If you’re looking to open a new credit card, you could find yourself overwhelmed by the number of options available. The good news is that today’s credit cards tend to offer rewards to users, ranging from cash back to travel points.
We’ve taken the time to review the numerous cards available today and have come up with the five that you’ll want to consider.
Chase Sapphire Preferred
If you have an excellent credit score, one of the cards you’ll want to look into is the Sapphire Preferred from Chase. The card offers two points for every dollar spent on travel and dining, making it an excellent choice for those who tend to vacation or spend time on the road for work. Currently, Chase is also offering a 60,000-point bonus if you spend $4,000 on travel within three months of opening the card.
The points are worth a little more than a cent when you redeem them through Chase Ultimate Rewards, which is the equivalent of $750. The value of the points increases by 25 percent if you elect to redeem them through the Chase Ultimate Rewards platform.
Chase will also reward you with a point for every non-travel or dining dollar you spend.
The annual fee for the Chase Sapphire Preferred Card is $95. The standard APR ranges from 18.24 percent to 25.24 percent.
Capital One Savor Rewards Card
If you’re someone who enjoys nights on the town, you’ll want to look into the Capital One Savor Rewards Card. The card offers an astounding four percent cash back on all dining and entertainment expenditures. Additionally, Capital One will reward you with:
Two percent cash back at grocery stores
One percent cash back on all other purchases
Extended warranty protection
24-hour roadside assistance
Complimentary concierge services
Although the cash back perks are available to all card users, other perks are only available to those with excellent credit. Additionally, Capital One is currently offering a $500 cash-back bonus if you spend $3,000 within three months of enrolling for the card.
You can redeem the cash you earn as a credit on your account, via written check, or through gift cards that the company offers.
There is no annual fee for the first year that you use the card. If you wish to use the card for another year, you’ll need to pay a $95 annual fee. The regular APR can range from 16.74 percent to 25.74 percent.
If you own a business, you’ll want to look into the Chase Ink Business Preferred Card. The card offers three points for every dollar spent on travel and other business categories. Other categories that will yield three points to the dollar include:
Unfortunately, however, the three points per dollar apply only to the first $150,000 that you spend on the card. After that, all other purchases will receive one point per dollar. All non-business purchases also earn one point per dollar.
Additionally, there are no foreign transaction fees attached to the card. Chase is offering an astounding bonus on the card right now. If you spend $5,000 in the first three months of ownership, you’ll receive 80,000 points. The annual fee for the card is $95, and the APR ranges between 18.24 percent and 23.24 percent.
The same rate applies for the Chase Ink Business Preferred Card as it does the Chase Sapphire Preferred Card. Your 80,000 points are equivalent to an incredible $1,000 that you can put toward future travel when redeeming the points in the Chase Ultimate Rewards portal.
The Chase Ultimate Rewards portal allows you to purchase hotel reservations, plane tickets, car rentals, and cruises.
One of the other significant perks of the Chase Ink Business Preferred Card is that the points transfer to other partner rewards programs at a one-to-one rate. So, you may be eligible to maximize your rewards by moving them to your airline or hotel chain of choice.
We recommend that you look into your rewards program to see if it beats the .0125 rate in the Chase Ultimate Rewards portal.
American Express Blue Cash Preferred Card
American Express used to have a stigma since it was not one of the primary three credit cards accepted by stores and restaurants. However, more and more companies have begun taking the card. Therefore, one of the cards you should look into is the Blue Cash Preferred Card from American Express. You’ll receive a bonus of $200 when you spend $1,000 within the first three months.
You’ll also receive an incredible six percent cash back at supermarkets, although the company caps your expenditures at $6,000 per year. You’ll also receive three percent cash back at gas stations and one percent on everything else.
The annual fee for the card is $95. There is a zero percent introductory APR rate. After 12 months, the rate increases to anywhere from 15.24 percent to 26.24 percent.
Discover “It” Card
If you have average to above-average credit, one of the cards you’ll want to look into is the It Card from Discover. Discover offers five percent on rotating quarterly categories. The first year of owning the card, you'll also receive cash back match, which means that you can earn up to ten percent each quarter the first year you have the card.
Discover will also give you one percent cash back on all other purchases. Discover says the cash back never expires and that you can redeem it at any time in the form of a statement credit or check.
Customers receive an Intro APR of 0 percent the first 14 months, and then anywhere from 14.24 percent to 25.24 percent after that. There is no annual fee.