With a plethora of credit cards available to consumers, each have special qualities which make some cards better fits then others for consumers.
There are so many options out there, that you have possibly asked yourself: what is the best credit card for you? The truth is that choosing the right credit card is something of an art and it actually has to do a lot with your circumstances and the use that you have in mind for it. Let us break it down into different categories and review some of the best contenders.
What is the Best Credit Card for you: Those with Excellent Credit?
Chase Freedom Visa – The Chase Freedom Visa allows you to get cash back on everyday purchases like dining and shopping. There is no annual fee and the rewards never expire. This card is great for the person who is an avid shopper and likes to hit the town often. Cash back rewards will add up quickly if you like to socialize, dine and shop.
What is the Best Credit Card for you: Those with Good Credit?
Capital One Venture One Rewards – With the Capital One Venture One Rewards, you get miles that can be redeemed when renting cars, booking hotels, flights and more. There is no annual fee. This card is perfect for the frequent traveler. If you were to take a trip around the world, the Capital One Venture One Rewards card would be a top choice for you.
What is the Best Credit Card for you: Those with Fair Credit?
Capital One Cash Rewards for Newcomers Mastercard – This is a great card to help those new to the U.S establish credit. It reports to the three major credit bureaus and it gives 2% cash back on all travel purchases. There are no annual or foreign transaction fees.
What is the Best Credit Card for you: Those with Bad Credit?
Capital One Secured MasterCard – A secured credit card is a great way to start rebuilding your credit. Secured credit cards require collateral in order to have access to the credit line. For example, most secured credit lines start with a $300 balance. Once you pay the balance off, you have access to $300 dollars of credit. Although they are not like regular credit cards, secured cards are an excellent way to build your credit rating.
The Capital One Secured Mastercard allows you to get the credit you need without any application fees. Your credit will be reported to the three major bureaus and you may qualify for credit line increases without having to pay any further security deposits. This is a great card to get back on track.
What is the Best Credit Card for you: Those with No Credit?
Getting a credit card with little or no credit can be a tough mission. In this case, getting a prepaid Visa or Mastercard might be the most logical choice. A prepaid card is filled by the owner and the balance reflects the amount the owner has placed on it. It is very similar to a debit card, but is not linked to bank account.
Netspend Prepaid Mastercard – This card allows you the flexibility to pay all your bills with it online or over the phone, as well as track your spending and keep an eye on your budget. There is no credit check required for this card and approval is guaranteed.
Business Credit Cards
American Express OPEN – The American Express Open Program has been a top choice for business owners all over the world. The OPEN card is not a credit card; it is actually a charge card. What is the difference? Charge cards don’t carry out a long term balance; usually the balance must be paid in full in approximately 30 to 60 days. American Express charge cards don’t charge interest, which makes it a great choice for business.
What are the benefits of the OPEN card? You earn reward bonuses and points for you business, including airfare, advertising, gas and shipping, plus anything else you purchase for your business. When the card is used frequently to handle the expenses of the business, reward points stack up quickly and amount to significant savings on purchases. The annual fee is waived the first year and is $175 a year for succeeding years.
As you can see, choosing the card that is right for you will take some time and research and which card is best for you depends largely on your credit score and what you plan to use it for. The cards above are great choices for most consumers. Find the one that fits you the best and spend responsibly.
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