Reviewing the Best Credit Cards for 2024
Credit cards have become an essential financial tool for many, offering a range of benefits from rewards and cashback to travel perks and balance transfer options. However, with the multitude of choices available, finding the right credit card can be a daunting task. To help you navigate this landscape, we’ve reviewed the best credit cards for 2024, focusing on various categories such as rewards, travel, cashback, balance transfers, and more. This comprehensive guide will provide detailed insights into the top credit cards of the year, helping you make an informed decision.
- Best Overall: Chase Sapphire Preferred® Card
Overview:
The Chase Sapphire Preferred® Card remains a top contender in 2024 due to its robust rewards program, travel perks, and flexible redemption options.
Key Features:
Sign-Up Bonus: Earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. That’s $750 toward travel when redeemed through Chase Ultimate Rewards®.
Rewards: 2x points on travel and dining, 1x point on all other purchases.
Redemption Options: Points are worth 25% more when redeemed for travel through Chase Ultimate Rewards®. Points can also be transferred to various airline and hotel partners.
Annual Fee: $95
APR: 16.49%-23.49% variable
Pros:
Generous sign-up bonus
High rewards rate on travel and dining
Flexible redemption options
Cons:
$95 annual fee
No intro APR offer
Ideal For:
Frequent travelers and diners who want to maximize their rewards and enjoy flexible redemption options.
- Best for Cash Back: Citi® Double Cash Card
Overview:
The Citi® Double Cash Card is a standout choice for those seeking straightforward and generous cashback rewards.
Key Features:
Cash Back: Earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
Intro APR: 0% intro APR on balance transfers for 18 months. After that, the variable APR will be 14.24% – 24.24%, based on your creditworthiness.
Annual Fee: $0
Pros:
High cash back rate on all purchases
No annual fee
Long intro APR on balance transfers
Cons:
No sign-up bonus
3% foreign transaction fee
Ideal For:
Consumers who want a simple, no-annual-fee card with high cashback rewards on all purchases.
- Best for Travel: The Platinum Card® from American Express
Overview:
The Platinum Card® from American Express is the ultimate travel card, offering unparalleled travel perks and luxury benefits.
Key Features:
Welcome Offer: Earn 100,000 Membership Rewards® Points after spending $6,000 on purchases in your first 6 months of card membership.
Rewards: 5x points on flights booked directly with airlines or with American Express Travel, and on prepaid hotels booked on amextravel.com. 1x points on all other purchases.
Travel Perks: Access to Centurion Lounges, Delta Sky Clubs, and Priority Pass Select lounges. $200 airline fee credit and $200 Uber credit annually.
Annual Fee: $695
APR: Not applicable (charge card)
Pros:
Extensive travel perks and luxury benefits
High rewards rate on travel purchases
Large welcome offer
Cons:
High annual fee
Benefits are geared towards frequent travelers
Ideal For:
Frequent travelers who can take full advantage of the extensive travel perks and luxury benefits.
- Best for Balance Transfers: Discover it® Balance Transfer
Overview:
The Discover it® Balance Transfer card offers an excellent balance transfer option with a generous cashback program.
Key Features:
Intro APR: 0% intro APR for 18 months on balance transfers, 0% intro APR for 6 months on purchases. After that, a variable APR of 15.24% – 26.24% applies.
Cash Back: Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations, and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
Annual Fee: $0
Pros:
Long intro APR on balance transfers
Generous cash back rewards
No annual fee
Cons:
3% intro balance transfer fee, up to 5% fee on future balance transfers
Quarterly activation required for 5% categories
Ideal For:
Consumers looking to transfer high-interest debt and earn cashback rewards on everyday purchases.
- Best for Students: Discover it® Student Cash Back
Overview:
The Discover it® Student Cash Back card is designed to help students build credit while earning cashback rewards.
Key Features:
Cash Back: Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations, and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically.
Intro Offer: Discover will match all the cash back you’ve earned at the end of your first year automatically.
Annual Fee: $0
APR: 0% intro APR for 6 months on purchases, then 15.24% – 24.24% variable APR applies.
Pros:
High cash back rate on rotating categories
Cash back match at the end of the first year
No annual fee
Cons:
Quarterly activation required for 5% categories
No intro APR on balance transfers
Ideal For:
Students who want to build credit and earn cashback rewards on their spending.
- Best for Business: Ink Business Preferred® Credit Card
Overview:
The Ink Business Preferred® Credit Card offers excellent rewards and benefits tailored to business owners.
Key Features:
Sign-Up Bonus: Earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That’s $1,250 toward travel when redeemed through Chase Ultimate Rewards®.
Rewards: 3x points on the first $150,000 spent on travel and select business categories each account anniversary year. 1x point on all other purchases.
Travel Perks: Points are worth 25% more when redeemed for travel through Chase Ultimate Rewards®. Points can also be transferred to various airline and hotel partners.
Annual Fee: $95
APR: 18.24%-23.24% variable
Pros:
High rewards rate on business expenses
Generous sign-up bonus
Flexible redemption options
Cons:
$95 annual fee
High spending requirement for sign-up bonus
Ideal For:
Small business owners who want to earn rewards on business expenses and travel.
- Best for Building Credit: Capital One Platinum Credit Card
Overview:
The Capital One Platinum Credit Card is designed for those with fair or limited credit, helping them build a positive credit history.
Key Features:
Credit Building: Access a higher credit line after making your first 6 monthly payments on time.
Annual Fee: $0
APR: 26.99% variable
Pros:
No annual fee
Opportunity to build credit with responsible use
Automatic credit line reviews
Cons:
High APR
No rewards program
Ideal For:
Individuals with fair or limited credit who want to build their credit score.
- Best for Travel Rewards: Capital One Venture Rewards Credit Card
Overview:
The Capital One Venture Rewards Credit Card offers straightforward and generous travel rewards for frequent travelers.
Key Features:
Sign-Up Bonus: Earn 60,000 miles after spending $3,000 on purchases in the first 3 months.
Rewards: Earn 2x miles on every purchase, every day.
Travel Perks: Transfer miles to over 15 travel loyalty programs. Receive up to $100 application fee credit for Global Entry or TSA Pre✓®.
Annual Fee: $95
APR: 20.99% – 28.99% variable
Pros:
High rewards rate on all purchases
Flexible redemption options
Valuable sign-up bonus
Cons:
$95 annual fee
High APR
Ideal For:
Travel enthusiasts who want to earn and redeem miles easily.
- Best for Dining and Entertainment: Capital One Savor Cash Rewards Credit Card
Overview:
The Capital One Savor Cash Rewards Credit Card is perfect for foodies and entertainment lovers, offering high cashback rewards on dining and entertainment.
Key Features:
Sign-Up Bonus: Earn a one-time $300 cash bonus after spending $3,000 on purchases within the first 3 months.
Cash Back: 4% cash back on dining and entertainment, 2% at grocery stores, and 1% on all other purchases.
Annual Fee: $95 (waived for the first year)
APR: 19.99% – 29.99% variable
Pros:
High cash back rate on dining and entertainment
Generous sign-up bonus
Annual fee waived for the first year
Cons:
$95 annual fee after the first year
High APR
Ideal For:
Consumers who frequently dine out and enjoy entertainment activities.
- Best for Low Interest: US Bank Visa® Platinum Card
Overview:
The US Bank Visa® Platinum Card offers one of the longest 0% intro APR periods on the market, making it ideal for those seeking low interest on purchases and balance transfers.
Key Features:
Intro APR: 0% intro APR for 20 billing cycles on purchases and balance transfers. After that, a variable APR of 17.49% – 27.49% applies.
Annual Fee: $0
Additional Benefits: Cell phone protection when you pay your monthly cell phone bill with your card.
Pros:
Long 0% intro APR period
No annual fee
Cell phone protection
Cons:
No rewards program
High APR after the intro period
Ideal For:
Individuals looking to finance a large purchase or consolidate debt with a long 0% intro APR period.
Choosing the right credit card depends on your financial goals, spending habits, and personal preferences. Here’s a quick summary to help you decide:
Best Overall: Chase Sapphire Preferred® Card for its robust rewards and travel perks.
Best for Cash Back: Citi® Double Cash Card for its high cashback rate on all purchases.
Best for Travel: The Platinum Card® from American Express for its unparalleled travel benefits.
Best for Balance Transfers: Discover it® Balance Transfer for its long intro APR and cashback rewards.
Best for Students: Discover it® Student Cash Back for its generous cashback program and credit-building opportunities.
Best for Business: Ink Business Preferred® Credit Card for its high rewards on business expenses.
Best for Building Credit: Capital One Platinum Credit Card for its credit-building features.
Best for Travel Rewards: Capital One Venture Rewards Credit Card for its straightforward travel rewards.
Best for Dining and Entertainment: Capital One Savor Cash Rewards Credit Card for its high cash back on dining and entertainment.
Best for Low Interest: US Bank Visa® Platinum Card for its long 0% intro APR period.
Each of these credit cards offers unique benefits tailored to different needs. By considering your spending habits and financial goals, you can choose the best credit card to help you manage your finances and maximize your rewards in 2024
