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Do you want to get a credit card?
Credit cards are convenient, and hundreds of millions of people worldwide use them for their daily shopping activities. The reason is simple - banks provide numerous one-time bonuses, cash back offers, rewards points, frequent-flyer miles, insurance, and even grace periods.
These financial products are beneficial and reliable, being accepted all over the planet, in any country where you might travel. If you’re on the hunt for the best offers out there, know that we’ve conducted comprehensive research.
Do you want such a financial product? Let’s see what we’ve prepared for you.
Here are the winners of the Best Credit Cards 2023
Our experts narrowed down the available offers on the market and wrote a brief description of our top choices. Here's the rundown you might be looking for - the best credit cards at the moment.
- Wells Fargo Active Cashâ„ Card: Best for 2% Cash Back
- Chase Freedom Unlimited®: Best Sign-up Bonus
- Wells Fargo Reflectâ„ Card: Best Intro APR (21 months)
- Blue Cash Preferred® Card from American Express: Best for Rewards & Family Purchases
- Citi® Diamond Preferred® Card: 0% on Balance Transfers
- Chase Sapphire Preferred® Card: Best for Travel
- Discover it® Student Cash Back: Best for Students (No Credit History)
Wells Fargo Active Cashâ„ Card: Best for 2% Cash Back
The Wells Fargo Active Cashâ„ Card works like this: It offers an unlimited 2% cash back on pretty much all purchases. This is one of the best cash back credit cards on the market in this niche, and it's a big reason why our experts chose it.
There is no limit to how much you can earn, and rewards do not expire while the account is open. The intro bonus is a Cashback Match™, which means the company will match 100% of your cashback in the first year.
Know that you cannot transfer rewards to the Wells Fargo travel partners.
- 14.99% to 24.99% APR
- 670 to 850 recommended credit history
Chase Freedom Unlimited®: Best Sign-up Bonus
Our experts picked Chase Freedom Unlimited® for zero annual fees and a sign-up bonus. All you need to do is spend $500 in your first three months to grab the introductory perk. However, that's just one of the good parts.
There is 5% cash back on grocery store purchases and travel, plus 3% cash back on restaurant payments (which includes takeout or delivery). It's a standard, unlimited 1.5% cash back on everything else.
Its only downside is that Target and Walmart spendings do not accumulate cash back.
- 14.99% to 24.74% APR
- 670 to 850 recommended credit history
Wells Fargo Reflectâ„ Card: Best Intro APR (21 months)
This Wells Fargo product amazed our expert reviewers with its 21 months of zero APR. Remember that you can start with eighteen months of promo interest and can grab the 3-month extension simply by paying your credit card statements on time. All in all, this is one of the best offers of its kind in the whole American market. What’s more, you also get smartphone protection (up to six hundred dollars).
Pay huge attention to the contract details (fine print, more specifically) because any missed payment can lower your 21 months of free APR.
- 12.99% to 24.99% APR
- 670 to 850 recommended credit history
Blue Cash Preferred® Card from American Express: Best for Rewards & Family Purchases
This American Express boasts a fantastic $300 sign-up bonus that can be yours if you spend $3000 in six months. There's no annual fee for the first year, then it's $95, but keep in mind that this bank product has 6% cash back at most supermarkets - up to $6,000 every year (then 1%).
Other cash back offers to include 6% on streaming subscriptions, 3% on transit (including parking, tolls, buses, trains, rideshare), 3% at gas stations, and 1% for other purchases.
Our experts chose it for these amazing perks (even they boast some limits) - and because it works great for big families.
- 13.99% to 23.99% APR
- 670 to 850 recommended credit history
Citi® Diamond Preferred® Card: 0% on Balance Transfers
Our experts picked this one for its incredible option of avoiding interest temporarily on transferred balance. It's an excellent pick for anyone who wants to stay focused on paying the debt. The promo APR period for balance transfers is one of the longest on the American market.
The downside? There is a 5% fee on the transferred amount, but the product provides you access to several exceptional programs, such as Citi Flex Loan, Easy Deals, or Citi Entertainment.
- 13.74% to 23.74% APR
- 670 to 850 recommended credit history
Chase Sapphire Preferred® Card: Best for Travel
We bet you were already wondering where is the best option for travelers. Well, here it is! Our experts pick this Chase product for its intro bonus of 60,000 points (subject to spending $4000 in the first three months), which can be converted to $750 in Chase Ultimate Rewards®.
Rewards rates stand at 5x for travel purchased through their program, 3x for dining, and 2x for all other purchases (travel-related). The only downside is the $95 annual fee, and you also don't get access to luxury lounges. However, remember that the perks far outweigh these cons if you travel and maximize the rewards rates.
- 15.99% to 22.99% APR
- 670 to 850 recommended credit history
Discover it® Student Cash Back: Best for Students (No Credit History)
Our expert's last pick is Discover it®'s offer, which made it to this list thanks to its powerful cash back program (which is a rotating one). It's a lucrative option available to students and people with no credit history. There's no annual fee, and Discover it® will match all the cash back earned throughout the first year - with no upper limit.
We also need to mention the 0% intro APR and the 0% foreign transaction fees. Lastly, if you were wondering about cons, here’s one—the rotating rewards program can be confusing to first-time users, but this one’s still one of the best student credit cards.
- 12.99% to 21.99% APR
- No credit history is necessary.
How Do Credit Cards Work?
Getting approved requires good credit history, but know that a few companies don't put this on their "must" list. There are excellent offers for students or people with no credit history as well.
It all starts with an application. Your credit score will act as an indicator of creditworthiness, but the bank (or issuer) will also calculate your debt-to-income ratio to determine your capacity to make payments. If you are accepted, you will be emitted a credit card.
Next, the concept behind this bank product is straightforward - using your credit card means you are borrowing money to pay for the goods or services at hand. You repay the funds borrowed at a later, convenient time for you.
On the off chance that you want to take your time to pay the amount back (rather than paying it in full when the bank statement arrives), you will be charged fees (interest).
How To Choose A Credit Card
No single option is better than others - and we're not talking about a particular category here. It all simply goes down to your needs as an individual. Hence, choosing such a product starts with a credit check. You'll need to check this by yourself when doing research, and the only reason for this is because you want better perks. Better credit history will provide you with access to better benefits and bonuses.
The next step is to decide on the broad type of such product:
- Those that help you enhance your credit when it is damaged or limited;
- Those that help you save when it comes to interest;
- Those that earn rewards.
The next step is to narrow your picks. For instance, if you are seeking a rewards card, do you want points or cash back? Also, to what extent are you willing to invest effort into managing all those rewards? Let's discuss interest as well. If you want to save cash on interest, do you need a 0% intro period, or do you prefer a low, on-going rate?
Or maybe you will do a balance transfer. Or perhaps you are an entrepreneur who could use a specialized card. Narrow down your choices, go into details, and choose what's best for you.
What Credit Cards Do We Offer?
There are many types on the market, and it's hard to know which one would serve you best. Consider the different types outlined below and learn more about how each one might work for your spending habits and financial objectives.
Reward Cards.These usually offer cash back or points depending on the amount you spend. For instance, many banks have categories with different percentages for supermarkets, dining out, or gas. Some offers allow you to redeem your points for gift cards, merchandise, or statement credits. Depending on which organization you work with, they might even offer credit cards for kids.
Cash Back Cards.There's an incredible variety of such products on the market. Some banks offer a flat rate in terms of cash back rewards, while others provide bonuses that can change quarterly.
Travel Cards.For people who travel a lot, travel credit cards work pretty much the same as the rewards ones, but these are geared toward this industry. Most of the bank offers allow users to enroll in the frequent flyer program (to earn miles that they can redeem further on) or in the hotel loyalty program (to earn credit that they can spend on accommodation).
Balance Transfer Cards.This type usually comes with a 0% intro APR (for 15 to 21 months), allowing you a break for paying interest. Most people use this one to pay down existing debt by transferring balance (with minor fees).
0% APR cards.This type is excellent for people who want to make large purchases and pay back the amount over time with zero interest. Know that the 0% APR is usually for a limited time (typically up to one year and a half).
Business Cards.The best business credit cards allow holders to keep business and personal expenses separate - all while earning rewards. There's no general rule here, as this type can include cash back, travel perks, general rewards, and you can also find secured ones here.
Cards for Bad Credit.For those people with a FICO Score ranging from 300 to 579, many companies provide credit card options - usually at a higher APR. Some are secured (meaning that you need to provide a collateral in the form of cash) and most are unsecured. These are the best credit cards to build credit.
Cards for Fair Credit.For those people with a FICO Score ranging from 580 to 669 there are many options available on the market. Companies like Capital One famous for providing a wide range of options, which include this category as well.
Shop Credit Cards.These can be obtained from retail stores (usually) and are credit cards for bad credit. They work to incentivize holders to spend and get rewards for those amounts. Know that these boast high-interest rates and don't have that many perks (such as 0% intro APR or the ability to defer interest). They can also be co-branded. This type comes in brand or store credit cards provided through reputable companies such as American Express, Citi, or Chase. They are partnerships that typically aim to benefit certain people (depending on the industry).
Secured Cards.Most such bank products are unsecured, which means that collateral is not necessary. Well, secured credit cards require you to come with cash to access a line of credit.
How Many Credit Cards Should I Have?
Here’s why you might need more than one card. As explained so far, different products boast different perks, so as long as you search for those products with zero annual fees, nobody can stop you from signing up for multiple ones.
You can have one for travel, one for store rewards, and one for your business. Once you understand how these financial products work, it's best to combine them to reap the most benefits with minimal annual costs.
What Are The Easiest Credit Cards To Get Approved For?
Typically, those ones are created specifically for people with bad credit or with limited credit history (students). What's more, secured ones are probably the easiest to get - because they just require collateral. We also need to mention store ones here.
Frequently Asked Questions
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Credit Score Range
Why is it important for approval? Well, it shows the bank (or the issuer) that you can make the payments in the future. It's really straightforward. The range where you fit tells a lot about this. The ranges are the following:- Exceptional: 800-850
- Very Good: 740-799
- Good: 670-739
- Fair: 580-669
- Poor: 300-579
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How Does APR Work?
The annual percentage rate is the number of costs associated with it’s interest rate (for instance, 18%) plus fees that all cardholders pay as standard (like the annual cost).[daily rate] x [days in billing cycle] x [average daily balance] = interest
Know that this is different for every company and you need to double-check the fine print before signing a contract. -
How Does Annual Fee Work?
Some companies charge an annual fee for the products they emit. This is a fixed fee charged yearly for using that specific financial product. Not all banks or issuers have this one - so it's best to do your research if you want zero fees. For those companies that boast an annual fee, the amount is usually subtracted from your account on a specific day of the year. -
How Do Secured Credit Cards Work?
They simply require collateral (in the form of cash) to access a line of credit. Every company has its own procedures, so it’s best to ask for more details once you find a product that you like. Know that such secured options should give you access to more money.