There are many choices when it comes to the best credit cards in 2020. There are three categories: High tier rewards and Balance transfer, Student, and Interest-free. How do you know which card is the best? Based on this methodology, we created a list listing the best credit cards in 2020. You will find out what we mean. Using our methodology, we've sorted through hundreds of offers from more than 60 different companies.
Interest-free credit cards
There are many sweet deals available for new cardholders because of the fierce competition among credit card issuers. Many of these deals are interest-free credit cards for an introductory period, which may last from 12 to 21 months. These offers are not available forever. There is no annual fee or balance transfer fee. Any balance remaining after the introductory period ends will begin to accrue interest at the regular rate of 12-25 percent annually.
To avoid paying interest for new purchases, you must pay your balance off in full each month. If you need to make big purchases, a card with low interest rates might be more practical. In these cases, it is a good idea to choose an interest-free credit card with a lower annual percentage rate. A 0% introductory card is available for those with low monthly expenses.
High-tier rewards cards
You have many options for rewards credit cards. However, you need to remember that interest rates will rise year-round if you have a balance. You can save money this year by taking advantage of extended 0% balance transfer windows. These deals can be availed to existing customers as well as new applicants. Our 51 picks for the best rewards credit cards of 2020 cover 17 categories. They offer strong rewards for all types purchases and follow simple rules.
Chase Freedom Unlimited: This credit-card offers 5% cash back for prepaid travel reservations, and other purchases. Other rewards categories include gas stations, restaurants, and internet purchases. The cash back is redeemable for any amount. You can use it to make a bank or account deposit. You can also redeem the 5% cashback to purchase gift cards if your gift is a charitable one. Additional perks are available with the Chase Freedom Unlimited cards. In exchange for software subscriptions that are eligible, you will receive $100 in credit on your statement.
Student credit cards
A student credit card is one way to build a good credit score. You can earn rewards such as air miles and store vouchers when you use your credit card responsibly. Your rewards won't mean anything if you can't pay the entire balance each month. You might find that rewards can only be earned if your spending habits are good. These tips will help to build your credit score.
You should be familiar with the benefits and features offered by each company before you apply for a student credit card. Many student cards offer 1% cashback for purchases. Others offer bonus rewards if your payments are made on time and you spend a certain sum of money within the first few month of account opening. The majority of student cards report to the three major credit bureaus. Therefore, you can add years of positive information to your credit report by making payments on time.
Balance transfer cards
Consider your credit score, what you owe and whether you can afford high interest rates when looking at balance transfer credit cards. These three factors will play a major part in which balance transfer credit cards are best for you. We have compared hundreds if not all cards to simplify the decision-making process. Five of them have no annual fees, and none other annual fees.
Balance transfer credit cards have the advantage of consolidating your debt into one monthly payment. The best offers will be available for those with good credit. Balance transfer cards that are the best come with an introductory period. After which, your balance is charged at a regular interest rate. Many cards offer modest cash back incentives. For anyone who is looking to reduce their debt, balance transfer credit card are a great choice.