You have many choices if you are looking for the best credit card in 2020. There are three categories: High tier rewards and Balance transfer, Student, and Interest-free. But how can you tell which card is best for you? Based on our methodology, here's a list containing the best 2020 credit cards. Continue reading to see what we mean. We've sorted through thousands of offers from more 60 companies using our method.
Cards with interest-free financing
New cardholders have access to a variety of tempting deals due to increased competition between credit cards issuers. These deals include interest-free credit accounts for a limited time, often lasting between 12 and 21 monthly. Although these deals are usually free of annual fees and balance transfer fees, they don't last forever. After the initial period, the balance will start accruing interest at the regular rates, which can be anywhere from 12 to 25 percent per year.
It is important that you pay off your balance every month in full to avoid any interest. However, big one-off purchases may require you to keep the balance open, so a low interest card might be more suitable. You should choose an interest-free card that has a lower APR. A 0% introductory card is available for those with low monthly expenses.
High-tier rewards cards
There are many rewards credit options available. But you should remember that interest rates will continue increasing throughout the year if there is a balance. This year, extended 0% introductory balance transfer windows will help you save money. These deals are available to existing customers, not just new applicants. Our 51 picks for the best rewards credit cards of 2020 cover 17 categories. They provide strong rewards for all types of purchases, with simple rules.
Chase Freedom Unlimited: This credit cards offers 5% cashback on pre-paid travel reservations and other purchases. Other rewards categories include gas stations, restaurants, and internet purchases. Cash back can be redeemed for any amount. It can be used as a bank deposit or account credit. You can also use the cash back of 5% to purchase a gift voucher if you wish to give a charity gift. Other perks come with the Chase Freedom Unlimited card. You'll receive $100 in statement credits for eligible software subscriptions.
Student credit cards
A student credit card is one way to build a good credit score. When you responsibly use your credit card, you can earn store vouchers and air miles. But, you will lose your rewards if the balance is not paid in full each monthly. It may be that depending on your card issuer, rewards are only available if you spend responsibly. The following tips will help you build a good credit score:
Before you apply for a card, it is important that you understand the various benefits and features provided by the company. A majority of student cards offer 1% cashback when you purchase. Many also offer bonus rewards if the account is opened within the first few weeks. Moreover, most student cards report to all three major credit bureaus. Paying on time can give you years of positive credit reports.
Balance transfer cards
Consider your credit score, what you owe and whether you can afford high interest rates when looking at balance transfer credit cards. These three factors will influence which balance credit cards are the best for you. To make the process easier, we have compared hundreds of cards for their balance transfer appeal. Five of them have no annual fees, and none other annual fees.
Balance transfer credit cards have the advantage of consolidating your debt into one monthly payment. The best offers are available to those with excellent credit. The best balance transfer card offers an introductory period. After this, your balance will continue to be charged at a normal APR. Many offer small cash back rewards. If you are looking to consolidate debt quickly, balance transfer credit cards will be an excellent option.