Reviewed Credit Cards From The Major Credit Card Categories
There is no shortage of available options when it comes to selecting a new credit card and such, the first step when looking for a new card needs to be identifying what type of rewards or benefits you desire from your new account. There are several major types of credit cards:
Cash Back Credit Cards – Cash back cards often have initial sign up bonuses and they provide cash back for your purchases which may or may not depend on rotating categories. Cash back varies upon the card you select and categories will vary depending on the active selections for the specific card.
Low Interest/Balance Transfer – Balance transfer cards may or may not come with a sign up bonus but they will always come with an introductory interest rate (typically 0%) which allows you to transfer existing credit card debt on to your new account at no interest.
Travel Rewards Cards – Travel Credit Cards provides points or miles which can be used for a variety of rewards such as airline fares or hotel bookings. Other travel cards are co-branded with specific companies and the rewards earned apply directly for use with the associated company.
Secured Credit Cards – Secured cards are designed for individuals who not have a strong credit history and may not be eligible for other credit cards. Secured credit cards will require a deposit made by the cardholder which is used as collateral against the credit limit which is allowed. It is important to note that secured cards do report to credit bureaus and can positively influence consumers with less than great credit.
This list will be updated as necessary new offers and changes are provided throughout the year.
Top Cash Back Credit Cards
Citi Double Cash
- Earn 1% cash back for all purchases and 1% for paying your bill
- Sign up bonuses available when spending requirements are met
- Up to 18 months 0% interest on balance transfers (transfers are not eligible for cash back rewards)
- No Annual Fee
Bottom Line: A great all purpose credit credit that does not rely on categories. All purchases and payment is eligible for up to 2% cash back rewards.
- $150 sign up bonus for new cardholders when $500 is spent in the first 3 months of opening a new account
- 1% cash back on all purchases
- 5% cash back on rotating categories
- No Annual Fee
Bottom Line: With an easy to obtain sign up bonus this card is a great cash back option especially if you are able to take advantage of the rotating 5% cash back categories.
Discover IT Cash Back
- 1% cash back on all purchases
- Rotating 5% cash back categories including gas, groceries, restaurants, Amazon.com, or wholesale clubs
- Free FICO Credit Score
Bottom Line: A solid choice for cash back however this card does not include a sign up bonus which may make it less attractive to some card seekers.
Top Travel Rewards Credit Cards
Chase Sapphire Preferred
- Sign up bonus of 50,000 points once $4,000 is spent in the first 3 months of opening your new account
- 1 point for every dollar spent, 2 points for each dollar for restaurants or travel
- $95 annual fee, no foreign transaction fee
Bottom Line: A top travel credit option. One of the best sign up bonuses around however the large spending requirement may be prohibitive, try to time with large purchases which can be paid off immediately to maximize rewards.
Capital One Venture Card
- Sign up bonus of 50,000 miles when $3,000 is spent is the first 3 months of opening a new account
- 2x miles on all purchases and up to 10x miles on select travel purchases
- $0 intro annual fee, $95 thereafter
Bottom Line: Another great travel card with one of the top sign up bonuses in the industry. High spending requirement for bonus should be considered to maximize rewards.
Top Balance Transfer Credit Cards
Amex EveryDay Card
- 0% interest on for purchases and balance transfer for 15 months
- This card provides zero cost balance transfers (depending on current offer)
- Balance Transfers must be made within 60 days of opening new account
Bottom Line: What sets this card apart is the zero cost fee for balance transfers. This offer may not be always available but is currently being offered and is why this is our top pick for balance transfer credit cards. As an added bonus, this card also has a very nice rewards program associated with it as well.
Citi Simplicity Card
- 0% interest on purchases and balance transfers for 18 months
- Balance transfer fee of 5%
- No late fees or annual fees
Bottom Line: This is a no frills, low APR card which provides a full year and a half of no interest. The biggest drawback to this card is a lack of a rewards program.
Top Secured Credit Cards
Discover IT Secured Card
- Refundable security deposit
- FICO score is provided with each monthly statement
- Earn cash back and matching cash back provided at the end of your first year
Bottom Line: This credit card is great for building or rebuilding credit as you are provided with your FICO score monthly allowing you to monitor your credit score.
Capital One Secured Card
- $200 credit limit available with minimum security deposit of $49
- Access to higher credit line for on time payments
- No annual fee
Bottom Line: With no annual fee and low deposit requirements this credit card is an attractive offer for individuals who are rebuilding their credit.