If you’ve ever asked, “Which credit card should I get next?” or “Which credit card has the best rewards?” then this video should give you a lot of clarity! Click "Show More" to see Ad Disclosure.
There’s no one-size-fits-all approach. So, rather than show you the best credit cards for beginners or the best cash back credit cards with no annual fee, I’m going to introduce you to the CREDIT CARD STRATEGY that will guide you in applying for your first or next credit cards. Rather than apply for a card “just because,” there’s an actual through process to take that will lead you to the best credit cards for YOU. Let’s go!
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DISCLAIMER
The following recommendations are NOT hard rules to follow. Rather, they are general guidelines. Exceptions do exist.
~ CREDIT CARD TIP #1: If you’re applying for your first credit card ever, get a secured credit card.
- Easy credit card approval
- Focus = build credit, NOT credit card rewards
- Build credit for 1 year
~ CREDIT CARD TIP #2: Identify the categories in which you spend most of your money each month.
~ CREDIT CARD TIP #3: Determine the type of credit card rewards you prefer.
- Cash back
- Travel rewards points & miles
4 Types of Travel Rewards Points
a. AIRLINE MILES: BEST value when redeeming with 1 airline and/or its airline alliance partners. Example: United MileagePlus, American AAdvantage, Delta SkyMiles
b. HOTEL POINTS: BEST value when redeeming with 1 hotel company. Example: Marriott Bonvoy, Hilton Honors, World of Hyatt
c. FLEXIBLE POINTS: EQUAL value when redeeming for any flight, hotel, rental car, cruise, etc. Example: Wells Fargo GoFar Rewards, US Bank Altitude points, Bank of America points
d. TRANSFERRABLE POINTS: BEST value when converting FROM bank points TO partner airline miles or partner hotel points. Example: Chase Ultimate Rewards, American Express Membership Rewards, Citi ThankYou points, Capital One Venture miles
Note: Some points are Flexible & Transferrable (Amex, Capital One, Chase, Citi)
~ CREDIT CARD TIP #4: Apply for the credit card(s) that give you the most rewards in the areas you spend.
- Look for 3X points / 3% cash back (or better) in specific categories.
- If you have ‘non-bonus spend’ in categories not covered by most cards, consider a card that earns 2X points / 2% cash back for those purchases.
- Example: If you spend a lot on Dining + Entertainment + Utilities and value cash-back rewards, then consider getting the Capital One Savor Rewards card and the Citi Double Cash Card.
~ CREDIT CARD TIP #5: If there are Chase credit cards you want, get those first.
- 5/24 Rule: Chase will automatically deny any credit-card application if you’ve opened 5+ cards with any bank that appear on your credit report within the last 24 months.
EXAMPLES OF THE BEST CREDIT CARDS TO APPLY FOR
Best Credit Cards for Groceries
- Amex Blue Cash Everyday - 3% cash back, up to $6K spend per year
- Amex Blue Cash Preferred - 6% cash back, up to $6K spend per year
- Amex Gold Card - 4X points, up to $25K spend per year
Best Credit Cards for Dining
- US Bank Altitude Go - 4X points (4% cash back)
- Capital One Savor Rewards card - 4% cash back
- TD Cash Credit Card - 3% cash back
Best Credit Cards for Gas Stations
- PNC Cash Rewards Visa - 4% cash back
- Wells Fargo Propel card - 3X points (3% cash back)
- Costco Anywhere Visa - 4% cash back
Best Credit Cards for Travel
- Chase Sapphire Reserve - 3X points on all travel
- Chase Sapphire Preferred - 2X points on all travel
- Amex Green Card - 3X points on all travel
- Amex Platinum Card - 5X points on flights & prepaid hotels
- Amex Gold Card - 3X points on flights
- Citi Premier Card - 3X points on flights and hotels
Best Credit Cards for Online Shopping
- Bank of America Cash Rewards card - 3% choice category (online shopping = an option)
- Citi Double Cash Card - 2% cash back on all purchases
- PayPal credit card (PayPal CashBack Mastercard) - 2% cash back on all purchases
Best Secured Credit Cards
- Discover it Secured card
- Citi Secured credit card (Citi Secured Mastercard)
- Capital One secured credit card (Secured Mastercard from Capital One)
Disclosure: This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
#creditcards #creditcards101 #creditcardsforbeginners