Some credit cards stand out in terms of the rewards they offer, their rates, or the fees. But no single credit card can be perfect for everyone. Given this, it’s best to get a credit card that has features that you can benefit from. For instance, credit cards that have excellent rewards programs are unlikely to have the lowest interest rates. This is because people that tend to earn a lot of rewards usually don’t carry a balance on their cards. So, assess your needs and pick a card accordingly. To make your job easier, we’ve listed the 5 best credit cards of the year below.
Chase Sapphire Preferred® Card
The Chase Sapphire Preferred® Card offers an excellent initial bonus of 60,000 to new cardholders if they spend at least $4,000 within 3 months of opening their account. The rewards rate on this card is 2 points for every $1 that’s spent on dining and travel and 1 point for every $1 spent otherwise. The average APR ranges between 15.99% to 22.99%. For all this, you only have to pay an annual fee of $95.
Bank of America® Cash Rewards Secured Credit Card
If you are looking to build credit, the Bank of America® Cash Rewards Secured Credit Card is the perfect pick for you. It has a $0 annual fee and cardholders can earn cashback ranging between 1% – 3% on their purchases. The regular APR is 23.99%. Since this is a secured credit card, cardholders are required to make a minimum deposit of $300.
U.S. Bank Visa® Platinum Card
The U.S. Bank Visa® Platinum Card is one of the best balance transfer cards available. It gives cardholders an introductory APR of 0% for the first 20 months and also a 0% APR on balance transfers for 20 months. What’s more, the card also has a $0 annual fee. One thing to watch out for is the interest rate, which will kick in after the introductory APR period comes to an end.
Chase Freedom Unlimited®
The Chase Freedom Unlimited® offers great, well-rounded benefits. New cardholders get an initial bonus of $200 if they spend $500 within the first three months. The rewards rate for the card ranges between 1.5% – 5%. The card also has a $0 annual fee.
Petal® Visa® Credit Card
The Petal® Visa® Credit Card is the best credit card for beginners. It has a $0 annual fee, reports payments to all three major credit bureaus, and offers rewards ranging between 1% – 1.5% on purchases. The card offers everything that you could want from your first credit card.