The task of finding a decent credit card is a difficult one to undertake. Sorting through the thousands of credit card offers available today is beyond daunting. You want to try and avoid annual fees, have low interest rates, and good rewards.
For me, the potential of awesome rewards is the best part about credit cards. I have been holding off on getting a credit card for as long as possible, but have finally decided to bite the bullet and get one. The reason? Clearly, it’s the potential rewards.
But which credit cards have the best rewards? Here are my top picks based on the three main reward types: cash back, reward points, and airline rewards.
Best Cash Back Card: Chase Freedom Credit Card
Credit Standing to Qualify: Good
Rewards: 5% cash back on gas, groceries, airlines, home improvement, etc.
1% cash back on all other purchases
APR: 0% up to 12 months
Annual Fee: None
Some people may argue with me on this one and cast their vote in favor of the Discover More Card. However, the Chase Freedom Credit Card offers the same cash back rewards as the Discover More Card. Also, like the Discover More Card, the Chase Freedom Credit Card offers 0% APR for up to 12 months and no annual fee. So why does the Chase Freedom Credit Card beat the Discover More Card? The Discover More Card requires you have excellent credit. The Chase Freedom Credit Card is a little more lenient, requiring you have good credit. (http://www.creditcards.com/cash-back.php)
Best Reward Points Card: MTV Visa Card From Capital One
Credit Standing to Qualify: Good
Rewards: 5 points for every $1 spent on entertainment
2 points for every $1 spent at restaurants
1 point for every $1 spent anywhere else
25 points for every billing cycle with account in good standing
APR: 0% until June 2011
Annual Fee: None
There are many cards out there that offer reward points. What makes this card awesome is the amount of points it is willing to award you. With this card, you get more points than with most others. In regards to redeeming points, it is an MTV card so the main rewards they publicize include MTV rewards like MTV merchandise and tickets to MTV events. Also, like other reward cards, you can redeem your points for travel, gift cards, merchandise, and cash OR you can donate your points to charity (COOL!). Additionally, unlike most reward cards, you only need good credit to qualify for this card.
Best Airline Rewards Card: Capital One No Hassle Miles Rewards
Credit Standing to Qualify: Good
Rewards: 1.25 miles for every $1
APR: 0% until June 2011
Annual Fee: None
Again, there are many credit cards available with great miles reward programs and yes, some of them do have bigger rewards than the Capital One No Hassle Miles Rewards card. However, most of them come with a requirement of excellent credit AND annual fees. This is NOT the case for the Capital One No Hassle Miles Rewards Card. To qualify for this card, you need good credit and there are no annual fees. There are no limits on how many miles you can earn OR expiration date on the miles you earn. You can also redeem your points for other travel expenses, cash back, gift cards, and merchandise.
Take advantage of the rewards programs offered by credit cards and get the most rewards for your purchases. Choose the reward program that best fits your lifestyle (i.e. if you travel a bunch, go with the Capital One No Hassle Miles Rewards or if you spend the majority of your money on groceries, sign up for the Chase Freedom Credit Card), then watch your rewards add up!
Have a credit card that you think has a better rewards program than the ones listed above? Share it with us in the comment section!
