2007-01-09 12:27:48 · 13 answers · asked by big3idiots 2 in Business & Finance ➔ Credit
Probably your debit card ... you don't pay finance charges and can live within your means. But, if you insist on a credit card, there's an unbiased website called BankRate.Com that can help you make an educated decision of what's best for you.
2007-01-09 12:34:36 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The short answer is the use the calculator tool at http://www.creditcardtuneup.com/ to determine the best rewards card(s) for your spending profile. For more details, read on...
Here are the strategies I suspect are most universally applicable.
Best Single Card
Because most people spend quite a bit on gas, groceries, and drugs (i.e. "EDP" (Every Day Purchases)) and there are several cards that offer 5%+ on EDP, usually a card that offers a 5%+ on EDP and 1%+ on non-EDP will be the single best card. Examples of such cards are the Driver's Edge (6% on EDP for the first year), AmEx Blue Cash (5% on EDP after $6500 YTD spending), and Citi Diamond Preferred Rewards (basically 5% (in ThankYou points) on EDP for first year).
Two-Card Strategy
For someone who's willing to manage two cards, usually the best card to supplement the 5%+ EDP card will be a card that pays 1.5%+ on *all purchases*. For example, the 1.5% Fidelity Visa card.
Three-Card Strategy
If you're willing to manage three cards, then the third card to add to your portfolio will depend on the categories in which you spend the most money. Well, really that's true for even the first and second cards, but the advice I've given up 'til now is *often* optimal, but not always -- it always depends on your spending profile.
Anyway, if you spend a lot at restaurants, then you'll probably want something like the Citi Professional card which pays 3% back at restaurants. If you spend a lot on utilities (and can do so through your credit card), then you might want to check out the Citi Home Rebate card (6% on utilities for the first 12 months). If you spend a lot on home improvement, the Chase Home Improvement Rewards card pays 3% back on home improvement. If you travel a lot, there are other good cards. If you spend a lot on office supplies, other choices. If you spend a lot on internet/web/advertising, still other options. And the list goes on.
Optimal N-Card Strategy
Figuring out the optimal 1 card, 2 cards, 3 cards, etc. for your spending profile actually requires a lot of research and math. The calculator tool at "Credit Card Tune-Up: Maximize Your Cash Back Rewards" ( http://www.creditcardtuneup.com/ ) will do the number crunching for you. It'll estimate your earnings from the best 1 card, best 2 cards, best 3 cards, etc. Then you can decide on the "sweet spot" for the rewards/hassle tradeoff.
2007-01-11 16:16:41 · answer #2 · answered by moviegoer_j 3 · 0⤊ 0⤋
I love Discover. I work for a company that works with all the major cards and I personally like Discover due to the cash back option for rewards they also have a good website (unlike Bank of America -FKA MBNA, where you can't figure out how to make a payment) Discover also has this one use card option where they will issue you a number only good for one use (for those shady Internet purchases) Discover also have a very easy dispute process and if they see weird charges they will call you and confirm that the card has not been stolen. I only wish they were as widely taken as MasterCard and Visa.The other drawback that I have found is that you can't pay more frequently the every three days.
2007-01-09 14:38:19 · answer #3 · answered by timothy111 1 · 0⤊ 0⤋
The cards which credit card companies do not want to offer anymore.... seems like they are trending away from ones that offer cash back and replace with points and garbage, uh, I mean gifts!
2007-01-09 13:27:30 · answer #4 · answered by kcincon 3 · 0⤊ 0⤋
While some might have good rwards you need to look at the interest rates. It's better to forego the rewards for a low interest rate.
2007-01-09 13:29:50 · answer #5 · answered by L.Sincere 2 · 0⤊ 0⤋
None of them. Most people never even redeem the awards they "earn."
Your much better off just using your debit card.
2007-01-09 12:53:12 · answer #6 · answered by Jen G 5 · 0⤊ 0⤋
Capital One is my favorite. I wish they had a bank here and I could open an account with them.
2007-01-09 15:11:11 · answer #7 · answered by Smart1 3 · 0⤊ 0⤋
It's really bad
2016-08-08 23:34:22 · answer #8 · answered by ? 3 · 0⤊ 0⤋
Its open to discussion there are in fact several answers to this question
2016-08-23 14:48:03 · answer #9 · answered by Anonymous · 0⤊ 0⤋
I am not completely sure about this one
2016-09-20 23:12:42 · answer #10 · answered by Anonymous · 0⤊ 0⤋