CNN Money’s “6 Best Credit Cards” List
Here’s a list of the “best credit cards” according to CNN…
CNN Money.com recently introduced what they believe to be the best credit cards available to consumers. CNN’s “6 Best Credit Cards” list covers the best credit cards in the following categories: the best credit card for balance transfers, the best credit card for big spenders, the best credit card for low spenders, the best credit card for frequent travelers, the best credit card to save for retirement, and the best ‘no hassle’ credit card. Of course, this list is subjective to a variety of factors - and although we agree they’re are all great offers - there might be better choices available. Either way, here’s a summary of the cards CNN recommends:
1.) Card for Balance Transfers - The Discover® More Credit Card continues to offer 0% interest for 12 months on balance transfers - something that is becoming more difficult to find. The maximum you will pay when you transfer a balance is also lower than most offers at $75. The ongoing interest rate is very low in comparison to other offers as well - at 10.99%.
2.) Card for Big Spenders - The Blue Cash® Card from American Express is the most generous cash back offer for people who make a lot of purchases on their card. Offering a full 5% cash back on bonus category purchases (gas, groceries and drugs) and 1.5% on everything else after the cardholder has spent $6,500 during the year. (Purchases before the level of annual spending reached $6,500 will earn 0.5% to 1%.) Cash back rebates are automatically credit to the account. The ongoing interest rate is also relatively low.
3.) Card for Low Spenders - The Chase Freedom Visa Signature® Card is a great way for consumers who spend very little to earn big rewards. Earn a 3% rebate on 3 out of 15 categories (gas, utilities, groceries, i.e.) that you purchased the most during the month. The rebate drops to 1% once you’ve made $600 in eligible purchases. After you’ve earned $200 in rewards, you’ll be awarded a $50 bonus. That translates to a 1.25% rewards rate. The ongoing interest rate is moderately high, so be sure to pay off the balance each month.
4.) Card for Frequent Travelers - The Citi Premierpass® Credit Card is particularly beneficial to frequent fliers and business travelers and includes no annual fee. Earn one point for every dollar spent, plus a point for every three miles you fly. If you purchase a ticket for your companion, you’ll earn a point for every three miles they fly, as well. The points are redeemable for plane tickets on any airline with no blackout dates or seating restrictions. Plus, the ongoing interest rate is reasonable for a travel reward card.
5.) Card to Save for Retirement - The Fidelity Investment Rewards Visa® Card offers cardholders the opportunity to make reward deposits into a Fidelity account of their choice. Earn a 1.5% cash reward on every purchase, with no restrictions. Reach 5,000 accumulated points and get $75 deposited into your Fidelity account.
6.) Card w/ No Hassles & Low Fees - Your Local Bank or Credit Union may offer more flexible, consumer-friendly credit cards than some of the big credit card issuers. Plus, your local bank is more likely to approve your account if you have an established relationship in place. CNN specifically pointed out an example, Commerce Bank based in New Jersey who allows cardholders can miss payments by up to 31 days, penalty free.
Remember, the best credit card for you depends on your individual needs and spending habits, so be sure to compare a wide variety of offers before settling on any of the cards listed above. In our opinion, the best overall credit card is the Chase Platinum Visa® Card - which wasn’t mentioned on the list. It has a great 12 month 0% APR on purchases and balance transfers, a competitive low ongoing rate and an optional rewards program. It provides most of the same features outlined in CNN’s article - all in one credit card! So be sure to shop around…
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