If you have ever read my blog, you know you that I am a big fan of credit cards. I love being able to build my credit, keep a budget, and enjoy the perks. When used right, credit cards can help you earn some great benefits by doing absolutely nothing except paying your bills.
People are always asking me what the best credit card is and how they can capitalize on the benefits. Unfortunately, the answer to this question is different for everybody, so I thought I would write about some of the top cards for each type of spender.
For the traveler: Barclay Arrival Plus Elite MasterCard
I have talked about this card several times, as this is the card that I used to pay for my plane ticket to Amsterdam, as well as train tickets throughout Europe. I have also used additional points for hotels and other flights as I keep earning points and can use them on travel expenses that have occurred within 120 days.
-You get two miles for EVERY dollar you spend.
-This card offers a 40,000 point bonus after you have spent $3,000.
-You must spend the minimum within 90 days to receive the points that are equivalent to $400 in travel credit.
-No foreign transaction fees (fees that are charged oversees when using a credit card)
-You get a 5% bonus when you redeem points. If you redeem 100,000 points for a plane ticket to Dubai, you get 5,000 points back to use for your next trip.
-$89 fee waived for the first year.
For cash back: Citi Double Cash Card
Cash back cards aren’t for me as I love to reap the benefits of cards that allow me to travel more, but there are several great cards that would be better suited for someone that spends a lot of money and likes getting cash back towards those purchases.
The Citi Double Cash Card does just that.
-You get 1% cash back when you buy something and you get 1% cash back when you actually pay for that purchase.
-$0 annual fee.
-No restrictions on the types of purchases.
For the scholar: Discover It for Students
If you are in college or pursuing any other high education degrees, it is not too early to get a credit card. It will prepare you for after graduation when you have to start spending more money while doing things in which credit can affect you.
The Discover It for Students is a great card to start with.
-5% cash back on categories that rotate up to $1500.
-1% on all other purchases.
-No annual fee.
-$20 cash back with 3.0 GPA.
For the young professional with average credit: Chase Freedom
This is a great card for someone that doesn’t have bad credit, but doesn’t have the best credit either. It is an excellent starter card with some above average benefits.
This is a card I recommend to young professionals that want to get some rewards while building their credit.
-$100 bonus after you spend $500 in the first three months.
-No annual fee.
-1% cash back on every purchase.
-5% cash back on bonus categories up to $1500.
For the grocery shopper: Blue Cash Preferred from American Express
This category is for the people that spend large amounts of money on grocery and gas.
If you love shopping at Whole Foods and you drive a Hummer, this card may be for you.
-6% cash back on groceries from US supermarkets up to $6,000.
-3% cash back on gas.
-1% on additional purchases.
-$150 credit once you spend $1,000 in the first three months.
-$75 annual fee.
These are just some of the great credit cards that are available. Remember to do your own research as there are more details involved with these cards.
NEVER get a card for rewards that you can’t easily achieve. For example, if you know that you won’t be able to spend $3,000 in the first three months, don’t get the card and then spend $500 on a new TV to meet the minimum.
When used correctly, these cards can help you build credit and live the life you choose.
*Note: None of these companies are paying me to endorse their cards as these are strictly my opinions (just need to throw that out there)