Applying for credit cards today can get confusing. Not only do you have store-branded cards, secured cards, and unsecured cards, but now you have a large variety of reward cards too.
If we broke it down by reward type – you’d see more than 10 categories as credit card companies give rewards in many different ways today. Before you choose a credit card, think about the rewards you want to earn.
|Credit Score Range|
|Excellent (741-850)||See My Options|
|Great (721-740)||See My Options|
|Very Good (701-720)||See My Options|
|Good (681-700)||See My Options|
|Average (661-680)||See My Options|
|Fair (641-660)||See My Options|
|Poor (621-640)||See My Options|
|Very Poor (350-620)||See My Options|
|I'm not sure||See My Options|
In this guide, we’ll break down the types of credit cards, rewards you may earn, and what you should consider.
You have many options when applying for a credit card. Here are the main categories:
Before you apply for a credit card, you should understand its term and features. No two reward credit cards or balance transfer cards are the same. Look for the following in the agreement:
Grace period: You won’t pay interest on the amount charged if you pay the balance in full within the grace period. Most cards have a 21 to 25-day grace period, but check the details on your agreement.
APRs: Some credit card companies charge different APRs for different charges. Purchase APRs are usually the lowest and cash advance APRs are the highest. Your credit card company may also offer different APRs for balance transfers, certain types of transactions, or have introductory rates.
Fees: Some credit cards charge no fees, and others charge quite a few. Look for annual fees, balance transfer fees, late fees, and cash advance fees.
Based on our research, these are the best credit cards in the USA when in comes to rewards. This is the list of best credit card companies based on rewards!
2. American Express Blue Cash Preferred: Annual fee $95 after the first year; 1% - 6% cashback rewards; Need at least a 690 credit score
3. Chase Freedom Flex: No annual fee; 1% - 5% cashback rewards; Need at least a 690 credit score
4. Chase Freedom Unlimited: No annual fee; 1.5% - 5% cashback; Need at least a 690 credit score
5. Discover It Cash Back: No annual fee; 1.5 – 5% cashback; Need at least a 690 credit score
Rewards credit cards are a great way to earn money back on the money you spend, but there are some pros and cons to consider.
Rewards credit cards can be a great way to earn a little side cash, especially if you use the card to pay for things you’d normally buy. Whether you want to earn cash back, travel points, or gift cards, there are a variety of credit card options available that help you make the most of using a credit card.
We know this year has been difficult for many families across America. That’s why we think it’s more important than ever to find a 0% APR Credit Card that works for you. At SimpleDirect, we consider many features to determine which credit cards may be the best ones for everyday Americans.Compare Best 0% APR Credit Cards In 2020
The Best 0% APR Credit Cards for October 2020:
U.S. Bank Visa Platinum Card is perfect for anyone looking to consolidate debt. Debt consolidation is a great way of turning multiple payment obligations into a single payment loan. With 0% APR on balance transfers and purchases for 20 months, this card is perfect for debt reduction!
2. Citi Double Cash Card
This card is good if you are looking to consolidate some debt and looking for some decent cash back rewards at the same time. It is important to remember that the 0% APR only applies to balance transfers and not purchases. If you plan on making some large purchases, the U.S. Bank Visa Platinum Card would be a better option.
3. Capital One SavorOne Cash Rewards Credit Card
This card is ideal for someone that tends to spend frequently on dining/entertainment as well as grocery. You get a 3% cash back on dining and entertainment, 2% cash back at grocery stores along with 1% on all other purchases. A $150 cash welcome bonus is also given when you spend $500 on purchases within the first 3 months of opening the account.
This card offers 0% APR for 15 months.
4. Chase Freedom Flex
This card is meant for consumers that tend to spend a lot. The cash back program starts with 5% cash back at grocery stores (excluding Target or Walmart purchases) the first year. There is also 5% cash back on travel booked through Chase Ultimate Rewards, 3% cash back on dining and drug stores, and 1% on all other purchases. With a $200 welcome cash back offer, this 0% APR card offers the most comprehensive cash back rewards program.
Listed below are the points we will be discussing:
1. Pay in Full, on Time
If you use a credit card, we advise you to pay your bill in full and in a timely manner.
In case you are worried about forgetting to make a payment, you can set up autopay of a specific amount at the end of each month!
2. Stick to a Budget
Yes, we get that budgeting is not very fun. But making it a habit will be very handy for you!
We’ve all been there. We go out to the mall or on Amazon to buy one thing and only one thing. Before we know it, we are checking out five items. This is more likely to happen if you do not have a budget in place!
The first step is to create a fixed maximum amount you want to spend for each month. This should be based on how much you can afford to pay at the end of the month. Once you have the figure in mind, we would advise you to sit down each week and calculate your expenses and note them down.
With every purchase, go back to your budget and track your progress.
3. Stay Below Credit Limit
By rule of thumb, if you want to maximize your credit score, you should aim that you use less than 30% of your overall credit limit.
To track your spending, it is advisable to sit down each week and calculate your expenses. One way to do this is to download your bank’s app that tracks spending from your accounts. This will give you an idea of how much you have spent and where you are spending the most.
4. Look for Better Offers
New credit card offers pop up regularly. Credit cards are big business for the banks, so they compete to reel you in. It’s important that you do your research before getting any new credit card because you may be eligible to get cards that a) offer better rewards and b) have lower interest rates.
SimpleDirect can help you find the best credit card for you!
5. Monitor Accounts
Credit cards should never be an area of concern only at the end of the month. You incur costs throughout the month and as such, you should be monitoring your accounts throughout the month as well.
The reason to do this is to get a better idea of your own spending habits, find any fraudulent or incorrect transaction, and ensure that you are not on track to significantly surpass your budget. Finally, monitoring your accounts is especially important if you have multiple credit cards. You would not want to be in a situation where you forget to make payments solely because you forgot to check your account. This simple habit will save you hundreds, if not thousands, of dollars in interest and charges.
We are all human. We love to buy stuff we see in stores or online and sometimes we end with a bill higher than we expect. Becoming a better credit card user is a result of active efforts in applying simple, responsible credit card habits that we’ve listed above.
It will take some time but getting started is one step in the right direction! If you have any doubts or questions, we would love to help you out! Feel free to get in touch with us!Compare Best Credit Cards In 2020