There are a wide variety of credit cards out there, each offering different perks, rewards, and benefits. Your lifestyle, spending habits, goals, and credit score determine which credit card is right for you. After extensive research, here we have compiled a list of the best credit cards in different categories such as travel, cashback, balance transfer, building your credit, business, and more. Pick the one that suits your requirements.
Before you go any further, let me emphasize that you should aim to pay off your entire balance every month. Try your best not to carry a balance on your credit card. If for some reason you have to carry a balance from month to month, go for a low-interest rate card.
When choosing the right credit card for themselves, most people tend to focus only on perks and rewards. But you should also pay equal attention to interest rates and annual fees because they could affect your finances in a big way.
Best Business Credit Card: Capital One Spark Miles for Business
Most business owners travel frequently and they don’t want to deal with hassles. The Capital One Spark Miles for Business credit card keeps it simple while offering lucrative perks. You get a one-time bonus of 20,000 miles when you spend $3,000 within three months of account opening. You can use the miles to fly on any airline, anytime, with no seat restrictions or blackout dates.
The miles don’t expire for the lifetime of the account. You earn 1.5 miles for every $1 you spend on purchases. There are no annual fees, and 0% interest rate on purchases for the first nine months. The regular APR varies between 15.24% – 23.24%.
Best Credit Card for a 0% APR Period: Capital One Quicksilver Cash Rewards Credit Card
The Capital One Quicksilver Cash Rewards credit card is the best card for people who expect to carry a balance from month to month due to some big expenses. It offers 0% APR on purchases and 0% APR on balance transfers for the first 15 months. After the intro period, the APR is 16.24% – 26.24%. Also, there is a 3% balance transfer fee on transfers during the first 15 months. There is no annual fee or foreign transaction fee.
Capital One Quicksilver Cash Rewards credit card gives you a one-time cash bonus of $150 when you spend $500 on purchases within three months of account opening. This card gives you 1.5% cashback every day. The cashback doesn’t expire for the lifetime of the account.
Best Overall: Chase Sapphire Preferred Credit Card
This one is an all-rounder if you have a Good or Excellent credit score. The Chase Sapphire Preferred credit card gives you 60,000 bonus points when you spend $4,000 on purchases within three months of account opening. That’s worth $750 towards travel if you redeem through Chase Ultimate Rewards portal. Chase allows you to transfer points to a wide range of frequent flyer programs at 1:1 ratio.
The Chase Sapphire Preferred credit card gives you 2x points on travel and dining worldwide. You also earn one point per dollar spent on other purchases. There is no foreign transaction fee, and the annual fee is $95. The APR ranges between 18.24% – 25.24%.
Best Credit Card for Students: Discover it Student Cash Back
The Discover it Student Cash Back credit card gives students 5% cashback on up to $1,500 of purchases in different categories such as gas stations, restaurants, Amazon, and grocery stores. The categories rotate each month. You also earn 1% cashback on all other purchases. Discover matches all the cashback you have received at the end of the first year, dollar-for-dollar.
There is no signing up, no annual fee, and no APR change for late payment. It offers a 0% introductory APR on purchases during the first six months of account opening. The regular APR varies between 15.24% – 24.24%. It also includes Good Grades Rewards, which gives you a $20 cashback bonus every year your GPA is 3.0 o higher. You can earn it for up to five years.
Best Travel Credit Card: Capital One Venture Rewards Credit Card
The Capital One Venture Rewards credit card was named the “Best Travel Card” by CNBC last year, and it remains the best credit card for travelers. There is no foreign transaction fee. The annual fee is $0 for the first year, and $95 after that. You get a one-time bonus of 20,000 miles when you spend $1,000 on purchases within three months of account opening.
The Capital One Venture Rewards card offers 1.25x miles on every purchase, every day. The miles won’t expire for the lifetime of the account. Users can also transfer their miles to more than a dozen leading travel loyalty programs. It gives you the freedom to fly any airline, stay in any hotel with no blackout dates. You also earn 10x miles on thousands of hotels around the world through January 2020. The regular APR varies between 14.24% – 24.24%.
Best Cash Back Credit Card: Discover it Cash Back
Discover it Cash Back credit card offers introductory APR of 0% on purchases and balance transfers for the first 14 months. After that, the APR varies between 14.24% – 25.24%. Discover charges no annual fee for this credit card. At the end of your first year, Discover matches the cashback dollar-for-dollar. There is no limit to how much is matched.
Users earn 5% cashback on purchases in different categories each quarter such as grocery stores, restaurants, Amazon purchases, and gas stations up to the quarterly maximum. You will also get 1% cashback on all other purchases. You can redeem the cashback anytime you want, irrespective of the amount. Discover also notifies you if it finds your Social Security number on the Dark Web sites.
Best Credit Card for Building Credit: Capital One Platinum Credit Card
The Capital One Platinum credit card is designed for people with average credit to help them build credit with responsible card use. There is no annual fee, balance transfer fee, or foreign transaction fee, though the APR is 26.96% variable. It gives you access to a higher credit line once you make the first five monthly payments on time.
It offers fraud coverage if the card is lost or stolen. Other benefits include auto rental insurance, travel accident insurance, 24-hour travel and roadside assistance, and extended warranty coverage.
Best Balance Transfer Credit Card: Discover it Balance Transfer
The balance transfer cards allow you to move your credit card balance from a high-interest one to a new one, which offers 0% APR for a specified time to let you pay off that debt. Discover it Balance Transfer is the best in this category. It offers 0% interest on purchases for six months and 0% APR on balance transfers for 18 months. The 0% interest for a long duration will help you pay off your debt faster. There is no annual fee.
What’s more, this card offers many of the same benefits as the other Discover credit cards on this list. Discover matches all the cashback you have earned at the end of the first year, effectively doubling the cashback. You can also earn up to 5% cashback on up to $1,500 spent in different categories that rotate each quarter. And then there is 1% cashback on all other purchases. You can redeem your cashback any amount, any time.