When talking about the best credit card, no credit card is ideal for every single household, every single transaction, or every single budget. Because of this, Finxpd has chosen the best credit cards in a way that will help as many people as possible. We did not choose the best credit card and then rank the 5 cards; rather, we emphasized the best cards for a range of situations. There are as follows.
List of Contents
1. Wells Fargo Active Cash
Best for: Long-term value
Welcome Bonus: $200 Cash Rewards
Annual Fee: $0
Regular APR: 16.49%, 21.49%, or 26.49% variable APR
Rewards Rate: 2% Cashback (Earn limitless 2% cash back on all purchases)
Intro Offer: $200 (After making $1,000 in purchases during the first three months, you will be eligible for a $200 cash reward incentive)
Recommended Credit Score: Excellent, Good (700 – 749)
Why We Selected It
The Wells Fargo Active Cash card does not charge an annual fee. Moreover, it provides customers with an unlimited cash rewards rate of 2 percent on transactions. Therefore, this puts it in direct competition with the top flat-rate cash back cards that are currently available on the market.
Card Details
- $0 yearly charge
- Receive a $200 cash rewards incentive after spending $1,000 in the first three months
- There are no categories to manage or remember, and cash rewards do not expire as long as the account is active
- Visa Signature Concierge offers a premium set of privileges at some of the world’s most fascinating and famous hotels
- When you pay your monthly cellular telephone bill with your Wells Fargo Active Cash® Card, you’ll get up to $600 in coverage against covered damage or theft.
- 0% initial APR for 15 months on purchases and balance transfers, then 16.49%, 21.49%, or 26.49% variable APR; balance transfers are done within 120 days qualify for the intro rate and charge of 3%, Finally a BT fee of up to 5%, minimum: $5
Pros
✔ No yearly charge
✔ Cell phone security advantage
✔ Unlimited 2% cash back bonuses on purchases
Cons
✘ No travel transfer partners
✘ A foreign transaction fee is charged
✘ There is a fee for transferring a balance
2. Chase Sapphire Preferred® Card
Best for: Travel rewards that are simple to redeem and a bonus
Welcome Bonus: 60,000 Bonus Points
Annual Fee: $95
Regular APR: 16.74% – 23.74% Variable
Rewards Rate: 1x-5x (Benefits include a $50 yearly Ultimate Rewards Hotel Credit and 5x points on travel bought)
Intro Offer: 60,000 (Earn 60,000 extra points after spending $4,000 on purchases in the first three months after creating your account)
Recommended Credit Score: Good, Excellent (690-850)
Why We Selected It
Whenever you spend a lot of money on travel and restaurants, this card will let you earn points at a greater rate than other cards. A significant portion of the annual cost is justified by the $300 travel credit. Moreover, if you redeem points for travel via Chase Ultimate Rewards, you will get a bonus of 50 percent of the points redeemed.
Card Details
- Earn 60,000 extra points after spending $4,000 on purchases during the first three months of account creation. Furthermore, when you redeem with Chase Ultimate Rewards®, you will get $900 toward travel.
- Each year on the account anniversary, you will get a refund of up to $300 for travel-related items that were charged to your card.
- After spending $300 yearly on travel with Chase Ultimate Rewards®, get 5x total points on air travel and 10x total points on hotels and auto rentals. Moreover, you will earn 3 points for every $1 spent on travel and eating and 1 point for all other purchases.
- Using Chase Ultimate Rewards® to book a trip will increase the value of your points by 50%. As an example, $900 worth of travel may be purchased with 60,000 points.
- Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance, and more are included in your travel insurance policy.
- All major airline and hotel reward programs are eligible for a 1:1 point transfer.
- After a simple one-time registration in Priority PassTM Select, you will have access to over 1,300 airport lounges globally. Moreover, a $100 application fee credit is up every four years for Global Entry, NEXUS, or TSA PreCheck®.
- In Pay, Yourself BackSM, points are worth 50% more when redeemed for statement credits against previous purchases in rotating categories during the current promotion.
Pros
✔ Great introductory bonus
✔ The yearly $300 credit for travel may be used in a variety of ways.
✔ Points may be transferred to helpful partners in the airline and hotel industries
✔ Receive a 50% bonus when redeeming points for travel via Chase through the Pay Yourself BackSM program
Cons
✘ Expensive yearly charge
✘ High volatile APR on purchasing
3. The Platinum Card® from American Express
Best for: Luxury travel benefits
Welcome Bonus: Earn 100,000 points
Annual Fee: $695
Regular APR: See Pay Over Time APR
Rewards Rate: 1x-5x (Earn 5 times as many Membership Rewards® points on flights booked directly with airlines or through American Express. You can spend up to $500,000 on these items each year.)
Intro Offer: 100,000 (Spend $6,000 in the first 6 months to get 100,000 Membership Rewards® points.)
Recommended Credit Score: Excellent/Good (700 – 749)
Why We Selected It
The Platinum Card is intended for regular travelers who desire to maximize the extensive luxury travel perks and Platinum Concierge service. In the proper hands, the enormous yearly charge for the traditional status card is justifiable.
Card Details
- American Express has added over 40 Centurion Lounge and Studio locations to The Centurion® Network. There are many more locations where Platinum Card® holders get free access and unique benefits.
- Spend $6,000 on purchases with your new Card during the first 6 months of Card Membership to earn 100,000 Membership Rewards® points. Apply and choose your chosen Card design made of metal: The traditional Platinum Card®, the Platinum x Kehinde Wiley, or the Platinum x Julie Mehretu credit cards.
- The yearly charge is $695.
- $200 Airline Fee Credit: Receive up to $200 per calendar year in statement credits for baggage fees and other eligible airline costs.
- Get up to $20 back each month on qualifying purchases made with your Platinum Card® on one or more of the following services: Audible, Disney+, The Disney Bundle, ESPN+, Hulu, Peacock, SiriusXM, and The New York Times.
- You can earn 5X Membership Rewards® points on prepaid hotel stays that are booked through American Express Travel. Additionally, you can earn 5X Membership Rewards® Points on flights that are booked directly with airlines or with American Express Travel, up to a limit of $500,000 on these types of purchases in a given calendar year.
- If you pay for Walmart+ by using your Platinum Card every month, you will get a statement credit equal to the cost of your Walmart+ membership, which is currently $12.95 per month.
- With the use of your Card, you may get up to $189 per year back on your CLEAR® membership. CLEAR® is offered at several airports and stadiums.
Pros
✔ Extensive access to airport lounges
✔ Multiple credits might contribute to the justification of the charge
✔ High possibility of earning rewards on flights and accommodations booked
✔ Hilton and Marriott’s elite travel advantages and elite status are included with registration in this program.
Cons
✘ The very expensive yearly charge
✘ A premium cards’ non-travel reward rate is below average
✘ Maximizing statement credits requires effort and may be impractical
4. Wells Fargo Reflect® Card
Best for: The longest period with no sales tax on both purchases and transfers
Welcome Bonus: N/A
Annual Fee: $0
Regular APR: 14.49%-26.49% variable APR
Rewards Rate: N/A
Intro Offer: N/A
Recommended Credit Score: Excellent, Good (700 – 749)
Why We Selected It
When it comes to balancing transfer cards, the Wells Fargo Reflect Card provides a generous APR term for purchases and qualified debt transfers. However, the card does not provide rewards or other noticeable perks. Thus, if you do not require a lengthy APR introductory period, you may want to look elsewhere.
Card Details
- When you pay your monthly mobile phone bill with an eligible Wells Fargo card, you might get up to $600 in cell phone protection at no additional cost to you.
- You may earn cash back in the form of a statement credit via My Wells Fargo Deals whenever you shop, eat or have an experience just by using an eligible Wells Fargo Credit Card.
- Purchases and balance transfers get 0% intro APR for 18 months. Up to a 3-month intro APR extension with on-time minimum payments. Balance transfers within 120 days qualify for the intro rate and cost of 3% then a BT fee of up to 5%, min $5.
Pros
✔ No yearly charge
✔ Purchases and qualified debt transfers are
eligible for a long introductory APR period.
Cons
✘ Charge for a balance transfer
✘ Neither a loyalty program nor a welcome bonus
✘ Foreign exchange charge
5. Blue Cash Preferred® Card from American Express
Best for: Groceries, gas, transportation, and streaming
Welcome Bonus: N/A
Annual Fee: $95
Regular APR: 15.49%-25.49% Variable
Rewards Rate: 1%-6%
Intro Offer: $350 (Earn a $350 statement credit after spending $3,000 on your new Card in the first 6 months.)
Recommended Credit Score: Excellent, Good (700 – 749)
Why We Selected It
This card can give customers who spend a significant amount of money at U.S. supermarkets and road warriors who spend a significant amount of money at U.S. gas stations may rack up big cash back benefits.
Card Details
- The annual fee is $95.
- After making purchases totaling $3,000 on your new Card during the first 6 months, you will be eligible for a $350 statement credit.
- Low introductory APR: 0% introductory APR on purchases made during the first year from the day the account was opened. After that, a variable rate ranging from 15.49% to 25.49% will apply.
- 6 percent cash back on purchases made at supermarkets in the United States, up to a maximum of $6,000 per year (then 1 percent ).
- Get a cashback discount of 6% on certain streaming subscriptions in the United States.
- On all other purchases, you will get 1% Cash Back.
- You will get cashback in the form of Reward Dollars, which may be redeemed for merchandise or a credit to your account.
- Cash Back of 3 percent is available at petrol stations in the United States and on transportation. This also includes taxis/rideshare, parking, tolls, trains, buses, etc.
- It has a special program named Pay Now and Later. In this program, when you use Plan It® to divide up big purchases into monthly payments, there are no introductory plan costs. Free plan setup expenses for the first 12 months following account creation. Plans made after that date will include a set monthly plan cost of up to 1.33 percent of each purchase amount put into a plan. It depends on the plan term, the APR that would otherwise apply to the transaction, and other considerations.
Pros
✔ No signup necessary
✔ Cashback is automatically applied
✔ Includes many travel advantages and security
✔ High cash-back incentives in several shopping categories
Cons
✘ There is an annual charge.
✘ 6 percent cash back is restricted at $6,000 in yearly purchasing at U.S. supermarkets (then 1 percent )
In short, each credit card has its advantages. We should consider if our lifestyle gets along with it. Importantly, this article chooses just 5 of many credit cards that we consider being ideal credit cards. However, there is another interesting credit card named “Credit Card Miles”. If you are the one who loves to travel, this credit card is really suitable for you. You can read more about its information in Credit Card Miles: Another Interesting Credit Card for Tourist.
Related Articles:
- Credit Card Miles: Another Interesting Credit Card for Tourist
- How Old Do You Have to Be to Get Your First Official Credit Card?
Read more: Popular Credit Cards
Source: Forbes, Nerdwallet