Consumers are bombarded with over a billion credit card offers each year, promising everything from cash back and zero-interest to free airfare and luxury hotel stays. How are consumers supposed to know which offers are the best ones for them?
Capital One, Citibank, Discover Card, American Express — you know the names, but do you know the difference? All of them want you to carry their cards, and all of them have great-sounding offers, so how to choose?Let us show you the real value of the credit cards that claim to offer big rewards — we'll give you the numbers, smart statistics, level headed analysis and straight talk you need to make the best decision for your financial future.
Capital One, Citibank, Discover Card, American Express — you know the names, but do you know the difference? All of them want you to carry their cards, and all of them have great-sounding offers, so how to choose?Let us show you the real value of the credit cards that claim to offer big rewards — we'll give you the numbers, smart statistics, level headed analysis and straight talk you need to make the best decision for your financial future.
Balance transfers are the best way to save money if you have good or excellent credit history, but carry a balance on your card. With a high interest rate, it can take decades to pay off your debt, but with a no-fee 0% interest balance transfer offer from a reputable bank, you'll pay off your balance much faster - we'll help you find one.
What you should know:
What you should know:
- Different Cards, Different Banks:You can't use a balance transfer offer from the same bank that issued the card you want to transfer a balance from. Look for offers from a different card issuer.
- Never Miss a Due Date:If you make even one late payment, not only will your 0% rate end, you may get slapped with a penalty APR of up to 29%.
- Our Expert Advice:Remember, if you have a large balance - higher than $10,000, for example - you probably won't be able to put the entire balance on one card. Apply for more than one card so you can spread the balance over several cards and maximize your savings.
Cash back credit cards give you 1 - 2% cash back wherever you shop, and many also offer up to 5% cash back in specific categories. Some cards combine these rewards, letting you earn 5% cash back on things like gas, groceries, or hotels, while still getting 1-2% cash back on all your other purchases. Cash back cards are the best and easiest way to save money on every purchase you make.
What you should know:
What you should know:
- Different Categories of Cash Back:Some cards offer 1-2% cash back on anything you buy, and some cards offer higher cash back awards - up to 5% - in certain categories such as gas, groceries, restaurants, entrainment which may rotate by season.
- Cash Back on Cash Back:You could earn a cash bonus on top of your yearly cash back award, with cards that give you another 20% of whatever cash back award you earn each year.
- Our Expert Advice:Do you know that every bank has its own online shopping mall, where they partner with and promote certain merchants? Many credit cards offer an amazing 20% cash back on purchases made directly from their online mall, or 10% back if you shop with their merchant partners.
If you need to carry a balance on your credit card, a low interest credit card is the way to go. Do you have a big purchase on the horizon, but can't lay out all the cash at once? Spread payments over an introductory period of up to 21 months with low or no interest and watch your savings add up.
What you should know:
What you should know:
- Don't Be Late!Make a late payment and kiss your promotional rate goodbye. Be sure you don't miss a payment due date, so your low rate doesn't end early.
- What's my Rate?Each card application states its terms and conditions and gives a range of rates, showing the approximate highest and lowest possible APR. Your actual introductory APR will be determined when your application is approved.
- Our Expert Advice:Pay off the entire balance of the card before the introductory rate expires, and then only use the card for purchases you can pay off right away.
If you're the traveling type, you want to earn as many miles as you can with every purchase you make. With the airline credit card you can travel around the world, earning free miles every time you use your card. Bon Voyage!
What you should know:
What you should know:
- Airline-Sponsored Credit Cards:If you usually book your travel in advance, have flexible dates, and prefer flying on one specific airline, these cards are your best bet. They offer the biggest rewards, including sign-on bonuses of up to 40,000 miles - good for a free domestic round-trip ticket.
- Bank-Sponsored Credit Cards:These cards work differently than airline-branded cards - you'll redeem points for cash to use toward your ticket purchase. The downside: less savings on your tickets. The upside: flexibility to use your reward on any airline, any time.
- Our Expert Advice:Think about what sort of traveler you are and decide what type of card will give you the biggest bang for your buck - choose the right one and get ready for takeoff!
Did you think your eyes were playing tricks on you last time you fueled up? Gas prices are skyrocketing, but saving money on gas is simple when you sign up for gas rewards credit cards. With the right card, get cash back every time you go to the pump. If your gas rewards card offers 5% cash back and you spend $90 filling your tank every week, that puts $18 back in your pocket each month.
What you should know:
What you should know:
- Special Fuel RebatesDifferent gas cards give different percentages of cash back on gas purchases. Although most cards don't offer their biggest rewards on one category year-round, some gas cards do advertise a 3-5% rebate on gas all year.
- Station-Specific SavingsIf you always fill up at the same station, you may want to look for a branded gas card that offers rewards at that station, such as Shell, which partners with Stop & Shop.
- Our Expert Advice:Carry two different credit cards that rotate a 5% cash back offer in different categories. When one card doesn't offer fuel savings, the other one may, so you can use the card that offers you the most cash back.