There are many different types of credit cards available on the market. Some cards offer additional security while others provide rewards for everyday spending. Money recently examined the top credit card brands to see which ones are the most value for business, everyday, and luxury purchases. Money then ranked credit cards according to their best features in order to help customers find the right card.
No-fee Credit Cards
These cards can be used to build or rebuild your credit. You'll get more benefits and perks from these cards than those that charge an annual fee. The annual fee is not a burden. Before you apply for these cards, make sure you are comfortable with them.
Capital One VentureOne Credit Card, which is also free, offers flexible rewards. Transfer your points to 17 hotel and airline partners. VentureOne Rewards credit card offers credit for TSA PRECHECK or Global Entry.
Balance transfer cards that are interest-free
The best way to pay off large amounts is through balance transfer cards. This credit card allows you transfer your balance to a different card without accruing interest. You shouldn't use your card for making new purchases. Before you apply, you should make sure that you have a repayment plan. This will help you decide how much you can pay each month and when you can pay off the balance. You can transfer your balance to several credit cards with interest-free balance transfers. However, you need to be aware of the conditions.
You must remember that you may not be able to pay off the entire amount of your balance during the promotional period, which can cost you hundreds of dollars. It is vital to understand the terms of any promotional offer. You can also ask about penalties if you fail pay off your balance during the promotional period.
Cashback cards that are free of charge
If you're in the market for a new credit card, no-annual-fee cards may be worth considering. These cards generally have no annual fees but you must consider other factors such the card's APR or credit limit. The rewards you receive might offset the annual fees.
A variety of cards offer cash back rewards. Capital One SavorOne offers flexible rewards redemption and an unlimited Cashback Match(tm), as well as a welcome offer. Both offer cash back rewards that can double your earnings in the first year.
Balance transfer cards with airmiles
Balance transfer cards are a great way to pay off a balance and earn airmiles. These cards are particularly useful if you have high-interest debts. You may be able to save money by not paying an annual fee for these cards. Some cards have 0% initial interest rates.
Many balance transfer cards offer 0% APR for introductory periods. These introductory rates aren't always very attractive and they often apply to purchases. It is important to find out what fees are charged. Typically, credit card companies charge a flat rate of 3% to 5% of the transferred balance. Many cards also have an annual charge.