Choosing The Best Credit Card For YouCredit cards are the most secure way to pay. They offer great protection against fraud as compared to debit cards. They also help you build good credit as long as you don't exceed the overall credit limit. Ideally, to maintain good credit, you will not exceed over 30% of your overall credit limit. So that means if you have a credit limit of $10K, you will not exceed the balance of $3K. In addition, you can earn rewards for purchases such as travel, cash back, gas credit and more. Below are the best types of credit cards.
Best Travel Credit Cards
Best Cash Back Credit Cards
Blue Cash Preferred from American Express
Barclaycard Arrival Plus World Elite MasterCard
AARP Credit Card from Chase
Citi Double Cash Card
Venture from Capital One
The credit cards are the most affordable tools that can add to your purchasing power.
Best Credit Cards if you are Carrying a Balance
If you are looking for the best credit cards, here are some you can consider. It is easy to understand which credit card best suits your needs and lifestyle.
The above mentioned credit cards are all great examples of some of the best credit cards to use for personal reasons. If you're considering signing up for a business credit card, then you are likely looking for a card that will be covering your expenses for your business, freelance expenses, side jobs, etc. Both personal and business credit cards are similar in the way that they collect interest and can offer you rewards or points as a result of using your card. The main differences between personal and business credit cards are the increase in spending budget, APR periods, and tax deductions.
Personal Credit Cards Vs. Business Credit Cards
A business credit card will generally come with a substantial increase in credit line or credit limit. Since you are using your card to fund your business instead of just personal use, it makes sense that you would be offered more of a credit limit in order to cover these purchases. In terms of APR periods, you'll find that the 0% APR introductory period may be significantly less than personal credit cards. So if you're looking to have more lenience in terms of fees, you'll probably want to go with a personal credit card. Lastly, business credit cards make it a bit easier to file taxes when the time comes, since there is usually some type of report that will generate to categorize your spending for the past year. This makes it easier to make tax deductions and save some money.
Top 3 Business Credit Cards
Ink Business Unlimited Credit Card
Pros: Unlimited 1.5% cash back rewards on qualifying purchases, no annual fee, welcome bonus, 0% APR introductory rate for first year
Cons: High foreign transaction fees, not great card for balance transfers
United Club Business Card
Pros: Travel benefits including Premier Access, welcome bonus of 75,000 miles for United Airlines, free employee cards, free United Club membership
Cons: Seat restrictions on saver flights, $75 fee to book a flight within 21 days of departure, high fees on award changes, $450 annual fee
Wyndham Rewards Earner Business Card
Pros: Welcome bonus of up to 90,000 points, Diamond Status, 8 points per dollar that you spend on gas, 5 points per dollar on utilities, offer of cell phone insurance
Cons: Not the best option for luxury travelers, no points offered for money spent on dining purchases, $95 annual fee