Aug 9, 2011

Best Credit Card Rewards

Best Credit Card Rewards

We have found the credit cards rewards options that are available now. Credit cards with rewards allow you to earn points, miles or cash back for all your purchases. If you already use a credit card for everyday shopping, such card can bring extra cash to your pocket or save money on a vacation trip. The variety of programs allows anyone to find a card that meets his or her lifestyle, needs and expectations. But you should be aware that such cards require good or excellent credit score, so not everybody can get them.

The main drawback of rewards cards is annual fee and higher APR. The annual fee can be up $300, but we recommend choosing more reasonable programs. They also can have higher APR comparing to credit cards without rewards. Another disadvantage is that in fact not all the earned points can be redeemed – due to fine print a reward program can have limitations and points can expire soon.

Chase Sapphire Card – most flexibility

While most rewards programs force you to choose one type of rewards before you’ve earned them, this card allows you to choose after. You can redeem points for almost anything: from airplane tickets to cash back. The Ultimate Rewards program of Chase is one of the favorite consumers’ choices. Chase Sapphire Card comes with generous sign up bonus of 10 000 points and gives you points for each dollar you spend. Extra points can be earned by shopping in affiliate stores, purchasing air tickets, etc. For online shopping in Ultimate Rewards Mall you get 10 points per dollar. The best part is that your points never expire.

There is no annual fee which is rather uncommon for best rewards program. Reasonable 13.24 APR is rather good and it stays the same for purchases and balance transfer.

Our resume: if you have excellent credit score and many ideas how to spend your rewards points, Chase Sapphire must be in your pocket.


Miles by Discover – the best for travelers

Like any miles card Discover gives you 1 mile for each dollar you spend. Earned miles can be redeemed for any traveling purchases – whether you want to buy a vacation package, airline tickets or just book a hotel. Miles are valid for any airlines and almost any booking websites. 12 000 miles sign up bonus gives you almost a half of continental airfare which is rather generous. Bonus miles are given for traveling and restaurants spending.

The best part is that Miles by Discover card goes without annual fee, while almost any miles credit card charge you about $100 per year. APR is as low as 10.99% and there is an intro 0% APR for the first 6 months.

Our resume: if you like to travel and don’t like to pay huge fees Miles by Discover is the best choice for you.

American Express Gold Card – debt free card

American Express Gold Card is a charge card, which means you pay total balance each single month. You don’t carry any debts and don’t pay any interest – sounds fair. What seems rather unfair is $125 annual fee, though it waived for the first year. Anyway you get what you pay for – you get points for all purchases and they are doubled for groceries and gas during the first year. You also get insurance for lost baggage, car accidents  and other emergencies during a travel. Rewards points can be redeemed for airfare, hotels, concerts and sport events, no cash, unfortunately.

Though there is no actual APR, in case you make a late payment you are charged either 3% or $35 whatever is greater.

Our resume: if you don’t carry any balance on your credit card you can get nice rewards and total coverage from American Express.

Chase Freedom – best cash back card

With Chase Freedom you get 1% cash back for all your purchases during the year and get 3% for shopping at selected categories during the quarters (like traveling, gas, groceries, etc.). You also can earn up to 20% cash back for shopping at Ultimate Rewards Mall.

You don’t pay any annual fee which is huge benefit for cash back card and you have 0% into APR for the whole year. Then you pay only 11.99%.

Our resume: if you prefer cash to all other rewards Chase Freedom is the best card to apply for.


Capital One No Hassle Rewards Visa – keep it simple

We like No Hassle Rewards Visa because it does what it promises – simple process of earning and spending points. If you don’t like all that mess with rewards limitations that can be an answer. You cannot earn extra points for tickets, groceries or special purchases, but it makes managing reward account much easier. After you’ve spent $1000 during the billing cycle you start earning double points. Points don’t expire and can be redeemed for cash back, gift cards, airline tickets, hotels and merchandise.

No Hassle Rewards Visa by Capital One offers 13.9 APR and 6 months intro period without annual fee.

Our resume: if you want to keep it short and simple Capital One card is excellent choice.


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