There are many different credit cards with variable bonuses and features. As a result, no major credit card can be the best option for each customer, every purchase, or budget. For this reason, in this article, we have chosen the best credit cards in a way designed to be the most helpful to the widest variety of households. Rather than selecting the best credit card, we highlighted the best cards for a variety of situations.
Generally, there are many credit cards that currently exist in the market for consumers, that it can be confused to choose the best card. The reality is that there’s no one credit card that contains all features or benefits. However, instead, banks are offering variety of options for different types of consumers. A potential customer maybe a person who like to dining out, road warrior, traveler, or someone looking to build credit. Therefore, we encourage you to research to find a card that’s specifically designed for your needs and lifestyle.
The following are credit card features that many people value:
- Great sign-up bonuses
- Zero monthly or annual fee
- No penalty Annual Percentage Rate APR
- Low-interest rates
- Zero percent interest
- No balance transfer fee
- No foreign transaction fees
- Credit-boosting tools.
For instance, one example of the best credit card for global entry and/or TSA PreCheck credit in the United States is considered to be Capital One Venture X Rewards Credit Card. The Capital one Venture cardhas the following features
- Customers can earn 75,000 bonus miles when they spend 4,000 USD on purchases in the first 3 months from account opening
- A client can receive more than 300 USD annually as statement credits for bookings through Capital One Travel, where he or she gets Capital One’s best prices on many options
- The holder of the Capital One Venture card gets 10,000 bonus miles (equal to 100 USD towards travel) every year, starting on the first anniversary
- Earn unlimited 10X miles on hotels and rental cars booked through Capital One Travel and 5X miles on flights booked through Capital One Travel
- Earn unlimited 2X miles on all other purchases
- Escape the airport crowd and recharge before the holder of the credit card’s flight with unlimited access to all-inclusive amenities at the Capital One Lounge and at 1,300+ Priority Pass lounges worldwide
- The holder of this credit card can receive up to a 100 USD credit for Global Entry or TSA PreCheck®
- The holder can use Venture X miles to easily cover travel expenses, including flights, hotels, rental cars, and more.
Credit Limit
The majority of the credit cards have a credit limit that represents the maximum balance you can have on the credit card at a point in time. The maximum balance includes purchases, balance transfers, cash advances, finance charges, and fees. When you exceed your credit limit, your creditor may charge fees, so call over the limit fee, or raise your interest rate.
Balance
The balance on any credit card at any given time is the total amount the cardholder owes, including purchases, finance charges, and fees. The higher the credit card balance, the lower the available credit the holder of the card has remaining for making additional purchases. Higher balances raise your credit utilization and lower your credit score.
Annual Percentage Rate APR
The Annual Percentage Rate APR is the interest rate applied to any balance the credit card holder carries past the grace period. Credit cards can have different annual percentage rates APRs for different types of balances, such as balance transfers or purchases. Bear in mind that balance transfers and cash advances often have higher annual percentage rates APRs than purchases.
Annual percentage rates APRs can be fixed or variable. A fixed annual percentage rate APR can change, but the creditor must inform you in writing before changing the rate. A variable annual percentage rate APR changes from time to time based on changes to the underlying index rate.
Grace Period
The grace period is the period that the issuer gives to the holder of the credit card to pay his balance in full before a finance charge is applied. If the holder of the card carried a balance from the previous month, he might not have a grace period for new purchases. Balance transfers and cash advances typically do not have grace periods.
To find out the length of the grace period, refer to the credit card application or your credit card agreement. Your monthly statements should also include the number of days in the grace period.
Rewards and Perks
Some credit cards offer rewards in several different forms, such as cashback, miles, or points to redeem and discounts on future purchases. The customer can earn rewards on some or all of his or her purchases, and then he can redeem them once accumulated a certain amount, depending on the rewards program.
However, the Perks program varies by credit card and may include important features, such as travel and trip cancellation insurance, rental car insurance, extended warranty, or purchase and price protection.
Credit Card Fees
A credit card holder may occasionally be charged with credit card fees, usually based on a certain type of transaction or as a penalty. The most common credit card fees include the annual fee, finance charge, late fee, and over-the-limit fee. Some fees can be avoided simply based on how the customer uses the credit card. For example, the cardholder can avoid paying a late fee by making a credit card payment on time each month.
The following are the best credit cards as of June 2022:
- For customers who are searching for the best cash-back credit cards, the Chase Freedom Unlimited Card has this feature. Freedom Unlimited Card has the feature of earning an additional 1.5 percent on all purchases exceeding 20,000 USD spent in the first year. That’s a value of up to 300 USD cashback and zero percent intro annual percentage rate APR for 15 months from account opening on purchases and balance transfers. After the intro period, a variable annual percentage rate APR of 15.74 percent to 24.49 percent.
- Credit card that offers the best rewards and best travel card features can be found in American Express Gold Card
- Best grocery rewards credit card is Blue Cash Preferred Card from American Express
- Best credit card with zero monthly or annual fee is Citi Double Cash
- Best card that has zero monthly or annual fee for travelers is Discover it Miles travel credit card
- Best balance transfer credit card is Citi Simplicity Card, the card has no late fee penalty
- Best low-interest credit card is Titanium Rewards Visa Signature Card from Andrew Federal Credit Union
- Best secured credit card is Discover it Secured Credit Card
- Best credit card for college students is Discover it Student Cash Back
- Best dining rewards credit card is Chase Sapphire reserve
- Best credit card for customers who regularly pay for gas is PenFed Platinum Rewards Visa Signature Card
- Best credit card for a customer who wants to build credit is Petal 2, Cash Back, No fees Visa Credit Card.