In my last article I covered unsecured credit cards and why I liked them and in this post I’m going to go a bit deeper and discuss the top 10 credit cards to have by category. The categories will cover everything from the best instant approval credit card to the best low interest credit card.
- Low Interest Credit Cards. The top card in this category is the Capital One No Hassle Miles Rewards Card. This card has high marks on low interest rates, no annual fees, and a 0% APR on purchases till 2010. The down side would be the fees on balance transfers and the fact that you would need excellent credit to get the card.
- Balance Transfer Credit Cards. The top card in this category is the Discover More Card-American Flag. This card has no balance transfers fees for the first 12 billing cycles, and also has a 0% interest for the first 6 months This card also has no annual fee. The down side would be that you have to have a good credit standing to be approved for it.
- Gas Rewards Credit Card. The Marathon Platinum MasterCard takes top honors in the category. It gives 5% cash back on all purchases made at a Marathon Gas Stations and a 1% cash back on all other purchases. It has no annual fee. The down side would be interest rates range from 13.24% to 24.99% as the default interest rate. You also need to have excellent credit to apply. I should also mention I have this card as well.
- Cash Back Credit Cards. The Capital One No Hassle Cash Rewards Card takes the cake here. It gives 2% on all gas and groceries and 1% on all other purchases. It has not annual fee and a 0% APR on all new purchases till November of 2010. The down side would be you need excellent credit to apply and there will be a 14.99% interest on balances after November 2010.
- Airline Credit Cards. The Capital One No Hassles Miles Rewards Card defiantly gets the top pick here. This card gives you 1 mile per dollar spent below $1000 and 2 miles to every dollar spent over $1000 each month. On top of that your miles never expire. It has no pesky blackout dates and allows you to fly on any airline to any destination. The down side is that you again have to have an excellent credit rating to apply for the card.
- Instant Approval Credit Cards. If it’s instant approval because of bad credit you’re looking for the First Premier Bank Gold Credit Card. First off you don’t need a great credit rating to apply for this card. The card company will also report your information on a monthly basis to help improve your credit standing. The down side is that there will be an annual fee of $48 and a onetime program fee of $95, and a set up fee of $29. The credit limit will only start out at $250 but as your credit improves so will you credit limit.
- Prepaid Debit Cards. What if you don’t like the idea of carrying a credit card? Then check out the prepaid debit card from Account Now Prepaid Visa Card. This debit card has a 100% guaranteed credit approval, free bill pay, free direct deposit, no overdraft fee, and a $0 activation fee. This card also gets reported to the credit bureaus which help to improve your credit standing. The down side is theirs a $9.95 monthly fee and the cards cash limit is only $10,000 that you can put in at any given time.
- Student Credit Cards. If you’re a college student then you’ll want the Discover Student Card. It has a 5% cash back bonus on stuff like travel, gas, restaurants, and much more. It also has a 0% APR for the first 6 months, no annual fee and the best part is you don’t even need a credit history to apply. The down side is that after the first 6 month the 0% APR is up your regular rate will be 14.99% and the default rate if you would have to miss payments would be 29.99%. Ouch!
- Business Credit Card. If you own a business then you’ll want to take a look at The At&t Universal Business Rewards Card. This card has 0% on purchases for the first 6 months, no annual fee, and you can even get additional cards for employees with credit limits you can set. The down side is that the regular rate after the six month 0% Apr is up is a variable 16.99% rate and you must also have an excellent to good credit rating to apply.
- Points Reward Credit Card. If it’s points you want then the Citi Forward Card is what you want. This card gives 6,000 bonus points when you spend $250 in the first 3 months of opening the account and 5,000 points when you sign up for paperless statements in the first three month of opening the account. From there you’ll get five reward points for every dollar you spend on restaurants, books, music, movies, and you’ll get 1 point for every dollar you spend on anything else. Along with no annual fee this card is very attractive. Finally, this card reward for good behavior, if you stay below your credit line and pay your bill on time at least 3 months in a row you’ll get a 2% reduction on your annual APR. The down side is that you have to have excellent to good credit and if you do go over the credit line there will be a $39 fee.
Are They The Top 10 Best Credit Cards
Now, you might have a different opinion on which is a better credit card based on your experience of use and what you’re comfortable with. You might know of better top 10 balance transfer credit cards, or better top 10 business credit cards, or a better top 10 rewards credit card.
If you have one that is better that’s great. The suggestions I’m making are the top 10 credit cards are based on my research and experience. So if you looking for a credit card look at what I’ve shown you and compare it with what you like. Also feel free to leave a comment and let me know if you have a better suggestion.
Chris
This article was recently featured on The Carnival Of Personal Finance by Suburban Dollar.
{ 2 comments… read them below or add one }
Hi Chris,
I have to beg to differ with you on item #7 (Best Prepaid Debit Card). The AccountNow is the typical card that will end up costing $$$ to use. Here is my story and how i became knowledgeable about these types of cards:
I used to work at Ruby Tuesday and our card was pretty bad. But, from what I hear, it was typical because most cards (like AccountNow, RushCard, etc) either have a monthly fee or pretty limited as to the free items. I have worked at Starbucks for about 8 months now and they allow us to have a card called the Money Manager Card. The choice was pretty simple because there are no monthly fees, I can use it on their network (allpoint atms) free at all times, never any fees to buy things (signing or using my PIN and getting cash back if I want…all without a fee or surcharge), no overdraft. Let’s just say I haven’t paid a fee in the entire time I’ve had the card. It’s pretty simple to use it at no charge and I really don’t have to tip-toe around any limited free items like most other cards I have seen have.
Oh, and don’t lose most payroll cards! If you do, it’ll cost you $$ even to get the replacement sent by the post office. My new card give free replacements when delivered by the post office all of the time. Or, if I want, I can get it delivered by Fedex for $10. Pretty reasonable as I sent something by Fedex a month ago and paid $14!
My point is, if you are a company and are going to get your employees something, don’t do what Ruby Tuesday did and get something that costs your employees $$$ to use it! I hated them for “giving” us that card…IMHO of course.
I should state that Walmart has something that is similar sounding to Money Manager Card. I think it is the Money Card or something like that. That card is definitely not the same.
I did a quick Google search on Money Card when investigating the Starbucks offering and mistakenly clicked on a link to a Money Card “problem” page where people complained about it. Then, I realized that “Money Card” is not “Money Manager Card”.
Your thoughts?
Joey
Joseph,
I check out the money manager card out and it looks pretty good. The fees are very low except for a $3 fee for 90 day inactivity and a $10 fee for closing your account. But chances are if have your going to use it all the time and you won’t likely cancel the card then. I’m going to include a link below for those who want to check it out. Thanks again.
Here’s the link:
http://www.moneymanagercard.com/index.php
Chris
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