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Credit Cards

Discover it Cash Back Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

The Discover it® Cash Back is a great $0 annual fee card that provides a quarterly rotating cashback program where you can benefit from various 5% bonus categories. You may not benefit from all the categories, but there’s a good chance at least one quarter’s categories will suit your spending. This card also has many of the perks Discover is known for, including no foreign transaction fees and no penalty APR, which add value beyond the cashback program.

Discover it® Cash Back

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Rates & Fees

Discover it® Cash Back

Annual fee
$0
Intro Purchase APR
0% for 14 months
Regular APR
13.74% - 24.74% Variable
Rewards Rate
5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate. 1% unlimited cash back automatically on all other purchases.
Credit required
good-credit
Excellent/Good Credit

Breaking down the rewards

This card offers a cashback program where you can earn 5% cash back at different places each quarter — like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs — up to the quarterly maximum each time you activate. You earn 1% unlimited cash back automatically on all other purchases.

The quarterly maximum is $1,500, allowing you to earn up to $75 cash back in the 5% cashback categories each quarter. Purchases exceeding $1,500 in the bonus categories earn an unlimited 1% cash back.

This card also comes with a new cardmember offer where Discover will automatically match all the cash back you earn at the end of your first year. So, if you earn a total of $200 cash back during your first 12 consecutive billing periods, Discover will match it and apply your cash back within the next one to two billing periods.

What are the 5% cashback categories?

  • January – March 2018 – Gas Stations & Wholesale Clubs
  • April – June 2018 – Grocery Stores
  • July – September 2018 – Restaurants
  • October – December 2018 – Amazon.com & Wholesale Clubs

What can cash back be redeemed for?

  • Statement credits
  • Direct deposits
  • Gift cards starting at $20 (with at least $5 free added to each card)
  • Purchases at Amazon.com when you pay with rewards
  • Donations to charity

How do I activate the 5% cashback categories?

There is no automatic activation — you’ll have to either manually log in to your account and activate or call 1-800-DISCOVER (1-800-347-2683). And while you may worry about forgetting to activate the 5% cashback categories, Discover makes the process a bit less stressful by providing plenty of time for you to activate. You typically can activate two months before the new 5% cashback categories start. For example, if you want to utilize the 5% cashback categories for October-December, you can activate starting August 1st. Plus, you can sign up for email alerts and push notifications via the Discover app.

Does cash back expire?

No, cash back doesn’t expire. If your account is closed or if you haven’t used it within 18 months, Discover will credit your account with any cash back remaining.

What we like about this card

The chance to pay for new purchases over time or get out of debt. If you plan on making new purchases that you can’t pay by your due date, or if you have a balance on a non-Discover card, this card provides you the opportunity to avoid interest charges. There is an intro 0% for 14 months on purchases and an intro 0% for 14 months on balance transfers. After the intro periods end, a 13.74% - 24.74% Variable APR applies. Take note: the fee for balance transfers is 3%, which is typical; however, there are also cards with intro $0 balance transfer fees.

No fee on your first late payment. If you miss a payment, don’t fret about incurring a late fee —  Discover waives your first late payment fee. Use this as a reminder to set up autopay or payment reminders.

No penalty APR: If you pay late, your interest rate won’t increase, unlike other cards that may charge penalty APRs near 30%. 

No foreign transaction fee. This card doesn’t charge the typical 3% fee some other cards charge on purchases made outside the U.S.

What to watch out for

13.74% - 24.74% Variable APR. While this APR range is typical of credit cards, it’s not ideal if you’re someone who carries a balance month-to-month. You can find other low interest credit cards that provide lower APR ranges and are better suited for people who carry balances.

What other cards should I consider?

Citi® Double Cash Card – 18 month BT offer

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Citi® Double Cash Card – 18 month BT offer

Annual fee
$0*
Intro BT APR
0% for 18 months on Balance Transfers*
Balance Transfer Fee
3% of each balance transfer; $5 minimum.
Regular Purchase APR
15.24% - 25.24%* (Variable)
Rewards Rate
Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay
Credit required
good-credit
Excellent, Good

The Citi® Double Cash Card – 18 month BT offer is a great flat-rate cashback card. Compared to the Discover it® Cash Back, which has quarterly rotating categories, you earn the same cashback rate on all purchases — Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay. This is a straightforward way to earn cash back, and you don’t have to worry about activating bonus categories. Additional perks of this card include Citi® Private Pass®, where you can get exclusive access to various entertainment events, and Citi® Price Rewind, which conducts a 60-day search for a lower price on eligible items you register, potentially giving you the difference if a lower price is found (up to $500 back per item, and up to $2,500 per year).

Citi Simplicity® Card - No Late Fees Ever

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Citi Simplicity® Card - No Late Fees Ever

Annual fee
$0*
Intro Purchase APR
0%* for 18 months on Purchases*
Intro BT APR
0%* for 18 months on Balance Transfers*
Regular Purchase APR
15.74% - 25.74%* (Variable)
Balance Transfer Fee
5% of each balance transfer; $5 minimum
Credit required
good-credit
Excellent/Good

The Citi Simplicity® Card - No Late Fees Ever is a good alternative to the Discover it® Cash Back if you’re looking to finance new purchases. There is an intro 0%* for 18 months on Purchases*, which can help you pay off purchases over time without accruing interest. After the intro period ends, a 15.74% - 25.74%* (Variable) APR applies. While there are no rewards, this card has less fees than typical credit cards — there are no late fees and no penalty APR. Although this can be helpful if you forget to pay a bill, we encourage you to always make on time payments so you don’t rack up interest charges.

Bottom line

If you don’t mind activating quarterly bonus categories, the Discover it® Cash Back is a great choice for a $0 annual fee cashback card. Plus, you can benefit from the unique new cardmember offer in which Discover will automatically match all the cash back you earn at the end of your first year.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at alexandria@magnifymoney.com

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Credit Cards, Reviews

Chase Slate Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

The information related to the Chase Slate® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

If you’re drowning in credit card debt, a balance transfer credit card like the Chase Slate® may help you get out of debt. While the card itself is fairly basic, the balance transfer offer is consistently one of our top picks with its Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater.

Breaking down the balance transfer offer

The Chase Slate® offers a decent 0% Intro APR on Balance Transfers for 15 months. After the intro period ends, a 16.49% - 25.24% Variable APR is in effect. While this is a good offer, you can find cards with intro periods as long as 18 or 21 months — however, they may not offer a $0 intro balance transfer fee.

A great feature of the Chase Slate® is the Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. Completing a transfer within the 60 days allows you to save the typical 3% balance transfer fee other cards may charge. For example, if you transfer a $2,000 balance to a card with a 3% balance transfer fee, you will incur a $60 fee, but if you transfer the same balance to the Chase Slate® within 60 days from account opening, there is no fee.

What to know before completing a balance transfer with the Chase Slate®

A balance transfer can be a great way to get out of debt, but there are some terms to be aware of before you complete your transfer:

  • Balance transfer fee: Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. Make sure you transfer your balance within the first 60 days from account opening so you can benefit from the $0 intro balance transfer fee.
  • Regular purchase APR: If you continue to carry a balance once the intro period ends, you’ll incur a 16.49% - 25.24% Variable APR. Therefore, it’s important to pay off your balance prior the intro period ending so you don’t repeat the same cycle of debt.
  • Balance transfer window: The clock starts ticking on your balance transfer offer as soon as you open your card. And, to qualify for the $0 intro balance transfer fee, you need to complete your transfer within 60 days of account opening. So, if you want to benefit from the majority of the 15-month intro period and the $0 intro BT fee, transfer your balance when you open the card or soon after account opening.
  • How long the balance transfer takes to process: Chase states most transfers are processed within a week, but some may take up to three weeks. While you’re waiting for your transfer to post, continue making payments on the card that had the debt.

How to complete a balance transfer with Chase

We have a step-by-step guide on how to complete your balance transfer with Chase here, which includes screenshots for each step.

>>Once you complete your balance transfer, check out our guide for five things you should do next.<<

What other cards should I consider?

If you’re looking for a longer balance transfer intro period or a card that has more perks in addition to a good balance transfer offer, check out the alternatives below.

The Amex EveryDay® Credit Card from American Express

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Terms Apply

Rates & Fees

Read Full Review

The Amex EveryDay® Credit Card from American Express

Regular Purchase APR
14.74%-25.74% Variable
Intro Purchase APR
0% for 15 Months
Intro BT APR
0% for 15 Months
Annual fee
$0
Rewards Rate
2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases.
Balance Transfer Fee
$0 balance transfer fee.
Credit required
good-credit
Excellent/Good

The Amex EveryDay® Credit Card from American Express is our top pick for no-fee balance transfer cards since it also offers a rewards program and wide range of perks. Cardholders can transfer debt from a non-Amex card to The Amex EveryDay® Credit Card from American Express and utilize the intro 0% for 15 Months (after, 14.74%-25.74% Variable APR). Plus, there’s a $0 balance transfer fee. This offer is similar Chase Slate®. But, where this card shines is the added benefits you receive. You can earn 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases. And, there are a variety of American Express perks including exclusive entertainment access and free two-day shipping at select merchants with ShopRunner. Terms apply.

Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer

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Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer

Regular Purchase APR
14.74% - 24.74%* (Variable)
Intro Purchase APR
0%* for 12 months on Purchases*
Intro BT APR
0%* for 21 months on Balance Transfers*
Annual fee
$0*
Balance Transfer Fee
5% of each balance transfer; $5 minimum.
Credit required
good-credit
Excellent/Good

If it’s time you’re looking for, the Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer has one of the longest balance transfer offers available with an intro 0%* for 21 months on Balance Transfers*. Once the intro period ends, a 14.74% - 24.74%* (Variable) APR is in affect. This may be beneficial for debtholders who want a long intro period, but keep in mind there’s a balance transfer fee — 5% of each balance transfer; $5 minimum.

For more alternatives, check out our roundup of the best balance transfer credit cards and the best no-fee balance transfer cards.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at alexandria@magnifymoney.com

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Credit Cards, Reviews

Citi® Diamond Preferred® Card – 21-Month Balance Transfer Offer Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

Balance transfer credit cards can be a helpful way to finally dig yourself out of debt, as long as they’re used responsibly. The Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer is one of the longest intro periods you’ll find today. The longer the intro period, the more time you have to make a dent in your debt without incurring interest charges, which makes this card one of our top picks for balance transfer cards today.In this review, we’ll cover all the benefits of the card, as well as tips on how best to use it for a balance transfer.

Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer

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Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer

Regular Purchase APR
14.74% - 24.74%* (Variable)
Intro Purchase APR
0%* for 12 months on Purchases*
Intro BT APR
0%* for 21 months on Balance Transfers*
Annual fee
$0*
Balance Transfer Fee
5% of each balance transfer; $5 minimum.
Credit required
good-credit
Excellent/Good

Breaking down the balance transfer offer

The Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer offers an intro 0%* for 21 months on Balance Transfers* (14.74% - 24.74%* (Variable) APR afterward). This is one of the longest balance transfer intro periods in our database, and may be plenty of time for you to pay off debt.

Take note, this card comes with a balance transfer fee — 5% of each balance transfer; $5 minimum. While the fee is often outweighed by the amount you save by completing a transfer, you may want to check out no-fee balance transfer cards.

Key features of the Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer

  • Citi® Price Rewind: When you register eligible items with Citi® Price Rewind, a 60-day search for a lower price will begin. If a lower price is found, Citi may reimburse you for the difference between the amount you spent and the lower price found (up to $500 per item and $2,500 annually). Terms apply.
  • Citi® Private Pass®: You can receive exclusive access to a range of entertainment events including concerts, sporting events, dining experiences and more with Citi® Private Pass®. Terms apply.

What to know before completing a balance transfer with the Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer

Balance transfers can be a great way to get out of debt, but before you complete a transfer, check out some key terms:

  • Balance transfer fee: 5% of each balance transfer; $5 minimum. This fee is higher than most balance transfer cards that charge a 3% fee, however it may be worth it.
  • Regular purchase APR: Balances that linger after the intro period ends will be charged a 14.74% - 24.74%* (Variable) APR. So, it’s important to make it your goal to pay off your balance before the intro period ends. This can help you avoid falling into the same cycle of debt you were in before the balance transfer.
  • Balance transfer window: Balances must be transferred within four months of account opening to qualify for the intro period. Therefore, transfer balances when you open the card or soon after so you don’t miss out.
  • How long the balance transfer takes to process: Citi states balance transfers can take up to 14 days to process. Continue making payments on your old card until the balance transfer posts to your account so you don’t rack up late payment fees.

How to complete a balance transfer with Citi

We have a step-by-step guide on how to complete your balance transfer with Citi here, which includes screenshots for each step.

>>Once you complete your balance transfer, check out our guide for 5 things you should do next.<<

What other cards should I consider?

If you’re looking for a credit card that offers rewards or has no fee on balance transfers, here are two of our top alternatives:

The Amex EveryDay® Credit Card from American Express

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on American Express’s secure website

Terms Apply

Rates & Fees

Read Full Review

The Amex EveryDay® Credit Card from American Express

Regular Purchase APR
14.74%-25.74% Variable
Intro Purchase APR
0% for 15 Months
Intro BT APR
0% for 15 Months
Annual fee
$0
Rewards Rate
2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases.
Balance Transfer Fee
$0 balance transfer fee.
Credit required
good-credit
Excellent/Good

The Amex EveryDay® Credit Card from American Express is a comprehensive card that offers numerous benefits for cardholders. There is an intro 0% for 15 Months (after, 14.74%-25.74% Variable APR). Plus, you can benefit from the $0 balance transfer fee. That’s a solid offer and you can also earn rewards on new purchases — earn 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases. Other cardmember perks include free two-day shipping at select merchants with ShopRunner, travel insurance and exclusive entertainment access. Terms apply.

Chase Slate®

The information related to the Chase Slate® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

The Chase Slate® has a decent 0% Intro APR on Balance Transfers for 15 months (after 16.49% - 25.24% Variable APR). While that is a shorter intro period than the Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer, there is a great Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. This can save you a good amount of money compared with paying a balance transfer fee that’s 5% of each balance transfer; $5 minimum.

For more alternatives, check out our roundup of the best balance transfer credit cards and the best no-fee balance transfer cards.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at alexandria@magnifymoney.com

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Credit Cards

BankAmericard® Credit Card Review

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

A balance transfer can be a great way to get out of debt, and the BankAmericard® Credit Card is a decent offering if you have debt on a non-Bank of America credit card. In this review, we’ll tell you everything you need to know to make the most out of this card. One thing is clear from our review: There are plenty of other options providing longer intro periods or intro $0 balance transfer fees that have the potential to save you more money. So be sure to compare this offer with others before you sign up, especially if your credit is strong enough to qualify for the best BT offers.

BankAmericard® Credit Card

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on Bank Of America’s secure website

BankAmericard® Credit Card

Regular Purchase APR
14.74% - 24.74% Variable APR
Intro Purchase APR
0% Introductory APR on purchases for 15 billing cycles
Intro BT APR
0% Intro APR for 15 billing cycles for balance transfers made in the first 60 days
Annual fee
$0
Balance Transfer Fee
3% of the amount of each transaction or $10, whichever is greater.
Credit required
good-credit
Excellent/Good

Breaking down the balance transfer offer

The BankAmericard® Credit Card offers a 0% Intro APR for 15 billing cycles for balance transfers made in the first 60 days. After the intro period ends, a 14.74% - 24.74% Variable APR applies.

Unfortunately, this card comes with a balance transfer fee — 3% of the amount of each transaction or $10, whichever is greater. That means balances you transfer will be charged a fee. For example, transferring a $3,000 balance will incur a $90 fee. However, this is typically outweighed by the amount you save compared with keeping your balance on a card with a high APR.

Overall, this is an OK offer and may provide you with a chance to get out of debt, but you can find cards with the same intro period plus an intro $0 balance transfer fee — allowing you to save more money.

What to know before completing a balance transfer with the BankAmericard® Credit Card

While a balance transfer can be a great way to get out of debt, there are a few terms you should take note of before completing a transfer:

  • Balance transfer fee: 3% of the amount of each transaction or $10, whichever is greater. This fee is typical of balance transfer cards and while it may be worth it, you can find cards with intro $0 balance transfer fees.
  • Regular purchase APR: Any balances remaining after the intro period will be charged a 14.74% - 24.74% Variable APR. To avoid interest charges, make sure you pay your balance in full before the end of the intro period.
  • Balance transfer window: Balances must be transferred within the first 60 days from account opening, and the intro period begins when your account is opened — not from the date you transfer your balance. Therefore, it’s key to transfer your balance either when you open your card or soon after so you can benefit from the majority of the intro period.
  • How long the balance transfer takes to process: It can take at least two weeks for your balance transfer to be processed. In the meantime, continue making payments on your existing card until the payment posts.

How to complete a balance transfer with Bank of America

We have a step-by-step guide on how to complete your balance transfer with Bank of America here, which includes screenshots for each step.

>>Once you complete your balance transfer, check out our guide for 5 things you should do next.<<

What other cards should I consider?

There are plenty of cards that offer better balance transfer deals with intro $0 balance transfer fees and rewards. Here are two of our top picks:

The Amex EveryDay® Credit Card from American Express

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on American Express’s secure website

Terms Apply

Rates & Fees

Read Full Review

The Amex EveryDay® Credit Card from American Express

Regular Purchase APR
14.74%-25.74% Variable
Intro Purchase APR
0% for 15 Months
Intro BT APR
0% for 15 Months
Annual fee
$0
Rewards Rate
2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases.
Balance Transfer Fee
$0 balance transfer fee.
Credit required
good-credit
Excellent/Good

The Amex EveryDay® Credit Card from American Express is an overall great credit card offering a rewards program, a variety of perks and the ability to get out of debt. There’s an intro 0% for 15 Months (after, 14.74%-25.74% Variable APR). Plus, there’s a $0 balance transfer fee. This offer is better than the BankAmericard® Credit Card — and in addition to transferring debt, you can earn rewards on new purchases. Earn 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases. This card also provides perks ranging from travel insurance to free two-day shipping with ShopRunner. Terms apply.

Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer

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on Citibank’s secure website

Read Full Review

Citi® Diamond Preferred® Card– 21 Month Balance Transfer Offer

Regular Purchase APR
14.74% - 24.74%* (Variable)
Intro Purchase APR
0%* for 12 months on Purchases*
Intro BT APR
0%* for 21 months on Balance Transfers*
Annual fee
$0*
Balance Transfer Fee
5% of each balance transfer; $5 minimum.
Credit required
good-credit
Excellent/Good

If you want a long balance transfer period, check out the Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer offering an intro 0%* for 21 months on Balance Transfers* (after, 14.74% - 24.74%* (Variable) APR). This can provide you with more time to pay off transferred debt compared with the BankAmericard® Credit Card. However, there is a higher balance transfer fee — 5% of each balance transfer; $5 minimum. That’s compared with the BankAmericard® Credit Card’s balance transfer fee at 3% of the amount of each transaction or $10, whichever is greater. But, if you need more time to pay off debt, the Citi® Diamond Preferred® Card – 21 Month Balance Transfer Offer can be a good option.

For more alternatives, check out our roundup of the best balance transfer credit cards and the best no-fee balance transfer cards.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at alexandria@magnifymoney.com

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News

Citibank to Repay $335 Million to Consumers in CFPB Settlement

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

MagnifyNews-02-01

Last week, Citibank agreed to repay $335 million in fines to an estimated 1.75 million consumers, as a result of a settlement with the Consumer Financial Protection Bureau. The settlement found that Citibank failed to reassess and adjust APRs on 1.75 million credit card accounts over an eight-year period.

Under the Truth and Lending Act, creditors must reassess APRs at least once every six months and maintain proper documentation, providing written notice when APRs increase and why they rose.

While the act doesn’t require creditors to reduce consumers’ APRs, it does require them to take reasonable action to ensure they are charging consumers fair and reasonable rates. The CFPB found that Citibank was not abiding by these regulations, hence requiring the $335 million repayment to consumers.

While Citibank is required to repay consumers, they did not receive a fine from the CFPB since they, “self-identified and self-reported the violations to the Bureau, and self-initiated remediation to affected consumers.”

“Citi is pleased to have resolved the matter with the Bureau, and we reiterate our sincere apologies to our customers for not correcting these issues sooner,” Citibank said in a statement.

“Citi estimates that about 90 percent of the interest rate savings due to customers were delivered as required. Citi is currently issuing refunds for the remainder to 1.75 million credit card accounts. Refunds, which will average $190, will continue over several months and be largely completed by year-end.”

Consumers rights for getting APRs reevaluated

Per Chapter 3 of the Truth and Lending Act, consumers have several rights when it comes to APR increases and the subsequent revaluation required by creditors.

Here’s a breakdown of your rights:

  • Generally, APRs can’t be increased within the first year of account opening. There are a few exceptions that must be disclosed to be in effect; they include an increase due to: the end of a promotional period, a variable APR change, the end of a temporary hardship agreement or a minimum payment not received within 60 days of the due date.
  • Creditors must provide written notice if your APR is increased. This notice includes reasons why your APR increased.
  • If your APR was increased, it should be reevaluated at least once every six months. During these reviews, your creditor should reassess the factors it initially considered when it increases your rate, to see if those factors have changed and whether your rate can now decrease.

Tips to save on credit card interest

Complete a balance transfer. If you are currently carrying a balance on a credit card with a high APR, completing a balance transfer can be a great way to save on interest charges and get out of debt. You can transfer your balance to a balance transfer credit card offering a low or 0% intro period, and benefit from intro periods as long as 21 months. During the intro period, you can take the needed time to pay back balances while avoiding high interest charges. Just beware balance transfers typically come with a 3% fee, but this is often outweighed by the amount you save in interest. However, there are intro $0 balance transfer fee cards available that can increase your savings.

Use a card with an intro 0% APR for new purchases. If you carry a balance month to month or plan on making purchases that you can’t pay for by your statement due date, a credit card with an intro 0% APR for new purchases can save you money. These cards won’t charge interest during the intro 0% APR period — which can be as long as 20 months. So any recurring expenses you have or new purchases you may make won’t rack up interest charges. Just remember to pay your balance in full before the intro period ends so your balance isn’t hit with the ongoing APR.

Negotiate with your bank. Some banks are willing to work with you if you are struggling to make payments or are incurring high interest charges. You can try speaking with a bank representative to see if they can work out an agreement where they lower your APR. Even if it’s just temporary, a lower APR for a short period of time is better than none at all. Try to pay each bill on time and in full so you don’t have to worry too much about your APR and avoid interest charges.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at alexandria@magnifymoney.com

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Credit Cards

Best Credit Card Sign-Up Bonus For July 2018

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

As the credit card market gets increasingly more crowded, issuers are trying to gain customers with enticing sign-up bonuses. Typical sign-up bonuses require you to spend a given amount (usually ranging from $500 – $5,000) within the first few months of account opening (on average the first 3 months) before you can reap your reward. The type of bonus you earn can differ by issuer and come in the form of points, miles, cash back, and statement credit.

In this post, we list the best sign-up bonuses that you can earn from new credit cards, organized by credit cards for personal or business use and by category (travel, airline, cash back, and more).

Personal

Best travel rewards sign-up bonus: Chase Sapphire Preferred® Card

 Chase Sapphire Preferred® Card

Annual fee

$0 For First Year

$95 Ongoing

Rewards

2 points on travel and dining, 1 point on all other spending

Regular Purchase APR

17.74%-24.74%

Variable

The bonus offer: Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $625 toward travel when you redeem through Chase Ultimate Rewards®. That’s $625 toward travel when you redeem through Chase Ultimate Rewards®.

What the points are really worth: 1 point is worth $.01, and when you redeem for travel via Chase Ultimate Rewards, 1 point is worth $.0125.

Other reasons to like this card:

  • 25% more in redemption: When you redeem points for travel with Chase Ultimate Rewards® your points get 25% more value. For example, 50,000 points are worth $625 toward travel.
  • 1:1 point transfer: Points can be transferred at a 1:1 rate to participating frequent travel programs currently including: British Airways Executive Club, Flying Blue AIR FRANCE KLM, Korean Air SKYPASS, Singapore Airlines KrisFlyer, Southwest Airlines Rapid Rewards®, United MileagePlus®, Virgin Atlantic Flying Club, IHG® Rewards Club, Marriott Rewards®, The Ritz-Carlton Rewards® and World of Hyatt.

Bottom Line: The Chase Sapphire Preferred® Card is a good fit for people who frequently travel and would like an increased redemption value for their points with the 25% more value you receive when redeeming for travel with Chase Ultimate Rewards.

The information related to the Chase Sapphire Preferred® Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Best hotel credit card sign-up bonus: Marriott Rewards® Premier Plus Credit Card

Marriott Rewards® Premier Plus Credit Card

Annual fee

$95 For First Year

$95 Ongoing

Rewards

Earn 6X points for every $1 spent at over 6,500 participating Marriott Rewards and SPG hotels and 2X points everywhere else.

Regular Purchase APR

17.74%-24.74%

Variable

The bonus offer: Earn 75,000 Points after spending $3,000 on purchases in your first 3 months from account opening with the new Marriott Rewards® Premier Plus Credit Card!

What the points are really worth: The value of Marriott rewards points vary by redemption method, and there is no set monetary value.

Other reasons to like this card:

  • Free Night Award: Benefit from a Free Night Award each year after your account anniversary — valid for a one night hotel stay at a property with a redemption level up to 35,000 points. Other terms apply.
  • Elite status: Coming in 2019, receive 15 Elite Night Credits each calendar year. Restrictions apply.
  • Flexible redemption options: Redeem points for hotel stays, room upgrades, experiences, car rentals, TSA Precheck, gift cards, and more.

Bottom Line: The Marriott Rewards® Premier Plus Credit Card is ideal for people who stay at participating Marriott Rewards and SPG hotels, as the rewards program is structured around those purchases and you can receive a free night stay each account anniversary.

The information related to the Marriott Rewards® Premier Plus Credit Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Best airline credit card sign-up bonus: Citi® / AAdvantage® Platinum Select® World Elite™ Mastercard®

Citi® / AAdvantage® Platinum Select® World Elite™ Mastercard®

Annual fee

$99, waived for first 12 months*

Rewards Rate

Earn 2 AAdvantage® miles for every $1 spent on eligible American Airlines purchases*

Regular Purchase APR

17.74% - 25.74%* (Variable)

APPLY NOW Secured

on Citibank’s secure website

The bonus offer: For a limited time, earn Earn 60,000 American Airlines AAdvantage® bonus miles after making $3,000 in purchases within the first 3 months of account opening*.

What the points are really worth: The value of AAdvantage® miles vary by redemption method, and there is no set monetary value.

Other reasons to like this card:

  • 10% miles back: You can earn 10% of your redeemed AAdvantage® miles back, with a maximum of 10,000 AAdvantage® bonus miles per calendar year*.
  • Preferred boarding: You can board the plane faster when flying with American Airlines*.
  • First checked bag free: On domestic American Airlines flights, your first checked bag is free for you and up to four companions.
  • 25% inflight savings: Receive a 25% savings on eligible inflight food and beverage purchases when you use your card on American Airlines flights*.

Bottom Line: The Citi® / AAdvantage® Platinum Select® World Elite™ Mastercard® is a great choice for American Airlines flyers who want to enjoy extra perks on their flights such as preferred boarding and inflight savings.

Best cash back sign-up bonus: Discover it® Cash Back

Discover it® Cash Back

Annual fee

$0

Cashback Rate

5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate. 1% unlimited cash back automatically on all other purchases.

Regular APR

13.74% - 24.74% Variable

APPLY NOW Secured

on Discover Bank’s secure website

Rates & Fees

The bonus offer: Discover will match ALL the cash back earned at the end of your first year, automatically.

Other reasons to like this card:

  • Conveniently redeem cash back: Your cash back can be redeemed at any time and for any amount. This is great since other cards often impose a $20-$25 minimum redemption amount.
  • No late fee on your first late payment: Discover will give you a pass on your first late payment, a good reminder to set up autopay or calendar alerts.

Bottom Line: The Discover it® Cash Back is a great option for people looking to earn additional cash back with the Cashback Match™ feature — all without a minimum spending requirement.

Best luxury card sign-up bonus: Chase Sapphire Reserve®

Chase Sapphire Reserve®

Annual fee

$450 For First Year

$450 Ongoing

Rewards

3X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases

Regular Purchase APR

17.74%-24.74%

Variable

The bonus offer: Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

What the points are really worth: 1 point is worth $.01, and when you redeem for travel via Chase Ultimate Rewards®, 1 point is worth $.0150.

Other reasons to like this card:

  • 50% more in redemption: Points redeemed for travel with Chase Ultimate Rewards earn 50% more in redemption value. For example, 50,000 points are worth $750 toward travel.
  • 1:1 point transfer: Easily transfer points at a 1:1 rate to participating frequent travel programs currently including: British Airways Executive Club, Flying Blue AIR FRANCE KLM, Korean Air SKYPASS, Singapore Airlines KrisFlyer, Southwest Airlines Rapid Rewards®, United MileagePlus®, Virgin Atlantic Flying Club, IHG® Rewards Club, Marriott Rewards®, The Ritz-Carlton Rewards® and World of Hyatt.
  • Airport lounge access: You can access over 1,000 airport lounges worldwide with a complimentary, one-time enrollment in Priority Pass™ Select.

Bottom Line: The Chase Sapphire Reserve® offers a fantastic sign-up bonus that can benefit from the 50% more value points earn when redeemed for travel with Chase Ultimate Rewards — great for travelers looking to maximize their points.

The information related to the Chase Sapphire Reserve® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Best student credit card sign-up bonus: Citi ThankYou® Preferred Card for College Students

Citi ThankYou® Preferred Card for College Students

Annual fee

$0*

Rewards Rate

Earn 2X Points on Dining Out & Entertainment and Earn 1X Points on All Other Purchases

Regular Purchase APR

16.24% - 26.24%* (Variable)

APPLY NOW Secured

on Citibank’s secure website

The bonus offer: Earn 2,500 bonus points after spending $500 in purchases within the first 3 months of account opening.

What the points are really worth when redeemed for…

  • Travel with Citi’s travel portal: 1 point is worth $.01
  • Gift cards: 1 point is worth $.01
  • For purchases / statement credit: 1 point is worth $.0075
  • Shop with points, merchandise: 1 point is worth less than $.01
  • Cash back: 1 point is worth $.0005

Other reasons to like this card:

  • 0% Intro period: There is an intro 0% for 7 months on Purchases* on purchases which is a decent intro period for a student card. After the intro period, standard APR is 16.24% - 26.24%* (Variable).
  • Citi Price Rewind: When you register an item you paid for with your card, Citi will search for a lower price. If a lower price is found within 60 days, you may receive the difference between the price you paid and the lower price.

Bottom Line: The Citi ThankYou® Preferred Card for College Students is a good card for students looking to maximize points on dining and entertainment purchases, while also potentially benefiting from money saving features like Citi Price Rewind.

Business

Best cash back sign-up bonus for businesses: Ink Business CashSM Credit Card

Ink Business Cash℠ Credit Card

Annual fee

$0 For First Year

$0 Ongoing

Cashback Rate

Earn 5% cash back in select business categories

Regular Purchase APR

14.99%-20.99%

Variable

The bonus offer: Earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening.

Other reasons to like this card:

  • 0% Intro period: This card offers an intro 0% for 12 Months on purchases allowing your business time to pay off any large purchases made during this period. There is also 0% for 12 Months on balance transfers. After the intro period ends, a 14.74% – 20.74% Variable APR applies.
  • Higher rewards rate for select business purchases: Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on cellular phone, landline, internet and cable TV services each account anniversary year. This is helpful for business that typically spend in these categories.

Bottom Line: The Ink Business CashSM Credit Card is great for businesses that want a flexible cash back card that allows them to choose select business categories to earn the higher cash back rate.

The information related to the Ink Business CashSM Credit Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Best travel points sign-up bonus for businesses: Ink Business PreferredSM Credit Card

Ink Business Preferred℠ Credit Card

Annual fee

$95 For First Year

$95 Ongoing

Rewards

Earn 3 points per $1 in select business categories

Regular Purchase APR

17.74%-22.74%

Variable

The bonus offer: Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.

What the points are really worth: 1 point is worth $.01, and when you redeem for travel via Chase Ultimate Rewards®, 1 point is worth $.0125.

Other reasons to like this card:

  • 25% more in redemption: When you redeem points for travel with Chase Ultimate Rewards, they are worth 25% more. For example, 80,000 points are worth $1,000 towards travel.
  • 1:1 point transfer: If you’re a part of participating frequent travel programs, you can transfer points at a 1:1 rate. Partners currently include: British Airways Executive Club, Flying Blue AIR FRANCE KLM, Korean Air SKYPASS, Singapore Airlines KrisFlyer, Southwest Airlines Rapid Rewards®, United MileagePlus®, Virgin Atlantic Flying Club, IHG® Rewards Club, Marriott Rewards®, The Ritz-Carlton Rewards® and World of Hyatt.
  • Higher rewards rate for select business purchases: Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year. This is a great way for you to earn points on purchases your business spends a lot in.

Bottom Line: The Ink Business PreferredSM Credit Card is a great card for businesses that travel since you can earn 25% more value in point redemptions with Chase Ultimate Rewards. Also, if your business wants to choose which categories they want to earn the higher rewards rate in, this card has several options with something for all businesses.

The information related to the Ink Business PreferredSM Credit Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Learn More

How to maximize your sign-up bonus

Below we list some helpful tips for you to select the best sign-up bonus for your spending and how to make sure you actually earn the bonus. Here’s what you need to know:

  • Understand how the minimum spend requirement and time period works. Nearly all sign-up bonuses require a minimum spend for you to earn the bonus. For example, a card may require you to spend $1,000 on purchases in the first 3 months of account opening to earn 5,000 bonus points. If you open your card January 1, then you have until March 30 to spend $1,000. Each sign-up bonus differs, so make sure to check the terms and conditions.
  • What qualifies as spending on purchases? Sign-up bonuses have clear terms that require you to spend a certain amount, that means certain transactions don’t count for the spending requirement. Transactions that aren’t often eligible often include: balance transfers, cash advances, travelers checks, foreign currency, money orders, wire transfers, interest, and fees of any kind.
  • Make a large purchase upfront to secure the bonus. If you plan on making a large purchase like a laptop or television, try and make it as soon as possible so you can meet the required spending for the bonus. But only do this if it’s feasible to pay it off soon after. If you make a large purchase upfront and are unable to pay it off before your statement is due, you will be stuck paying interest — unless your card has a 0% intro APR period. Still, you don’t want to fall into debt just to get the sign-up bonus.
  • Check other terms and conditions. A good rule of thumb is to look at the terms and conditions before you apply for any card. This allows you to see if the points / cash back expire or are only redeemable in certain ways. Reviewing the T&C can prevent you from missing out on your sign-up bonus.
  • Don’t be too greedy. To thwart people from nabbing sign-up bonuses and closing cards repeatedly, issuers may have rules that prevent customers from signing up for several cards from the same issuer over the course of a specific time period.
  • Take note: offers are time sensitive. Sign-up bonuses can change at any time, meaning an offer you click on may not be there later if you refresh or close the window.

How we picked the best sign-up bonus offers

The way we formulated this list was by looking at cards from all major issuers as well as some credit unions. From there we divided cards into two categories — travel points and cash back. When comparing cards in the travel category, we made sure to compare points worth, spending requirements, and rewards bonuses for redeeming via the issuer’s portal. For cash back cards, we simply looked at the size of the bonus and spending requirements. If there were cards with similar sign-up bonuses, we considered other features such as 0% intro period, APR and annual fees.

Let’s take an example, where 2 rewards cards both require you to spend $3,000 in the first 3 months of card membership:

  • Card A earn you 50,000 points
  • Card B earns you 60,000 points

Now someone may only look at the sign-up bonus for the Card B offer and think, “Wow, I earn 10,000 more points compared to Card A, I want Card B.”

But a closer look at the terms and conditions reveal that the points’ value differs for each card:

  • Card A’s points are worth $.0125 each when redeemed through the issuer’s portal
  • Card B’s points are worth $.01 each

Here’s the monetary value of the sign-up bonus for each card:

  • Card A: $625
  • Card B: $600

So the sign-up bonus that would be better is Card A, when considering points worth and redemption methods. Therefore, it’s always important to look at various aspects of a card, not solely the sign-up bonus.

Now let’s look at a cash back example:

  • Card A requires you to spend $1,000 within the first 3 months of card opening to earn $150 cash back
  • Card B requires you to spend $500 within the first 3 months of card opening to earn $150 cash back
  • Card C matches your cash back at the end of 12 months, and doesn’t require a minimum spending amount

It’s pretty clear that Card A is the worst value. Card B is better since you have to spend half the amount to earn the same sign-up bonus as Card A. However, if you spend over $15,000 in the first 12 months of card opening, Card C is the best option with unlimited cash back matching and no required spend.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at alexandria@magnifymoney.com

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Build Your Credit Score: 6 Secured Cards With No Annual Fees – July 2018

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Secured cards are a great way to build or improve credit. When you open a secured card, you submit a security deposit that typically becomes your credit limit. This deposit acts as collateral if you default on your account, but you can get it back if you close your account after paying off your balance. As long as you use a secured card responsibly — for example, make on-time payments and use little of your available credit — you may see improvements in your credit score. Unfortunately, in addition to the upfront deposit, this credit-building tool can have extra costs, like an annual fee.

You can avoid that expense with one of these six no annual fee secured cards, which have a variety of uses:

Cards to consider

Rewards

Discover it® Secured

Annual fee

$0

Minimum Deposit

$200

Regular APR

24.74% Variable

APPLY NOW Secured

on Discover Bank’s secure website

Rates & Fees

The Discover it® Secured is a standout secured card that provides cardholders the opportunity to earn cash back while building credit. A cashback program is hard to find with secured cards, and the Discover it® Secured offers 2% cash back at restaurants & gas stations on up to $1,000 in combined purchases each quarter. Plus, 1% cash back on all your other purchases. In addition, there is a new cardmember offer where Discover will match ALL the cash back earned at the end of your first year, automatically. This is a great way to get a lot of rewards without needing to do any extra work.

In addition to a cashback program, this card provides valuable credit resources such as free access to your FICO® Score and a Credit Resource Center — just note these services are available whether you’re a cardholder or not. Discover also takes the guesswork out of wondering when you’re ready for an unsecured card (aka a regular credit card) by performing automatic monthly account reviews, starting at eight months of card membership.

What to look out for: There is a high 24.74% Variable APR for this card, so you could end up paying a lot more than purchase prices if you carry a balance. Try not to overspend and make it a goal to pay each statement in full so you avoid interest charges.

Low deposit

Capital One® Secured Mastercard®

Annual fee

$0

Minimum Deposit

$49

Regular Purchase APR

24.99% (Variable)

APPLY NOW Secured

on Capital One’s secure website

The Capital One® Secured Mastercard® offers qualifying cardholders a lower security deposit compared to other secured cards. You will get an initial $200 credit line after making a security deposit of $49, $99, or $200, determined based on your creditworthiness. Typical secured cards require you to deposit an amount equal to your credit limit, so this card has added perks for people who qualify for the lower deposits.

You can also receive a credit limit increase without making an additional deposit after making your first five monthly payments on time. This is beneficial for people who need a higher credit limit and don’t want to (or can’t) tie up their money in a deposit. Also, this card comes with a credit resource center — which is available to everyone — and Platinum Mastercard® benefits that include travel accident insurance and price protection.

What to look out for: The $49 and $99 security deposits are not guaranteed and depend on your creditworthiness — that means you may still have to deposit $200. Also, it’s not a good idea A carry a balance on this card because it has one of the highest APRs at 24.99% (Variable).

Average deposit

Citi® Secured MasterCard®

Annual fee

$0

Minimum Deposit

$200

Regular Purchase APR

24.24%* (Variable)

APPLY NOW Secured

on Citibank’s secure website

The Citi® Secured Mastercard® requires a $200 security deposit, which is typical of secured cards and a good amount to establish your credit line. You can deposit more money if you want to receive a higher credit line, but if you don’t have a lot of money available to deposit, coming up with $200 is manageable. This card doesn’t have any additional card benefits like rewards or insurances, but you can access Citi’s Credit Knowledge Center for financial management tips.

Low APR

Visa® Secured Card from MidSouth Community FCU

Annual fee

$0 For First Year

$0 Ongoing

Minimum Deposit

$200

Regular Purchase APR

10.40%

Variable

APPLY NOW Secured

on MidSouth Community FCU’s secure website

Because MidSouth Community is a federal credit union, you need to be a member to qualify for this card. Membership is limited to people who work, live, worship, or attend school in the following Middle Georgia counties: Bibb, Baldwin, Crawford, Hancock, Houston, Jones, Monroe, Peach, Pulaski, Putnam, Twiggs, Washington, and Wilkinson. If you qualify, you may be able to get a secured card with an APR as low as 10.40% variable.

What to look out for: This card is very restricted, therefore few people will be able to qualify for this low APR secured card.

Unrestricted low APR

Affinity Secured Visa® Credit Card

Annual fee

$0 For First Year

$0 Ongoing

Minimum Deposit

$250

Regular Purchase APR

12.35%

Variable

APPLY NOW Secured

on Affinity Federal Credit Union’s secure website

The Affinity Secured Visa® Credit Card requires cardholders to join the Affinity FCU. You may qualify through participating organizations, but if you don’t, anyone can join the New Jersey Coalition for Financial Education by making a $5 donation when you fill out your online application. This card has an 12.10% variable APR, which is one of the lowest rates available for a no annual fee secured card and is nearly half the amount major issuers charge. This is a good rate if you may carry a balance — but try to pay each statement in full.

What to look out for: There may be a membership fee associated with this card if you don’t qualify through participating organizations. The fee you may have to pay is low at $5, but it may be an issue for people who don’t want to pay anything to open a secured card.

Unrestricted federal credit union

Savings Secured Visa Platinum Card from State Department Federal

Annual fee

$0 For First Year

$0 Ongoing

Minimum Deposit

$250

Regular Purchase APR

13.74%

Variable

APPLY NOW Secured

on State Department Federal Credit Union’s secure website

The State Department FCU Savings Secured Visa Platinum Card is open to anyone, regardless of residence. If you aren’t eligible through select methods including employees of the U.S. Department of State or members of select organizations, you can join the American Consumer Council during the application process. There is no fee associated with joining since State Department FCU pays the $5 on your behalf. There is a rewards program with this card where you earn Flexpoints, which can be redeemed for a variety of options like gift cards and travel. The APR can be as low as 13.49% variable, which is reasonable considering many secured cards from major issuers are above 23%.

What to look out for: If you decide to take out this card and become a member of the SDFCU by joining the American Consumer Council, make sure you do not go to the ACC’s website and submit a $5 donation. That fee is waived by the SDFCU when you fill out your credit application. Simply select “I do not qualify to join through any of these other methods:” and select the ACC from the menu to avoid the $5 fee.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at alexandria@magnifymoney.com

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Best of, Earning Cashback

7 Best Cash Back Credit Cards for Dining Out in July 2018

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

iStock

If you’re someone who frequently dines out, cash back credit cards that reward you for it are a great way to put money back in your pocket. Cash back cards for dining can earn you rewards for purchases made through restaurants, bars and takeout establishments. This is a great way for foodies to reap extra rewards just by doing what they love — eating!

We picked the following cards because they offer competitive cash back rates above 2% for dining-related purchases, as well as have low or no annual fees. As with most rewards credit cards, you may lose your cash back rewards if your account is not in good standing.

Uber Visa Card – 4% cash back

Uber Visa Card

Annual fee

$0 For First Year

$0 Ongoing

Cashback Rate

4% back on dining, 3% back on hotel and airfare, 2% back for online purchases, and 1% on everything else

Regular Purchase APR

16.49%-25.24%

variable

The Uber Visa Card offers unlimited 4% back on dining purchases that will benefit the biggest foodies. Additionally, earn 3% back on hotels and airfare, including vacation home rentals; 2% back on online purchases that include Uber, online shopping and video and music streaming services; and 1% back on all other purchases. Dining purchases include those made at restaurants, fast-food restaurants, bars and UberEATS. Your rewards come in the form of points with a value of $0.01 per point (so 2,500 points can be redeemed for a $25 statement credit, for example). Another cool perk: There is a great sign-up bonus: Earn $100 after spending $500 on purchases in the first 90 days. You can read our full review here.

AARP® Credit Card from Chase Bank – 3% cash back

AARP® Credit Card from Chase Bank

Annual fee

$0 For First Year

$0 Ongoing

Cashback Rate

3% cash back at restaurants and gas station purchases, 1% on everything else

Regular Purchase APR

17.99%-24.74%

Variable

Don’t be led astray by the name: This card isn’t limited to people over 50 — anyone can apply. The AARP® Credit Card from Chase Bank lets you  Earn 3% Cash Back rewards on purchases at restaurants, from fine dining to fast food, 3% Cash Back rewards on purchases at gas stations, and 1% Cash Back rewards on all other purchases. Earn $200 Bonus Cash Back after you spend $500 on purchases in the first 3 months from account opening.

The information related to the AARP® Credit Card from Chase Bank has been collected by MagnifyMoney.com and has not been reviewed or provided by the issuer of this card.

Marvel Mastercard® – 3% cash back

Marvel Mastercard®

Annual fee

$0 For First Year

$0 Ongoing

Cashback Rate

3% cash back on dining, select entertainment, online purchases at Marvel.com and Marvel’s official merchandise booths and 1% cash back on all other purchases

Regular Purchase APR

16.49%-26.49%

Variable

The Marvel Mastercard® is a great choice for Marvel fans who want to benefit from exclusive Marvel discounts, with the added benefit of earning a high cash back rate on dining purchases. You Earn 3% cashback on Dining, Select Entertainment, Online at Marvel.com and Marvel's Official Merchandise Booths, and 1% cashback on all other Mastercard purchases. Some of the Marvel related perks you earn include 10% off merchandise purchases at MarvelShop.com, free shipping offers and special discounts on Marvel Unlimited or Marvel digital comics. Terms apply.

There is also a new cardmember bonus of a $25 statement credit after your first purchase with your new Marvel Mastercard.

Sams Club® Mastercard® – 3% cash back

Sams Club® Mastercard®

Annual fee

$0 For First Year

$0 Ongoing

Cashback Rate

5% cash back on gas (on first $6,000 per year in purchases, then 1%), 3% on dining and travel, and 1% on other purchases

Regular Purchase APR

11.65%

Variable

APPLY NOW Secured

on Sam's Club’s secure website

The Sams Club® Mastercard® offers $5,000 cash back per calendar year and offers 5% cash back on gas (on first $6,000 per year in purchases, then 1%), 3% on dining and travel, and 1% on other purchases. From now until Dec. 31, you can receive a $45 statement credit if you open your card online and make a $45 purchase on Samsclub.com on the same day you open your account. However, you do need a Sam’s Club membership to apply, and current membership fees start at $45 per year.

Take note that you’re limited to earning a maximum of $5,000 in cash back rewards in a calendar year. Checks are issued each February for the cash back earned during the previous calendar year. You will lose any cash back you earned if you end your membership or let it lapse, or if you accumulate less than $5 cash back in a calendar year.

Costco Anywhere Visa® Card by Citi – 3% cash back

Costco Anywhere Visa® Card from Citi

Annual fee

$0

Cashback Rate

4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter, 3% on restaurants & travel, 2% at Costco & Costco.com, 1% on all other purchases

Regular Purchase APR

16.99%* (Variable)

APPLY NOW Secured

on Citibank’s secure website

The Costco Anywhere Visa® Card by Citi requires a Costco membership (currently, annual memberships start at $60) and offers 4% cash back on eligible gas for the first $7,000 per year and then 1% thereafter, 3% on restaurants & travel, 2% at Costco & Costco.com, 1% on all other purchases. Take note that purchases made at bakeries and certain restaurants/cafes in department stores, groceries or warehouse clubs will only earn 1%.

Cash back comes as an annual credit card reward certificate in February billing statements, redeemable for cash or merchandise at U.S. Costco Warehouses. You must maintain your Costco membership to receive rewards, and you will also lose rewards if you accumulate less than $1 in cash back or if you don’t redeem them by the end of the year.

Capital One® Savor® Cash Rewards Credit Card – 3% cash back

Capital One® Savor® Cash Rewards Credit Card

Annual fee

$0

Cashback Rate

3% Cash Back on dining; 2% Cash Back on groceries; 1% Cash Back on all other purchases

Regular Purchase APR

16.24% - 24.99% (Variable)

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on Capital One’s secure website

The Capital One® Savor® Cash Rewards Credit Card enables you to  earn unlimited 3% Cash Back on dining; 2% Cash Back on groceries; 1% Cash Back on all other purchases. Also, there is a One-time $150 cash bonus after you spend $500 on purchases within the first 3 months from account opening. (The card website specifies that the one-time bonus is available by applying through the site, and may not be available if an applicant navigates away from the page. Also, the bonus may not be available for existing or previous accountholders.)

Alternative: Rotating cash back categories

Discover it® Cash Back – 5% cash back

Discover it® Cash Back

Annual fee

$0

Cashback Rate

5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate. 1% unlimited cash back automatically on all other purchases.

Regular APR

13.74% - 24.74% Variable

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on Discover Bank’s secure website

Rates & Fees

The Discover it® Cash Back offers 5% cash back in different places (on up to $1,500 in purchases each quarter, then 1%) and unlimited 1% on all other purchases, automatically.Restaurants are slated to be a bonus category from July 1 through Sept. 30, 2018. Set a reminder to activate the bonus category. In addition to a cash back program, Discover is offering a first year cash back reward in which it will automatically match all the cash back you’ve earned at the end of your first year (new cardmembers only).

Are these deals the best for you?

Cash back rewards should only be pursued by responsible credit users who have no trouble paying off their balance on time and in full every month. If you’re a credit all-star who also has an affinity for dining out, these cards will provide the best perks.

If you’re apt to carry a balance, check out our picks for the best credit cards that can help you pay down debt faster.

As always, check the fine print on each card before signing up, taking special note of any fees. With those things in mind, decide which rewards structure best serves your typical spending activity and enjoy the cash back benefits — and the good eats.

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Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at alexandria@magnifymoney.com

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Credit Cards

Best Small Business Credit Cards in July 2018

Editorial Note: The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

Small business credit cards not only make it easier to separate personal and business finances, they offer business owners advantages they may not need or be able to get with a personal credit card. You might find the number of business credit card options overwhelming, so identifying your priorities will help you choose. Do you want rewards? Or do you merely need a card for short-term financing? The best small business credit card for you will depend entirely on your needs and goals.

Best small business credit cards for financing

0% APR financing

When to consider business cards with intro 0% financing: A business card with an intro 0% APR period can save you hundreds of dollars on interest compared to cards without 0% APR introductory periods. During the intro period, new purchases won’t accrue interest, and you can take your time paying off large purchases such as laptops and desks for your business.

The Blue Business℠ Plus Credit Card from American Express

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on American Express’s secure website

Terms Apply

Rates & Fees

The Blue Business℠ Plus Credit Card from American Express

Regular Purchase APR
12.99% - 20.99% Variable
Intro Purchase APR
0% for 15 Months
Annual fee
$0
Rewards Rate
2X Membership Rewards® points on everyday business purchases such as office supplies or client dinners. 2X applies to the first $50,000 in purchases per year, 1 point per dollar thereafter.
Credit required
good-credit
Excellent/Good

The information related to The Blue Business℠ Plus Credit Card from American Express has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Why we like it: The Blue Business℠ Plus Credit Card from American Express offers small business owners the chance to finance new purchases with the longest intro period for purchases of any business card at intro 0% for 15 Months; 12.99% - 20.99% Variable APR after. Plus, you can earn rewards, receive purchase protection and get extended warranties — all with a $0 annual fee.

What to watch out for: You can lose the intro APR if a penalty APR applies to your account for any reason. To avoid this, always pay your minimum amount due.

Low interest rate

When to consider business cards with low interest rates: If you find your business has to carry a balance from time to time, it can be beneficial to have a low interest credit card that won’t cause you to rack up as much interest as other cards. But as a rule of thumb, try to pay your balance in full every month to avoid interest charges.

Bank of America® Platinum Visa® Business Credit Card

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Bank of America® Platinum Visa® Business Credit Card

Regular Purchase APR
10.99%-21.99%

Variable

Annual fee
$0 For First Year
$0 Ongoing
Rewards
No rewards
Credit required
excellent-credit
Excellent

Why we like it: The Bank of America® Platinum Visa® Business Credit Card has the lowest APR at 10.99% - 21.99% Variable. If you qualify for the lowest rate and end up carrying a balance, you’ll be charged substantially less interest than other cards with high APRs. Although there are no rewards, new accounts can earn an Online exclusive: $200 statement credit bonus after making at least $500 in net purchases in the first 60 days of your account opening. That’s the lowest spending requirement to get a bonus on a business card.

What to watch out for: You may not qualify for the lowest rate because the APR varies based on your personal or business’ credit worthiness.

Cash flow management

When to consider a business card for cash flow management: Some small businesses may not have a consistent cash flow, and that’s where a card with a flexible payment option comes in handy. You may be allowed to carry a balance interest free until your next statement if you make the minimum payment.

The Plum Card® from American Express OPEN

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on American Express’s secure website

Terms Apply

Rates & Fees

The Plum Card® from American Express OPEN

Regular Purchase APR
N/A
Annual fee
$0 introductory annual fee your first year, then $250.
Rewards Rate
Get a 1.5% discount when you pay early, with no cap on what you can earn back.
Credit required
good-credit
Excellent/Good

The information related to The Plum Card® from American Express OPEN has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Why we like it: The The Plum Card® from American Express OPEN has an uncommon payment option where as long as you pay your minimum due, you can pay your balance in up to 60 days without accruing interest (terms apply). This ‘grace period’ is uncharacteristic of business cards (and all cards in general), providing you with twice as much time as other cards do to pay off your statement without incurring interest charges. There are no rewards, but you can Get a 1.5% discount when you pay early, with no cap on what you can earn back.

What to watch out for: To benefit from the extra-days-to-pay feature, make sure you pay your minimum due, or else you’ll miss out on the offer. Also, make sure this card is the best choice for your business because there’s a $0 introductory annual fee your first year, then $250.

Imperfect credit

When to consider a business card for imperfect credit: If you or your business has less-than-good credit, odds are you’ll not only have trouble qualifying for a credit card, but the terms you do qualify for won’t be ideal. However, you’re not out of luck — we found a card that considers small businesses with imperfect credit, and it has decent terms plus the foundation for you to improve your credit with responsible behavior.

Capital One® Spark® Classic for Business

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on Capital One’s secure website

Capital One® Spark® Classic for Business

Regular Purchase APR
24.74% (Variable)
Annual fee
$0
Rewards Rate
1% Cash Back on every purchase, every day
Credit required
bad-credit
Average/Fair/Limited

Why we like it: The Capital One® Spark® Classic for Business is for business owners with Average/Fair/Limited credit. Capital One considers Average/Fair/Limited credit as someone who’s defaulted on a loan in the past five years or has limited credit history (holding credit for less than three years). So, if you or your business has less-than-perfect credit, you may have better odds qualifying for this card compared to the majority of business cards, which require good or excellent credit.

What to watch out for: Although this card states it’s for business owners with Average/Fair/Limited credit, that does not guarantee you will be approved. As with any credit application, lenders look at a variety of credit factors.

Available for service members

When to consider business cards for service members: The following business credit cards are provided by credit unions for service members and have added perks, such as low interest rates, rewards, special offers and discounts. These cards require credit union membership, but you can typically qualify depending on where you live or work.

Navy Federal Credit Union Visa® Business Card

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on Navy Federal Credit Union’s secure website

Navy Federal Credit Union Visa® Business Card

Regular Purchase APR
10.15%-18.00%

Variable

Annual fee
$0 For First Year
$0 Ongoing
Rewards
3 points on restaurants, 2 points on gas and 1 point on everything else
Credit required
excellent-credit
Excellent

Why we like it: The Navy Federal Credit Union Visa® Business Card has a $0 annual fee and provides an up to 15% discount on qualifying business purchases with Visa SavingsEdge®. You can receive discounts at restaurants, travel and shipping services, IT solutions and more at no additional cost. As a member of NFCU, you can also receive a discount on Geico auto insurance and access an Auto Buying Program where you can save on new and used cars — great if your business requires you and your employees to drive. Terms & limitations apply.

What to watch out for: The interest rate you receive depends on your creditworthiness, so you may not receive the lowest APR. Because membership is restricted, check here to see if you qualify for membership with Navy Federal Credit Union.

Navy Federal Credit Union Mastercard® Business Card

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on Navy Federal Credit Union’s secure website

Navy Federal Credit Union Mastercard® Business Card

Regular Purchase APR
10.15%-18.00%

Variable

Annual fee
$0 For First Year
$0 Ongoing
Rewards
3 points on restaurants, 2 points on gas and 1 point on everything else
Credit required
excellent-credit
Excellent

Why we like it: The Navy Federal Credit Union Mastercard® Business Card has the Mastercard Easy Savings® Program, which provides you with an up to 10% discount on a wide range of purchases including car rentals, gas purchases, products and services like Bing Ads and Monster, and more. This can simply save your business money on everyday purchases and the program is free. NFCU members have access to perks that suit businesses that require driving for work, like the ability to save on Geico auto insurance and access to an Auto Buying Program where you can receive savings on new and used vehicles. Terms & limitations apply.

What to watch out for: The APR varies based on your creditworthiness, so you may not qualify for the lowest rate. Because membership is restricted, check here to see if you qualify for membership with Navy Federal Credit Union.

RBFCU Business Select Mastercard® credit card

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on Randolph-Brooks Federal Credit Union’s secure website

RBFCU Business Select Mastercard® credit card

Regular Purchase APR
11.40%-18.00%

Variable

Annual fee
$0 For First Year
$0 Ongoing
Rewards
2% cash back on all purchases
Credit required
good-credit
Excellent/Good

Why we like it: The RBFCU Business Select Mastercard® credit card has a great cashback program with unlimited 2% cash back on every purchase. This flat rate is rare among business cards that tend to favor high rates only on select purchase categories. In addition to a cashback program, members of RBFCU can benefit from members-only pricing at select merchants like TurboTax® and Sprint® to save your business additional money. Terms apply.

What to watch out for: Not everyone will qualify for membership with RBFCU, so fill out this online form to check.

Best small business rewards credit cards

Travel perks

When to consider travel business cards: If you or your employees travel often, a travel card can be more valuable than typical credit cards because many offer travel insurance, airline fee credits, free Wi-Fi access and other travel-related perks.

The Business Platinum Card® from American Express OPEN

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Terms Apply

Rates & Fees

The Business Platinum Card® from American Express OPEN

Regular Purchase APR
N/A
Annual fee
$450
Rewards Rate
5X Membership Rewards® points on flights and prepaid hotels on amextravel.com and 1.5 Membership Rewards® points on each qualifying purchase of $5,000 or more.
Credit required
good-credit
Excellent/Good

The information related to The Business Platinum® Card from American Express OPEN has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Welcome Offer: Earn up to 100,000 Membership Rewards® points. Earn 50,000 Membership Rewards® points after you spend $10,000 & an extra 50,000 points after you spend an additional $15,000 all on qualifying purchases within your first 3 months of Card Membership. Offer ends 8/8/18.

Why we like it: We looked at business cards that offered travel perks, and The Business Platinum® Card from American Express OPEN emerged as the best overall business travel card because of its extensive benefits for business owners, including rewards potential, Welcome Offer, and added perks. You can take advantage of standout perks like access to over 1,000 airport lounges, credit for Global Entry or TSA Precheck and a $200 airline fee credit. Terms apply. These benefits can save your business a substantial amount of money and make travel less of a hassle.

What to watch out for: There is a steep $450 annual fee for this card. However, considering the value you receive with this card, the annual fee may be worth it. For example, the airline fee credit and Global Entry fee credit are valued at $300, decreasing the effective annual fee for this card.

Ink Business Preferred℠ Credit Card

Ink Business Preferred℠ Credit Card

Regular Purchase APR
17.74%-22.74%

Variable

Annual fee
$95 For First Year
$95 Ongoing
Rewards
Earn 3 points per $1 in select business categories
Credit required
excellent-credit

Excellent

The information related to the Ink Business PreferredSM Credit Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Why we like it: The Ink Business PreferredSM Credit Card allows you to increase the value of your points by 25% when you redeem for travel through Chase Ultimate Rewards®. This is a great way to increase the effective value of your points. Additional travel benefits include trip cancellation/trip interruption insurance and travel and emergency assistance services.

What to watch out for: The higher rewards rate only applies to select categories, so if you primarily spend outside the select categories, you’ll earn a subpar cashback rate. Consider other travel business cards that suit your spending more.

Capital One® Spark® Miles for Business

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Capital One® Spark® Miles for Business

Regular Purchase APR
18.74% (Variable)
Annual fee
$0 intro for first year; $95 after that
Rewards Rate
2 Miles per $1 on every purchase, every day
Credit required
good-credit
Excellent/Good

Why we like it: The Capital One® Spark® Miles for Business offers a hard-to-find flat-rate rewards program at 2 Miles per $1 on every purchase, every day. This rate allows you and your employees to earn the same amount of miles on any purchase with no bonus categories or caps. You can easily redeem miles for travel, and there is no minimum redemption amount.

What to watch out for: This card comes with an annual fee at $0 intro for first year; $95 after that, and although it’s lower than most travel business cards, it may not be ideal for everyone. Keep in mind you will need to spend $4,750 a year (after year one) to recoup the fee.

Big intro bonuses

When to consider business cards with big intro bonuses: A large intro bonus can be a simple way for business owners to earn extra rewards within the first few months of account opening — as long as you fulfill the requirements. You can use the rewards you earn in a variety of ways, from travel to statement credits that can lower your business’ expenses. Many cards that have big intro bonuses also have good rewards and perks, providing long-term value in addition to the short-term reward.

Ink Business Preferred℠ Credit Card

Ink Business Preferred℠ Credit Card

Regular Purchase APR
17.74%-22.74%

Variable

Annual fee
$95 For First Year
$95 Ongoing
Rewards
Earn 3 points per $1 in select business categories
Credit required
excellent-credit

Excellent

The information related to the Ink Business PreferredSM Credit Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Intro bonus: Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening.

What to watch out for: There are requirements that you need to follow in order to receive the intro bonus, so make sure you spend the required amount in the stated time period. Also, you miss out on added value by redeeming points outside of Chase Ultimate Rewards, so try to use the portal to receive the 25% more value on travel.

The Business Platinum Card® from American Express OPEN

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on American Express’s secure website

Terms Apply

Rates & Fees

The Business Platinum Card® from American Express OPEN

Regular Purchase APR
N/A
Annual fee
$450
Rewards Rate
5X Membership Rewards® points on flights and prepaid hotels on amextravel.com and 1.5 Membership Rewards® points on each qualifying purchase of $5,000 or more.
Credit required
good-credit
Excellent/Good

The information related to The Business Platinum® Card from American Express OPEN has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Welcome Offer: Earn up to 100,000 Membership Rewards® points. Earn 50,000 Membership Rewards® points after you spend $10,000 & an extra 50,000 points after you spend an additional $15,000 all on qualifying purchases within your first 3 months of Card Membership. Offer ends 8/8/18.

What to watch out for: You need to satisfy two spending requirements to earn the full Welcome Offer — Earn 50,000 Membership Rewards® points after you spend $10,000 & an extra 50,000 points after you spend an additional $15,000 all on qualifying purchases within your first 3 months of Card Membership. Offer ends 8/8/18.

CitiBusiness®/ AAdvantage® Platinum Select® World Mastercard®

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CitiBusiness®/ AAdvantage® Platinum Select® World Mastercard®

Regular Purchase APR
17.49% - 25.49%* (Variable)
Annual fee
$95, waived for first 12 months*
Rewards Rate
2 AAdvantage® miles per $1 spent on eligible American Airlines purchases* and for every $1 spent on purchases at telecommunications, car rental merchants and at gas stations*, 1 AAdvantage® mile per $1 spent on other purchases*
Credit required
good-credit
Excellent/Good

Limited-time offer: Earn Earn 70,000 American Airlines AAdvantage® bonus miles after making $4,000 in purchases within the first 4 months of account opening*.

Why we like it: The CitiBusiness®/ AAdvantage® Platinum Select® World Mastercard® is one of few airline-specific business cards. This card has the largest limited-time offer compared to competitors and a typical spending requirement. In addition, there are great perks when you fly on American Airlines, such as in-flight discounts, first checked bag free and preferred boarding.

What to watch out for: This is an airline-specific card — if you don’t fly with American Airlines, you’ll miss out on some of the best perks.

Cashback rewards

When to consider cashback business cards: Cash back is a simple and straightforward way for your business to be rewarded for purchases. You can easily redeem your cash back as a statement credit, which is a great way to reduce your bill (just remember that redemptions can’t be applied to minimum payments).

Capital One® Spark® Cash for Business

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Capital One® Spark® Cash for Business

Regular Purchase APR
18.74% (Variable)
Annual fee
$0 intro for first year; $95 after that
Rewards Rate
2% Cash Back on every purchase, every day
Credit required
good-credit
Excellent/Good

Why we like it: We looked at business credit cards offering cashback rewards and analyzed their rewards rates, fees and APRs, and among the group, The Capital One® Spark® Cash for Business rose to the top. It has a standout cashback program earning you 2% Cash Back on every purchase, every day. There are no bonus categories or caps — you’ll earn the same rate on every purchase. You can even make redeeming your rewards simple by setting up automatic redemption, great for businesses that don’t want to fuss with rewards.

What to watch out for: The annual fee is $0 intro for first year; $95 after that — so after year one, you will need to spend $4,750 a year to break even.

Capital One® Spark® Cash Select for Business

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Capital One® Spark® Cash Select for Business

Regular Purchase APR
14.74% - 22.74% (Variable)
Annual fee
$0
Rewards Rate
1.5% Cash Back on every purchase, every day
Credit required
good-credit
Excellent/Good

Why we like it: The Capital One® Spark® Cash Select for Business has a decent rewards rate for business owners who want to avoid an annual fee at 1.5% Cash Back on every purchase, every day. This card is a good alternative to the Capital One® Spark® Cash for Business, offering all the same perks plus a $0 annual fee.

What to watch out for: The cash back rate is below the ideal 2%, and you can do better with a higher flat-rate card or with bonus category cards. But be aware they may have an annual fee.

Hotel rewards

When to consider business cards with hotel rewards: Traveling for business can get costly, but hotel rewards cards can help you save money on hotel stays and other expenses you may incur like meals. Whether you favor a specific hotel or often choose the best priced hotel, there are business cards for you that can earn you rewards and other money-saving discounts. Because hotel loyalty varies, we’re highlighting two cards with exceptional hotel rewards.

Starwood Preferred Guest® Business Credit Card from American Express

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on American Express’s secure website

Terms Apply

Rates & Fees

Starwood Preferred Guest® Business Credit Card from American Express

Regular Purchase APR
16.99%-20.99%

Variable

Annual fee
$0 For First Year
$95 Ongoing
Rewards
Earn 2 Starpoints® for each dollar of eligible purchases spent at participating SPG® & Marriott Rewards® hotels. Earn 1 Starpoint for all other purchases.
Credit required
good-credit
Excellent/Good

The information related to the Starwood Preferred Guest® Business Credit Card from American Express has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Why we like it: The Starwood Preferred Guest® Business Credit Card from American Express is our top pick for businesses looking to earn rewards and perks on hotel stays. SPG® has numerous participating hotels where you and your employees can stay, and there are flexible redemption options for your points. For example, you have the ability to transfer points on a mostly one-to-one basis to over 30 airline frequent flyer programs. Additional benefits include credits towards SPG elite status, travel accident insurance and free Wi-Fi with Boingo and at SPG participating hotels (terms apply).

What to watch out for: The rate you earn on purchases outside of SPG and Marriott Rewards® hotels is lower than other hotel rewards cards, like the Hilton Honors American Express Business Card mentioned below. So, if you’re looking to earn a high rate on all purchases, check out other hotel rewards cards.

The Hilton Honors American Express Business Card

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Terms Apply

Rates & Fees

The Hilton Honors American Express Business Card

Regular Purchase APR
17.49%-26.49%

Variable

Annual fee
$95 For First Year
$95 Ongoing
Rewards
12X at hotels and resorts in the Hilton portfolio, 6X on Select Business & Travel Purchases, 3X Everywhere Else. Terms & Limitations Apply.
Credit required
good-credit
Excellent/Good

The information related to the Hilton Honors American Express Business Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

Why we like it: The Hilton Honors American Express Business Card offers great benefits for business travelers who frequent hotels in the Hilton portfolio with a wide range of perks including complimentary Hilton Honors Gold Status. This gives you a 25% bonus on Base Points, space-available room upgrades and more benefits that may make your stays more comfortable. Other Hilton perks include a rewards program that allows you to earn Hilton Honors Bonus Points at a fast rate and Weekend Night Rewards (terms apply). In addition, you receive baggage and travel accident insurance, 10 free visits to over 1,000 Priority Pass airport lounges every year and the ability to connect your credit card transactions to Quickbooks®, among other things.

What to watch out for: You don’t want to carry a balance with this card because there is a 17.24% – 26.24% variable APR. Although this is a typical range, it’s still high and can lead to large interest charges if you don’t pay your bill in full. But, if you pay in full and on time, this won’t be an issue.

Best category bonuses

When to consider business cards with category bonuses: If you spent a lot in particular categories, credit cards with category bonuses may be a great way for you to earn rewards for that spending. For example, if you drive a lot for business, a card with gas rewards may be ideal. Below we list the business cards that offer the highest reward rates on dining, gas and office-supply spending

Dining & gas

Sam's Club® Business Mastercard®

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on Sam's Club’s secure website

Sam's Club® Business Mastercard®

Regular Purchase APR
16.15%-24.15%

Variable

Annual fee
$0 For First Year
$0 Ongoing
Rewards
5% cash back on gas (on first $6,000 per year in purchases, then 1%), 3% cash back on dining and travel, and 1% cash back on other purchases.
Credit required
good-credit
Good

Why we like it: The Sam’s Club® Business Mastercard® offers a high 5% cash back on gas (on the first $6,000 per year in purchases, then 1%), 3% cash back on dining and travel, and 1% cash back on other purchases. This rate is ideal for businesses that primarily spend on gas because you earn the highest rate on those purchases compared to other cards. Business owners who often take out clients for meals may want to consider this card because of its cashback rate on dining purchases.

What to watch out for: You need to be a member of Sam’s Club to open this card, and as a business owner you may not have a need for a Sam’s Club membership. However, membership starts as low as $45 a year, and considering there’s no annual fee for this credit card, that’s a small amount.

Costco Anywhere Visa® Business Card from Citi

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on Citibank’s secure website

Costco Anywhere Visa® Business Card from Citi

Regular Purchase APR
16.74%

Variable

Annual fee
$0 For First Year
$0 Ongoing
Rewards
4% on eligible gas worldwide, including Costco (for the first $7,000 per year and then 1%), 3% on restaurant and eligible travel worldwide, 2% on all other purchases at Costco and Costco.com and 1% on everything else
Credit required
excellent-credit
Excellent

Why we like it: The Costco Anywhere Visa® Business Card by Citi offers a tiered cashback program with 4% on eligible gas worldwide, including Costco (for the first $7,000 per year and then 1%), 3% on restaurant and eligible travel worldwide, 2% on all other purchases at Costco and Costco.com and 1% on everything else. This is a good rewards program for business owners with Costco memberships if you want to earn cash back in a wide range of categories.

What to watch out for: You need to be a Costco member to open this card, and membership starts at $60 per year. This is higher than Sam’s Club and definitely something to consider if you’re deciding between the two cards. Another important note is that you won’t earn as much cash back with this card as you would with the Sam’s Club® Business Mastercard®.

Gas & office supply stores

Bank of America® Business Advantage Cash Rewards Mastercard®  credit card

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on Bank Of America’s secure website

Bank of America® Business Advantage Cash Rewards Mastercard® credit card

Regular Purchase APR
12.99%-22.99%

Variable

Annual fee
$0 For First Year
$0 Ongoing
Rewards
3% cash back on purchases at gas stations and office supply stores (up to $250,000 each calendar year, 1% after that), 2% cash back on purchases at restaurants, 1% cash back on all other purchases
Credit required
excellent-credit
Excellent/Good

Why we like it: The Bank of America® Business Advantage Cash Rewards Mastercard® credit card doesn’t require membership with a warehouse club like other gas cards and has a $0 annual fee. Business owners can earn a decent cash back rate at both gas stations and office supply stores, making this card ideal if you often spend in these categories.

What to watch out for: The gas cashback rate is lower than other business cards with gas as a category bonus and won’t earn you as much rewards.

Risks of using small business credit cards

While small business credit cards can provide a wide range of benefits for your company, they have drawbacks.

Here are some of the major risks:

Personal liability. As a business owner, you are solely responsible for all charges made on your account. That means if there are any unpaid balances on your account, whether from your spending or employee spending, you are liable.

Negative impact on you credit. If your account is in poor standing as a result of late payments, overdue balances, bankruptcy or other issues, the credit card issuer may report this information to the credit bureaus. As a result, your personal credit score may take a hit.

Not protected by the CARD Act. Business cards don’t receive the same consumer protections that personal credit cards receive with the CARD Act. The CARD Act requires credit card issuers to provide transparent terms as well as lower fees and interest rates for consumers. But, issuers of business cards don’t have to comply with those requirements. Therefore, a business card may have higher interest rates, more fees and confusing terms.

How to minimize the risks of business credit cards

Monitor employee spending. The ability to open employee cards is a great feature, but if you don’t stay on top of their charges, it can become risky. Some good practices include keeping records of all employees with card access, setting employee spending limits when available and monitoring your credit card statements. This way you can keep track of all spending made on your account and add limits when needed.

Avoid charging personal expenses. Use your business card the way it is intended to be used — exclusively for business purchases. Charging personal expenses makes managing your finances harder and complicates the use of your card.

Do not take out a cash advance. Cash advances are one of the most costly features of credit cards and are rarely a good choice because you’ll be hit with higher than normal interest rates and can rack up debt fast. As an alternative, check out small business loans.

Look at loans for long-term financing. Your business may need to borrow money for purchases like cars or other big-ticket items, and small business loans can be a great way to finance those purchases. Often with straightforward terms, loans can be a good alternative to charging purchases on your credit card. Compare small business loans here.

Do not try to bail out a failing business. If your business isn’t doing well, don’t take out a small business credit card with the hopes of bailing it out. Odds are you’ll only get into more debt and make the situation worse.

Best way to use credit cards for your business

Earn rewards. Almost all of the cards mentioned in this roundup provide rewards, allowing business owners to be benefit from typical business spending. You can use the rewards you earn in a variety of ways, like booking travel, applying cash back as statement credit to cover bills or redeeming them for gift cards for business expenses or employee incentives.

Manage cash flow. Business cards may provide expense-management tools so you can monitor spending and simplify everyday business transactions. You can use your card to automate business expenses like monthly phone bills or regular office-supply purchases.

Build business credit. Opening a small business credit card has the potential to build and improve your business credit. If you make on-time payments and use a relatively small amount of your available credit, your business’ credit can benefit greatly. Having a good business credit score can help you down the line if you plan on taking out a loan or other credit products.

Short-term borrowing. If your business plans on making purchases that can’t be paid immediately, some business credit cards offer 0% intro periods that are ideal for short-term borrowing and can be a better choice than a personal loan — when used responsibly. During the 0% intro period, you can carry a balance without incurring interest, and if you pay it off before the intro period ends, you can save on the interest that you would’ve incurred if you had taken out a loan.

Advertiser Disclosure: The card offers that appear on this site are from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all card companies or all card offers available in the marketplace.

Alexandria White
Alexandria White |

Alexandria White is a writer at MagnifyMoney. You can email Alexandria at alexandria@magnifymoney.com

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