Top Credit Card Picks of 2020: How to Choose the Right One
Explore the top credit card options of 2020 with tips on selecting the best fit for your needs. Learn about cashback, travel rewards, balance transfers, and low-interest cards to make informed financial decisions and maximize benefits with tailored credit solutions.
Top Credit Card Choices of 2020: Tips to Find the Best Fit
With a wide range of credit cards offering cashback, reward points, travel miles, hotel rewards, low interest rates, and balance transfers, selecting the most suitable card can be challenging. No single card excels in all features; some are tailored for specific needs. Understanding the key options available in 2020 can help you make an informed decision.
Capital One® Quicksilver® – Ideal for high cashback rewards
Capital One® Venture® – Great for earning travel reward points twice as fast
Wells Fargo Propel American Express® – Excellent for comprehensive reward programs
Chase Sapphire Preferred® – Specializes in generous sign-up bonuses
Discover it® – Optimal for balance transfer deals
Citi Simplicity® – Best for transferring balances interest-free
Before choosing a credit card, consider these important factors to match your financial goals.
Travel Rewards Cards
If you frequently travel, opt for cards offering extensive travel benefits. Cards that double your points on travel and allow point transfers to hotels or airlines provide more flexibility and value.
Cashback Credit Cards
Seek cards with generous cashback offers across various categories. Prefer those with no reward expiration and rotating categories, such as cashback on gas, groceries, or dining during specific months.
Balance Transfer Cards
To minimize interest payments, choose a 0% balance transfer credit card without transfer fees. Be mindful of charges that may apply, like 3-5% transfer fees, which can be costly for high balances. Execute transfers within the interest-free window and plan payments to eliminate remaining balances before interest accrues.
Low APR Credit Cards
If low-interest rates are your priority, be aware that such cards often lack reward features. Consider these if you're carrying balances or want to avoid high interest. Compare introductory offers and your credit score to find the best low-APR options.
Determine your priorities—whether paying high interest, earning rewards, or maximizing cashback—and choose your card accordingly. Thoughtful selection helps optimize your finances according to your spending habits and goals.
