It may seem as a daunting task finding the right credit card either for personal use or business purposes, and this is even worse for individuals with bad or no credit score. There are different credit cards serving different purposes and here we look into much broader details, a list of the best credit card options while highlighting their merits and demerits.
Best Credit Cards Of August 2022
- Chase Freedom Flex℠
- Wells Fargo Active Cash® Card:
- Capital One Venture X Rewards Credit Card
- Chase Sapphire Preferred® Card
- Chase Sapphire Reserve®
- The Platinum Card® from American Express
- United Club℠ Infinite Card
- Aeroplan® Credit Card
- Hilton Honors Aspire Card from American Express *:
- Discover it® Student Cash Back
- Wells Fargo Reflect℠ Card
Kindly note that these are not in any order of importance. Now let’s look into a more detailed analysis of these card types to understand the ones that fit your need.
The Freedom Flex credit card is best known for cash backs in several categories such as travel, dining and drugstores whilst also offering zero annual fee, making it one of the best options to cater for all your credit card spending needs. Also it offers an enticing $200 cash rewards as welcome bonus.
The major disadvantage associated with this credit card is that users must make their travel bookings through the Chase Ultimate Rewards® in order to be eligible to earn the 5% cash back reward.
If you would like to earn unlimited cash rewards of 2% on purchases as well as enjoy a cost free annual charge, then the Wells Fargo Active Cash® Card is worth considering. Additional benefits include the Cell Phone Protection Benefit, which provides coverage in the event of a damage, theft or accidental partying of your cell phone. Also this card features an exciting cash reward of $200 in the first 3 months after subscribing and spending $1000 in purchases.
We can’t part with the Wells Fargo Active Cash® Card without citing the 0% APR in the first 15 months of subscription, plus variable APRs depending on your kind of purchases.
With up to 10 times reward rate, this credit card is best in offering flexible travel rewards. This includes a Welcome Bonus of 75,000 miles in the first 3 months and 10,000 miles every year, equivalent to $750 and $100 in travel respectively, and a variable APR (between 18.49% – 25.49%) depending on your purchases, statement credits of up to $300 per year for reservations made with Capital One Travel, where you’ll get the lowest possible rates on thousands of alternatives.
Additional features include an unlimited bonus on flights, hotels and rental cars also made through Capital One Travel and 2 guests complimentary access to more than 1,400 lounges.
It comes with a $395 annual fee, but the annual travel credit and anniversary miles alone make it worthwhile.
Apply via https://applynow.capitalone.com
The Chase Sapphire Preferred® Card offers customers 60,000 bonus points after making $4,000 in purchases during the first three months after account opening which amounts to $750 for travel. It offers several travel and shopping protection packages and allows the transfer of points to travel partners. Benefits include $50 hotel credits annually and 10 times more on travels, dining and all other travel purchases as well as 25% more airfare, hotels, car rentals and cruises.
The Chase Sapphire Reserve® like its colleague duo offers 60,000 as welcome bonus points after making $4,000 in purchases and is best for travel insurance arrangements or if travel and dining out makes a huge part of your purchase list.
Apply now for the Preferred® Card via https://creditcards.chase.com/a1/22Q2b/sapphirepreferred/compare or the Reserve® Card via https://creditcards.chase.com/a1/22Q2/sapphire/goreserve
For luxury travel and lifestyle benefits, the Platinum Card® offers members with point rewards of upto 100,000 after you spend $6,000 in your first 6 months on purchases. With a more than average annual fee of $695, this is best suited for frequent traveling customers to enjoy some lavish lifestyle benefits. It again offers high rewards on flights and hotels booked through American Express Travel, including comprehensive airport lounge access as well as elite status benefits with Hilton and Marriott with enrollment.
Additionally, it provides close to $10,000 in credit bonuses from Uber Cash, Equinox Credit, CLEAR® Credit and more. Apply now via https://www.americanexpress.com/us/credit-cards/card/platinum/
This card is best for travel airlines with 4 miles per $1 spent on United® purchases; Also earn 2 miles per $1 spent on all other travel and on dining, including eligible delivery services; and earn 1 mile per $1 spent on all other purchases. The most exciting feature is that not only does this top-tier card offer up its game with 4 miles per dollar earnings on United purchases, it offers a suite of travel perks that makes the card an even better value, with the United Club membership alone worth more than the annual fee.
Apply for this card via https://www2.theexplorercard.com/rewards-cards/club-card
It’s best used as a mid-tier airline card and offers 3x earning points for each dollar spent on grocery stores, dining at restaurants including takeout and eligible delivery services, and Air Canada directly plus 1x points for each dollar spent on all other purchases.
Additionally, the solid reward-earning potential of the Aeroplan® Credit Card makes it an excellent option for those loyal Air Canada passengers who also regularly spend on food and travel.
This card from American Express is best as hotel credit card offering 14X bonus points on eligible purchases at participating hotels or resorts within the Hilton portfolio; It offers a chance to earn 7X points on flights booked directly with airlines or amextravel.com, car rentals booked directly from select car rental companies, and at U.S. restaurants; and 3X points on other eligible purchases.
The card offers a groundbreaking way for students with average or limited credit scores to gain experience managing their credit with no annual fee, no penalty APR, plus up to 5% cash back rewards in rotating categories.
Additional features include 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal. Plus unlimited 1% cash back on all other purchases.
Those seeking a balance transfer card will likely appreciate that the Wells Fargo Reflect Card offers a generous introductory APR period on purchases and qualifying balance transfers. However, the card doesn’t offer rewards or other notable benefits, so give it a pass if you don’t need a long introductory APR period.
Choosing the right credit card for your particular circumstances, like travel, hotels, miscellaneous expenses, etc should be based on a combination of factors including your credit score, your tolerance for annual fees, what perks you might be seeking and how any rewards fit with your spending habits. It is worth mentioning that two credit cards; Wells Fargo Active Cash® Card and Discover it® Student Cash Back show great promises across all boards and it’s necessary to consider them too in your bucket list.