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No credit card is the most productive option for each and every family, purchase, or budget. Forbes Advisor has selected the most productive credit cards of 2023 to be the most useful to the largest number of readers. Rather than settling for “maximum productivity” and rating the following fifteen options, we have highlighted the most productive credit card for various situations.
Our editors are committed to bringing you unbiased reviews and information. Our editorial content is influenced by advertisers. We use data-driven methodologies to compare monetary products and businesses, so that all are measured equally. You can read more about our editorial rules and the credit card method for reviews below.
Offering a rare combination of praise fees and redemption flexibility, this card is a dream for those who spend on travel and meals, while charging a modest annual fee.
Capital One’s maximum premium card is packed with extras that put it firmly on par with other high-end credit cards, but with an annual payment that leaves others far behind.
This card offers higher earning rates if you spend on travel and dining out. The $300 travel credits account for much of the annual payment and travel redemption issues in Chase Ultimate Rewards.
With generous rewards on travel, transit and dining purchases, the relaunched American Express® Green Card is an attractive option. That said, the annual payout is a bit high, the benefits limited, and the lack of Gold or Platinum prestige.
The Platinum Card is for everyday travelers who need to make the most of the rich set of luxury benefits and Platinum concierge service. In the right hands, the staggering annual payment for the old prestige card is quite justified.
Since U. S. Bank’s Visa Signature® Cash ® Card has no annual fee, it offers impressive cashback potential. A word of caution: Be sure to opt for your favorite bonus categories each quarter, or you’ll stick with the 1% base rate.
Those who prefer a balance movement card will likely appreciate that the Wells Fargo Reflect card offers a generous introductory era of TAP on eligible purchases and balance movements. However, the card doesn’t offer rewards or other notable perks, so pass it up if you don’t want a long APR publishing era.
This card has the features to satisfy almost every spending craving on your credit card without an overly inflated price. The card has a $0 annual fee, but it comes with an inflated earnings design that covers a wide diversity of expenses, adding travel, pharmacies, and meals, as well as rotating quarterly bonus categories in spaces that many families will likely find appealing.
For moderate spenders who are willing to activate the 5% revolving categories and meet the quarterly spending limit, this no-year-old payment card can offer great rewards on top of its existing 1% win rate.
For existing Prime members who shop at Amazon and Whole Foods, the 5% praise rate is exceptional. To further sweeten the offer, the Visa Prime card offers a 2% praise category, as well as Visa Signature benefits.
Big Spenders in U. S. Supermarkets U. S. travelers spending at U. S. gas stations or public transportation are not eligible for the U. S. U. S. taxis such as taxis, rideshares, or public transportation can rack up impressive cashback rewards.
With 3-issue gains consistent with the dollar spent on a wide range of spending, adding restaurants, travel, gas stations, public transportation, and popular streaming services, with no annual fee, Wells Fargo Autograph is a powerhouse.
United’s card ufts up its game with four miles consistent with dollar earnings from United purchases. A diversity of consistent travel conditions make the card even more advantageous, as the United Club club alone is worth more than the club’s annual fee.
The Aeroplan® credit card’s high praise potential makes it a great choice for unwavering Air Canada passengers who also spend on food and travel.
If you decide to opt for Marriott or are thinking of switching cards, this mid-tier card is a convenient pair to have in your wallet. In addition to bonuses for stays at Marriott, you can enjoy ongoing benefits such as automatic Marriott Gold Elite status, a free Award Night with a spend of $15,000 per year, and built-in acquisition protections. Since many of the consistent contracts are Marriott-centric, they are best suited for those engaged in stays at Marriott.
The IHG Rewards Premier Credit Card is a must-have for travelers who spend a lot of cash at IHG properties. The complimentary Platinum prestige boosts IHG shopping rewards to stratospheric heights, and the relaxed night and other perks easily justify the annual fee. IHG enthusiasts would like to look elsewhere.
This is wonderful for scholars with average or limited credit scores to gain credit monitoring experience. No annual fee, no APR penalty, plus up to 5% cash back on rotating categories (up to a quarterly limit with enrollment, 1% cash back on other purchases) earn this card an “A” in our book.
This card gets an “A” for academics who want to offer an introductory APR and no annual fee, while getting impressive money back.
Citi Custom Cash is a wonderful option for other people to maximize their money’s back without having to worry about activating or deciding bonus categories.
The undeniable cashback design of the Citi Double Cash card and the long-term balance movement offered by the APR make Citi Double Cash a favorite among those who need to set it up and offer a counterfeit cashback rate at all. purchases and a 0% introductory APR on balance movements, all with no annual fees.
In terms of secured credit, the Discover it® secured credit card stands out from the competition. With an unlimited 1% cashback rate on all purchases, plus 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases. With no APR penalty or annual fee, we love this card for those who want to rebuild their credits. The corresponding refund at the end of the first year is a great advantage.
Those with not-so-good credit may need a card that inspires them to adopt guilty credit habits. The Upgrade Visa card offers cash back, decent and acquisition protection, and slightly lower interest rates than similar cards for other people with bad credit. Use it as a safety net as you build your credit history.
If you need to get started with transferable points, but the annual payment on top-tier cards puts you off, the Chase Sapphire Preferred® Card is the place to start.
Rewards: Earn five dollar issues when shopping through Chase Ultimate Rewards, 3 dollar issues at restaurants, choose streaming services and online grocery shopping (excluding Walmart, Target, and wholesale clubs), 2 dollar issues on all other purchases, and 1 dollar-consistent point on all other purchases®.
Welcome Offer: Earn 60,000 bonus issues after spending $4000 on purchases within the first 3 months after account opening.
Annual Fee: $95
Other pros and cons: Chase Ultimate Rewards® is flexible and valuable, which is why the Chase Sapphire Preferred® card is on our list. You have the option to transfer Ultimate Rewards to a variety of airline and hotel chain loyalty systems, such as United Airlines and Hyatt, or make unrestricted reservations for 1. 25 cents per point on the Chase Travel Bag portal. The Chase Sapphire Preferred® Card also provides comprehensive travel protections, though they’re just as smart as the Chase Sapphire Reserve® coverage. To learn more about the myriad benefits of this card, check out our list of consistent perks that Chase Sapphire likes.
Read more: Is Chase Sapphire preferred?
The Capital One Venture X Rewards credit card (terms apply, see fees and fees) provides similar benefits to other premium rewards cards with a lower annual fee, making this card a lucrative option even for casual users.
Rewards: Earn 2 miles per dollar on all eligible purchases, five miles per dollar on flights booked with Capital One Travel, and 10 miles per dollar on hotels and rental cars when you book with Capital One Travel.
Welcome Offer: Earn 75,000 bonus miles after spending $4000 on purchases during the first 3 months after opening the account.
Annual Fee: $395
Other pros and cons: In addition to the ability to earn counterfeit rewards, the Capital One Venture X Rewards credit card returns $300 in cash per year in the form of credits for bookings through Capital One Travel and 10,000 bonus miles on the card’s anniversary.
Cardholders get a Priority Pass Lounge, Capital One Lounges, and Global Entry or TSA PreCheck application payment credits after making the application payment with the card.
Read more: Is Capital One Venture X?
In addition to providing the opportunity to earn valuable Ultimate Rewards points, Chase Sapphire Reserve® provides best-in-class protections, adding vacation cancellation and interruption insurance for covered situations, vacation retention insurance, baggage loss and retention insurance, a number of a rental car. insurance and more.
Rewards: Earn five dollar emissions on flights and 10 dollar emissions on hotels and car rentals when you shop through Chase Ultimate Rewards® without delay after spending the first $300 on purchases each year. Earn 3 dollar issues on other and food and 1 point consistent with the dollar spent on all other purchases.
Welcome Offer: Earn 60,000 bonus issues after spending $4000 on purchases within the first 3 months after account opening.
Annual Fee: $550
Other pros and cons: This premium rewards card’s maximum annual payment comes with credits of up to $300 that automatically apply when you make eligible purchases and the ability to sign up for a free Priority Pass Select airport lounge club.
Chase Ultimate Rewards issuances are transferable to a wide range of partners, including United Airline MileagePlus and World of Hyatt. Points can be redeemed on the Chase portal, where they are worth 1. 5 cents each. Read our consultant about the benefits of Chase Sapphire Reserve to learn more.
Read more: Is the Chase Sapphire Reserve Card?
For beneficial rates and to choose everyday purchases, check out the American Express Green Card®*. You’ll temporarily earn issues of Membership Rewards, some of the most valuable and versatile credit cards available.
Rewards: Earn 3 dollar-consistent issues on and transit, adding flights, hotels, taxis, ride-sharing services, trains, parking and more, 3 dollar-consistent issues on eligible purchases at restaurants worldwide, adding takeout and delivery in the United States and 1 point consistent with the dollar on eligible purchases at restaurants around the world, adding takeout and delivery in the United States. other purchases.
Welcome Offer: Earn 40 000 issues after spending $3000 on purchases for the first 6 months.
Annual Fee: $150
Other pros and cons: While there is an annual payment, some credit opportunities can help justify this cost. Cardholders can earn up to $100 per year in credits when they use their card to pay for visits to LoungeBuddy airport lounges and an additional $189 per year if they qualify a CLEAR® Plus club payment on their card. Access to Amex’s exclusive deals program is another great ongoing payment.
If you’re looking for a luxury experience, the American Express Platinum Card (American Express Platinum Card) applies to the American Express Platinum Card®. Check Rates & Rates) is a fantastic option. Access to airport lounges, elite prestige in hotels and rental cars, and first-class discounts are just a few of the perks.
Rewards: Earn five Membership Rewards issues per dollar for flights booked with airlines or with American Express Travel up to $500,000 per calendar year, five issues per dollar on prepaid hotels booked with American Express Travel, and 1 point per dollar year on other eligible purchases.
Welcome Offer: Earn 80,000 Membership Rewards issues after spending $8,000 on card purchases within the first 6 months of card membership.
Annual fee: $695
Other pros and cons: Cardholders also get up to $200 in incidental credits with the eligible airline of their choice each year (registration required), $200 for select hotel reservations with Amex Travel, as well as other credits and discounts on systems that can decorate your trip. Enjoy adding TSA PreCheck, Global Entry, CLEAR® Plus, and Uber. There are also a lot of dollars in potential credits from other lifestyle brands for spouses.
Read more: Is Amex Platinum the annual fee?
The introductory APR offered on the U. S. Bank Cash® Visa Signature® card stands out as it applies to new purchases and balance transfers. Decent (albeit tricky) rewards and a welcome bonus are other smart reasons for this card.
APR Introductory Offer: 0% introductory APR on purchases and balance entries for 15 billing cycles, then a popular APR of 19. 49% – 29. 74% variable APR applies. A balance movement payment of 3% (minimum $5) applies and transferred balances will need to be finalized within 60 days of account opening.
Rewards: Earn 5% cash back on prepaid flight, hotel and car reservations booked directly through the Rewards Center, 5% cash back on your first $2,000 in eligible quarterly purchases combined in two choice categories, 2% cash back on an everyday category like gas stations, grocery stores or restaurants, and 1% cash back on all other eligible purchases.
Welcome Offer: Earn a $200 bonus after spending $1,000 on qualifying purchases within the first 120 days after account opening.
Annual Fee: $0
Other pros and cons: the ability to earn up to 5% cashback on your category selection can be a wonderful way to maximize and personalize rewards; Cardholders will want to be aware of quarterly earnings limits. You’ll also want not to. Don’t forget to sign up every quarter in the selected categories to take advantage of the highest win rate. However, if you’re organized, cash can potentially be very rewarding.
The Wells Fargo Reflect® card has a $0 annual fee, and new cardholders get a wonderful introductory period to pay off their balances. Please note that you have 120 days from the time the account is opened to complete the transaction before a higher balance movement. The APR goes into effect.
Annual Fee: $0
Balance Transfer Offer: 0% introductory APR for 21 months from account opening on eligible purchases and balance movements. Thereafter, a variable APR of 18. 24%, 24. 74%, or 29. 99% applies. Balance movements made within 120 days are eligible for the introductory APR and a 5% balance movement fee applies, minimum $5.
Balance Fee: 5%, Minimum: $5.
Other pros and cons: The card also offers up to $600 in mobile phone coverage when you pay your monthly bill with the card (subject to a $25 deductible) and roadside dispatch.
When paired with a Chase Ultimate Rewards® earning card, such as the Chase Sapphire Preferred Card, Chase Sapphire Reserve® or Ink Business Preferred Credit® Card®, Chase Freedom Flex℠* can earn hard points. Even as a standalone cashback card, it’s hard to beat, given that it doesn’t generate an annual fee either.
Rewards: Earn 5% cash back on up to $1,500 in categories that replace quarterly (activation required), 5% cash back on purchases through Chase Ultimate Rewards, 3% cash back at restaurants and pharmacies, and 1% cash back on all other purchases. ®.
Welcome Offer: Get a $200 bonus after spending $500 on purchases within the first 3 months of account opening. Plus, get 5% back on combined purchases at gas stations and grocery retailers (excluding Target and Walmart) up to $12,000 spent in the first year.
Annual Fee: $0
Other pros and cons: Chase Freedom Flex℠* packs a punch for a card with no annual fee. The biggest disadvantage of this card? Don’t forget to turn on quarterly bonus categories and keep track of how much you’ve spent, as revolving categories are capped at $1,500, at least if you plan to optimize your spending. This card charges foreign transaction fees, so it’s not a smart choice if you’re making plans to travel abroad. Learn more from our advisor about the benefits of Chase Freedom Flex.
You can earn significant cash back in quarterly rotating categories, making Discover it® Cash Back a valuable option for those who need to stay on top of the features on offer.
Rewards: Get 5% back on purchases elsewhere each quarter, up to a quarterly maximum of $1,500 spent once activated. Plus, get unlimited 1% cashback on all other purchases, automatically.
Welcome offer: Discover will refund all money earned at the end of your first year as a cardholder. There are no minimum prizes or maximum rewards.
Annual Fee: $0
Other pros and cons: Discover’s 5% categories are replaced every three months, but they almost overlap with regular customer purchases like fuel or groceries. However, there are a few main points to remember. You’ll want to activate the bonus each and every quarter and the rewards will peak after $1,500 in spending. Since it’s a no-year-old payment card with a respectable welcome bonus, this juice is worth it.
Prime Visa has long been a smart card, but Amazon’s current reliance on daily desires makes it a wonderful card. If you spend most of your budget on Amazon or other companies in the Amazon ecosystem, you could also be rewarded. .
Rewards: Get 10% or more back on a rotating variety of products and categories at Amazon. com, 5% off other purchases at Amazon. com, Amazon Fresh, Whole Foods Market, and Chase Travel with an eligible Prime membership, 2% off gas stations, restaurants, and local public transportation and commuting (including ridesharing) and 1% off other purchases.
Welcome Offer: Earn a $200 Amazon card by being approved with an eligible Prime membership.
Annual Fee: $0
Other pros and cons: If you’re not a regular Amazon or Whole Foods shopper, this card probably doesn’t make sense to you. Prime Club’s $139 fee serves as an annual club fee. If you’re already spending it, the card doesn’t have any additional fees. You can redeem rewards in the form of Amazon credits with no minimum. However, you can also redeem your money as credit or direct deposit into an eligible checking or savings account.
If you have a giant grocery bill, the American Express Blue Cash Preferred® car (Conditions apply. It is one of the highest reward cars on the market, as long as it does not exceed the spending limit. It is also rewarding for car travelers and car travelers as it offers maximum rebate at gas stations.
Rewards: Earn 6% cash back in US markets on up to $6,000 per year in purchases (then 1%), 6% cash back on select streaming subscriptions in the US, 3% cash back at US gas stations and public transportation (including taxis/rideshares, parking lots, tolls, trains, buses and above) and 1% cash back on other eligible purchases. Cash back is earned in the form of reward dollars that can be redeemed as credit.
Welcome offer: Earn $250 credits after you spend $3,000 on purchases in the first 6 months.
Annual: $0 introductory annual for the first year, then $95
Other pros and cons: For higher profits on groceries, you get access to Amex’s offerings. The savings offered through the offer can be temporarily charged as long as you don’t forget to activate and use them. Cardholders can also earn credits by using their card to pay for The Disney Bundle streaming package and Equinox subscriptions. Learn more about the benefits you love about Amex Blue Cash in our guide.
Gas (and spending on EV charging or public transit, if your speed is maxed out) wins at a maximum rate on the Wells Fargo Autograph℠ card, making it a winner no matter how you get around.
Rewards: Earn 3 consistent points with dollars on restaurants, travel, gas stations, public transportation, popular streaming services, and phone plans. Also, earn 1 consistent point with dollars on other purchases.
Welcome Offer: Earn 30,000 bonus issues after you spend $1,500 on purchases in the first 3 months.
Annual Fee: $0
Other pros and cons: While there’s nothing glamorous about this card, it’s still an attractive pick thanks to its rewards in spending categories with no annual fees attached. A welcome offer, an introductory APR offer, and mobile phone insurance (subject to a deductible and other conditions) may also make you think twice about this simple option.
The United Club℠ Infinite Card doesn’t make sense for everyone, but it spoils United travelers, especially those who need United Club lounges when they travel.
Rewards: Earn four miles per dollar on purchases at United®, 2 miles per dollar on all eligible trips, meals and delivery services, and 1 mile per dollar on all purchases.
Welcome Offer: Earn 90,000 bonus miles after spending $5,000 on purchases in the first few months after account opening.
Annual Fee: $525
Other pros and cons: The main benefits of the United Club℠ Infinite card are the United Club airport lounges when you fly with United or any other Star Alliance airline. While the annual payment for this card is high, it costs less than a standalone card. United Club Membership. You’ll also receive free check-in on your first and second bags when you fly with United, Premier Access, 25% off in-flight purchases, and Premier Class upgrades on award tickets.
The Aeroplan Credit Card may seem like an option for US-based travelers, but the card doesn’t just offer perks to Air Canada travelers: your Aeroplan® issues can be used to book United and other award flights Star Alliance flights. Its earnings categories are among the best in its class in terms of daily expenses.
Rewards: Earn 3 points per dollar spent at eligible restaurants, takeout/delivery, groceries and every $1 spent directly with Air Canada, adding vacations and cruises, and 1 point per dollar on all other eligible purchases.
Welcome Offer: Earn 75,000 issues after spending $4000 on purchases within the first 3 months after opening your account. Plus, 25,000 issuances after spending $20,000 on purchases during the first 12 months.
Annual Fee: $95
Other pros and cons: The Aeroplan car provides the Air Canada benefits you’d expect from an airline car, such as a loose first checked bag, but adds access to low-fare award redemptions, meaning you can extend your miles and accumulate your earnings. It also offers a comprehensive insurance package, rental car coverage, and acquisition protection.
If you’re looking for benefits when you fly with Marriott, as well as the ability to earn emissions on every purchase, our favorite edition of the Marriott Card is the Marriott Bonvoy Bountiful™ Credit Card*.
Rewards: Earn 6 dollar-consistent emissions on eligible Marriott purchases, four dollar-consistent emissions on the first $15,000 spent on combined annual grocery and restaurant purchases, and 2 dollar-consistent emissions on all purchases.
Welcome Offer: Earn 85,000 bonus issues after spending $4000 on purchases during the first 3 months after opening your account.
Annual Fee: $250
Other pros and cons: Get this card for its automatic Marriott Gold status, bonus issues with each stay, and choose free travel insurance. Cardholders also receive rewards for normal card use and club renewal: they can earn a night off after spending $15,000. Trade-ins are valid for homes up to 50,000 units per night; Hotel rates may apply.
The annual Free Night Award is a compelling explanation for why you should get the IHG One Rewards Premier credit card, even if it’s just the beginning of the included benefits.
Rewards: Earn up to 26 issues consistent with the dollar spent when you stay at IHG Hotels
Welcome Offer: Earn 140,000 bonus issues after spending $3000 on purchases during the first 3 months after opening the account.
Annual fee: $99
Other pros and cons: Sure, you’ll earn IHG One Rewards points on every purchase with this card, but it’s really more about the perks. The card automatically grants Platinum Elite prestige and all the benefits that come with it. But cardholders also have access to a fantastic reduction when booking reward stays: the fourth night in a row is free if you pay with emissions for the first 3 nights. Cardholders also get a bonus of $100 in credits and 10,000 bonus issues when they spend $20,000 on their card in a calendar year.
Discover it® Student Cash Back offers an exclusive combination of maximum win rates and a welcome bonus that is not seen on student cards. If operated correctly, cardholders can get significant cash backs.
Rewards: Get 5% cash back on your everyday purchases elsewhere during the quarter, such as grocery stores, restaurants, gas stations, and more, up to the quarterly maximum once activated. Plus, automatically get unlimited 1% cash back on all other purchases.
Welcome Offer: Get Unlimited Match Cashback™: Discover will cover all the money earned at the end of the first year. There are no minimum or maximum rewards.
Annual Fee: $0
Other pros and cons: Discover is rarely as widely accepted as Mastercard, Visa, or even American Express, so keep that in mind if you plan to use this card abroad. This can be especially inconvenient for academics traveling or reading abroad. Quarterly bonus categories may or may not fit your expenses, which means you may not maximize your earning chances every quarter and want to activate the bonus every quarter.
Other pros and cons: While we like the rewards design of this card, there are other benefits as well. For one, there’s an introductory APR offer, making it a false option if you have one-time expenses and want more time to pay them off. Off. Be warned, though: the credits you accumulate (or destroy) as a student will stay with you for years to come. Pay a 0% introductory APR for 15 billing cycles on purchases and balance entries, after which a variable APR of 18. 24% applies from % to 28. 24%. The balance movement must be made within 60 days of opening the account. A 3% payout is applied to all balance entries.
You don’t want a significant amount of credits going toward Citi Custom Cash® card approval, which offers rewards that would appeal to just about anyone with no annual fee.
Rewards: Get 5% back on purchases in the billing cycle of the highest eligible spend category, up to the first $500 in the spending month and 1% back on all other purchases.
Welcome Offer: Earn $200 cashback after spending $1,500 on purchases within the first 6 months of account opening. Bonus issues come in the form of 20,000 ThankYou® issues that can be redeemed for $200 cashback.
Annual Fee: $0
Other pros and cons: The 5% accolades in Custom Cash are automatic and don’t require registration or activation. This increases your potential for praise as there is no room for human error. Unfortunately, those accolades are capped at just $500 in spending according to billing cycle. New cardholders make up for this shortfall with a welcome bonus and an introductory APR offer: 0% introductory APR for 15 months from the date the account is opened for purchases and from the date of the first movement for balance movements made within four months of account opening. After that, the variable APR will be from 19. 24% to 29. 24%, depending on creditworthiness. There is also a balance transfer payment of 5% of each balance transfer; $5 minimum.
Make your life less difficult with a fixed-rate cashback card. The Citi Double Cash® card will pay a generous rate compared to the maximum cards available to fair credit users.
Rewards: Earn 2% cash back on all purchases: 1% when purchased and another 1% when paid.
Welcome Offer: Earn $200 cashback after spending $1,500 on purchases during the first 6 months of account opening, in the form of 20,000 ThankYou® points.
Annual fee: $0
Other pros and cons: Since rewards accumulate twice with Double Cash: when you buy and when you pay, you will necessarily be rewarded for paying bills responsibly. Not only does this double your rewards potential, but it’s also an added incentive to use the card responsibly and build more credit. Although it’s advertised as a cash back card, you also have the option to use Citi ThankYou issues for travel, gift cards, and more.
If you’re new to credit or have made credit mistakes in the past, you may want a secured card to build or rebuild your creditssss. In exchange for a security deposit, Discover will provide you with an equivalent line of creditssss if your application is approved. Most secured credit cards do this, however, the Discover it® secured credit card adds rewards to the mix.
Rewards: Get 2% back at gas stations and restaurants with up to $1,000 in combined purchases per quarter. Plus, get unlimited 1% cashback on all other purchases.
Welcome Offer: Earn Unlimited Match Cashback™: Discover will cover all the money won at the end of the first year.
Annual Fee: $0
Other pros and cons: The Discover it secured credit card is one of the few secured cards that allow you to get money back on purchases, making it a great choice for building credits and earning rewards. You can have a maximum credit limit of $2,500 through a $2,500 deposit. Discover will review your account to upgrade it to an unsecured card and refund your security deposit for seven months.
Like any secured card, the Discover it® secured credit card falls under the jurisdiction of the three major credit reporting agencies.
The Upgrade Visa®* card can be used like a credit card but is repaid as a private loan, which means higher bills but lower interest rates. This saves you cash in the long run while rebuilding your credit score.
Rewards: This card offers rewards.
Welcome Offer: Earn $200 after opening a new Rewards checking account and making purchases.
Annual fee: $0
Other pros and cons: Cash back and no annual fees or overdue fees can earn you cash compared to the cards you’ve been using lately. Keep in mind that your rewards are earned from invoices and not fees, incentivizing you to pay off your balance accordingly. Another feature of the Upgrade card is that the lines of credit can be higher than what you would get with a traditional secured card. Make sure you don’t use this as an excuse to overspend.
Forbes Advisor has rated more than a hundred credit cards in 2023 in their respective categories, adding cashback credit cards, cards, flexible rewards cards, business credit cards, student cards, and cards with 0% APR offers.
For cards, we accumulated data that prospective cardholders would use in their decision-making process, including:
These points allowed us to compare the maps objectively. Important features have been weighted more than features that only some cardholders can use to generate a score between 1 and five, where a score of five is better. These scores allowed us to rank them based on their terms and characteristics and the best-performing cards of 2023 for this list.
Read more: How Forbes Advisor rates credit cards
If you’re looking for a new credit card this week, you might need to know which credit cards are offering the highest welcome bonuses lately. This week, those cards will offer the best credit card deals in the entire category. Keep in mind that annual fees and other benefits vary significantly, so weigh the pros and cons of a specific card beyond the bonus before applying.
Effective November 1, 2023.
The most productive credit card offers for the week of November 1, 2023 were selected based on the value of the welcome bonus, taking into account Forbes Advisor issuances and mileage ratings for airline and hotel programs. Do some informed research before deciding which cards will best help you achieve your monetary goals.
A credit card can be used to purchase goods or facilities in-house or online. When you apply for and get approved for a credit card, get a line of credit based on your credit score and other points like your income.
One potential advantage of using a credit card instead of money or a debit card is that a credit card functions as a short-term loan. When using a credit card, you have until the end of the credit card’s billing period (also called the grace period) to pay the amount you’ve charged the card. You can also get cash back or travel rewards with certain types of cards, as well as extras like travel protections and acquisitions. The problem is that if you don’t pay the full amount you loaded onto your card, you accrue interest on your purchases, which can become costly over time.
When you make a purchase with a rewards credit card, you’ll earn a percentage back on your spend in the form of coin cashback, issues, or miles, depending on the type of card and the type of rewards it offers. Airline credit cards, for example, typically earn miles, coin-backed cards earn coins that can be used as credits or direct deposits, and general-purpose rewards cards can earn issues that can be used for a variety of redemptions, adding travel, goods, or the like.
Some praise credit cards will earn the same flat rate of cash back on all spending, such as a card that earns 2% cash back on every purchase. Others offer tiered praise where a certain type of purchase, such as gas or groceries, can earn a higher praise rate than other types of purchases. Before you opt for a praise card, consider your spending behavior and the type of praise you get the most benefits from, then compare it to other features you have at your disposal.
Credit card rewards can be maximized by earning and redeeming them.
To maximize the number of credit card rewards you earn, choose a credit card that gives you big wins on the types of purchases you make most often. Cards with category bonuses on groceries, gas, or cans help you earn 3% or more on eligible purchases. If your purchases are all over the place, you might get better results with a fixed card with 2% cashback.
You can also maximize the price of your credit card rewards when you redeem them. Most importantly, you want to focus on rewards that align with your goals, whether that’s airline miles, flex points, cashback, or other rewards. Then, compare Shopping Features to see if any are worth more. The most productive trade-ins yield at least 1 cent per point.
Most credit cards calculate interest using the average daily balance method, which means that your interest is compounded and accrued each day, based on your daily interest rate. In other words, each day, your finance fees are based on the previous day’s interest rate. balance.
The daily interest rate is decided by dividing your card’s APR by 365 to locate the daily interest rate and then multiplying that number by your balance. For example, to calculate the average daily balance on a card with a balance of $10,000 on the first day of the billing cycle and an APR of 17%, you would divide 17 by 365, which equates to a daily rate of 0. 0466%. This means that the next day, your card will have a balance of $10,004. 66, which you get when you multiply the $10,000 balance by 1. 000466.
Since the average balance is compound, calculating credit card interest becomes a bit more expensive.
APR vs. APY vs. Interest
It’s perceiving the difference between APR and APY.
APR stands for Annual Percentage Rate and refers to the amount of interest you would pay on the balance of a credit card or other line of credit over the course of a year. On the other hand, APY stands for annual percentage yield and is used to define the amount of interest you earn on a bank account or other savings vehicle during the year.
In words, the APR is used when you pay interest, and the APY is used when you earn interest.
In general, there are several steps to applying for a card:
Many issuers will allow you to check if you are pre-qualified for one of their cards before officially applying. Keep in mind that prequalification does not guarantee approval and is instead considered a higher estimate.
Checking if you are pre-qualified is as undeniable as entering your call and management on the card issuer’s online page and then browsing through the offers, if any, that will be offered to you. These pre-approved credit cards make it undeniable to check if you’re more likely to be approved ahead of time.
There are several steps you can take to improve your credit score. First, check your credit report to make sure there are no errors that could have a negative effect. Paying your expenses on time, every time, will have the biggest impact on your score. After payment history, the most important thing in your credit score is the amount of debt you owe. Since credit reporting agenciesss don’t have data on your income, they use something called credit utilization instead of a debt-to-income ratio.
Credit usage is the amount of your debt relative to the amount of your credits. So if you have a $3,000 balance on a card with a $10,000 limit, you use 30% of your credits. Total credit usage is based on the total amount of all your lines of credit, whether it’s what you owe and how much you have. Sometimes it is recommended that the purpose be a use of 30% or less.
Credit Cards for Good Credit
What is considered a smart credit score can vary between lenders, and you are typically not told what a specific lender’s exact threshold is between a smart credit score and a bad one. However, FICO, the most well-known credit scoring model, stores useful information. that you can use as a guide. The usual top scores are on a scale of three hundred to 850. On this scale, a credit score between 670 and 739 is considered “smart. “
You can check out Forbes Advisor’s list of the best cards for smart credit in 2023 to see what works in your specific situation.
Credit Cards for Fair Credit
The definition of a fair credit score varies between lenders, and you are typically not told what a specific lender’s exact threshold is between a smart credit score and a fair credit score. However, FICO, the most well-known credit scoring model, is useful data that you can use as a guide. Non-unusual maximum FICO scores are on a scale of 300 to 850. On this scale, a credit score between 580 and 669 is considered fair.
You can check out Forbes Advisor’s list of the most productive cards for fair credit in 2023 to see which one is right for your specific situation.
Credit cards for bad credit
While there is no precise number that sets the threshold between “bad” and “good” credit, a FICO score below 580 is considered poor.
The lower your credit scoress, the more limited the features of your credit ssss card will be. A user with bad credit will only be able to get approved for a secured card or a card with maximum interest rates and other additional fees. Check out Forbes Advisor’s list of the most productive ssss credit cards for bad creditsssss of 2023 to see what some of the features are if your ssss credits are rarely very good.
There are 3 credit reporting agencies in the United States:
Each of those bureaus would possibly use a slightly different approach to compare your credit habit. So, it’s not unusual to have a slightly different credit score at each bureau. All 3 companies carry out the same function: analyzing your credit history to generate a 3-digit credit score that is used for your creditworthiness and therefore the rates that will be presented to you on loans such as a credit card or mortgage.
While all credit cards can be used to make purchases, there are several types of credit cards, designed for other purposes.
A rewards credit card is a card that allows you to get a percentage of your spending back, in the form of cash back, points, or miles. The exact amount recovered can vary greatly depending on the card, and some have the same fixed amount. rate on all your spending and others that provide tiered rewards, and some acquisition categories enjoy higher rates than other categories. Check out our list of the most productive rewards credit cards of 2023.
A balance move card is a card that offers a low or 0% APR for moves made to the card during an introductory period. After this introductory period, the card’s popular variable APR will sometimes apply. There would possibly be a balance movement fee to move the debt to a balance transfer card, commonly 3 to 5% of the amount transferred. Check out our list of the most productive balance transfer cards of 2023.
A 0% APR credit card is a card that offers 0% down interest on new purchases, balance transfers from other cards, or both. Think of a 0% APR offered as an interest-free loan with a maturity date. If used responsibly, it gives you time to pay off what you owe without racking up more finance charges. But the era of the 0 interest rate doesn’t last forever. When your balance expires, you’ll earn interest at the card’s popular variable rate. Check out our list of 2023 0% APR credit cards.
A low-interest credit card is one that has a consistently low interest rate, usually well below the industry average APR on other cards. For those who have a balance on their card, this would arguably be a more advantageous option than a limited credit card. Time card 0% as the discounted rate will not expire after a few months.
Credit cards for college students are truly different from other credit cards. They are simply advertised to students or others with low credit reportssss who might otherwise have difficulty getting approved for a credit card.
A student credit card, which for many is a first-time credit card, will have more lenient subscription options than a card designed for those with smart creditss. This means that you are more likely to qualify with a lower credit score than the popular one. Editing the card. Some school credit cards even offer perks like rewards and cash bonuses for smart grades. Check out our list of the most productive student credit cards of 2023.
If you’re new to the world of creditssss or looking to overcome credit mistakess, there are sss credit cards meant to help you prove a faulty payment habit and, in turn, your credit profilesss. The most productive initial credit card for you will balance the benefits, such as informing the credit bureaus and helping you increase your credit scoress, with the costs you incur, adding annual fees, or any other maintenance costs.
A business credit card can be a great way to keep your personal expenses separate from business expenses, even if it’s just a part-time job. When you apply for a small business credit card, your approval will be based on your non-public credit score. It also means that you won’t be publicly liable for debts accrued on the card, even if they come from your business and that company is bankrupt. The issuer will also take other points into account when reviewing your application, adding your business source of income and credit history. Check out our list of the most productive business credit cards of 2023.
There is no specific number of credit cards you must have. This is because each person’s monetary profile and goals are tailored to their specific situation. Having credit cards can be a blessing or a failure depending on how you obtain and use the cards.
Read more: How many credit cards should I have?
You may have more than one credit card for several reasons:
There are a few drawbacks to having credit cards:
Users of different types of credit cards will get maximum benefits from other types of credit cards. Here are some tips to help you determine which credit card is the most productive for you.
Value shoppers will likely get the most out of cashback cards that offer rewards on everyday purchases. These cardholders will need to minimize the annual payout and may not care about rewards or high-level benefits. Check out the most productive maps for buying groceries and the maximum productive maps for groceries to be more informed.
The most productive credit card of 2023 will vary depending on the type of credit card you are. If you like to play ABC license plate, check out our most productive road trip maps. If you prefer 35,000 feet, check out the more Productive Airline Credit Cards of 2023.
At first, it may seem like a dead end. You want smart credits to get a credit card, but you want a credit card to create smart creditsss. Fortunately, there are cards that are suitable for both those who are just starting out and those who want to get back on track. Check out our Best First Credit Cards and Best Credit Replenishment Cards lists of 2023 to learn more.
Students have a multitude of credit card features at their disposal, as banks perceive the price of a lifetime visitor. Many of those cards act as little sisters to their rewards card counterparts, giving students the opportunity to earn rewards without needing as much credit history. . Check out the most productive student credit cards.
Whether it’s a roadside stand or an Etsy shop, small businesses have unique credit needs. Business credit cards offer business-friendly benefits and allow you to separate private and business expenses. If you’re just starting out, one of Our Most Profitable Cards for Startups of 2023 could be the solution. If you have an established business, even if it’s a side business, check out our list of the most productive business credit cards to learn more about your options.
If you’re only staying at Hyatt or buying groceries only at Pottery Barn, it might be a good idea to get a co-branded credit card for that store, airline, or hotel chain. By doing so, get perks and perks within that express ecosystem, which you can then use to strengthen your love for the brand.
Cardholders can also use an express card issuer to continue trading with a monetary establishment they prefer or have other accounts with. It can also be a clever way to rack up express-type praise points. If they opt for a secure brand credit card, you can narrow down your card search accordingly:
Choosing the most productive credit cards for your specific situation is based on a combination of factors, such as your credit score, tolerance for annual fees, benefits you might be looking for, and how rewards align with your spending habits.
Not all credit cards charge an annual fee, however, many of those that do offer rewards and other benefits in exchange.
Depending on your goals for getting a new credit card, be mindful of any other payments related to owning a specific card. For example, if you’re looking for a card to transfer a balance to, be sure to include it in the balance entry. Those with less-than-savvy credit will possibly find that some features available to them qualify as an account opening payment or a restricted credit application payment in addition to the annual payment. Avoid them, if possible.
For those who think they could get a balance, even occasionally, consider the APR of any card you’re considering. Carrying a balance for a certain period of time on a credit card is expensive, and you don’t need to end up with a balance that increases over time.
If a car offers rewards for your spending, make sure the spaces where it offers the most productive rewards fit your spending habits. A user without a car is unlikely to enjoy the best rewards in terms of gasoline, for example. Rarely dining out or ordering takeout will probably do better with a car that offers better rewards on groceries than on food.
Many credit cards offer benefits that go beyond the ability to earn rewards. Premium cards can offer exclusive access to airport lounges, loose checked baggage, and airline contingency credits. Many cards on the market are offering other benefits such as extended warranty protections and other protections and insurance. Even cards with no annual payment can offer several financial benefits.
Cards intended to help you consolidate your credit profile, such as secured cards, charts by reporting your on-time payment habit to the credit reporting agencies so that, over time, your score can improve through a positive payment history. There are many cards on the market aimed at those looking to increase awareness of their logo. The most productive ones charge little or no annual payment and do not incur any other unnecessary payments. There are also unsecured cards, which tend not to be available to other people. who recently filed for bankruptcy.
Credit cards offer everything from customer coverage to valuable benefits and really ample earning potential, but when used correctly. Here’s how to get the most out of your cards.
Getting any kind of reward is better than nothing, but to get the most out of your credit card, you need to make sure you’re getting as many rewards as possible on the types of purchases you make most often. It’s also vital to balance this with a type of rewards that you value and that are easy to redeem (cash back, miles, or points).
Most credit cards offer additional benefits, such as acquisition protection, extended warranties, purchase credits, and discounts or benefits. Whenever you get a new card or are approaching your card’s renewal anniversary, familiarize yourself with your existing benefits to make sure you know which benefits you are eligible for or would like to enroll in.
Credit cards are convenient, but if you don’t bill the balance due, you may accrue past due maximum charges. Be sure to make minimum bills on time each month to avoid any fees due. Ideally, you should pay off your balance in full to avoid interest charges as well. Not only will you save on fees, but you’ll also keep your credits in smart status for card approvals and long-term loans at wonderful rates.
A credit card issuer is the bank that issues or approves the card you are applying for. Some credit cards have the name of the issuing bank in their denomination, such as Chase or Citibank. Others paint the scenes as a bank issuing credit cards that might not possibly be a component of a classic monetary institution, such as Chime or Upgrade.
Processing of invoices in card networks between the customer and the merchant. There are four main credit card networks: Mastercard, Visa, American Express, and Discover. American Express and Discover are also card-issuing corporations in addition to owning a card network.
A co-branded credit card is a card issued in partnership with a certain store or service provider. Popular brands like JetBlue, Hyatt, and Disney have partnered with credit card corporations to offer reward-earning cards in their loyalty systems and will be offering brand-specific benefits. Typically, a co-branded credit card will offer rewards and/or other in-brand benefits.
Both Visa and Mastercard are payment processing networks, and as a consumer, your card selection doesn’t matter to you when making a payment. But both cards offer benefits, and the benefits are expressed in their logo and the type of card it contains. of the logo. However, you don’t decide on a card based on the sending network. Instead, think of the extras offered through payment networks as bonuses, concentrating on the key features of the card itself.
For example, a classic Visa or Platinum Visa card may offer roadside clearance services and assistance in replacing the lost card. A Visa Signature card can offer those benefits, as well as insurance and protection. Each individual Visa card will be offering other benefits depending on the type of Visa and the benefits decided through the issuing bank.
The same goes for Mastercard: there are other types of Mastercard with other advantages and benefits depending on the type of Mastercard. The most notable feature that some Mastercards offer that some Visas don’t offer is cell phone coverage.
If you don’t already have a preference for an express credit card company, you may be interested in rating the most sensible credit card corporations across the country. J. D. Power conducts an annual visitor satisfaction survey with major card issuers. In 2023, American Express comes out. in the most sensible:
Credit card rewards can be a valuable benefit. In some cases, your winnings can amount to large dollar amounts, especially if it’s a welcome bonus. However, don’t be tempted by those offers if you have credit card debt. The interest rate on cards, or APR, is nearly double digits. Paying 25% interest to earn 5% rewards may not make monetary sense if you have a balance.
According to a survey conducted through OnePoll on behalf of Forbes Advisor in November 2023, 58% of respondents know their card’s interest rate. However, more than a quarter of Americans don’t know and 17% are completely sure, putting them in a potentially unexpected situation if they can’t pay the bill in full.
Use it as a reminder to check your card’s interest rate, even if you pay the bill in full. Still, it’s worth knowing. And if you have a balance, our credit card interest calculator can tell you how much you can be charged. in a month or a year. Checking now, before holiday spending gets out of hand, can save you a lot of money in the long run.
The most productive credit card is the one that rewards your private spending habits. Look for cards that offer bonus issues in categories where you spend a lot, such as food, gas, or groceries. Next, make sure that the type of rewards you earn match the redemption options you like. Travel rewards are popular, but the money back would possibly make more sense for many customers.
While it’s a non-public decision, there are a few cards that stand out as the most productive credit cards of 2023. For example, Bilt World Elite Mastercard® is exclusive because it allows you to earn rewards on the rental. The Capital One Venture X Rewards credit card is also popular thanks to a wide variety of benefits built into the card. And Chase Freedom Flex℠* comes with a welcome bonus, earn rewards of up to five issues consistent with the dollar, an introductory APR offer, and no annual fee.
Secured credit cards are often the easiest to approve and are designed for others who have no credit or bad credit. For anyone with average or higher credit, you may also be approved for classic unsecured credit cards. Typically, cards with little to no rewards have less stringent application requirements. You may want to look for pre-approved offers that are customized to your chances.
When it comes to private finance, find that the most productive solution for you is just that: private. However, there are several card issuers that consistently make the list of the most productive credit cards. Favorites such as American Express, Capital One, Chase and Citi will offer a wide variety of rewards cards as well as packages of customer protections and benefits for cardholders.
The most productive credit card for you requires you to compare your own monetary needs. Start by honestly evaluating your credit score and history to understand what types of cards you might be approved for. Then, within those cards, take a look at annual fees, praise rates, and other benefits to determine which ones are the most productive and fit your lifestyle.
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(750 – 850)