There are many options for best credit cards in 2020. These cards include high-tier rewards, balance transfer, student and interest-free cards. How can you decide which card is right for you? We've put together a list of the best credit cards for 2020 based on our methodology. Keep reading to discover what we mean. Using our methodology, we've sorted through hundreds of offers from more than 60 different companies.
Interest-free credit cards
A number of attractive deals are available to new cardholders due to the intense competition among credit card issuers. These deals often offer interest-free credit cards during an initial period that can last between 12 and 21 months. There is usually no annual fee and no balance transfer fee, but these offers don't last forever. After the initial period, the balance will start accruing interest at the regular rates, which can be anywhere from 12 to 25 percent per year.
To avoid interest charges on future purchases, you should pay your balance each month in full. However, big one-off purchases may require you to keep the balance open, so a low interest card might be more suitable. For these instances, you should opt for an interest-free card with a lower APR. A 0% introductory card is available for those with low monthly expenses.
High-tier rewards cards
There are many rewards credit cards available, but you should keep in mind that interest rates will continue to rise throughout the year, if you carry a balance. To help you save money, there are extended 0% balance transfer windows. These deals are available to all customers, not just those who apply. Our 51 picks for the best rewards credit cards of 2020 cover 17 categories. With simple rules, they offer strong rewards on all purchases.
Chase Freedom Unlimited: This card gives you 5% cashback for pre-paid travel reservations as well as other purchases. You can also earn rewards at gas stations, restaurants and online. You can redeem the cash back for any amount. You can apply it as an account credit or bank deposit. If you'd prefer to give a charitable gift, you can also use the 5% cash back to purchase a gift card. There are many other benefits to the Chase Freedom Unlimited Card. 100 dollars in statement credits will be available for eligible software subscriptions.
Student credit cards
A student credit card can help you build credit. Reward points such as store vouchers, air miles, and other perks can be earned if you use your credit responsibly. You must pay your balance in full each month to earn rewards. You may be able to earn rewards depending on which card issuer you have. These tips will help you build good credit.
Before applying for a student card, you should understand the different features and benefits offered by the company. You can get 1% cash back on your purchases with most student cards. Other cards may offer bonus rewards if payments are timely made and you spend a certain amount in the first few years of account opening. Most student cards are reported to all three major credit agencies. By making timely payments, you can add years to your credit history.
Balance transfer cards
You should evaluate your credit score and how much debt you owe before you consider balance transfer credit card options. Also, make sure you are able afford to pay the high interest. These three factors will play a major part in which balance transfer credit cards are best for you. This comparison has helped make it easier to compare hundreds of cards. Five of them have no annual fees, and none other annual fees.
One of the many benefits of balance transfer credit card is that you can consolidate your debt into a single monthly payment. You can get the best deals if you have great credit. The best balance transfer card offers an introductory period. After this, your balance will continue to be charged at a normal APR. Many of these cards also offer modest cash-back rewards. Balance transfer credit cards can be a great option for those who want to quickly pay off their debt.