freedom Unlimited® card

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 15 months
0% Intro APR on Balance Transfers 15 months
19.24% - 27.99% Variable
$0
Good/Excellent

CITI® DOUBLE CASH CARD

at Citi'ssecure website

CASH BACK RATING

★★★★★

4.9

OVERALL RATING

4.8/5.0
Our Review »
* Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an
additional 1% as you pay for those purchases.
* To earn cash back, pay at least the minimum due on time.
* Balance Transfer Only Offer: 0% intro APR on Balance Transfers for 18 months.
After that, the variable APR will be 18.24% - 28.24%, based on your
creditworthiness.
* Balance Transfers do not earn cash back. Intro APR does not apply to
purchases.
* If you transfer a balance, interest will be charged on your purchases unless
you pay your entire balance (including balance transfers) by the due date
each month.
* There is an intro balance transfer fee of 3% of each transfer (minimum $5)
completed within the first 4 months of account opening. After that, your fee
will be 5% of each transfer (minimum $5).

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
0% Intro APR Period 18 months on Balance Transfers
18.24% - 28.24% (Variable)
$0
Excellent, Good

BANK OF AMERICA® CUSTOMIZED CASH REWARDS CREDIT CARD

at Bank Of America'ssecure website

CASH BACK RATING

★★★★★

4.8

OVERALL RATING

4.8/5.0
Our Review »
* $200 online cash rewards bonus after you make at least $1,000 in purchases in
the first 90 days of account opening.
* Earn 3% cash back in the category of your choice, automatic 2% at grocery
stores and wholesale clubs (up to $2,500 in combined choice category/grocery
store/wholesale club quarterly purchases) and unlimited 1% on all other
purchases.
* If you're a Preferred Rewards member, you can earn 25%-75% more cash back on
every purchase. That means you could earn 3.75%-5.25% cash back on purchases
in your choice category.
* No annual fee and no expiration on rewards.
* New longer intro period! 0% Introductory APR for 18 billing cycles for
purchases, and for any balance transfers made in the first 60 days. After the
intro APR offer ends, 18.24% - 28.24% Variable APR will apply. A 3% fee (min
$10) applies to all balance transfers.
* Contactless Cards - The security of a chip card, with the convenience of a
tap.
* This online only offer may not be available if you leave this page or if you
visit a Bank of America financial center. You can take advantage of this
offer when you apply now.

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 18 billing cycles for purchases
0% Intro APR for 18 billing cycles for any balance transfers made in the first
60 days
18.24% - 28.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

All Cash Back credit cards
All 0% Intro APR credit cards »

#1 IN "0% INTRO APR"

BANKAMERICARD® CREDIT CARD

at Bank Of America'ssecure website

0% INTRO APR RATING

★★★★★

4.9

OVERALL RATING

4.6/5.0
Our Review »
* New longer intro period! 0% Introductory APR for 21 billing cycles for
purchases, and for any balance transfers made in the first 60 days. After the
intro APR offer ends, 16.24% - 26.24% Variable APR will apply. A 3% fee (min
$10) applies to all balance transfers.
* No annual fee.
* No penalty APR. Paying late won't automatically raise your interest rate
(APR). Other account pricing and terms apply.
* Access your FICO® Score for free within Online Banking or your Mobile Banking
app.
* Contactless Cards - The security of a chip card, with the convenience of a
tap.
* This online only offer may not be available if you leave this page or if you
visit a Bank of America financial center. You can take advantage of this
offer when you apply now.

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 21 billing cycles for purchases
0% Intro APR for 21 billing cycles for any balance transfers made in the first
60 days
16.24% - 26.24% Variable APR on purchases and balance transfers
$0
Excellent/Good

CHASE SLATE EDGE℠

at Chase'ssecure website

0% INTRO APR RATING

★★★★★

4.9

OVERALL RATING

4.6/5.0
Our Review »
* Start off strong with 0% Intro APR for 18 months from account opening on
purchases and balance transfers. A variable APR of 19.24% - 27.99% on balance
transfers and purchases after the introductory period ends.
* Lower your interest rate by 2% each year. Automatically be considered for an
APR reduction when you pay on time, and spend at least $1000 on your card by
your next account anniversary.
* Raise your credit limit. Get an automatic, one-time review for a higher
credit limit when you pay on time, and spend $500 in your first six months.
* All for no annual fee - You won't have to pay an annual fee for all the great
features that come with your Slate Edge℠ card
* Keep tabs on your credit health - Chase Credit Journey helps you monitor your
credit with free access to your latest score, real-time alerts, and more

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 18 months
0% Intro APR on Balance Transfers 18 months
19.24% - 27.99% Variable
$0
Good/Excellent

BANK OF AMERICA® UNLIMITED CASH REWARDS CREDIT CARD

at Bank Of America'ssecure website

0% INTRO APR RATING

★★★★★

4.8

OVERALL RATING

4.7/5.0
Our Review »
* $200 online cash rewards bonus after you make at least $1,000 in purchases in
the first 90 days of account opening.
* Earn unlimited 1.5% cash back on all purchases.
* If you're a Preferred Rewards member, you can earn 25%-75% more cash back on
every purchase. That means you could earn 1.87%-2.62% cash back on every
purchase with Preferred Rewards.
* No annual fee.
* No limit to the amount of cash back you can earn and cash rewards don’t
expire.
* New longer intro period! 0% Introductory APR for 18 billing cycles for
purchases, and for any balance transfers made in the first 60 days. After the
intro APR offer ends, 18.24% - 28.24% Variable APR will apply. A 3% fee (min
$10) applies to all balance transfers.
* Contactless Cards - The security of a chip card, with the convenience of a
tap.
* This online only offer may not be available if you leave this page or if you
visit a Bank of America financial center. You can take advantage of this
offer when you apply now.

* See application, terms and details.

All 0% Intro APR credit cards
All 0% Balance Transfer credit cards »

#1 IN "0% BALANCE TRANSFER"

DISCOVER IT® BALANCE TRANSFER

at Discover Card'ssecure website

0% BALANCE TRANSFER RATING

★★★★★

5.0

OVERALL RATING

4.9/5.0
Our Review »
* INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will
automatically match all the cash back you’ve earned at the end of your first
year! There’s no minimum spending or maximum rewards. You could turn $150
cash back into $300.
* Earn 5% cash back on everyday purchases at different places each quarter like
Amazon.com, grocery stores, restaurants, and gas stations, up to the
quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all
other purchases – automatically.
* Discover helps remove your personal information from select people-search
websites. Activate by mobile app for free.
* Every $1 you earn in cash back is $1 you can redeem.
* No annual fee.
* Click "Apply Now" to see terms and conditions.

* See application, terms and details.

See Rates & Fees
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 6 months
0% Intro APR for 18 months
16.24% - 27.24% Variable APR
$0
Excellent/Good

BANKAMERICARD® CREDIT CARD

at Bank Of America'ssecure website

0% BALANCE TRANSFER RATING

★★★★★

4.9

OVERALL RATING

* See application, terms and details.

CITI SIMPLICITY® CARD

at Citi'ssecure website

0% BALANCE TRANSFER RATING

★★★★★

4.9

OVERALL RATING

4.5/5.0
Our Review »
* No Late Fees, No Penalty Rate, and No Annual Fee... Ever
* 0% Intro APR for 21 months on balance transfers from date of first transfer
and 0% Intro APR for 12 months on purchases from date of account opening.
After that the variable APR will be 18.24% - 28.99%, based on your
creditworthiness. Balance transfers must be completed within 4 months of
account opening.
* There is an introductory balance transfer fee of $5 or 3% of the amount of
the transfer, whichever is greater for balances transfers completed within 4
months of account opening.
* Stay protected with Citi® Quick Lock and $0 liability on unauthorized charges

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR Period 12 months on Purchases
0% Intro APR Period 21 months on Balance Transfers
18.24% - 28.99% (Variable)
$0
Excellent, Good Credit

All 0% Balance Transfer credit cards
All Points & Gifts credit cards »

#1 IN "POINTS & GIFTS"

CHASE SAPPHIRE RESERVE®

at Chase'ssecure website

POINTS & GIFTS RATING

★★★★★

4.9

OVERALL RATING

4.7/5.0
Our Review »
* Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3
months from account opening. That's $900 toward travel when you redeem
through Chase Ultimate Rewards®
* $300 Annual Travel Credit as reimbursement for travel purchases charged to
your card each account anniversary year.
* Earn 5x total points on flights and 10x total points on hotels and car
rentals when you purchase travel through Chase Ultimate Rewards® immediately
after the first $300 is spent on travel purchases annually. Earn 3x points on
other travel and dining & 1 point per $1 spent on all other purchases
* Get 50% more value when you redeem your points for travel through Chase
Ultimate Rewards®. For example, 60,000 points are worth $900 toward travel
* 1:1 point transfer to leading airline and hotel loyalty programs
* Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment
in Priority Pass™ Select and up to $100 application fee credit every four
years for Global Entry, NEXUS, or TSA PreCheck®

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
21.24% - 28.24% Variable
$550
Good/Excellent

CHASE SAPPHIRE PREFERRED® CARD

at Chase'ssecure website

POINTS & GIFTS RATING

★★★★★

4.8

OVERALL RATING

4.9/5.0
Our Review »
* Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3
months from account opening. That's $750 when you redeem through Chase
Ultimate Rewards®.
* Enjoy benefits such as a $50 annual Ultimate Rewards Hotel Credit, 5x on
travel purchased through Chase Ultimate Rewards®, 3x on dining and 2x on all
other travel purchases, plus more.
* Get 25% more value when you redeem for airfare, hotels, car rentals and
cruises through Chase Ultimate Rewards®. For example, 60,000 points are worth
$750 toward travel.
* Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision
Damage Waiver, Lost Luggage Insurance and more.
* Get complimentary access to DashPass which unlocks $0 delivery fees and lower
service fees for a minimum of one year when you activate by December 31,
2024.

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
20.24% - 27.24% Variable
$95
Good/Excellent

INK BUSINESS PREFERRED® CREDIT CARD

at Chase'ssecure website

POINTS & GIFTS RATING

★★★★★

4.8

OVERALL RATING

4.7/5.0
Our Review »
* Earn 100k bonus points after you spend $15,000 on purchases in the first 3
months from account opening. That's $1,000 cash back or $1,250 toward travel
when redeemed through Chase Ultimate Rewards®
* Earn 3 points per $1 on the first $150,000 spent on travel and select
business categories each account anniversary year. Earn 1 point per $1 on all
other purchases
* With Fraud Protection your card transactions will be monitored for possible
signs of fraudulent activity using real-time fraud monitoring
* With Zero Liability you won't be held responsible for unauthorized charges
made with your card or account information
* Redeem points for cash back, gift cards, travel and more - your points don't
expire as long as your account is open
* Points are worth 25% more when you redeem for travel through Chase Ultimate
Rewards®

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
20.24% - 25.24% Variable
$95
Good/Excellent

All Points & Gifts credit cards
All Business credit cards »

#1 IN "BUSINESS"

INK BUSINESS UNLIMITED® CREDIT CARD

at Chase'ssecure website

BUSINESS CARD RATING

★★★★★

4.7

OVERALL RATING

4.6/5.0
Our Review »
* BEST OFFER EVER: Earn $900 bonus cash back after you spend $6,000 on
purchases in the first 3 months from account opening
* Earn unlimited 1.5% cash back on every purchase made for your business
* No Annual Fee
* Redeem rewards for cash back, gift cards, travel and more through Chase
Ultimate Rewards®.
* Earn rewards faster with employee cards at no additional cost. Set individual
spending limits for greater control.
* With Fraud Protection your card transactions will be monitored for possible
signs of fraudulent activity using real-time fraud monitoring.

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR on Purchases 12 months
N/A 12 months
17.49% - 23.49% Variable
$0
Good/Excellent

CAPITAL ONE SPARK MILES FOR BUSINESS

at Capital One'ssecure website

BUSINESS CARD RATING

★★★★★

4.7

OVERALL RATING

4.7/5.0

* Earn a one-time bonus of 50,000 miles – equal to $500 in travel – once you
spend $4,500 on purchases within the first 3 months from account opening
* Earn unlimited 2X miles per dollar on every purchase, everywhere, no limits
or category restrictions, and miles won't expire for the life of the account
* Unlimited 5X miles on hotels and rental cars booked through Capital One
Travel
* Transfer your miles to 15+ travel loyalty programs
* Redeem your miles instantly for any travel-related purchases, from flights
and hotels to ride-sharing services
* Fly through security with one statement credit for either the $85 TSA
PreCheck® application fee or the $100 Global Entry application fee

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
25.24% (Variable)
$0 intro for first year; $95 after that
Excellent, Good

CAPITAL ONE SPARK CASH SELECT – 0% INTRO APR FOR 12 MONTHS

at the issuer'ssecure website

BUSINESS CARD RATING

★★★★★

4.7

OVERALL RATING

4.7/5.0

* 0% Intro APR for the first 12 months; 20.24% - 28.24% variable APR after that
* Earn unlimited 1.5% cash back for your business on every purchase, everywhere
— with no limits or category restrictions
* No annual fee
* Earn unlimited 5% cash back on hotels and rental cars booked through Capital
One Travel
* Rewards won't expire for the life of the account
* Redeem your cash back rewards for any amount

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 12 months
N/A
20.24% - 28.24% (Variable)
$0
Good

All Business credit cards
All Secured credit cards »

#1 IN "SECURED"

CAPITAL ONE QUICKSILVER SECURED CASH REWARDS CREDIT CARD

at Capital One®'ssecure website

SECURED RATING

★★★★★

4.8

OVERALL RATING

4.0/5.0

* No annual or hidden fees, and you can earn unlimited 1.5% cash back on every
purchase, every day. See if you're approved in seconds
* Put down a refundable $200 security deposit to get a $200 initial credit line
* Building your credit? Using a card like this responsibly could help
* Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible
for unauthorized charges
* You could earn back your security deposit as a statement credit when you use
your card responsibly, like making payments on time
* Be automatically considered for a higher credit line in as little as 6 months
with no additional deposit needed

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
29.74% (Variable)
$0
Limited, Bad

CAPITAL ONE PLATINUM SECURED CREDIT CARD

at Capital One®'ssecure website

SECURED RATING

★★★★★

4.7

OVERALL RATING

4.0/5.0

* No annual or hidden fees. See if you're approved in seconds
* Building your credit? Using the Capital One Platinum Secured card responsibly
could help
* Put down a refundable security deposit starting at $49 to get a $200 initial
credit line
* You could earn back your security deposit as a statement credit when you use
your card responsibly, like making payments on time
* Be automatically considered for a higher credit line in as little as 6 months
with no additional deposit needed
* Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible
for unauthorized charges

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
29.74% (Variable)
$0
Limited, Bad

DISCOVER IT® SECURED CREDIT CARD

at Discover Card'ssecure website

SECURED RATING

★★★★★

4.7

OVERALL RATING

4.0/5.0
Our Review »
* No credit score required to apply.
* No Annual Fee, earn cash back, and build your credit with responsible use.
* Establish your credit line by providing a refundable security deposit of at
least $200. That means a $200 deposit for a $200 credit line. Or a $500
deposit for a $500 credit line. Bank information must be provided when
submitting your deposit, and the security deposit equals your credit limit.
* Automatic reviews starting at 7 months to see if we can transition you to an
unsecured line of credit and return your deposit.
* Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined
purchases each quarter. Plus, earn unlimited 1% cash back on all other
purchases – automatically.
* Discover helps remove your personal information from select people-search
websites. Activate by mobile app for free.

* See application, terms and details.

See Rates & Fees
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
10.99% Intro APR for 6 months
27.24% Variable APR
$0
New/Rebuilding

All Secured credit cards
All Student credit cards »

#1 IN "STUDENT"

DISCOVER IT® STUDENT CASH BACK

at Discover Card'ssecure website

STUDENT RATING

★★★★★

4.8

OVERALL RATING

4.5/5.0
Our Review »
* INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will
automatically match all the cash back you’ve earned at the end of your first
year! So you could turn $50 cash back into $100. Or turn $100 into $200.
There’s no minimum spending or maximum rewards. Just a dollar-for-dollar
match.
* Earn 5% cash back on everyday purchases at different places each quarter like
Amazon.com, grocery stores, restaurants, and gas stations, up to the
quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all
other purchases – automatically.
* No credit score required to apply.
* Discover helps remove your personal information from select people-search
websites. Activate by mobile app for free.
* No annual fee and build your credit with responsible use.
* 0% intro APR on purchases for 6 months, then the standard variable purchase
APR of 17.24% - 26.24% applies.

* See application, terms and details.

See Rates & Fees
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 6 months
10.99% Intro APR for 6 months
17.24% - 26.24% Variable APR
$0
Fair/New to Credit

DISCOVER IT® STUDENT CHROME

at Discover Card'ssecure website

STUDENT RATING

★★★★★

4.5

OVERALL RATING

4.0/5.0
Our Review »
* INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will
automatically match all the cash back you’ve earned at the end of your first
year! So you could turn $50 cash back into $100. Or turn $100 into $200.
There’s no minimum spending or maximum rewards. Just a dollar-for-dollar
match.
* Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined
purchases each quarter. Plus, earn unlimited 1% cash back on all other
purchases – automatically.
* No credit score required to apply.
* Discover helps remove your personal information from select people-search
websites. Activate by mobile app for free.
* No annual fee and build your credit with responsible use.
* 0% intro APR on purchases for 6 months, then the standard variable purchase
APR of 17.24% - 26.24% applies.

* See application, terms and details.

See Rates & Fees
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% Intro APR for 6 months
10.99% Intro APR for 6 months
17.24% - 26.24% Variable APR
$0
Fair/New to Credit

All Student credit cards
All Fair Credit credit cards »

#1 IN "FAIR CREDIT"

CAPITAL ONE PLATINUM CREDIT CARD

at Capital One®'ssecure website

FAIR CREDIT RATING

★★★★★

4.7

OVERALL RATING

4.0/5.0

* No annual or hidden fees. See if you're approved in seconds
* Be automatically considered for a higher credit line in as little as 6 months
* Help build your credit through responsible use of a card like this
* Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible
for unauthorized charges
* Monitor your credit score with CreditWise from Capital One. It's free for
everyone
* Get access to your account 24 hours a day, 7 days a week with online banking
from your desktop or smartphone, with Capital One's mobile app

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
29.74% (Variable)
$0
Average, Fair, Limited

CAPITAL ONE QUICKSILVERONE CASH REWARDS CREDIT CARD

at Capital One®'ssecure website

FAIR CREDIT RATING

★★★★★

4.7

OVERALL RATING

4.5/5.0

* Earn unlimited 1.5% cash back on every purchase, every day
* No rotating categories or limits to how much you can earn, and cash back
doesn't expire for the life of the account. It's that simple
* Be automatically considered for a higher credit line in as little as 6 months
* Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible
for unauthorized charges
* Help strengthen your credit for the future with responsible card use
* Enjoy up to 6 months of complimentary Uber One membership statement credits
through 11/14/2024

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
29.74% (Variable)
$39
Average, Fair, Limited

FORTIVA® MASTERCARD® CREDIT CARD

at Fortiva'ssecure website

FAIR CREDIT RATING

★★★★★

4.6

OVERALL RATING

4.4/5.0
Our Review »
* With the Fortiva® Mastercard® Credit Card, you earn up to a 3% cash back
reward
* Make contactless payments through Mobile Wallet
* Periodic Credit Increase Reviews
* Free access to your Vantage 3.0 score from Equifax†

* † Your credit score will be available in your online account 60 days after
your account is opened. (Registration required) The free VantageScore 3.0
credit score provided by Equifax is for educational purposes only and may not
be used by The Bank of Missouri (the issuer of this card) or other creditors
to make credit decisions.

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
29.99% OR 36% (V)
As low as $85
Fair

All Fair Credit credit cards
All No/Limited Credit credit cards »

#1 IN "NO/LIMITED CREDIT"

CAPITAL ONE PLATINUM CREDIT CARD

at Capital One®'ssecure website

NO/LIMITED CREDIT RATING

★★★★★

4.7

OVERALL RATING

4.0/5.0

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
29.74% (Variable)
$0
Average, Fair, Limited

CAPITAL ONE QUICKSILVER STUDENT CASH REWARDS CREDIT CARD

at Capital One®'ssecure website

NO/LIMITED CREDIT RATING

★★★★★

4.7

OVERALL RATING

4.6/5.0

* Earn unlimited 1.5% cash back on every purchase, every day
* Early Spend Bonus: Earn $50 when you spend $100 in the first three months
* Earn 10% cash back on purchases made through Uber & Uber Eats, plus
complimentary Uber One membership statement credits through 11/14/2024
* Enjoy peace of mind with $0 Fraud Liability so that you won't be responsible
for unauthorized charges
* Enjoy no annual fee, foreign transaction fees, or hidden fees
* Lock your card in the Capital One Mobile app if it's misplaced, lost or
stolen

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
19.24% - 29.24% (Variable)
$0
Average, Fair, Limited

CAPITAL ONE QUICKSILVERONE CASH REWARDS CREDIT CARD

at Capital One®'ssecure website

NO/LIMITED CREDIT RATING

★★★★★

4.6

OVERALL RATING

4.5/5.0

* See application, terms and details.

Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
29.74% (Variable)
$39
Average, Fair, Limited

All No/Limited Credit credit cards

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REVIEW BREAKDOWN: BEST CREDIT CARDS

What is the best credit card to have for 2023? Below is a simple summary of our
top credit card reviews, along with current features for each offer. Simply
click the card name to visit the issuer's official site and apply for the card
that's right for you.

HERE ARE THE BEST CREDIT CARDS OF 2023:

Best For Card Name Feature Expert Rating Best Overall Discover it® Cash Back 1%
cash back ★★★★★ 4.9 Air Miles Discover it® Miles 1.5x Miles on every dollar
★★★★★ 4.9 Cash Back Chase Freedom Unlimited® 1.5% cash back ★★★★★ 5.0 0% Intro
APR BankAmericard® credit card 0% Intro APR ★★★★★ 4.9 0% Balance Transfer
Discover it® Balance Transfer 0% Balance Transfer ★★★★★ 5.0 Points & Gifts Chase
Sapphire Reserve® 60,000 bonus points ★★★★★ 4.9 Business Ink Business Unlimited®
Credit Card Unlimited 1.5% cash back ★★★★★ 4.7 Secured Capital One Quicksilver
Secured Cash Rewards Credit Card Secured ★★★★★ 4.8 Student Discover it® Student
Cash Back 1% cash back ★★★★★ 4.8 Fair Credit Capital One Platinum Credit Card
Higher credit line ★★★★★ 4.7 No/Limited Credit Capital One Platinum Credit Card
No/Limited Credit ★★★★★ 4.7

HOW TO CHOOSE AMONG THE BEST CREDIT CARDS

By: Eric Bank
Finance Expert
Updated: January 17, 2022

CardRates.com Guide: Best Credit Cards

Selecting the best credit cards for your wallet or the best car for your garage
involves a wealth of choices. But consider this — the credit card and automobile
industries are alike in that both have specific offerings to fit different
well-defined markets.

Whether you want an economical product with just the basic features or a fancy
version sporting all sorts of bells and whistles, there awaits a car and a
credit card offer that will suit you to a T.

Types of Credit Cards | How to Choose the Right Card | FAQs

EVALUATE THE DIFFERENT TYPES OF CREDIT CARDS

With literally hundreds of credit cards available on the market today —
thousands if you include those offered by local credit unions and community bank
cards — it may be hard to decide which piece of plastic is right for your
wallet.

When it comes time to select your next credit card, use these tips to help you
choose the one — or more — for your needs.

CREDIT CARDS FOR BAD CREDIT

Consumers with bad credit can obtain unsecured credit cards even when they have
subprime credit scores. The issuers of these cards are willing to take a leap of
faith that you’ll pay your bill on time despite the blemishes on your credit
report. But before you get all misty-eyed about their merciful attitude, know
that the issuers of these cards take several precautions before approving your
application.

Expect to encounter high APRs, high fees (and plenty of them), and low credit
limits. These precautions help cushion issuers against the risk of you
defaulting on your payments. With rare exceptions, rewards are meager, and
benefits are basic.

Nevertheless, when you need to rebuild your credit profile, these cards can do
the trick if you play by the rules.

CREDIT CARDS FOR NO/LIMITED CREDIT

You gotta start somewhere, and in the credit world, that means establishing a
profile based on how you handle debt. If you’ve not had much experience in that
regard, a credit card for no or limited credit is a great way to begin.

If you are a millennial, you have a well-founded reputation for being skeptical
about debt and credit. You’ve lived through the Great Recession and saw how it
affected your family. But as time passes and you establish your own household,
you may begin to warm to the idea of owning your first credit card.

The characteristics of cards in this category overlap with those marketed to
folks with bad credit. They are high-fee, high-APR cards with tight credit
limits. Their utility lies in the fact that they report your card payments to
the three major credit bureaus (Experian, TransUnion, or Equifax).

By paying on time, staying within your credit limits, and using the card
responsibly, you should see your credit score established quickly. That score
should improve as you continue your creditworthy behavior month after month. In
fact, some cards may offer you a higher credit limit when you pay your bills on
time for at least six months in a row.

CREDIT CARDS FOR FAIR CREDIT

A fair credit score ranges from 580 to 669 on the FICO scale. If you fall into
this category, you should be able to access a broad variety of credit cards.

However, you’ll need to boost your score if you want to obtain a credit card
offer with the best rates and terms. This involves practicing the universal
virtues of always paying on time and keeping your account balances low.

You should expect some nice features from the cards for fair credit consumers.
These include membership rewards, such as rewards points or cash back, and the
convenience of mobile apps to manage your account.

Some of these cards waive annual fees and foreign transaction fees and may offer
you a higher credit limit after six months of timely payments. APRs for this
group are generally lower than those for bad- or no-credit consumers.

A fair credit score frees you from having to consider a secured card with its
deposit requirements and modest credit lines. You can instead turn your
attention to factors that are keeping you from a good credit score.

The best place to start is by reviewing your credit reports and disputing any
erroneous information. Removing inaccuracies from your reports can increase your
score by dozens of points or more.

By the way, sometimes the names of credit cards are grander than their benefits.
Many cards for fair credit have names like “Platinum card” or “Select Platinum
card”. That’s American marketing at its best.

CREDIT CARDS FOR GOOD CREDIT

A good credit score (670 to 739 on the FICO scale) makes you eligible for most
credit cards. It gets even better if your score is very good (740 to 799). With
a good score, you not only get multi-featured credit cards, but also easier
approval for new credit, utility accounts, and rental properties.

One thing you immediately notice among credit cards for good credit is that most
offer introductory promotions with which you earn bonus rewards. You earn these
by spending the required amount on purchases during the first three months after
opening the account. You’ll also find many cards with introductory periods
ranging from six to 18 months of 0% APR on eligible purchases and balance
transfers.

Rewards are the rule for cards in this category, in the form of cash, miles, or
points. The reward programs may be as simple as a flat rate on all purchases or
more complex tiered and rotating-category schemes. You’re free to consider the
cards that best match your lifestyle, whether you are a frequent traveler or a
cost-conscious shopper.

CREDIT CARDS FOR EXCELLENT CREDIT

Exemplary credit habits can deliver you into the rarefied universe of credit
cards for excellent credit (800 to 850 on the FICO range). You now can own cards
with fabulous rewards, high credit limits, and nosebleed annual fees.

This is not to say you can’t also choose a card with nice benefits and an annual
fee below $100. But if you dare not settle for second best, then you’ll love the
generous reward programs and elegant benefits, such as free airport lounge
access, travel/baggage insurance, and exclusive tickets to events and venues,
that the most exclusive cards offer.

Cards in this range offer the lowest APRs and the highest credit limits in the
industry. Five-figure credit lines are not uncommon, and some cards are rumored
to offer six-figure lines.

The very top cards demand more than a FICO score of 800+, as some also set
minimums for income and card spending. We can quote you some of these minimums,
but if you have to ask….

CASH BACK CREDIT CARDS

There is something simple and comforting about cash back cards, almost like the
chicken soup of rewards. No rewards points or miles to juggle, just cash in on
all its glory. With numerous cash back cards to choose from, you should be able
to find a card you like even if your credit score is less than perfect.

But don’t assume that all cash back reward cards are basically the same. A
flat-rate cash back card is designed for busy folks who don’t have time to track
points or activate bonus categories. If you consistently favor a particular type
of spending, such as travel, dining, or grocery/gasoline purchases, you may
prefer a tiered card with higher rewards for select spending.

If you’re looking for the highest rewards with a little variety thrown in,
consider cards with quarterly rotating categories of bonus rewards. You must
remember to activate the new category every three months, but you’ll be amply
rewarded with up to 5% or more cash back on the quarter’s featured purchases and
1% on everyday purchases.

Also, be on the lookout for cards that offer matching cashback and/or extra
redemption power that lets your cash go further.

AIR MILES CREDIT CARDS

Enduring an airplane trip should be more rewarding than simply arriving at the
correct destination. With air miles credit cards, you can earn frequent flyer
miles on eligible travel purchases. When you accumulate enough miles, you can
redeem them to reduce or eliminate fares, upgrade your seat, or reduce the cost
of other eligible travel purchases.

Mileage cards are travel-oriented, so you should expect benefits and travel
rewards that coincide with that theme. For example, better mileage cards may
offer free travel insurance, car rental collision damage waiver, and free stays
at selected hotels and resorts. Many mileage cards allow you to transfer your
miles to the frequent flyer programs of travel partners.

If you always fly a particular airline, you can acquire a co-branded airline
credit card with the best travel rewards available for flying on that carrier.
If your choice of airlines is more flexible, consider a general-purpose travel
card that earns rewards on all flights.

Look for cards that don’t impose blackout dates and brand restrictions. Some
cards add extra value to your miles when you redeem them for travel through the
card’s reward website. Most mileage cards let you redeem your miles for cash if
you prefer.

POINTS CREDIT CARDS

Flexibility is the chief attraction of points credit cards because you can use
points in so many ways. You can get points cards for travel, business, dining,
gas, hotels, and airlines, among other categories. Moreover, you can redeem
points for warm, friendly cash. Whatever your preference, pay attention to ways
you can maximize credit card points and perks.

When you compare competing points cards, consider the total package of benefits
and rewards. For example, if you don’t travel much, a card that offers 5X points
for hotel stays may not be a better choice than another card with 3X points on
all purchases. And a gas points card is of little value to my non-driving
friends in Manhattan.

External events like the pandemic may influence your choice of points cards. We
all must eat, but maybe you are a little hesitant about dining out right now.

In that case, you’ll prefer a card that offers extra points for grocery shopping
and/or meal deliveries. If you’re planning a big-ticket purchase, a points card
with a generous welcome bonus offer softens the sticker shock.

BALANCE TRANSFER CREDIT CARDS

Let’s be honest – sometimes credit card debt gets out of hand. If you’ve maxed
out several cards and are having trouble making multiple payments each month, a
balance transfer card can help you regain control. Balance transfer credit cards
let you consolidate all that debt onto a single credit card and then concentrate
on paying down the balance.

While many credit cards permit balance transfers, certain cards specialize in
this offering. They offer a low balance transfer fee as well as an extended
introductory period (as long as 18 months) of 0% APR on transferred balances.

As you narrow your choices, consider the rewards and perks of each balance
transfer card to see which works best for you. Pay attention to whether the card
sets a deadline for eligible transfers that is well before the end of the
introductory period.

To improve your debt situation, consider balance transfers to be a process
rather than individual events. Adopt a general moratorium on additional credit
card purchases until you’ve substantially paid down your current balance.

Always pay more than the minimum amount due. Ideally, you will be able to retire
your account balance by the time the introductory 0% APR period expires.

Finally, don’t close the credit card accounts that you emptied during the
transfer, even if you don’t plan to use them. Canceling card accounts doesn’t
help your credit score and could hurt it by increasing your credit utilization
ratio. Just remember to use the card at least once a year to keep it from going
dormant.

0% INTRO APR CREDIT CARDS

Part of the American dream is to purchase items with your credit card, stretch
the payments over a period of six to 18 months, and pay no interest on the
unpaid balance. Behold, that dream is a reality when you get a 0% intro APR
credit card. Eventually, the offer expires, but that’s when many folks look for
another card providing a similar promotion.

During the introductory period, your eligible purchases will automatically
escape interest charges without any special effort on your part. Naturally,
you’ll want to consider the cards with the longest no-interest periods. That
translates to 15 to 18 months of 0% APR on new purchases and up to 21 months on
no-interest balance transfers.

Keep a few things in mind when applying for a 0% APR credit card. Every card
application reduces your credit score by five to 10 points, although the impact
dissipates after one year. In addition, you reduce your average account age
whenever you get a new card, which is another negative factor for scores.

Don’t confuse a 0% APR offer on a regular credit card with a special financing
offer on a store-brand card. On a regular card, your interest is forgiven during
the introductory period, whereas interest is deferred on the store card. That
deferred interest is only forgiven if you fully repay your balance by the
designated deadline, otherwise, you’ll retroactively owe the full amount of
deferred interest.

LOW APR CREDIT CARDS

If a credit card with a 0% APR introductory offer can be compared to a
honeymoon, then a card with a permanent low APR is more akin to a long marriage.
After the introductory period expires, you’re left with the reality of paying
interest on balances you carry over multiple billing periods. Low APR credit
cards can make the transition smoother and inflict less damage on your budget.

Virtually all credit cards offer a variable APR that rides up and down with the
Prime Rate or similar index. The lowest APRs on unsecured cards generally begin
around 13%, while secured cards start at about 10%. You’ll need good to
excellent credit to get the lowest-APR unsecured cards, but your credit score is
immaterial for a secured card.

The best way to avoid interest is to pay your account balance in full every
month. Most cards have a grace period of at least 21 days after the end of a
billing cycle in which you can pay in full to avoid interest.

If your current card doesn’t have a low APR, you may try negotiating with the
issuer for a rate reduction. It always helps to improve your credit score to
qualify for a lower APR.

STUDENT CREDIT CARDS

Whether you are a student who attends college on campus or online, you have
access to a nice selection of student credit cards designed just for you.
Typically, these cards share certain characteristics, including no credit
history requirement, no or low fees, cash back rewards, and special perks just
for students. For instance, a student credit card may offer you a cash bonus for
good academic grades.

Student cards are unusual in that they offer rewards even though the owner may
have no credit score. Some cards offer flat-rate cash back while others may
offer bonus rewards on student-friendly categories like grocery stores, gas
stations, and restaurants. A student card from Discover will offer Cashback
Match for the first year after opening the account.

If you are planning to study outside the United States, check out the best
study-abroad credit cards for various useful features. These include student
cards that charge no foreign transaction fee, offer generous dining rewards,
don’t require credit history, and provide chip and PIN technology. Before you go
abroad, it’s a good idea to notify the credit card company so it won’t put a
security hold on your first foreign transaction.

BUSINESS CREDIT CARDS

A business credit card can provide financing and rewards that reduce the cost of
operating a business. The best business credit cards provide cash back on
purchases, large introductory bonuses, high credit limits, periodic summaries,
and employee cards at no additional cost.

The cash back credit card rewards are frequently tied to business-oriented
expenditures, such as those for office supplies and phone and internet services.
Travel, gasoline, and restaurant purchases are also popular cash back categories
for a business credit card.

Naturally, you’ll prefer to receive a card’s benefits without having to pay an
annual or foreign transaction fee. If your business requires extensive travel,
you may select a card that offers miles or points. And a reward rate higher than
1% for everyday purchases is a plus.

Additionally, a long introductory period (at least 12 months) of 0% APR makes it
easier to finance unavoidable purchases. If you think you’ll need to borrow in
the short term, look for business credit cards with lower-than-average cash
advance APRs.

SECURED CREDIT CARDS

Secured credit cards are aimed at consumers with poor or no credit. You obtain a
secured credit card, usually with no credit check, by depositing cash collateral
in an amount that in most cases matches the secured card’s credit limit. The
deposit remains with the issuer until you close the account, at which time the
balance is refunded.

The credit limits on these cards are often quite modest, as low as $200.
However, some cards allow you to secure credit lines of several thousand
dollars. All things being equal, the APRs for secured credit cards are lower
than those for comparable unsecured ones, thanks to the risk reduction provided
by the cash collateral.

The best secured cards offer rewards on purchases, charge no annual fee, and
after six months automatically consider higher credit lines requiring no
additional deposits. All these cards report your payments to at least one major
credit bureau, which gives you the opportunity to improve your credit score by
always paying on time.

PREPAID CARDS

Prepaid cards resemble debit cards with one important difference — you don’t
need a checking account to own a prepaid card. Instead, you load (or reload) the
card with cash. These cards look just like debit cards and are accepted at the
same places.

You can reload your prepaid card with cash at various retail locations or
online. Additionally, many allow you to use government benefits deposits or
payroll direct deposits to replenish the card balance, often without a fee. A
card may allow you to reload using mobile check capture, and some prepaid cards
offer cash back rewards and personalized offers.

Prepaid cards provide peace of mind by avoiding overdrafts, penalty fees,
interest charges, and late fees. Typically, these cards require you to pay a fee
monthly or for each transaction, but they may waive fees for access to select
ATMs. Some prepaid cards have a companion mobile app you can use to manage your
account.

HOW TO CHOOSE THE RIGHT CARD

With so many choices available, it makes sense to spend a little time analyzing
what you want to get out of a credit card. Explore the features, bonuses, and
fees within each card category before picking the one that’s perfect for you.

1. DETERMINE YOUR GOALS

Knowing what you want out of a credit card is important. Do you want to score
free flights? Are you interested in earning cash back? Are you looking more for
a safety net when cash is low? Or perhaps you want to consolidate high-interest
debt from other cards?

Depending on your goals — and, particularly, whether you plan to carry a balance
— your needs will be quite different. A rewards credit card tends to have a
higher interest rate than a non-reward credit card, making it less-than-ideal
for carrying balances from month to month.

If you are only interested in transferring a balance or plan to carry a large
balance, you may be better off applying for a card without rewards or an annual
fee. In exchange for rewards, these cards offer a low interest rate, making them
the preferred choice if you know you’ll roll a balance over from time to time.

Instead, choose a card with an introductory 0% APR offer to get interest-free
financing for 12 months or more.

2. DECIDE WHICH KIND OF REWARDS YOU WANT

If you’ve decided to go with a rewards card, you have several options.

Cash back credit cards earn a percentage of your spending back in cash. Points
credit cards earn points based on the dollar amount you spend. These can usually
be redeemed for cash back, gift cards, travel, merchandise, and events, among
other options. Then there are air miles credit cards that reward you with free
flights and hotel stays.

Selecting the right rewards card for you will come down to your spending habits
and lifestyle. If you spend a lot on dining out and entertainment, select a card
that offers a high rewards rate for those purchases. There’s a card with a bonus
category for nearly any type of purchase, as well as cards with high unlimited
rates.

No matter which type of rewards card you select, make sure you never charge more
than you can afford to repay. Carrying a balance from month to month will result
in interest fees — unless you have an active 0% APR offer — which will almost
always be more expensive than the rewards you earn.

3. CONSIDER INTRODUCTORY OFFERS

While you can easily avoid paying interest charges on your credit card purchases
by paying your balance in full each billing cycle, some purchases simply take
longer to repay than others. In these cases, credit cards that offer
introductory 0% APR offers can be extremely valuable. Thanks to the Credit CARD
Act of 2009, these introductory offers must be at least six months long, with
some of the best offers providing interest-free financing for 12 months or more.

Most intro-APR deals are good on new purchases, though many will also apply to
balance transfers. If you already have credit card debt and want to reduce your
interest fees, transferring the balance to a card with a 0% APR deal can create
instant savings, helping you pay down your debt faster.

Keep in mind that many cards will charge a balance transfer fee, so read the
terms and conditions carefully to know if you’ll be charged a fee.

4. FIGURE OUT THE FEES

Determining which credit card fees will be worth it for you is important. It is
common for rewards cards to have annual fees, though most issuers now have two
tiers of cards: one card with no annual fee and lesser rewards or a low APR and
one card with an annual fee (often close to $100 or more) but with better
rewards.

Before you get a card with an annual fee, do the math to make sure the rewards
and benefits will add up to make the fee worth it. If you won’t be able to earn
enough rewards to cover the cost of the annual fee, it isn’t worth it.

For example, you may find a credit card with no annual fee that offers 3% cash
back on dining purchases, and then another tier card with a $95 annual fee that
offers 4% cash back on dining purchases. If you spend enough on dining each year
that the higher rewards rate will earn you a better net return, then the annual
fee may be worth paying.

Of course, annual fees aren’t the only credit card fees you need to pay.
Interest fees are a part of credit card life, so a low APR is a big boon if you
may carry a balance. Additionally, certain transaction types, like cash advances
and balance transfers, also tend to come with fees on most cards.

WHAT IS A CREDIT CARD?

A credit card is a piece of plastic (or metal or carbon fiber) that contains
information linking it to an account you maintain with the card issuer. Credit
cards carry electronic data in the form of a swipe strip and/or embedded chip
that identifies the card account. Chipped cards contain additional identifying
information as well as your credit limit, current available balance, and other
important data.

A charge card is like a credit card except that it must be fully repaid each
month. American Express is the largest issuer of charge cards. Debit cards
resemble credit cards, but your charges are applied to your checking account
instead of a credit line. A co-branded credit card is a store card issued by a
partnering bank or card network.

Credit cards are comfortably sized (3 3⁄8 in × 2 1⁄8 in) to fit into your
wallet. They are usually embossed or printed with your name, the account number,
the expiration date, and a security PIN. The credit card network is also
identified on the card. Cards have a signature area on the back which merchants
may use for verification.

You use a credit card to make purchases in person or online that otherwise would
require some other form of payment, such as cash or a check. You insert the card
into a reader at cash registers or ATM machines, and either enter your signature
or PIN on the terminal. The card is verified, and the purchase amount is added
to your card balance.

Chipped cards may be contactless, meaning they don’t have to be inserted into
specially equipped card readers. The chips use short-range wireless technology
that allows you to simply tap the card on a contact-enabled payment terminal.

You can also use your card to make online purchases. You simply type the card
number, expiration date, and other data onto the checkout page. The information
is verified, and the transaction is entered into your account ledger where it
updates your balance and other data.

HOW DO CREDIT CARDS WORK?

Credit cards are issued by banks, credit unions, and other financial companies.
If you apply and are approved, the issuer will mail you your credit card. You
should receive it in about a week, though some issuers offer expedited delivery.

The credit card you receive will have a credit limit, which is the maximum
balance you can run up on the card. The issuer sets your credit limit based on
your creditworthiness as measured by your credit score. Higher credit scores are
eligible for higher credit limits and more card features, such as rewards,
bonuses, and perks.

Credit card accounts are revolving, meaning your balance grows whenever you use
the card to pay for a purchase or receive a cash advance. You must repay at
least a minimum amount each billing cycle, and the payment reduces your
outstanding balance.

Billing cycles are usually monthly. If you pay a cycle’s closing balance in full
by the payment date, you don’t have to pay any interest on your balance.
Otherwise, interest accumulates until your balance is fully paid.

The interval between the closing date and the payment date is called the grace
period and usually lasts at least 21 days. You incur interest on any balances
that remain after the payment date.

Information flows among merchants, issuers, and cardholders through one of the
credit card networks. These networks ensure that your transactions and payments
are transmitted properly and that merchants receive their payments on a timely
basis. In return, the credit card networks charge merchants fees for the
services rendered.

HOW DO I APPLY FOR A CREDIT CARD?

Visiting Cardrates.com is a good first step because we offer dozens of credit
card reviews and articles that help you determine the best card for your
purposes. You can apply for a credit card at any time, though sometimes you may
choose to respond to an invitation mailed out by the card issuer. Nowadays, most
people apply online at the issuer’s website.

The application process is straightforward. You provide basic information about
yourself, your income, and your expenses. If you are applying for an unsecured
card, the issuer will likely pull your credit report from at least one credit
bureau. Based on all the assembled information, the issuer will approve or
decline your application, often in under a minute’s time.

If approved, you’ll be sent an agreement form that discloses all the important
points regarding the card, including APRs, fees, credit limit, benefits, bonus
opportunities, grace period, and other information. Read the agreement carefully
before signing. When you receive your credit card in about a week, call the
number or visit the website on the card’s sticker to activate the account.

WHAT ARE THE DIFFERENT CREDIT CARD COMPANIES?

The U.S. credit card industry is huge, generating $4 trillion in activity and $1
trillion in debt via more than 44 billion card transactions in 2019.

It’s important to distinguish credit card issuers from credit card networks.
Credit card issuers dispense cards to consumers and make money by collecting
fees and interest. Credit card networks process transactions on behalf of
issuers, and two card networks (American Express and Discover) are also issuers.

Issuers recruit and approve new cardholders, set credit limits, distribute and
activate credit cards, create statements, and process payments. They also decide
the benefits, rewards, interest rates, and fees for each of their cards.

Issuers are responsible for reporting cardholder activity to the major credit
bureaus. Importantly, issuers receive merchant fees, which are a cut of the
sales made using the credit card.

Don’t be confused by co-branded credit cards, which feature the name of a
merchant, airline, hotel, or some other business. Co-branding is a partnership
between the retailer and the issuing bank or credit union. The co-branding
partner sells reward miles or points to the issuer who then distributes them to
cardholders.

For example, the Marriott Bonvoy Boundless Visa is a co-branded card issued by
Chase.

The job of credit card issuers is to finance the transactions of their
cardholders. When you make a purchase with your card, you are borrowing money
from the issuer. The issuer sends the borrowed purchase amount to the merchant
via the credit card network.

Issuers undertake the risk of nonpayment because they pay merchants faster than
cardholders pay issuers. When you make a credit card payment, your money
reimburses the issuer.

The top 10 credit card issuers are:

1. Chase (16.6% market share)
2. Citi (11.6%)
3. American Express (11.3%)
4. Bank of America (10.7%)
5. Capital One (10.5%)
6. Discover (7.6%)
7. Wells Fargo (4.3%)
8. U.S. Bank (4.1%)
9. Barclays (2.6%)
10. Synchrony Financial (2%)

While the top 10 consist of big banks and issuing networks, there are many
smaller issuers, including credit unions and community banks.

WHAT ARE THE DIFFERENT CREDIT CARD NETWORKS?

Credit card networks are the glue that holds the credit card industry together.
They route transactions and cash between card issuers and merchants. Their
revenues come from merchants who pay interchange fees for transaction
processing.

In addition, networks often have industry partners in the entertainment, dining,
transportation, and travel sectors. These partnerships give cardholders access
to purchase protections, fraud protection, travel perks, and more.

The four U.S. credit card networks are Visa, Mastercard, American Express, and
Discover. The latter two are also issuers. American Express is unique in that it
offers charge cards as well as credit cards.

Visa is the oldest and largest network, with roots going back to the first
mass-marketed consumer credit card issued by Bank of America. Mastercard is
Visa’s closest competitor, while Amex and Discover are smaller networks.

The networks offer similar services but differ in the details. For example,
fewer merchants accept American Express cards compared to cards on the other
three networks. However, most major retailers accept cards from all four
networks, although some merchants have exclusive deals with one network (such as
Costco and Visa).

The amount merchants must pay to accept cards from each network also varies.
This amount is called the discount rate, and it comprises assessment and
interchange fees. The average discount rates for each network are:

* Mastercard 1.55% – 2.6%
* Visa 1.43% – 2.4%
* Discover 1.56% – 2.3%
* American Express 2.5% – 3.5%

As you can see, American Express is more expensive than the other three, which
may be the reason why Amex acceptance lags behind the others. Merchants may also
have to pay other fees for merchant services and card reading devices.

Merchant service providers (or “acquirers”) handle all the processing of credit
card payments for a merchant’s business. They collect an interchange fee
dictated by the network. In addition, the networks directly collect an
assessment fee, and Discover is known to charge the least for this fee.

If you want a card from a specific bank or credit union, you may be locked into
a Mastercard or Visa card, since only they partner with financial institutions.
Discover and American Express issue their own cards instead of partnering with
banks.

Another difference among the networks is the package of benefits that comes with
each card. Some of these benefits are offered by all four networks, others may
offer some unique items, such as 24/7 concierge services, Cashback Match, or
travel upgrades. If you want a specific benefit, you may have to pick a card
from a network offering it.

HOW MANY CREDIT CARDS SHOULD YOU HAVE?

Your ideal number of credit cards may depend on who you are. Jet-setting
socialites may require a dozen credit and store cards to support their shopping
habits, whereas many millennials do not want to own any credit cards. However,
American adults on average own four credit cards each, and 61% have at least one
card.

There are some compelling reasons to own more than one credit card, starting
with the all-important credit utilization ratio (CUR). This is the total of your
credit card balances divided by the total of your cards’ credit limits. Your CUR
helps determine 30% of your FICO credit score.

Ideally, you’d like a CUR below 10% to maximize your credit score. One way to
achieve a low CUR is to have multiple credit cards that you use sparingly. Their
unused credit lines will push down your CUR and boost your credit score.

Practicality is another reason to own multiple credit cards. Having at least one
backup card will come in handy if you lose your primary card or that card is
declined at your favorite restaurant. Also, you may need to make a big-ticket
purchase that requires multiple cards to cover.

You may like to own several cards that each offer specialized rewards and
benefits. For example, a travel card will give you more flight benefits than
would a card geared to grocery shopping or fill-ups at the pump.

If you have a big expense coming up, you may like to get a new card with a
generous sign-up bonus and an introductory 0% APR promotion. That way, you’d get
a de facto discount on your purchase and a time period to finance the purchase
for free.

Perhaps you and your significant other maintain your finances separately. Your
household would then likely need at least two credit cards, although they could
be the same card with two separate accounts. In the end, the right number of
credit cards is your personal decision.

WHAT ARE THE BENEFITS OF HAVING A CREDIT CARD?

The benefits your credit card bestows upon you depend to a large extent on your
credit score. If it’s fair or poor, you may not qualify for a card that’s
chock-a-block with perks. On the other hand, a good or excellent score gives you
access to a wide universe of benefits, and if you can afford a high annual fee,
then the world is truly your oyster.

Good cards offer a generous welcome bonus as well as hefty rewards in the form
of points, miles, or cash back. But many cards offer additional rewards that
enrich your lifestyle and comfort level. For example, if you like to travel, you
may prefer a card with high rewards for hotel stays and plane tickets, free
access to airport lounges, and free insurance for flights, baggage, and car
rentals.

Practical-minded individuals may really appreciate extended warranties on
purchases and various types of fraud detection. If entertainment is your thing,
several cards offer access and discounts to exclusive venues. Gourmets and
gourmands will gravitate toward cards that offer extra rewards for dining out
and grocery shopping.

Of special note are cards that magnify the value of points and redemptions
through special shopping websites. For example, Chase Ultimate Rewards offers
bonus points on selected purchases and makes points go further when you redeem
them for selected travel or gift cards. This is also true of Chase Sapphire
cards, which provide 25% (Chase Sapphire Preferred® Card) and 50% (Chase
Sapphire Reserve®) more value for points redeemed in certain categories.

Other interesting rewards include reimbursement for TSA Pre✔® or Global Entry,
1:1 transfer of points to selected airline and hotel loyalty programs, and
annual travel credits. For the rich and famous, cards with high annual fees also
come with high credit limits.

HOW CAN A CREDIT CARD HELP ME BUILD CREDIT?

The basis of credit is trust – trust that borrowers will repay their debt. After
all, why would anyone lend money without the prospect of repayment?
Fundamentally, you build credit by redeeming your creditors’ trust, and a credit
card is a powerful tool for demonstrating your creditworthiness.

In the United States, we use credit reporting to measure creditworthiness. This
well-established practice relies on three major credit bureaus (Experian,
TransUnion, and Equifax) that compile, evaluate, and report consumer
credit-related behavior.

The bureaus primarily use the FICO credit scoring system, the main metric used
by the financial industry to quantify consumer creditworthiness. FICO scores
range from 300 to 850, with the following breakdown:

* Poor credit: 300 – 579
* Fair credit: 580 – 669
* Good credit: 670 – 799
* Excellent credit: 800 – 850

The FICO system uses five factors to calculate a consumer’s credit score:

1. Payment history (35% of score): The scoring system looks at on-time and late
payments, collections, write-offs, bankruptcies, foreclosures, and certain
other negative events. Only on-time payments can improve your credit score —
everything else can hurt it and remain on your credit report for up to 10
years.
2. Total amounts owed (30%): This includes your credit utilization ratio and
amount of debt by type. Paying down your debt can quickly improve your
credit score.
3. Length of credit history (15%): You are considered more creditworthy if you
have a long credit history that you’ve successfully managed. FICO looks at
the longest, shortest, and average account age when calculating this factor.
4. New credit application (10%): Creditors become uneasy when you frequently
apply for new credit, especially when you do so within a short time period,
because it may signal financial distress. Therefore, FICO looks at the
number of requests (or hard inquiries) for an applicant’s credit report and
reduces credit scores when too many requests are reported.
5. Mix of credit types (10%): This is a minor factor that enhances your score
if you have a variety of credit types, such as credit cards, home loans,
retail accounts, finance company accounts, and installment loans. You should
have at least one credit account, such as a credit card.

The role of credit cards in helping to set your credit score is key:

1. Consumers charge purchases using credit cards and are obligated to repay
those charges at a later date, either in a lump sum or over monthly
installments of at least the minimum amount due.
2. Each month, card issuers report consumer activity to one or more of the
three credit bureaus. This activity includes charges, payments, and missed
payments.
3. Payments that are over 30 days late can trigger a cascade of negative
impacts to your credit score, including penalty fees, delinquencies, account
closings, collections, and legal actions (including bankruptcies).

If you pay your credit card bills on time, you’ll help build your credit score.
You’ll also want to keep your credit utilization ratio below 30%, and ideally
below 10%.

It’s a good idea to keep credit card accounts open, even if you only use the
card occasionally because it lengthens your credit history. Everything else can
hurt your score and threaten your access to credit.

When you apply for a new credit card, the issuer will usually assess your credit
score to determine your APR and credit limit. However, some credit card issuers
specialize in serving consumers with bad credit and consider alternative
measures to determine whether to approve or decline your card application. This
type of arrangement comes with a relatively high APR and low credit limit.

You can sidestep the impact of a low credit score by applying for a secured
credit card. Your deposit acts as collateral for your credit line, thereby
substantially reducing the issuer’s risk of loss. This should translate into a
lower APR, while the credit limit is usually equal to the deposit amount.

HOW DOES CREDIT CARD INTEREST WORK?

Every credit card must disclose its annual percentage rate, which is the
interest you’ll incur on unpaid balances plus any fees that increase your loan
principal. You incur interest only when you don’t repay your account balance in
full by the payment date.

That payment date is typically 21 to 25 days after a payment billing cycle ends.
Billing cycles are usually one month long but may be a few days more or less.
The grace period is the period between the end of a billing cycle and the date
your payment is due.

Virtually all card issuers compound your interest charges daily or continuously.
Daily compounding means that yesterday’s interest is added to the balance you
owe — in effect, you are paying interest on interest.

Paying your entire balance every cycle ensures you a 0% APR since you won’t be
charged any interest. But if you finance your purchases over multiple billing
cycles, then the credit card company will charge you interest that is calculated
as follows:

1. Determine daily period rate (DPR): Divide your APR by 360 or 365 (the day
count is up to the card issuer and can be found in your card agreement). For
example, a 25% APR divided by a day count of 360 produces a DPR of 0.06944%.
2. Calculate average daily balance (ADB): This is the sum of each day’s account
balance divided by the number of days in the billing cycle. For our example,
let’s assume an ADB of $3,500 over a 30-day billing cycle.
3. Calculate the interest charge: This is the product of ADB x DPR x days in
cycle. In our example, interest charge = $3,500 x .06944% x 30 days, or
$72.91.

As noted, this calculation only applies when you owe a balance beyond the
payment date. If and when you pay off your current balance, interest no longer
is charged.

Note that cash advances do not have a grace period, and you incur interest from
the first to the last day of the advance. The cash advance APR may differ from
the purchase APR. There also may be a fee charged for each cash advance.

Some credit cards aimed at the subprime market do not have grace periods. They
start charging you interest on unpaid balances as of the billing cycle end date,
which is also the payment due date.

Most, but not all, credit cards charge a late fee when you don’t make at least
the minimum payment by the due date. They also may assign a higher penalty APR
to the amount due.

HOW DO I REDEEM CREDIT CARD REWARDS?

It would be a shame if you accumulated rewards on your credit card account and
failed to redeem them. Yet, a 2017 study found that 31% of cardholders are not
redeeming their rewards. Perhaps some in this group are uncertain about how to
redeem their rewards.

Redeeming rewards should be no great mystery. You usually just have to go to the
card’s website or mobile app, look up your reward total, and request a
redemption. The procedure depends on the type of rewards your card provides.

Cash back rewards can be redeemed in several ways, depending on the card’s
policies. These include a cash check mailed to you, a statement credit, credits
on online purchases at selected merchant websites (such as Amazon.com), and
purchases of gift cards.

Points or miles can be redeemed for cash or for purchases. You may also be able
to transfer points or miles to a frequent flyer program that partners with the
card issuer. The best deals give you a 1:1 point/mile transfer to partner
programs.

Some issuers have special reward sites where you can make purchases using your
accumulated rewards. For example, you can earn up to 15X Chase Ultimate Reward
bonus points on purchases at more than 450 stores.

Furthermore, your Chase card, such as Chase Freedom Unlimited®, redemptions can
go farther at the Chase Ultimate Reward site. For example, one of our favorite
cards is the Chase Sapphire Preferred® Card. This card’s Chase Ultimate Rewards
points are worth 125% of their value when you redeem them for airfare, car
rentals, cruises, and hotels.

Citi cards, such as the Citi® Double Cash Card, offer an unusually flexible set
of redemption methods for its credit card ThankYou Points. These include cash
back, a statement credit, paying with points, shopping with points, gift cards,
charitable contributions, mortgage payments, and student loan payments. You can
also transfer points to participating loyalty programs and share points with
others to get larger rewards.

The better credit cards offer perks that go beyond points and cash back. Check
your card for benefits like concierge services, travel-related insurance, waived
currency conversion rates, extended warranties, roadside assistance, return
protection, and price protection.

We’ve covered a lot of ground in this article, but the bottom line is that the
best credit cards are the ones that are the best for you.

Editorial Note: Our site content is not provided or commissioned by any credit
card issuer(s). Opinions expressed on CardRates.com are the author's alone, not
those of any credit card issuer, and have not been reviewed, approved, or
otherwise endorsed by credit card issuers. Every reasonable effort has been made
to maintain accurate information; however, all credit card offer details,
including information about rewards, signup bonuses, introductory offers, and
other terms and conditions, is presented without warranty. Clicking on any offer
on CardRates.com will direct you to the issuer's website, where you can review
the current terms and conditions of the offer.

The information on this page was reviewed for accuracy on January 17, 2022.

ABOUT THE AUTHOR

Eric Bank Finance Expert

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TODAY'S CREDIT CARD RATES

* By Credit

* By Feature

* By Issuer

* Showing APR:
* Average |
* Range |
* Lowest

Excellent Credit
16.90%
Good Credit
17.90%
Fair Credit
21.45%
Bad Credit
24.50%
No/Limited Credit
22.80%
Excellent Credit
11.24%-24.99%
Good Credit
11.24%-24.99%
Fair Credit
20.90%-23.90%
Bad Credit
15.60%-36.00%
No/Limited Credit
11.24%-24.99%
Excellent Credit
11.24%
Good Credit
11.24%
Fair Credit
20.90%
Bad Credit
15.60%
No/Limited Credit
11.24%
* Showing APR:
* Average |
* Range |
* Lowest

Air Miles
17.90%
Cash Back
17.44%
Gas Rebate
18.56%
Low APR
14.90%
Points & Gifts
18.23%
Business
16.15%
Student
17.49%
Stores
25.99%
Secured
17.90%
0% Balance Transfer
17.21%
0% Intro APR
17.74%
Air Miles
11.24%-24.24%
Cash Back
11.24%-25.24%
Gas Rebate
11.24%-25.24%
Low APR
11.24%-25.24%
Points & Gifts
11.24%-25.24%
Business
12.15%-24.99%
Student
13.24%-22.24%
Stores
17.99%-29.99%
Secured
11.99%-24.99%
0% Balance Transfer
11.24%-23.24%
0% Intro APR
11.24%-24.99%
Air Miles
11.24%
Cash Back
11.24%
Gas Rebate
11.24%
Low APR
11.24%
Points & Gifts
11.24%
Business
12.15%
Student
13.24%
Stores
17.99%
Secured
11.99%
0% Balance Transfer
11.24%
0% Intro APR
11.24%
* Showing APR:
* Average |
* Range |
* Lowest

American Express®
19.24%
Bank of America®
17.65%
Chase®
17.16%
Citi®
17.49%
Discover®
17.24%
Mastercard®
17.24%
Visa®
17.46%
American Express®
13.74%-25.49%
Bank of America®
11.24%-23.24%
Chase®
13.24%-23.24%
Citi®
12.24%-23.24%
Discover®
11.24%-23.24%
Mastercard®
11.99%-25.24%
Visa®
12.24%-24.99%
American Express®
13.74%
Bank of America®
11.24%
Chase®
13.24%
Citi®
12.24%
Discover®
11.24%
Mastercard®
11.99%
Visa®
12.24%

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