How many different credit card offers must one sift through before finding one really good one? How are you supposed to know which credit card will work best for you and your finances?
Money Magazine recently put together a list of the best credit cards. These credit cards won’t work for everyone, but they will work for most consumers.
The first credit card on Money Magazine’s “Best Credit Card for You” list is the Simmons First Visa Platinum. Money Magazine chose this card because of its interest rate. The interest rate associated with this card is a variable one set at 7.25 percent. The only drawback to this card is that you must have excellent credit to be approved for the Simmons First Visa Platinum. If you already have great credit, you can’t go wrong with this one…a 7.25% interest rate, a 25 day grace period and no balance transfer fees.
Next up on the list is the Schwab Invest First Visa because of its incredible cash-back rewards. In an era when most credit card companies are getting rid of cash-back rewards, the Schwab Invest First Visa holds nothing back. There aren’t any fees whatsoever to open or maintain the credit account, but you do have to have a Schwab One brokerage account. Each time you use this cash-back credit card, you will automatically earn 2% cash back (no more earning .5% cash back and only on certain products). The Schwab Invest First Visa also comes with absolutely no foreign exchange transaction fees, which makes it the perfect credit card for the businessman or business-woman on the go.
The Citi Forward credit card earned the #3 spot on Money Magazine’s list. The Citi Forward card earned this spot because it is considered ‘the credit card of the future.’ This card rewards consumers for paying at least the minimum payment on time (three billing cycles in a row), and steering clear of their credit limit. The reward is that the interest rate actually goes down by 0.25% each time this happens. The maximum amount the APR can be reduced is 2% (eight times throughout the entire life of your account). With a variable APR starting at 12.24% and the opportunity to reduce that APR by 2% for using your card responsibly, you can’t go wrong with the Citi Forward credit card.
Money Magazine chose the Pentagon Federal Visa Platinum card next. If you haven’t heard of Pentagon Federal Credit Union, it’s time to do your research. All you have to do is become a member of this credit union to be considered for this incredible credit card; however as with any credit union, there are certain membership requirements you must meet. If, for some reason, you don’t meet the membership requirements, you can join the National Military Family Association and pay a $20 one-time fee and still be approved for this credit card. The main highlight to this credit card is outstanding cash-back rewards on gas purchases. If you spend a good chunk of money at the gas station, this is the card for you. You’ll earn 5% cash back on all gasoline purchases, 2% cash back at the grocery store, and 1.25% on all of your other purchases.
Next up on the list is the Clear Card from American Express. This card is unique because it doesn’t ever charge fees. There are no fees-of any kind-associated with this card. We’re talking…you can be free from late charges, balance transfer charges, over-limit charges…any kind of credit card fee. Not only will you be free from credit card charges, but you can earn cash back as well. Every time you spend $2500, you will automatically earn a $25 American Express gift card, and 1% cash back on every purchases you making.
The Blue Cash card from American Express closes out the list. Consumers with the Blue Cash card from American Express have the opportunity to earn cash back…a lot of cash back. You can earn 5% cash back on all of your purchases at the grocery store, drugstore, gas station and 1.5% cash back everywhere else after you spend $6500 in a year. This is the best card for big spenders or even just people who put all of their purchases on the credit card and pay it off each month.
If you have been looking for a better credit card, check out these. These credit cards didn’t make Money Magazine’s ‘best credit card for you’ list for nothing. These cards are certainly worth the time it may take to research them a bit.
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