Best Credit Card for you

Lots of folks ask what credit card should I get?

 

First, you should only get a credit card if you have the ability to pay it off fully at the end of each month. If you can not or tempted not to, then please use your debit card or even better cash. Now assuming you have all your ducks in a row I have a couple options.

Again, lots of sites give you these huge list of cards to use and you will be surprised by what my #1 pick is.

Drum roll please….

My #1 choice for an all around credit card is the Bank of America Travel Reward Credit Card. This card gives you 1.5% cash back on all purchases with no annual fee. They also give you a sign up bonus of 20,000 points ($200) after you spend $1000. They offer other benefits like most cards and they make it very easy to redeem points (it has to be on any travel charge).

The main reason this cards get to be king of the hill is if you are a Platinum honors customer, which gives you a 75% bonus. That means your ducks really have to be in a row and have combined deposits of $100k, but if you are following the Frugaloop way you should have that. I have an IRA and a Savings account there to get it. This means for every charge you get 1.5% plus another .75% on top of that, which is the highest you will find for everyday purchases.

Now if you do not have the requirements from above then I do have some runner ups.

1st runner up is the Citi Double Cash Card. This card will give you 2% on purchase/payments (you get 1% when you buy and 1% when you pay the transaction off). This card has a lower % cash back and no bonus but it comes with no strings attached (no fee, no deposit balance requirements, etc)

2nd runner up is for the person who spends a lot in certain categories. The Chase Freedom give you 1% on all purchases but 5% on certain category spend. This card could end up being the highest % return on points but you have to spend a lot in the bonus categories.

Like I mentioned before thousands of different credit cards are available and always think of what works best for you.

Keep up the Frugaloop way!

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