Millions of Americans use credit cards daily for all kinds of payments. A great benefit that credit cards offer is that you can use them to pay for things that otherwise may have been unaffordable. Today credit cards come with exciting rewards to suit individual preferences.
Here are the pros and cons of the best credit cards you can find today.
Bank of America Cash Rewards Credit Card for Students
Pros
Cashback of up to 3% on eligible spends in a choice of categories
No minimum credit score requirement
Helps build credit history and offers free access to FICO credit score online
Access to credit maximizing advice
It comes with a promotional 0% APR for 15 months
Regular APR between 13.99% and 23.99%
No annual fees
$200 bonus for spends of over $1000 in the first 90 days
Cons
Higher interest rate for students with no/bad credit history
Penalty APR can range up to 29.99%
Quarterly limit of $2500 on spending in bonus rewards categories
Citi Diamond Preferred Card
Pros
Ideal for balance transfers
No annual fees
Variable APR between 14.74% and 24.74%
0% APR for 18 months on purchases/balance transfers
Unauthorized purchase and identity theft protection
Cons
Balance transfers subject to 3% fees with a minimum of $5
No rewards on charges made to the card
High penalty APR
Minimum credit score of 670
Chase Freedom Flex
Pros
Up to 5% cashback on eligible spends including travel, dining, and daily expenditures
Bonus of $200 cashback on spends exceeding $500 in the first three months
Access to additional bonus categories with 5% cashback (maximum $1,500) every quarter
No minimum cashback redemption amount
Rewards don’t expire
Variable APR between 14.99% and 23.74% after 15 months with 0% APR
Cons
Fees charged for balance transfers, cash advances, and transactions carried out abroad
Good to excellent credit required to qualify
When selecting a credit card, it is essential to understand exactly what you want it to deliver. With a bit of discipline, a good credit card can help you manage your finances and offer multiple rewards along the way.