With so many credit card options out there, it’s hard to decide on one, especially when many offer unique sign-up bonuses and benefits. Here are six of the best offers to check out this month.
Types of Bonuses
Before we get down to the offers, it’s important to dive into the different types of bonuses or rewards available. Most credit card companies will typically offer a cash-back reward. This means you’ll typically need to spend a certain amount in order to get money off your monthly bill. While many will offer a dollar amount, some companies will offer a percent cashback on specific expenses. For example, some cards offer cashback on everyday purchases like groceries and gas, while other cards might offer cashback on entertainment or vacation spending.
Important Things to Consider When Choosing a Credit Card
When choosing a credit card, consider several things, including what expenses you’re going to be using the card for; this should dictate what card you pick. For example, if you’re N avid travel you might consider purchasing a card that offers miles or stellar travel rewards. If you’re a struggling college student or post-grad, you’ll probably want cashback on groceries and gas. Also, consider how often you’re going to use it. For example, will you use it to pay living expenses or merely extracurricular activities?
Another thing to consider is the credit limit. In other words, this is the amount of money the credit card company allows you to borrow each month. This is typically based on a number of factors including your credit score and income. Credit limits can range from a few hundred dollars to thousands, which is something you’ll want to consider, especially if you have a limit under $1000. You typically only want to use less than 30% of your credit limit a month to prevent large drops in your credit score. When you consistently borrow over that limits, credit card companies might perceive you as a greater risk
Most importantly, you’ll need to consider your credit scores, as this could affect your ability to obtain some rewards cards and a low annual percentage rate, the annual rate of interest charged for borrowing. For many credit cards, you can bypass APR expenses by paying your monthly balance on time. Also, take into account fees and penalty charges for paying your bill late or going over your allotted monthly credit limit. If you travel often, you’ll also want to consider whether the card has foreign transaction fees, which could increase the cost of overseas purchases.
1. SavorOne Rewards from Capital One
This credit card is notoriously ranked for its stellar cashback rewards and offers 3% cashback on dining and entertainment, making it an ideal option for someone who likes to eat out or see a show. The card also offers 2% cashback on all grocery purchases, including those from Target and Walmart and 1% on any other purchases. Better yet, if you spend $500 or more during your first three months with the card you’ll get a $150 cashback bonus. To obtain this card you’ll need an excellent credit rating, meaning you’ll likely need a credit score above an 800.
2. QuickSilver from Capital One
The QuickSilver card from Capital One is another great option offering $150 cashback when you spend $500 or more within your first three months of opening a card. Rather than offering a range of cashback bonuses, the QuickSilver card offers 1.5% on all purchases. This card will also require an excellent credit score rating.
3. Amazon Prime Rewards Visa Signature Card
If you’re an avid Amazon shopper, consider the Amazon Prime Visa Signature Card. This card offers 5% cashback on all Amazon or Whole Foods purchases, 2% cashback on dining out and gas, and 1% back on all other purchases. To get this card you’ll need an eligible Amazon Prime membership, but you’ll also get a $70 Amazon gift card immediately after you’re confirmed for the card. This could even help offset the cost of a pricey yearly prime membership. Penalty fees for late-payments extend up to $39, although there’s no fee for returned checks.
4. TD Cash Credit Card
This credit card from TD Bank is offering 0% APR on all purchases within your first 15 billing cycles and either 12.99%, 17.99%, or 22.99% afterward depending on your credit score. Like the Capital One SavorOne card, you’ll get 3% cashback on dining and entertainment, 2% on grocery store purchases, and 1% on any other purchases. You’ll also get $150 cashback when you spend more than $500 within the first three months.
5. Discover it Secured
This card from Discover is an ideal option for someone looking to build credit. Like other cards on this list, there’s a $0 annual fee, unlimited 1% cashback on all purchases and 2% cashback on restaurants and gas stations up to $1,000 every quarter. As part of the intro offer, the company is also offering to match all the cashback rewards you earn throughout the first year! Although the regular APR is 22.99%, the card boasts zero foreign transaction fees.
6. Wells Fargo Cash Wise Visa card
Like the CapitalOne options on the list, this Visa card from Wells Fargo also offers $150 cashback when you spend $500 within the first three months. Likewise, there’s no annual fee and an unlimited 1.5% cashback reward. If you use Google or Apple Pay frequently, this card also offers 1.8% cashback on any digital wallet purchases during the first year with the card. Another interesting perk is insurance protection on your phone. In other words, if you pay your cell phone bill with the credit card you’ll get up to $600 in insurance protection with a $25 deductible in the event that your cell phone is stolen or damaged.