The best credit cards provide numerous benefits and perks, including promotional interest rates, the ability to save money when paying off other debts and more. However, each type of credit card is designed to provide different benefits. Therefore, the best card for you will largely depend on your situation, interests and personal preferences.
Having and using a credit card can be especially beneficial when you are trying to build or rebuild your credit score. Of course, this requires that you keep credit card balances low and always make payments on time. By learning more about each type of credit card, you will learn about the type of card that may be best suited for you and the card options that may be available to you.
Best Balance Transfer Credit Cards
The best credit cards for paying down debts, rebuilding your credit and gaining financial freedom is a balance transfer card. These cards include a low to zero percent promotional period where you will not pay any interest on the balance on your card. These cards can be used to pay off other forms of debts, thus reducing the amount of creditors that you have and allowing you to potentially save money on interest payments.
When searching for the best balance transfer credit cards, look for card offers that include lengthy promotional periods and minimal balance transfer fees. Balance transfer credit cards have an average promotion period of six to twenty-four months. The longer your promotional period, the longer the amount of time you will have to pay down your debt without an interest charge. While these cards typically start at a zero percent APR, it is not uncommon for these cards to include high APRs following the promotional period.
Additionally, the best balance transfer cards will either not include a balance transfer fee or will have a minimal fee. This will still allow you to save money in comparison to the interest you would have to otherwise pay during repayment.
The Best Balance Transfer Credit Cards 2018-2019
The current best balance transfer credit cards include:
- Blue Cash Everyday Card from American Express.
- 0 percent intro APR for 15 months.
- Cash back rewards.
- HSBC Gold Mastercard
- 0 percent intro APR for 18 months.
- Very few card fees.
- Chase Slate credit card
- 0 percent intro APR for 15 months.
- No annual fees or balance transfer fees.
Best Credit Card for Travel Miles
If you love to travel, the best credit cards for you are airline or travel cards. These credit cards generally include generous sign-up bonuses and reward your loyalty for choosing the same airline each time you travel.
By choosing a credit card for miles, you earn miles each time you fly with your chosen airline. Depending on your card, you may either earn miles for each mile that you travel or for every dollar you spend on your travel purchases. Once you have collected enough miles through these unique rewards programs, you can fly for free or at a discount with your selected airline.
The amount of miles that you will need to accumulate will be dependent on the type of card you have. For example, an airline card may allow you to earn $0.01 off of a ticket price per mile that you accumulate. While several cards offer these flat redemption rates, some airline cards will simply trade a set amount of miles for a free flight.
Best Credit Card for Airline Miles
The best credit cards for airlines are generally the cards that offer the best welcome offers, reward ratios and are provided by an airline that you frequently choose to fly with. Additionally, it is worth taking the time to find a card that has a minimum amount of fees.
- United Explorer Card:
- Sign-up bonus of 40,000 miles after you make $2,000 in purchases within three months of opening the credit card account.
- X2 miles earned from purchases made at restaurants, hotels and United with x1 miles on all other purchases.
- 25 percent credit back on United inflight purchases.
- Southwest Rapid Rewards Premier Credit Card:
- Sign-up bonus of 40,000 points after you make $1,000 in purchases within three months of opening the credit card account.
- X2 points on purchases made at Southwest and with hotel and rental car partners.
- 6,000 bonus points with each card anniversary.
- Gold Delta SkyMiles Credit Card from American Express:
- Sign-up bonus of 30,000 miles after you make $1,000 in purchases within three months of opening the credit card account.
- Two miles earned for every dollar spent on eligible purchases made directly with Delta.
What are the best credit cards for international travel?
If you travel internationally, it is important to pick a large name airline that you can fly with frequently, regardless of your destination. While some smaller airlines may be more generous with their benefits, you likely will not be able to reap the benefits of these credit cards if you are rarely able to fly with that particular airline.
Best 0 APR Credit Cards
Low interest rates can make for some of the best credit cards as these cards help you save money on interest. Additionally, many of these cards combine other perks, such as cash back or balance transfers.
- Capital One Quicksilver Cash Rewards Credit Card:
- 0 percent intro for first 15 months.
- 1.5 percent cash back on every purchase.
- Chase Freedom Unlimited:
- 0 percent intro for the first 15 months.
- 3 percent cash back on all purchases 1st year and 1.5 percent cash back on all purchases after that.
Tips for Finding the Best Low APR Credit Cards
The best cards are often 0 interest credit cards with no balance transfer fee and a low interest rate following any intro or after purchase promotional period. When determining the best card, look for cards with low APRs and the least amount of fees. By law, all credit card companies must disclose their card rates and fees in what is called a Schumer Box, using an enlarged print.
This will showcase the card interest rate for balance transfers, purchases and chase advances. While your rate will depend on your risk, you can still find a card with a low APR that works for you. Try to look past all of the rewards and focus on every card’s standard interest rates.