What Is The Best Credit Card? – Credit Card Insider

What Is The Best Credit Card? – Credit Card Insider


Hi, I’m John Ulzheimer, a credit expert who
contributes to the Credit Card Insider blog. Today’s topic is choosing the best credit card, what’s the
best credit card for you. The best credit card it is going to
be a subjective issue and the best credit card for me
may not be the best for you, the best credit card for you may not
be the best credit card for me or anyone else but, I’ll give you some ideas of credit cards
that I use and why I believe they’re a solid choice. Number one, American Express. American
Express targets consumers who have very good
credit. They do not have a subprime product. Meaning if you have bad credit, then you’re not
going to be able to get an American Express card. However, if you are able to get one, you will enjoy perhaps the best customer
service in the credit card industry. In addition, their rewards programs are very tailored towards the business and personal traveler. Great miles cards with the America Express SkyMiles suite of cards. Excellent cash back options and excellent rewards options. Most American Express cards have an annual
fee, so if you’re averse to annual fees then that might not be right card for
you. However, do not discount a credit card
immediately simply because it has an annual fee without balancing the benefits that you
would likely get in exchange for the actual fee. For
example, American Express has some cards that have annual fees in the several hundred
dollars, which, on the surface, would seem to eliminate that as an option, however, if
you look at that list of rewards that you get for the fee it’s actually well worth it. So do a little bit of research and balancing on
the American Express suite of cards and you’ll likely find something
that’s very attractive to you. Number two: the Discover card.
The Discover card is taken pretty much everywhere that any other
credit card is taken so the days of going to a merchant or retailer and them not accepting a Discover card, those days
are pretty much over. Almost every Discover card does not have
an annual fee, in fact I cannot find one that has an
annual fee, so you’re one of those no annual fee people, then that’s not a bad option for you.
Credits limits: Discover is not afraid to issue very high credit limits. The one on my
card is $25,000. So if you’re someone who likes to have a
lot of portable capacity in their credit card, then Discover might be a good option for
you. And further, their essentially the card that invented the cash back bonus. So, if you like getting 1 percent or more
on your purchases back in the from of either a statement credit
a check or the ability to go shopping in their
redemption mall, if you will, then the Discover is not a bad
option for you. Next, any credit card issued by a credit union. And here’s where the benefits going to be to
you. If you are carrying balances from one month to the next, that
means you’re going to be paying interest. And, in most cases, people who pay interest
on credit cards are essentially financing the most expensive debt that
they’ll ever finance because the average interest rate on a
credit card is somewhere around fifteen percent, which is very high relative to what you
pay on auto loans and mortgages. However, credit cards
issued by credit unions typically have lower interest
rates relative to the rest of the credit card industry. It would not be unheard-of to be able
to get a credit card from a credit union with an interest rate of 7.9 percent, 9.9 percent, 12.9 percent. So these are very good
options if you know you’re going to have to carry a balance from month to month
because at the very least it’s going to cost you less than if you went
out and got a credit card with a large mega-bank. And finallly, Fidelity has a very good retirement rewards credit card. This card,
which generally has a very very high credit limit, is a tie back to your Fidelity
Brokerage account, if you have one, and allows you to redeem points or cash
back, and fund IRAs, or 529 college
savings plans. Look, you’re not going to get rich and
retire off of the rewards earned on this card, but they’re a nice little perk, and in many
cases, either consumers forgo their rewards points, forget to redeem
their rewards points, or use them for something that they
probably didn’t want or need in the first place. At least in this case, the
rewards are going to fund your retirement, which isn’t a bad way to use them. If you
have any more questions about rewards cards, credit cards, credits scoring, or credit reporting,
please visit me at the Credit Card Insider blog. Have a great day.

22 thoughts on “What Is The Best Credit Card? – Credit Card Insider

  1. Hey nice video. You need to add soft items in your recording room. The echoes are rediculous. Clothing. Hanging a blanket, etc could help. THANKS

  2. A.) I love Discover card, and I'll challenge you to compare their customer service to American Express.
    B.) Credit Unions are outstanding.

  3. wow, so american express is a good one, discover seems great for utilization if your looking for higher credit lines..im in process of credit repair..got down to 578, now about 644..shouldni wait to apply for an american express until my score reaches a certain level? i worry about the hard inquirery if im denied..

  4. I don't travel much, maybe once every other year, so a travel card means very little to me outside of a Visa. Cash back cards for regular spending mean a lot, so I got discover it card. I love it, especially their Discover Deals portal and $1 minimum cash back redemption. I got the travel visa with my credit union.

  5. so what do you guys think is the best credit card for somebody who doesn't travel on business? personal spending , the Mall, out to eat at sitdown restaurants , buying tickets online , gas, bed bath and beyond, buying sports team merchandise on line or at Major sporting good stores?

    what do you think is the best credit card for people who love to travel but on vacation they pay for every thing. whether they like to fly, go by train , cruises , hotels out to eat, depending upon where they go maybe shopping , a sporting event so ticket's, car rental's, getting gas, the Theater ?

    for the person who loves to travel on vacation but out of there country let's say 10% they travel in there country and the 40% percent there out of there country so for airlines hotels, going to sit down restaurant's , shopping if available , maybe ticket's to some kind of sporting events, rental cars if needed, getting gas? I think I know the answer to this one.

    What about the business traveler what do you think is the best credit card for people who travel on company business in there country, airlines, trains, Hotels , business dinners , tickets to either the theatre , sporting events, shopping if theres time available, car rentals getting gas?

    business travelers who travel out of there country, whether they go to the Bahamas , Europe or anywhere out of there country Airlines, Hotels, business dinners , car rental's if needed, tickets maybe tickets to a sporting event, if theres some time shopping, if Theatre is availabe , getting gas? I think I know the answer to this one.

    what about the person who travels 50% out of there country and 50% in there country what's the best credit card for airlines, trains, hotels, business dinners, car rentals, maybe tickets to sporting event's, the theater , shopping if available, getting gas? I think I know the answer to this one?

  6. @Credit Card Insider Thank you..I just applied for chase sapphire preferred on Friday and got accepted see how it works out..Keep up the good work with your reviews!

  7. But so many places don't take Amex its inconvenient… I don't want to have to carry a back-up card or two, kind of defeats the purpose.

  8. Hello, John I have a relatively thin credit profile. My parents have just recently added me to two of there cc. A Chase from 2003 with a credit limit of 10k and a Barclays visa 2014 with a credit limit of 14k. I just recently applied for a care credit card and was approved for 12k. I checked creditsesame.com and my (TU) score is 758, my (Exp) score is 795 and my (Equ) is 737. Which 2 or 3 credit cards would you recommend for me?

  9. so  for  business travelers  whether  there  sales people,  ceo's ,  chairman of the board ,  vice presidents or  big business owners  which  credit card  do you think most of them have or which credit card do you think is the best   Citi bank thank you,  Barclays arrival  ,  Chase Sapphire Prefered
    Capital 1 venture card ,  American Express platinum ,  original gold or gold rewards?   for  all aspects  of business travel?

  10. Is USAA or credit cards for military background people open for civilian? I do not have any military background,can i get one of those cards?
    Thanks!

  11. Hi there, a question, I had a secured credit card, and I has been a year now, and BofA automatically changed it to unsecured credit card and give me my deposit back and also increase my credit limit. Now my question is can I switch this credit card I have to a new credit card with a cash back or other benefit credit card without applying for a new one ??? Thank you.

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