To determine the top credit cards in each of the categories, we looked at the advantages and costs that each credit card offers. The charges for each credit card include the annual fee as well as foreign transaction fees and the minimum amount of spending required to be eligible for the welcome deal. Benefits include welcome offer cash rewards or other benefits, bonuses categories and balance transfer deals along with status benefits, and other benefits.
Furthermore, each category of credit card comes with their own set of specifications. For travel reward cards, we also looked at the amount you could earn from your miles and points when you use them.
These cards are designed for people who want credit or increase the credit rating of their clients. We are centered on offers for credit cards that provide the greatest chances to improve your credit at the least cost.
In the case of balance transfer cards, we examined the duration that 0% APR is available, and the variable APR following the expiration of the bonus.
The Best Credit Cards to be a part of 2022
Its name is the Chase Freedom Flex(sm) is a new product that was introduced with a splash in the second quarter of 2020. When it is paired with a top Chase Ultimate Rewards-earning card like the Chase Sapphire Preferred(r) Card, Chase Sapphire Reserve(r) or the Ink Corporate Preferred(r) credit card, you can generate a wealth of Chase Ultimate Rewards points.
As a cash back card, this is difficult to beat, especially when you consider that it doesn’t have annual fees.
Rewards Cashback: 5% on purchases of up to $1500 in categories that change every quarter (requires activation) and 5% back on travel purchases made via Chase Ultimate Rewards(r) and 3% on purchases at restaurants and pharmacies, and 1 percent of all purchase
First Offer of the Year: $100 Bonus after you spend $500 on purchases within the first 3 months following account opening.
Annual Fee Annual Fee: $0
Other benefits and drawbacks Other Benefits and Drawbacks Chase Freedom Flex packs a massive punch for a card that doesn’t charge any annual fees. The main drawback to this card? It’s important to set up the bonus categories on a quarterly basis and record the amount you’ve spent since the categories rotating come with a cap of $1,500, at least , if you plan to maximize your spending.
Additionally, you can benefit from free insurance coverage for cell phones by paying your month-long phone bill using your american express credit card. The maximum amount of claims is $1000 per claim, and $1,000 in total for the year.
This card will charge fees for foreign transactions, therefore it’s not a great option if you are planning to travel to another country.
Review this review of the Chase Freedom Flex(sm) review to discover more.
Chase Sapphire Preferred(r) Card
If you’re looking to get into transferable points, but the annual charges of the best-tier cards scare you and you’re looking for a Chase Sapphire Preferred(r) Card might be a good option to begin.
Rewards 5 points for every dollar for travel booked via Chase Ultimate Rewards(r), 3 points per dollar for dining out, and 2-points per $1 for all other purchases for travel and One point per $1 on any other purchases that are eligible
Welcome Bonus Points: 60,000 when you spend $4,000 in purchases within the first three months after the date of account opening
Annual Fee Annual Fee: $95
Other Benefits and Drawbacks Ultimate Rewards are versatile and useful this is the reason Sapphire Preferred Card Sapphire Preferred Card makes our list even if you aren’t able to justify the Sapphire Reserve’s annual cost, which is higher. It is possible to Transfer Ultimate Rewards into any number of frequent flier programs offered by airlines as well as hotel chains, including United Airlines and Hyatt.
A Ultimate Rewards point earned that you earn with Your Chase Sapphire Preferred(r) Card is worth 1.25 cents per point when you redeem it via on the Chase travel portal or paying Yourself Back, but if you intend to make use of the travel portal, we’d suggest you consider the more expensive annual cost of the Chase Sapphire Reserve(r) instead since your points will earn 1.5 cents each when used in the same ways. This card Chase Sapphire Preferred also offers top-of-the-line travel protections, although they’re not as effective as the Sapphire Reserve’s coverage.
These Chase Ultimate Rewards cards should be used as a family. pairing with a Chase Sapphire Preferred(r) Card with the Chase Freedom Flex(sm) and an suitable Chase Ink business card allows you to earn Ultimate Rewards in a short time. Rewards can also be paired among family members to increase the speed of earning.
Check out this Chase Sapphire Preferred(r) Card review to find out more.
The Platinum Card® from American Express
If you’re looking for a luxurious travel experience, and especially when you’re looking to gain access to various airport lounges, the Platinum Card(r) from American Express (terms apply, check rates and fees) is an excellent choice. It’s loaded with other advantages and benefits, too.
Rewards: 5 Membership Rewards points per dollar on flights booked directly through airlines or American Express Travel on up to $500,000 in the calendar year. Five points per dollar for hotels that are prepaid and booked through American Express Travel and 1 point per dollar for any other purchases that are eligible
New Offer for Welcome: 100,000 rewards points when you spend $6,000 on purchases with the card within the first six months of membership
Annual Fee Annual Fee: $695
Other benefits and drawbacks Other Benefits and Drawbacks: Platinum Card from American Express has a wealth of extra advantages. You’ll also gain access to many different lounges at airlines like Amex Centurion Lounges, over 1200 Priority Pass airport lounges (excluding restaurants, registration not required) as well as Delta SkyClubs when you fly Delta the same day.
Cardholders also get up to $200 worth of airline incidental credit with the airline they choose to use every year (enrollment is required) and are valid for purchases, such as the choice of seats or checked luggage. Cardholders also receive credits to pay for the TSA Global Entry or Pre Check application fee as well as an annually CLEAR membership, as well as an annual maximum of $200 worth of Uber credit ($15 per month, plus 20-percent bonus in December when the card you are eligible for is connected with your account at Uber, which is valid in exchange for U.S. Uber Eats and Uber rides). The Platinum Card is also able to grant Gold status in each of Hilton Honors and Marriott Bonvoy when you sign up.
In 2021 in 2021, the Platinum Card also added lifestyle benefits for the card, including up to $300 worth of annual Equinox credits, which are $25 per month credit on your statement, up to $300 in bike credit when you purchase an at-home SoulCycle at-home bicycle, monthly Walmart and membership fee credit as much as $240 (doled out each month in increments of $20) in entertainment credit for services that are eligible that comprise Audible as well as The New York Times.
Check out the review of The Platinum Card(r) from American Express review to discover more.
Capital One Venture X Rewards Credit Card
The new Capital One Venture X Rewards Credit Card first launched in November 2021 was a major shake-up in the market for travel cards. It has benefits comparable to other travel rewards cards that are premium but with a lower annual charge, making this card an excellent choice for anyone who travels a little.
Rewards 2 miles per dollar on eligible purchases. 5 miles per $1 for flights and 10 miles for every dollar for rentals and hotels by booking through Capital One Travel
Welcome Offer 100,000 bonus miles following making purchases of $10,000 within the initial six-month period following the account’s opening. In addition, for a short period, you can earn up to $200 in best travel credit card on your statement for the cost of vacation rentals that are debited to the account within the first year.
Annual Fee Annual Fee: $395
Other benefits and drawbacks: Apart from the potential to reap substantial reward points in addition to the ability to earn solid rewards, Capital One
Venture X cards offer the possibility of earning up to $300 annually as credit on statements to make bookings with Capital One Travel and 10,000 bonus miles for each anniversary.
Cardholders get benefits such as a Priority Pass lounge membership, access to Capital One lounges and a Global Entry or TSA Pre Check credit for application fees after paying for the application fee on the card.
Find our complete Review of the Capital One Venture X Rewards Credit Card to learn more.
America Bank America(r) Card for cash rewards that is customized
If you’re carrying a balance on a different credit card and you’d like to settle it by a low-interest rate The Bank of America(r) Customized Cash Rewards credit card is an excellent option.
Rewards Cashback: 3% in the category that is eligible of your preference as well as 2% cash back at wholesale clubs and supermarkets (up to $2,500 for combined grocery store/choice category quarterly purchases) and unlimited one percent on other purchases
The Intro-APR Promotion: Zero 15% introductory APR for the first 15 billing cycles on purchases, as well as for balance transfers that are made within those first sixty days. After the end of the intro APR offer then a 13.99 percent of 23.99 APR variable of 1% will be in effect. A 3% cost (min $10) is applicable to any balance transfer
Special Offer for New Customers: 200 cash rewards bonus when you have made at least $1,000 in purchases within your first 30 days following the account’s opening.
Annual Fee Annual Fee: $0
Other benefits and drawbacks: The Bank of America Preferred Rewards cardholders are eligible to earn up to 75 percent reward on every reward earned. This card has fees for foreign transactions, which means it’s not the best option to use overseas.
Check out the Review of Bank of America(r) Customized Cash Rewards review of the credit card to learn more.
Wells Fargo Reflect(sm) Card
The Wells Fargo Reflect(sm) Card is free of annual fees and all new cardholders enjoy a top-of-the-line introduction period to pay off balances. Remember that you have only 120 days to complete the transfer before a greater rate of balance transfer fees begins.
Annual Fee Annual Fee: $0
The Balance Transfer offer: Receive an intro APR of 0% for 18 months following the time of account opening on purchases as well as eligible balance transfers. The extension can be
extended up to three months in addition to the APR introductory is available with timely minimum payments throughout the initial and extension period. An introductory balance transfer charge that is either $5 or 3 percent of the value of the balance transfer, or the higher up to 120 days after account opening. Then, up to 5% per balance transfer and the minimum being $5.
Charge for Balance Transfer: This cost to transfer a balance can be as high as 5%. Minimum 5 dollars.
Other benefits and drawbacks: To have the longest transfer time ensure that you do not pay a bill late. If you do, you’ll lose the three-month extension for excellent payment habits. The card also offers up to $600 of protection for cell phones in the event that you settle your monthly bills with this card (subject to a deductible of $25) along with access to dispatch from the road.
Check out our complete analysis of Wells Fargo Reflect(sm) cards.
Wells Fargo Active Cash(sm) Card
In a competitive market of cash back cards that offer 2 The Wells Fargo Cash(sm) Card Active Cash(sm) Card is distinctive due to its low-introductory APR as well as Visa Signature benefits.
Rewards Cash rewards: 2% cash for purchases
Intro APR Offer – Zero Intro APR up to 15 month from the time of account opening on purchases as well as eligible balance transfers. Following that, a 14.99 percentage to 24.99 APR variable of 1% is available. Balance transfers that are made within 120 days are eligible for intro rate and a fee of 3.3%. Transfers made in balance after this date are subject to a charge that can be as high as 5%, minimum $5.
New Offers: 200 cash bonus upon spending $1,000 on purchases in the initial 3 months
Annual Fee Annual Fee: $0
Other advantages and drawbacks Additional Benefits and Drawbacks Wells Fargo Active Cash offers protection for your cell phone when you pay your mobile phone bill using the card every month. It is charged fees for foreign transactions, therefore it’s not the best option for international use.
To find out more concerning this card, click here. Wells Fargo Active Cash(sm) Card, check out our complete review.
Blue Cash Preferred Card issued by the American Express
If you’re looking to pay a significant shopping bill then you should consider the Blue Cash Preferred(r) Card from American Express (terms apply, check rates and charges) as the best reward credit card available, as long as you don’t overspend the limit of spending. The card also rewards for road trippers and carpoolers with a bonus cash back when you visit gas stations.
Rewards Cashback: 6% in U.S. supermarkets on up to $6,000 in purchases (then 1percent) Cash back on selected U.S. streaming subscriptions, 3.3% cash back in U.S. gas stations and on transportation (including taxis/rideshares, parking trains, tolls and many more) and cash back of 1% on other purchases that are eligible. Cash back is credited as Reward Dollars, which can be used as a credit to your credit card
Special Offer for Welcome: 300 credit on your statement after spending $3,000 in the first six months.
Annual Fee: No Annual fee in this year
Other benefits and drawbacks: Alongside the increased earnings on food items, you also get accessibility to Amex Offers. The savings offered by the offer can increase quickly so long you keep track of activating and using the offer. The card also provides the protection of return as well as damage and loss to your car from rental insurance.
Check out the review of the Blue Cash Preferred(r) Card from our American Express review to learn more.
U.S. Bank Altitude(r) Go Visa Signature(r) Card
For those who frequent dining out, they will be able to boost their reward by purchasing the annual-free U.S. Bank Altitude(r) Go Visa Signature(r) Card. Additionally, you’ll earn higher reward points on food purchases, which means that anyone who likes to eat out can gain this card. Altitude Go.
Rewards: Four points for every dollar spent on takeout or food delivery as well as dining 2 points per dollar at grocery stores, food delivery, gas stations , and on streaming services. One point per dollar on any other purchases that are eligible
Welcome Bonus Points: 20,000 when you make $1,000 worth of purchase eligible within 90 days after the account’s opening
Annual Fee The annual fee is $0
Other Benefits and Drawbacks Other Benefits and Drawbacks: U.S. Card from Bank Altitude offers an intro APR of 0% on balance transfers and purchases in the beginning of 12 cycle then a variable rate of 14.99 percent to 23.99 percent. Cardholders also get a $15 annual streaming credit, and aren’t charged for foreign transaction fees.
Check out the U.S. Bank Altitude(r) Go Visa Signature(r) Review of the card to find out more.
Chase Sapphire Reserve(r)
A lot of trips come with non-refundable components which are linked to specific dates, such as hotels or prepaid tours. If you’re not able to complete or need to end your trip, you could end up paying a huge amount of cash.
In addition to the opportunity to earn points for purchases, The Chase Sapphire Reserve(r) also offers interruption and trip cancellation insurance in case of covered events as well as trip delay insurance, lost baggage insurance, baggage delay insurance, primary insurance for rental cars and other benefits. The best-in-class protections made this card the top of the list of the top Travel rewards credit cards.
Rewards 5 points for every dollar spent on airfare plus 10 points per dollar for hotel and car rental when you purchase travel through Chase Ultimate Rewards(r) immediately after the first $300 has been paid for travel annually. Earn 3 points for every dollar spent on other food and travel purchases and 1 point for every dollar spent on other purchases
Welcome Bonus Points: 50,000 when you spend $4,000 in purchases during the first three months after the date of account opening
Annual Fee Annual Fee: $550
Other benefits and drawbacks: The annual cost is high for this rewards card is accompanied with $300 in travel credit which are automatically applied when you make eligible purchases.
Chase Sapphire Reserve benefits include Chase Sapphire Reserve benefits include Priority Pass airport lounge membership which also includes restaurants in airports that those on the American Express versions of Priority Pass don’t include. So, on your flight you’re eligible to dine and drink at Priority Pass restaurants in addition to the more than 1200 lounges at airports around the world when you sign up in the program, which could make your family save a substantial portion of cash.
The Chase Ultimate Rewards rewards can be transferred to numerous travel partners like United Airline MileagePlus and World of Hyatt. Points can be redeemed on Chase’s travel portal as well as using their Pay-Yourself-Back feature , where the value is 1.5 cents for each.
Review this Forbes Advisor Chase Sapphire Reserve(r) review to know more about the Chase Sapphire Reserve.
The World of Hyatt Credit Card
If you’re seeking more benefits from hotels, but don’t have the money to spend the large dollars to get the Hilton Honors Aspire Card from American Express*, the is an excellent option to consider. This card doesn’t come with an annual cost that is high, but it still gives a complimentary night certificate each year at the category 1-to-4 hotel as well as the base degree in status at Hyatt.
Other benefits and drawbacks: Every year, when you renew the card you be entitled to one night for free that is valid within the category 1 to four Hyatt properties. This alone could easily reduce the annual cost that the card charges.
The second category 1 to 4 night-free certificate is available by spending at least $15,000 per year on the card.
The card is the base Hyatt Discoverist status. It also gives you five credit nights towards earning higher levels of credit. It is possible to receive 2 nights of credit per dollar you spend with the card in the year. It is possible to achieve the highest-quality Hyatt Globalist status by just spending on the card, but the majority of customers don’t spend the massive amount needed to achieve this.
In addition, you’ll get protections for purchases and some basic protections for travel.
The Hilton Honors Aspire Card from American Express* offers top-tier Diamond elite status within the Hilton program, which includes upgrades and breakfast in participating hotels along with late checkout, among other advantages.
Rewards Earn Rewards: Hilton Honors bonus points at participating hotels and resorts in Hilton Portfolio. Hilton Portfolio, 7 points per dollar for eligible purchases, flight tickets booked directly through the airlines, and American Express Travel, car rentals that are booked directly with selected car rental firms and U.S. restaurants and 3 points per dollar for any other purchases that are eligible
Welcome Offer 150,000 Hilton Honors bonus points after purchasing $4,000 of purchases within the first three months after opening an account.
Annual Fee Annual Fee: $450
Other benefits and drawbacks: The cost of the annual fees could be well worthwhile if you benefit from this 250 Hilton resort credit as well as the $250 incidental credit for airline to an airline of your choice. pick every year. Cardholders will also be able to receive the weekend night free every year when they renew their card.
The Aspire is a status that automatically reaches the top of the line that makes it worthwhile to keep for you if you only stay in Hilton hotels frequently but not enough to earn the status.
You’ll also be able to get a Priority Pass Select membership with access to more than 1,200 airport lounges around the world once you’ve signed up to the program. However your membership won’t give you accessibility to Priority Pass restaurant locations.
This card also comes with protections for purchases and travel such as baggage insurance in case of damaged or lost baggage, as well as return protection.
Review this Hilton Honors Aspire Card from American Express* review to find out more.
United Club(sm) Infinite Card
If you’re a frequent United traveler, and especially when you want accessibility to United Club lounges, the United Club(sm) Infinite Card is a great option. Even if you’re not interested in any of the other benefits offered by the card, the card can be the best way to get entry at United Club lounges.
Rewards Four miles for every dollar spent when you make United(r) purchases 2 miles per dollar on other trips, on meals, including delivery services that are eligible as well as 1 mile for every dollar for all other purchases
The Welcome Bonus Offer is 80,000 miles of bonus miles upon spending $5,000 on purchases within the first 3 months after the date of account opening
Annual Fee Annual Fee: $525
Other Benefits and Drawbacks The best benefit offered by this card Chase United Club Infinite Card includes a complete United Club lounge membership. This lounge membership includes the use of Star Alliance lounges when you fly with a Star Alliance member airline same-day. It is possible to bring a maximum of two passengers. The access to the United Club lounge membership through this credit card is much less expensive than purchasing the lounge membership.
Furthermore, you’ll be able to enjoy Premier Access which includes priority check-in and boarding, and your second and initial checked bag free of charge when flying United as well as the TSA PreCheck and Global Entry application fee credit.
The card also includes protections for purchases and travel, including cancellation and trip delay insurance, damaged and lost baggage insurance delayed baggage insurance primary insurance for rental cars Purchase protection, extended warranty, and more.
Check out the complete review of the United Club(sm) Infinite Card review for more information.
Aeroplan(r) Credit Card
Another newcomer on the market is 2021 The Aeroplan(r) Credit Card provides a viable opportunity to earn miles if you’re willing to step slightly out of your zone and discover an alternative program that isn’t based on the U.S.
Earn 3 reward points for each dollar that is spent on food, takeaway and delivery services that are eligible grocery stores, and for each dollar directly through Air Canada including vacations and cruises. 1 point per dollar on all other purchases eligible for rewards.
Welcome Offer: Two air reward certificates that can be used for the equivalent of 50,000 points per (up to 100,000 points total) after you have spent $4000 on the card within the first 3 months
Annual Fee Cost: $95
Other benefits and drawbacks Other Benefits and Drawbacks: Aeroplan Card also offers up to $100 in statement credits to cover the Global Entry TSA PreCheck, or NEXUS fee each year for four years. It is also the sole U.S. card that currently provides a reimbursement for application fees for the NEXUS.
Cardholders will receive the first as well as second bags free of charge for them as well as up to eight other passengers while traveling with Air Canada. The card is free of fees for foreign transactions and provides protection for delays to trips as well as trip cancellation and interruption delay in baggage loss and damaged baggage, as well as an auto insurance policy that covers collision damages to rental baggage.
While this card is able to provide an excellent mileage rate and other benefits, prospective cardholders must take the time to learn more all about the Air Canada Aeroplan before submitting an application.
For more information on this Aeroplan(r) Credit Card, go through our review.
How many credit cards should I have?
There’s no standard amount of credit cards one should use. This is because every person’s financial situation and objectives are specific to their specific circumstances. Multiple credit cards could be beneficial or a disaster based on how you choose to acquire and utilize the cards.
Benefits of having multiple credit Cards
The use of more than two credit cards could be the best choice for most people since credit cards allow you to build credit history. A strong credit score in the long run will save money since it will allow you to qualify for lower rates on different types of loans like auto loans, mortgages as well as student loans. Because many rewards cards provide reward points that are tied in various areas that you spend money on, especially for those who have a good plan for linking rewards cards, this is more valuable than simply one card.
Advantages of Having Multiple Credit Card
A lot of credit cards could encourage you to overspend and accumulate much more than you could manage. If you’re looking to add additional accounts to the account Be aware that each time you make an application for a credit line, the company will conduct an inquiry into your credit history to decide if they will allow you to apply. This can affect your score.
Some issuers may reject you if you submit too many credit cards in too short of a time.
However, for those who can pay their bills on time and punctually, and do not like the hassle of managing multiple credit cards, having several cards could be part of a strategy that is beneficial for the person.
Credit Card Issuer
The credit card issuer is the bank that issues, or approves you for the credit application for the card. Some credit cards carry the bank that issued them in their names such as Chase and Citibank. Other credit cards function behind the scenes as the bank that issues credit cards that might not belong to an established financial institution, such as Chime and Upgrade.
Credit Card Networks
The credit card networks manage the transactions between the buyer and merchant. The four main credit card companies: Mastercard, Visa, American Express and Discover. American Express and Discover are distinctive in the sense that they are companies that issue cards and also operate the card network.
Co-branded Credit Cards
A credit card with a co-branded logo is one that’s offered in partnership with a particular company or retailer. The most well-known brands such as JetBlue, Hyatt and Disney have all joined forces with companies that issue credit cards to provide cards that earn rewards within their loyalty programs as well as provide perks specific to the brand. Typically, a co-branded credit card can offer rewards or other benefits within the brand.
Each Visa or Mastercard are both payment processors and it shouldn’t be a matter of concern for you as a customer which one you have your card using when making a purchase. However, both cards provide benefits and advantages that are specific to their brands and card type within the brand. For instance, a classic Visa and Visa Platinum card could provide roadside dispatch services as well as lost cards replacement services. For instance, a Visa Signature card may offer these benefits, along with travel insurance and protections. Each Visa card comes with distinct benefits depending on the kind of Visa and the benefits chosen by the bank that issued the card to include.
The same is true for Mastercard there are different kinds of Mastercards that offer different advantages and perks depending on the kind of Mastercard. One of the best benefits Mastercards provide that Visas do not is cell phone coverage. It is not advisable to choose an account based solely on the company that issued the card however. Instead, consider any extras provided by payment networks as bonuses, keeping the primary focus being on the attributes of the card.
