The Best Credit Cards For Consumers On The Market

While some people try to avoid credit cards to stay out of debt, credit cards can be a great asset for your long-term financial well-being. Whether you plan to use your credit card for everyday purchases or big-ticket items like a cruise or a new computer, you must practice good financial habits to get the most out of your cards.

See Best Credit Cards

Our team of experts gathered the ultimate list of credit cards that suit a variety of people, regardless of your credit score and history. If you are ready to find the most beneficial credit card for your situation, keep reading this article to learn everything you need to know.

5 Best Credit Cards For Building Credit

Petal 1 Visa Credit Card

No annual fee
Between 2% and 10% cash back at select merchants
Never pay a foreign transaction fee when you travel

Discover it Secured Credit Card

No annual fee
Cash-back deals on all purchases
You don’t need a credit score to apply and qualify

Avant Credit Card

Annual Fee of $0 – $59
Credit limit increases with a history of on-time payments
Intro APR: 27.99%-29.99% (Variable)

Capital One Platinum Secured Credit Card

No annual fee
Intro APR: 28.49% (Variable)
Refundable deposits

U.S. Bank Cash+ Visa Secured Card

No annual fee
1% cash back on all purchases
up to 5% cash back on select purchases
Increased security against identity theft

5 Best Credit Cards For Travelling

Chase Sapphire Preferred Credit Card

Annual Fee of $95
Between 1x and 5x travel rewards points on your purchases
Earn $50 every calendar year for hotel stays

The Platinum Credit Card from American Express

Annual Fee of $695
Between 1x and 5x travel rewards points on your purchases
Earn a $200 hotel credit
$200 airline fee credit every calendar year

Chase Freedom Unlimited

No annual fee
Get 1.5% cash back on all purchases and
up to 5% on qualifying purchases
Cash-back rewards never expire

Capital One Venture X Rewards Credit Card

Annual Fee of $395
2x miles on all purchases and 10,000 annual miles
a $300 annual travel credit
Up to $100 credit on Global Entry or TSA PreCheck

Bilt World Elite Mastercard

No annual fee
1x reward points on rent, 2x reward points on travel, and 3x reward points on dining
No transaction fees on rent payments

5 Best Credit Cards With 0 Intro APR

Wells Fargo Reflect Credit Card

No annual fee
0% Intro APR for 18 months (with a possible 3-month extension)
$600 credit for cellphone protection
access to 24/7 emergency roadside assistance

Bank Americard

No annual fee
0% Intro APR for 21 month
no APR on balance transfers made within the first two months
No fee for going over your credit limit

Discover it Cash Back

No annual fee
0% Intro APR for 15 months on purchases and balance transfers
Earn 1% cash back on all purchases
5% cash back on purchases from select merchants

Capital One SavorOne Cash Rewards Credit Card

No annual fee
0% Intro APR for 15 months on purchases and balance transfers
$200 cash reward if you spend $500 within the first three months
Earn 1% cash back on all purchases and 3% cash back on dining and entertainment

Citi Custom Cash Card

No annual fee
0% Intro APR for 15 months on purchases and balance transfers
Earn 1% cash back on all purchases
5% cash back on purchases in select categories of your choosing

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A credit card company will make a lot of promises to get you to sign up. They know many people allow their credit balances to build up, allowing banks and other lenders to collect billions of dollars every year in credit card interest alone. So, if you’re looking for the best credit cards for consumers, you will first need to determine how you will use your card.

15 Best Credit Cards For Consumers

Best for Building Credit

Petal 1 “No Annual Fee” Visa Credit Card
Discover it Secured Credit Card
Avant Credit Card
Capital One Platinum Secured Credit Card
U.S. Bank Cash+ Visa Secured Card

Best for Travel

Chase Sapphire Preferred Card
The Platinum Card from American Express
Chase Freedom Unlimited
Capital One Venture X Rewards Credit Card
Bilt World Elite Mastercard

Best for Low Intro APR on Purchases and Balance Transfers

Wells Fargo Reflect Card
Bank Americard
Discover It Cash Back
Capital One SavorOne Cash Rewards Credit Card
Citi Custom Cash Card

Learn How to Use a Credit Card Before You Take the Plunge

If you already have a credit card and have been using it without issues for years, you can go ahead and skip this section. However, if you are relatively new to the world of credit or you simply want to learn how to utilize your new credit card better, keep reading. You will need to learn about good financial habits and understand exactly how credit cards work before you start applying.

First, it is important to understand the basic terminology. Credit card companies will frequently throw terms at you like “premier rewards program,” “1.5% cash back,” or “0% intro APR,” but you may have little or no concept of what these actually mean. In some cases, you may have to do a little digging, as every provider uses unique jargon, especially when it comes to their special offers and bonus rewards.

However, when discussing the most important elements of credit cards, the terminology is largely the same across the board:

Annual Fee: An annual fee is an amount you need to pay every year to keep a credit card account open. These days, many credit card companies offer cards with no annual fees or fees that can be waived if you meet certain criteria. If your card does have a fee, it will often land somewhere between $100 and $200.

Credit Limit: A credit card functions like a loan that is always available whenever you need it. Your credit limit is the maximum amount of money you can spend on a given credit card. If you go over your credit limit, you will likely have to pay penalty fees.

Balance: Balance refers to the amount of money charged to your credit card. Many people leave a balance on their credit card each month. This balance will accrue interest, which increases the balance each month unless it is paid off.

APR: APR stands for Annual Percentage Rate. This is the amount of interest you will need to pay monthly (using a yearly rate) on any balance remaining on your credit card. Generally, this interest is compounded daily, but if you pay off any balance on your credit card before it has had time to accrue interest, you won’t have to pay anything at all. APRs can range anywhere from 10% to 30%.

Credit Score: Your credit score measures your financial responsibility and “creditworthiness” in the eyes of a credit card provider or another lender. If you have never had a credit card or taken out a loan, you may not have a score at all. These scores are determined by a credit bureau (like Equifax or TransUnion) and range anywhere from 300 (bad credit) to over 800 (excellent credit). The better your credit score, the better your chances of getting a loan or credit card with favorable terms like high limits, low APR, and additional rewards or benefits.

Credit History: Your credit history is a more detailed image of your credit score. Your credit naturally changes over time based on your financial decisions. If you take out a mortgage on a home, this will show up in your credit history. In other words, if a company or credit bureau runs a credit check on you, they will see what kind of major financial decisions you have made. They will also be able to see if you have a history of making payments on time and staying within your credit limits.

Introductory Rate: Many credit card companies offer introductory rates (APRs) to entice consumers to apply for a new card. This means that you will either pay less than the standard rate or 0 intro APR for a set period of time (typically the first 12 to 24 months from account opening). Cards with low or 0 intro APR can often be used to transfer a balance from an existing credit card with a much higher interest rate, potentially saving you a lot of money on interest.

Minimum Payment: The minimum payment or minimum amount due is the lowest dollar amount you must pay on your monthly balance. The minimum payment is calculated based on your account balance and APR. If you only make your minimum payment each month, it will take longer to pay off your credit cards, and you will pay much more in interest. For this reason, you should always try to pay more than the minimum to avoid getting stuck in a cycle of debt.

What Credit Score Do I Need to Get a Credit Card?

As you can imagine, your credit history and score can have a huge impact on the type of card you can acquire. If you have no credit or bad credit, you may need to opt for a secured credit card just to rebuild your score. A secured card allows you to deposit funds into your credit card account (much like a debit card), and then you can use it to make everyday purchases. This is one of the easiest ways for people with bad credit to build up their credit and, with time, qualify for a traditional credit card.

However, this still doesn’t answer the question at hand. What credit score do you need to get a credit card? Moreover, what scores will qualify you for one of the best credit cards on the market? Fortunately, there are some great credit cards that you can get with low or no credit. We will examine some of these cards that can help you build or rebuild your credit a little later on.

That said, if you want to apply for a standard credit card, you will typically need a score of at least 580. This is on the very low end of the scale, meaning that this score may not get you one of the best credit cards. Even if you do get approved for a great card, you will likely have a high APR.

For this reason, it is generally recommended that you have a score of at least 620 when applying for credit cards. This is considered a “fair” score, and it is the minimum score you would need to qualify for many different types of credit, including mortgages and auto loans. With a score of 620 or higher, you can qualify for the vast majority of consumer credit cards out there.

Finally, it is important to look at the kind of credit score you will need to get approved for a great card with a low APR and ideal terms and conditions. Anything above 740 is considered “very good,” while anything above 800 is considered “excellent.” In most cases, a score above 700 will get you much better terms when you are ready to apply for a new credit card. So, if you know you want to get a card with a low APR, consider working on your score until you can get it somewhere above 700.

Choosing the Best Credit Card For You

Though you may be tempted to apply for the first card that you come across, you should always consider your specific needs before making any final decisions. This is especially true when it comes to credit cards. You may end up applying for a card that simply does not meet your needs or provide you with the benefits you want.

For example, let’s say that you are a small business owner. If you want to get a credit card for your business, you could always apply for a personal credit card and use it to pay for business expenses. However, this can get confusing, as it will inevitably mix your personal finances with your business finances. For this reason, most small business owners apply for small business credit cards. These types of cards often have higher limits (depending on your business income) and specific rewards programs that can help pay for standard business expenses like accounting software.

However, in today’s guide, we are focusing on personal credit cards for consumers. Even if you don’t need a business credit card, you will still need to consider the type of benefits you want and the lifestyle you live. Generally speaking, there are a few different categories of cards that appeal to different demographics:

Credit-Building Cards: These cards help people with bad credit or no credit build up their scores over time. You can qualify for these cards even if you have really bad credit. However, keep in mind that these cards will often have high APRs and low credit limits. In some cases, you may only qualify for a secured credit card. These can offer people a great way to avoid debt accumulation while also building credit.

Travel Rewards Cards: As the name implies, travel rewards cards offer you benefits that can help pay for travel expenses, including flights, hotels, and rental cars. You may also get special discounts by making eligible purchases with specific brands affiliated with your credit card company. Many of these cards use “miles” reward programs that can be redeemed as credit toward travel expenses, but some also offer simple cash-back programs for travel.

Low Intro APR Cards: Finally, credit cards with a low APR appeal to everyone. However, unless you have an excellent credit history and a high score, you probably won’t qualify for one. Fortunately, you can still take advantage of temporary low rates with a low or 0 intro APR credit card. These cards will give you a set period of time (usually one year or more) to take advantage of absolutely no interest on your purchases. After the low or 0 intro APR period ends, your interest rate will return to a standard fixed or variable rate.

Naturally, these are not the only types of cards on the market. There are also standard cash-back cards, but these days, nearly every credit card offers some form of cash-back program on everyday purchases. In any case, the three types of credit cards listed above generally appeal to three distinct demographics.

Credit-building cards are great for young people with no credit, students, or people with bad credit. Travel rewards cards are great for consumers who travel frequently, for work or leisure. Lastly, low-intro APR cards are ideal for people who need to make large purchases soon after getting a card and plan to pay the balance down within the first year or two. Additionally, low or 0 intro APR cards are ideal for people who want to transfer a balance from a card with a high-interest rate.

Best Credit Cards to Build Credit

If you want to build up your credit score, you are definitely not alone. Millions of Americans struggle with poor credit for various reasons, from that one late payment they made last year to regularly high usage of credit cards. No matter why you want to build credit, you can find a card that fits your needs.

Below, we have done the research for you to find five of the best credit cards for people who want to build credit:

Petal 1 “No Annual Fee” Visa Credit Card

The Petal 1 Visa Credit Card is one of the best standard credit cards for people with bad credit. Why? Because you can qualify for a new card even if your credit score falls below 580. Just keep in mind that a very low credit score will mean that you also get a very low credit limit. With the Petal 1, credit limits range between $300 and $5,000, based on your credit history. Either way, you don’t have to pay an annual fee with this card, and you can even get up to 10% cash-back deals if you shop with select merchants.

Annual Fee: $0
Sign-Up Bonus: None
Intro APR: 22.99% – 32.49% (Variable)
Recommended Credit Score: 500 and above
Rewards: 2% to 10% cash back at select merchants
Additional Benefits: Automatic credit limit increase after 6 months of on-time payments
Best For: Consumers with bad credit

Pros

You can qualify for the card with a poor credit score
Wide range of credit limits based on your needs and qualifications
Various cash-back deals
No annual fee

Cons

It comes with a high variable APR if your credit is poor
Some scores still won’t qualify (below 500)
Cash-back deals only apply to select merchants