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Having a credit card is an important way to build up your credit score but Consumer Reports Money Lab has compiled a list of the best credit cards out there for consumers.
There are a lot of variables to consider when choosing a credit card including rewards money or points, travel deals, low interest, and ability to make balance transfers. With all the choices out there is can be hard to even keep track of your options.
The list includes a variety of card types and banks that offer credit cards. While the perks are great, even better is knowing the cards listed are less likely to take advantage of consumers.
When rating the best cards, Consumer Reports took into account what they were used for.
The best cards with cash rewards were American Express Blue Cash Preferred, Fidelity Rewards American Express, and Capital One Cash Rewards. All of them provide some percentage back on a different variety of purchases. The best one for you would depend on what you buy most often.
When it comes to travel, your card can help you out with free miles and priority perks. The best cards for that? Chase Sapphire Preferred, American Express Blue Sky Preferred, and Capital One Venture Rewards came out on top although all three have a yearly fee.
If you're struggling with debt on one card or need to be able to quickly more money around, what you need is a good deal on balance transfers. Luckily the list covered that as well.
Check out the Chase Slate, Citi Diamond Preferred Card, and PenFed Promise Visa which have the lowest interest for the longest amount of time and which waive balance transfer fees for a while.
Credit cards haven't necessarily gotten more popular in the last few years but they've certainly become safer for consumers.
Better consumer protection laws ensure that your interest rate won't change without notice and that it won't go up continually. Not sure your bank is playing by the rules? Tell the FindLaw Answers Forum about your concerns and we'll get you a real answer quickly.
Whichever card you pick, keep in mind that credit cards are a double edged sword. Spend wisely and, hopefully, within your means to get the most out of your plastic.