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Credit Cards: Find the Best Credit Card Offers & Deals – November 2019

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The best credit cards can help you earn $2-$5 or more for every $100 you spend – an easy way to make hundreds or even thousands a year. When done properly, low-rate credit cards are also the cheapest way to borrow. Some cards won’t charge you interest for almost two years! And credit cards are the best way to build, rebuild or maintain an excellent credit score, if you pay on time and as agreed, and don’t carry high balances.

But if you get it wrong, you can easily end up buried under a pile of expensive debt. This is a step-by-step guide that will help you find the best credit cards while avoiding expensive traps.

 

Top Credit Card for 2019

The Amex EveryDay® Credit Card from American Express ranks as our top credit card for 2019. This card offers a combination of benefits that are unmatched among other cards in the market, including 0% intro APR periods, rewards and great cardholder perks — all at a $0 annual fee. Cardholders can utilize the intro periods for both balance transfers and purchases by taking over a year to pay off debt without accruing interest. The card also comes with a $0 balance transfer fee. The transfers must be requested within 60 days of account opening, which saves you the typical 3% transfer fee most other cards charge.

Beyond the intro periods, there is a rewards program where cardholders can earn 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases. This rate is beneficial for people who spend $500 a month at U.S. supermarkets, since this spending allows you to maximize rewards at the higher rate.

The Membership Rewards® points you earn can be redeemed for a variety of options, and a great option for travelers is the ability to transfer points to 18 participating frequent flyer programs including Delta SkyMiles, British Airways, Avianca LifeMiles and Singapore Airlines KrisFlyer.

Often these transfers are on a 1:1 rate, with some programs requiring more or less points. Additional redemption options include booking for travel, gift cards, merchandise, pay with points at checkout and statement credit. This card also has a wide range of additional perks that vary from shopping and entertainment benefits to travel and purchase protections.

The information related to The Amex EveryDay® Credit Card from American Express has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

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  • Simple Welcome Offer
  • The 2-point bonus on grocery store spending is capped
  • You need 20 transactions each month to get the 20% bonus

Tip: Make any large purchases or balance transfers as soon as you can so you can benefit from the 0% intro period.

Read our full review of The Amex EveryDay® Credit Card from American Express here.

How to Choose and Use a Rewards Card

It is now easy to earn great rewards when you use a credit card for your spending. You should earn at least 2% cash back, and you can earn even more with a bit of work. At the 2% cash back rate, the money can add up quickly. If you spend $1,000 a month, you can earn $240 a year.

How to Choose

Best Cash Back Credit Cards

Cash back credit cards are a great way for you to earn money back from everyday purchases. There are two types of cash back credit cards — flat-rate and category. Flat-rate cards offer the same cash back rate for all purchases, while category cards offer higher rates for certain purchases, such as gas, groceries, travel and dining. Below, we break down the best cash back credit cards.

Best Flat-Rate

These are the top cards offering a flat cash back rate.

Citi® Double Cash Card – 18 month BT offer

1% When You Buy + 1% When You Pay

Citi® Double Cash Card – 18 month BT offer

The Citi® Double Cash Card – 18 month BT offer is the best overall cash back credit card. So long as you pay your statement balance in full and on time every month, you will earn 2% cash back. Earn 2% cash back on purchases: 1% when you buy plus 1% as you pay. The bonus cash back can take up to two billing cycles to post.

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  • No caps on how much cash back you can earn.
  • Cash back earning formula is easy to understand
  • There is a range of interest rates. You won’t know yours until after you apply

Key Information

Credit Score Required : Excellent, Good

Purchase Interest Rate : 15.49% - 25.49% (Variable) APR

Annual Fee : $0

Sign-on Bonus : None

Intro Purchase APR : None

Intro Balance Transfer : 0% for 18 months on Balance Transfers

BT Fee : 3% of each balance transfer; $5 minimum.

Tip: Make sure you pay your statement balance in full and on time to maximize your cash back.

FULL REVIEW 

The information related to Citi® Double Cash Card – 18 month BT offer has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Fidelity® Rewards Visa Signature® Card

Unlimited 2% Cash Back on Every Purchase

Fidelity® Rewards Visa Signature® Card

The Fidelity® Rewards Visa Signature® Card offers Fidelity customers an unlimited 2% cash back on everyday purchases. The cash back you earn must be deposited into a Fidelity account, but you don’t need to have a Fidelity account to apply for the card. If you do not have a Fidelity account, they will open a Fidelity Cash Management Account to deposit your cash back. It works like a checking account with no minimum balance requirement and no monthly fees.

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  • Simple cash back earning formula
  • No caps on how much cash back you can earn
  • You need to have a Fidelity account in order to redeem your cash back

Key Information

Credit Score Required : Excellent Credit

Purchase Interest Rate :15.74% Variable

Annual Fee : $0

Sign-on Bonus : None

Intro Purchase APR : None

Intro Balance Transfer : None

BT Fee : Either 3% of the amount of each transfer or $5 minimum, whichever is greater.

Tip: You don’t need to keep your retirement or stock accounts with Fidelity to qualify for this card. Anyone can apply.

APPLY NOW Secured

on Fidelity’s secure website

FULL REVIEW 

Best Category Bonuses

Here are the top cash back cards that pay much higher rates in certain bonus categories, which can be a great way to boost your returns.

Fort Knox Federal Credit Union Visa® Platinum Card

Unlimited 5% Cash Back on Gas

Fort Knox Federal Credit Union Visa® Platinum Card

If you spend a lot of money on gas, there is no better card than this. You can unlimited 5% cash back on gas and 1% cash back on all retail purchases. You must be a member of the credit union, but anyone can join. Pay $5 to join the American Consumer Council of Kentucky (you can do that here) and you will be eligible to join.

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  • No limit to the cash back you can earn, even in the bonus category
  • You have to be a member of the credit union to get the card

Key Information

Credit Score Required : Good

Purchase Interest Rate : 11.50% - 18.00% Variable

Annual Fee : $0

Sign-on Bonus : N/A

Intro Purchase APR : N/A

Intro Balance Transfer : N/A

BT Fee : $0

Tip: If you are not yet a member, you can use the non-member application process. Once approved, you can join with your $5 contribution to American Consumer Council.

APPLY NOW Secured

on Fort Knox Federal Credit Union’s secure website

Check out other gas credit cards.

Blue Cash Preferred® Card from American Express

6% Cash Back at U.S. Supermarkets (Up to $6,000 of Spend, then 1%)

Blue Cash Preferred® Card from American Express

The unparalleled 6% cash back rate at U.S. supermarkets and select U.S. streaming subscriptions makes this one of the best cards on the market for heavy grocery shoppers. Even with the $95 annual fee, most grocery shoppers will come out ahead. You will earn 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), and 3% cash back at U.S. gas stations and transit (e.g., taxis/rideshare, parking, tolls, trains, buses and more), as well as – NEW 6% Cash Back on select U.S. streaming subscriptions & 3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses and more. You’ll earn a $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.

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  • Simple, easy to understand Welcome Offer
  • There is an Annual fee

Key Information

Credit Score Required : Excellent/Good

Purchase Interest Rate : 14.49%-25.49% Variable

Annual Fee : $95

Welcome Offer : $250 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.

Intro Purchase APR : 0% for 12 months

Intro Balance Transfer : 0% for 12 months

BT Fee : Either $5 or 3% of the amount of each transfer, whichever is greater.

Tip: If you spend less than $200 a month on groceries, you may be better off with Citi® Double Cash Card – 18 month BT offer or Fidelity® Rewards Visa Signature® Card. But, if you spend more each year, this is a great option.

FULL REVIEW 

Check out other grocery credit cards.

Uber Visa Card

3% for Dining Out

Uber Visa Card

This card appears to have millennials’ interests at heart, offering a generous rewards rate on dining purchases, including UberEATS. The Uber Visa Card offers 5% back in Uber Cash on Uber rides, Uber Eats, and JUMP, 3% in Uber Cash on restaurants, bars, hotels, and airfare, and 1% back in Uber Cash on all other purchases.

As mentioned, dining purchases are defined as spending at restaurants, bars, on takeout or via the UberEATS service. Points can be redeemed for Uber credits, gift cards or cash back.

Another perk: There is a $0 annual fee with this card. And there’s a terrific sign-up bonus – Earn $100 in Uber Cash after spending $500 on purchases in the first 90 days.

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  • Good disclosure: they tell you what you need to know
  • Simple introductory bonus
  • Impossible to know your interest rate until you apply

Key Information

Purchase interest rate : 17.24% - 27.99% Variable

Annual fee :$0

Sign-on bonus : Earn $100 in Uber Cash after spending $500 on purchases in the first 90 days.

Intro purchase APR : None

Intro balance transfer : None

BT fee : Either $10 or 3% of the amount of each transfer, whichever is greater.

Tip: Use this card for all dining, hotel and airfare purchases to maximize your rewards at the higher rate.

FULL REVIEW 

Check out other dining cards.

Do you spend a lot of money in other categories? You can find the best cash back credit cards for every category here.

Best Travel Credit Cards

If you would like to earn free travel, there are a number of credit cards designed specifically to help you earn free flights quickly. Here are the best travel rewards credit cards.

Best Credit Cards for U.S. Travel

Bank of America® Travel Rewards Visa® credit card

Best No Annual Fee Travel Card – Miles Can Be Used Anywhere

Bank of America® Travel Rewards Visa® credit card

With this card, you Earn unlimited 1.5 points per $1 spent on all purchases. There are no restrictions and no blackout dates. Every 100 points can be redeemed for $1 worth of travel. The rewards get even better if you have “Preferred Rewards” at Bank of America®. If you’re a Preferred Rewards member, you could increase your points earned with a bonus of 25% – 75%.

There is a $0 annual fee and no foreign transaction fees. You can use your points for a wide range of travel options, including flights, hotels, vacation packages, cruises, rental cars and even pesky baggage fees.

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  • Simple introductory bonus
  • No limit to the points you can earn
  • There is a range of interest rates. You won’t know yours until after you apply

Key Information

Credit Score Required : Excellent/Good

Purchase Interest Rate : 16.74% - 24.74% Variable APR

Annual Fee : $0

Sign-on Bonus : 25,000 online bonus points after you make at least $1,000 in purchases in the first 90 days of account opening - that can be a $250 statement credit toward travel purchases

Intro Purchase APR : 0% Introductory APR on purchases for 12 billing cycles

Intro Balance Transfer Offer : None

BT Fee : Either $10 or 3% of the amount of each transaction, whichever is greater.

Tip: The Preferred Rewards program offers excellent rewards. If you rollover your old 401(k) or IRA to Merrill Edge®, you can get up to a 75% credit card bonus and ATM fee reimbursement with a Bank of America® checking account.

The information related to Bank of America® Travel Rewards Visa® credit card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Best Credit Cards for International Travel

These are the best credit cards for use when traveling outside of the country. None of these cards have foreign transaction fees. And some of them even have chip and pin, helping to increase acceptance.

Platinum Rewards MasterCard® from First Tech FCU

No Annual or Foreign Transaction Fee + Chip and Pin Functionality

Platinum Rewards MasterCard® from First Tech FCU

This card is a great companion for overseas travel with a $0 annual fee or foreign transaction fee. Even better, the card offers chip and pin functionality. Most major credit card issuers in America have rolled out chip and signature, which can be problematic overseas. If you try to use your card at a ticket machine or with a waiter’s portable payment device, you have a good chance of being rejected.

It’s easy to join the credit union —membership is free if you work for a sponsor technology company, work for the state of Oregon or live in Lane County, Oregon. Otherwise, you just need to join the Financial Fitness Association with a one-time fee of $8. There is a sub-par rewards program: 1 point for every $1 you spend.

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  • $0 annual fee or foreign transaction fees
  • You have to be a member of the credit union

Key Information

Credit Score Required : Good

Purchase Interest Rate : 11.99% to 18.00% Variable

Annual Fee : $0

Sign-on Bonus : Earn 10,000 Rewards Points when you spend $2,000 in your first two months

Intro Purchase APR : N/A

Intro Balance Transfer APR : Introductory 0.00% APR balance transfer for 12 months

BT Fee : No balance transfer fee

Tip: Use this card for foreign travel, not for rewards since you earn a very low rate.

APPLY NOW Secured

on First Technology Federal Credit Union’s secure website

Capital One® QuicksilverOne® Cash Rewards Credit Card

Best Foreign Travel for Fair Credit

Capital One® QuicksilverOne® Cash Rewards Credit Card

This card is designed for people with Average/Fair/Limited credit. If you have defaulted on a loan in the past five years (but not more than once), or if you have had limited credit history (at least one account for less than three years), you would be considered “average.” With this card, you can earn unlimited 1.5% Cash Back on every purchase, every day. There is also no foreign transaction fee, but be aware of the $39 annual fee.

You can use this card to build your credit score by keeping your utilization low (ideally below 20%) and make your payments on time and in full every month. Capital One® provides free access to your FICO® score so you can track your score and see when you are eligible for an upgrade to a no-fee card.

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  • No limit to the cash back you can earn
  • No confusing categories or limits
  • No annual fee or foreign transaction fee

Key Information

Credit Score Required : Average/Fair/Limited

Purchase Interest Rate : 26.99% (Variable)

Annual Fee : $39

Sign-on Bonus : None

Intro Purchase APR : None

Intro Balance Transfer Offer : None

BT Fee : None

Tip: Use this credit card to build your score and avoid expensive foreign transaction fees.

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on Capital One’s website

FULL REVIEW 
How to Use

In order to maximize your cash back, make sure you follow these suggestions:

  • Use your chosen cash back card for ALL of your spending. Your goal should be to replace cash, checks, automatic debits and debit cards completely. For example, you can automate bill payments (like your cell phone) to be debited from your credit card. This will make your life easier (only one payment to make each month) and it will make budgeting easier (you can set a target for spending and track it easily).
  • Set up automatic monthly payments for the statement balance, not the minimum due. If you set up automatic payments, you will ensure that your payment will be on time every month. And if you set up the automatic payment for the statement balance, you will ensure that you are never charged interest and only charge what you can afford to repay.
  • Avoid cash advances. If you use your credit card to take out cash, most companies will charge a cash advance fee that averages 3%. The interest rate on cash advances is usually above 20%. And there is no grace period, which means interest starts accruing right away.

Best Balance Transfer Credit Cards

With a balance transfer credit card, you can transfer debt from a high interest rate credit card to a 0% introductory promotional rate. You can find no fee balance transfers for up to 15 months. If you are willing to pay a fee, you can find a card that offers a 0% introductory rate on balance transfers for 18 or 21 months. The fee is usually worthwhile. If you want to do the calculation, you can use the calculator on our interactive tool.

Remember: You cannot transfer debt between two credit cards from the same bank.

Here are the best 0% balance transfer offers on the market today. All of these credit cards waive interest during the promotional period, which means there is no retroactive or deferred interest charge to worry about. However, if you fail to pay the balance off within the introductory period, interest will be assessed on the remaining balance.

Citi Simplicity® Card - No Late Fees Ever

0% intro APR on transfers for 21 months; 5% balance transfer fee

Citi Simplicity® Card - No Late Fees Ever

Citibank has a strong intro of 0% for 21 months on Balance Transfers. In addition, the Citi Simplicity® Card - No Late Fees Ever has some added perks. There are no late fees, no penalty rate and no annual fee. Although you should always try to pay on time, it is nice that this card will not punish you for the occasional mistake. In addition to the balance transfer offer, you pay no interest on purchases for 21 months.

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  • No late fee, no penalty APR and a $0 annual fee
  • Interest is not deferred during the balance transfer period, which means if you do not pay off your balance by the end of the promo period, you will not be charged the interest that would have accrued during the deferral period.
  • There is a range of interest rates. You won’t know yours until you apply.

Key Information

Credit Score Required : Excellent/Good

Purchase Interest Rate : 16.24% - 26.24% (Variable)

Annual Fee : $0

Sign-on Bonus : None

Intro Purchase APR : 0% for 12 months on Purchases

Intro Balance Transfer Offer : 0% for 21 months on Balance Transfers

BT Fee : 5% of each balance transfer; $5 minimum

Tip: Make sure you transfer your balance within 4 months of opening the card, otherwise you lose the promotional offer.

FULL REVIEW 

The information related to Citi Simplicity® Card - No Late Fees Ever has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

Chase Slate®

No Fee – introductory 0% on transfers for 15 months

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 prior to publication.

With the Chase Slate® credit card you can enjoy an introductory balance transfer offer of 0% Intro APR on Balance Transfers for 15 months and pay an Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. The intro $0 transfer fee is a great way to save money when completing your transfer. In addition to the balance transfer offer, you pay 0% Intro APR on Balance Transfers for 15 months — great for those who want to pay off a large purchase over time without accruing interest.

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  • Interest is not deferred during the balance transfer period, which means if you do not pay off your balance by the end of the promo period, you will not be charged the interest that would have accrued during the deferral period.
  • Interest rate is not known until you apply.

Key Information

Credit Score Required : Excellent/Good

Purchase Interest Rate : 16.74% - 25.49% Variable APR

Annual Fee : $0

Sign-on Bonus : No bonus

Intro Purchase APR : 0% Intro APR on Purchases for 15 months; then 16.74% - 25.49% Variable APR

Intro Balance Transfer Offer : 0% Intro APR on Balance Transfers for 15 months; then 16.74% - 25.49% Variable APR

 

BT Fee : Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater.

Tip: Compete your transfer within 60 days from account opening to take advantage of the intro $0 transfer fee.

FULL REVIEW 

Paying off credit card debt sometimes requires more than one balance transfer credit card. If you want even more choices, check out our full guide to the best balance transfer cards, or use our balance transfer calculator to see which cards will save you most.

Best Luxury Card

The Platinum Card® from American Express

Airline perks, entertainment benefits, rewards and more

The Platinum Card® from American Express

The Platinum Card® from American Express is the best overall luxury card on the market, offering numerous benefits for cardholders. To name a few perks, you can receive: up to $200 in annual savings on Uber rides, American Express® Preferred Seating for select entertainment events, access to the American Express Global Lounge Collection with more than 1,000 airport lounges across 120 countries, a $200 airline fee credit per calendar year to cover baggage fees and more at one qualifying airline, and numerous other benefits.

The rewards program is great for frequent travelers — you get five Membership Rewards® points per dollar spent on flights booked directly with airlines or with American Express Travel and five Membership Rewards® points per dollar spent on eligible hotels booked on amextravel.com.

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  • Good disclosure: they tell you what you need to know
  • Simple introductory bonus
  • High annual fee

Key Information

Credit Score Required : Excellent/Good

Annual Fee : $550

Welcome Offer : 60,000 Membership Rewards® points after you use your new Card to make $5,000 in purchases in your first 3 months.

Tip: To earn the most Membership Rewards points, be sure to purchase flights directly with airlines or with American Express Travel and book hotel stays directly on amextravel.com.

 

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on American Express’s secure website

Terms Apply | Rates & Fees

Best Low Rate Cards

If you’re someone who carries a balance month-to-month, a low rate credit card can be a great way for you to save money. Whether you want to complete a balance transfer, finance a large purchase, of simply have a low rate card in your wallet, there is a card for you. See below for our top picks.

How to Choose and Use a Low Rate Credit Card

When done properly, credit cards can be the cheapest way to borrow. Just make sure you choose the right credit card for your situation and automate a plan to pay off the debt as quickly as possible.

How to Choose

Best 0% Purchase Credit Cards

With a 0% introductory purchase offer, you will not be charged interest for purchases made on the credit card during the promotional period. This is a great way to finance a purchase. Even better, none of these top cards charge retroactive interest if you don’t pay off the balance during the promotional period. (A lot of store credit cards offer 0%, but then hit you with a big penalty. But don’t worry – these recommendations don’t do that).

Citi® Diamond Preferred® Credit Card

0% intro on Purchases for 18 Months

Citi® Diamond Preferred® Credit Card

If you are looking to finance a purchase, Citi offers a long introductory APR on purchases: 0%* for 18 months on Purchases* after opening the credit card. This is a fantastic length of time for you to pay off your balance. Additionally, the Citi® Diamond Preferred® Credit Card has an intro 0%* for 18 months on Balance Transfers*. There is also a $0* annual fee and the ability to choose your payment due date from any available due date in the beginning, middle or end of the month. After the intro period ends, the APR is 15.74% to 25.74%* (Variable).

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  • Interest is not deferred during the balance transfer period, which means if you do not pay off your balance by the end of the promo period, you will not be charged the interest that would have accrued during the deferral period.
  • Interest rate is not known until you apply.

Key Information

Credit Score Required :Excellent/Good

Purchase Interest Rate : 15.74% to 25.74%* (Variable)

Annual Fee : $0*

Sign-on Bonus : None

Intro Purchase APR : 0%* for 18 months on Purchases*

Intro Balance Transfer Offer : 0%* for 18 months on Balance Transfers*

BT Fee : 5% of each balance transfer; $5 minimum.

Tip: The 18 months starts from when you open the credit card, not when you make the purchase. So make sure you time your application with your planned purchase.

FULL REVIEW 

The information related to Citi® Diamond Preferred® Credit Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication.

TruWest Visa® Signature Card

0% Intro on Purchases for 18 Months – Credit Union Membership Required

TruWest Visa® Signature Card

TruWest is a credit union with restricted membership. Unfortunately, you need to live in certain regions of Texas or Arizona, or work for a few select employers to join. You can learn about membership eligibility here. If you are able to join, you will find a long 0% introductory APR for 18 months period on both purchases and balance transfers (9.65%-10.65% Variable APR, after). Even better, the credit card has reasonable credit union interest rates after the promotional period ends. There is no annual fee on the card.

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  • Interest is not deferred during the balance transfer period, which means if you do not pay off your balance by the end of the promo period, you will not be charged the interest that would have accrued during the deferral period.
  • There is a range of interest rates. You won’t know yours until you apply.

Key Information

Credit Score Required : Excellent/Good

Regular Purchase & Balance Transfer APR : 9.65%-10.65% Variable

Annual Fee : $0

Sign-on Bonus : Earn $100 when you spend $100 in the first 90 days

Intro Purchase APR : 0% introductory APR for 18 months

Intro Balance Transfer Offer : 0% introductory APR for 18 months

BT Fee : 3% of the amount of each balance transfer.

Tip: Make sure you check your membership eligibility before you apply.

APPLY NOW Secured

on TruWest Credit Union’s secure website

Best Low Interest Credit Cards

Having a credit card with a rate that stays low is a good idea. In case of an emergency, you will always have access to a low cost way to borrow. Here are some great low interest rate options:

Visa® Titanium Signature Rewards Card from Andrews Federal CU

As Low as 7.99% APR from a Credit Union Anyone Can Join

Visa® Titanium Signature Rewards Card from Andrews Federal CU

The Visa® Titanium Signature Rewards Card from Andrews Federal CU has the lowest ongoing APR on our list at 7.99% - 18.00% Variable. If you qualify for the lowest rate and end up carrying a balance, you may be charged little interest (compared with higher APR cards). This card is also a good option if you have existing debt on a credit card because you can transfer it during the balance transfer Introductory Rate Special Offer - 0% APR for 12 months.

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  • There is a range of interest rates. You won’t know yours until you apply.
  • You have to join the credit union, but membership is open to all. Click here to check for eligibility.

Key Information

Credit Score Required : Excellent

Purchase Interest Rate : as low as 7.99% Variable

Annual Fee : $0

Sign-on Bonus : None

Intro Purchase APR : None

Intro Balance Transfer Offer : None

BT Fee : None

Tip: You need to have an excellent credit score in order to qualify for the lowest interest rate.

APPLY NOW Secured

on Andrews Federal Credit Union’s secure website

You might get a lower rate from a credit union or bank near you that doesn’t accept nationwide applications, and you can check our full list of low interest credit cards to see if there is one that works for you.

How to Use

If you need to borrow money, credit cards can be an incredibly low cost way of borrowing. Just make sure you pay attention to the following tips:

  • Get that balance transfer done quickly! If you are transferring a balance, make sure you complete the transfer as soon as possible. The introductory offer starts from when you open the card, not when the transfer is completed. And you can lose the offer with most issuers if you wait more than 60 days to complete the transfer.
  • Automate your monthly payments. If you pay late, you can be charged a costly late fee. And, if your payment is 60 days late, you can lose the introductory offer entirely.
  • You cannot transfer debt between two cards of the same bank. For example, if you open a Citi account you will only be able to transfer debt from credit cards other than Citi.

Best Cards to Help Build or Rebuild Your Credit Score

If you’re someone who is new to credit or has poor credit history, there are credit cards designed for you. These cards are a great way to begin your credit journey, or to improve your credit score. See below for our top picks.

How to Choose and Use a Credit Card to Build or Rebuild Your Score

If you are looking to build or rebuild your credit score, a credit card can be the perfect tool.

How to Choose

If you have no credit, or your credit score is below 620, you should consider a secured credit card.

If you have limited credit history (less than three years) or you have only defaulted once on a credit card or loan (not multiple times), you should consider a credit card for fair credit.

Best Secured Credit Cards if You Have Bad or No Credit

Secured credit cards are the best option if you need to build or rebuild your credit score. The best secured credit cards have no annual fees. If you’re going to use a secured credit card, it will help you grow your score if you pay your balance on time every month, keep your credit utilization low, and you apply for an unsecured credit card after 12-18 months of regular use.

Need to know more? These are ways that you can build your credit without paying interest and spending just $10 a month, and these are tips for improving your credit score.

Discover it® Secured

No Annual Fee Secured Card with Free FICO® Score; $200 Deposit Required

Discover it® Secured

This is our favorite secured credit card. There is a $0 annual fee and you will get free access to your credit score. In order to open the card, you will need to deposit at least $200, depending upon your creditworthiness. If you have previously filed bankruptcy, you still have the chance to be approved. With this secured credit card, you will earn 2% cash back at restaurants or gas stations (on up to $1,000 in combined purchases each quarter) and 1% cash back on all other purchases.

Our favorite part of this card is the automatic monthly reviews starting at 8 months to see if you can be transitioned to an unsecured card. If you qualify, you will be graduated (and get your deposit back).

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  • No annual fee
  • Free FICO® credit score

Key Information

Credit Score Required :

Purchase Interest Rate : 24.49% Variable APR

Annual Fee : $0

Sign-on Bonus : Get a dollar-for-dollar match of all the cash back you’ve earned at the end of your first year, automatically (new cardmembers only).

Intro Purchase APR : None

Intro Balance Transfer Offer : 10.99% for 6 months

BT Fee : 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*

Tip: This product reports to all three credit bureaus. It is a great tool to build your score. But, if you miss payments, you can do damage to your score.

APPLY NOW Secured

on Discover Bank’s secure website

Rates & Fees

FULL REVIEW 

Rate Advantage Secured Visa Credit Card by Coastal FCU

No Fee Secured Card; Credit Union Membership and $100 Deposit Required

Rate Advantage Secured Visa Credit Card by Coastal FCU

This card has no annual fee, and you only need to deposit $100 in a Collateral Savings Account to get started. If you’re not a member of Coastal Credit Union, you can join the North Carolina Sustainable Energy Association for $18, which is deducted from your initial deposit, and become a member. So you’ll need $118 to get started. While the initial deposit is lower than the Discover it® Secured, you lose out on the rewards. This card takes more work to open, since it involves joining a credit union, but anyone can apply.

Transparency Score 27
Transparency Score
  • A single interest rate that you know up front, before you apply
  • You have to join a credit union

Key Information

Credit Score Required : Anyone can apply

Purchase Interest Rate : as low as 17.50% Variable

Annual Fee : $0

Sign-on Bonus : None

Intro Purchase APR : None

Intro Balance Transfer Offer : None

BT Fee : $5 or 3%, whichever is greater

Tip: It is easy to join the credit union. Join an organization for $18 and you will become eligible.

APPLY NOW Secured

on Coastal Credit Union (NC)’s secure website

We also have a list of several other no annual fee secured credit cards from both banks and credit unions anyone can join. Or browse our list of hundreds of secured cards to compare rates, fees, and deposit requirements.

Best Credit Cards if You Have Fair Credit

If you have fair or average credit, you might be able to qualify for an unsecured credit card. If you have more than one default in the last five years, you will find it difficult to get approved. In addition, if you are currently delinquent on any of your accounts it will also be hard to get approved, and you should try a secured card instead.

Here are some good cards for people with fair credit:

Capital One® QuicksilverOne® Cash Rewards Credit Card

1.5% Cash Back for People with Average Credit – with $39 Annual Fee

Capital One® QuicksilverOne® Cash Rewards Credit Card

Capital One® has created a credit card specifically for people with Average/Fair/Limited credit. If you have defaulted on a loan (but not more than one) in the last five years, or you have limited credit history (at least one account for less than three years), you would meet the definition of average credit. With this card, you will earn unlimited 1.5% Cash Back on every purchase, every day
with no limit on how much you can earn, and no changing categories.

Transparency Score 30
Transparency Score
  • Interest is not deferred during the balance transfer period, which means if you do not pay off your balance by the end of the promo period, you will not be charged the interest that would have accrued during the deferral period.
  • There is an annual fee

Key Information

Credit Score Required : Average/Fair/Limited

Purchase Interest Rate : 26.99% (Variable)

Annual Fee : $39

Sign-on Bonus : None

Intro Purchase APR : None

Intro Balance Transfer Offer : None

BT Fee : None

Tip: Watch your credit score closely. As you pay down your debt, your score will improve. Once your score is above 700, you can find a lot of choices for credit cards with better rewards or no annual fee.

APPLY NOW Secured

on Capital One’s website

FULL REVIEW 

You may also want to try and see if you are pre-qualified for a credit card before applying. Banks can perform a ‘soft’ pull on your credit file to give you a sense of whether you might qualify for one of their products. It leaves no mark on your credit score, and you can see a full list of ways to check if you’re pre-qualified here.

How to Use It

In order to build your credit score with one of these cards, you should follow our tips. By doing this, you should see real improvement in your score.

  • Don’t use more than 10% – 20% of your available credit. For example, if you have a $500 credit limit, never spend more than $50. That keeps your utilization low.
  • Use your card every single month. You should make sure you have a transaction every month, so that positive data is reported to the credit bureaus.
  • Automate and pay your statement balance in full and on time every month. Even just one late payment could crush your score. And by paying the balance in full, you will avoid any interest expense.
  • Watch your score closely. Keep an eye on your credit score. After 12 months, you should really start to see a big improvement. Once your score is above 650, you should try to get your secured card converted or apply for an unsecured credit card.

A Special Note: Beware Predatory Companies

Many lenders target consumers with FICO® credit scores of less than 650. If you have searched for “credit cards for bad credit,” you will probably find offers from companies like First Premier. In addition to high interest rates, these lenders often require application processing fees, maintenance fees and more. You could be given a $300 credit limit and see a big portion of it eaten up with fees.

Stay away from these specialist subprime lenders. Instead, consider the following:

  • If you need to borrow, consider a personal loan instead. You can find much better deals. Search for options here.
  • If you want to build your credit score, use a secured credit card instead.

Other Benefits of Using a Credit Card

Not only can you use a credit card to earn rewards, borrow at low rates or build your credit score for free – but there are many other benefits available. Here are some of the benefits that you can find:

Available on Most Credit Cards

  • $0 Liability on Fraudulent Activity: Credit cards are the best way to protect yourself from fraud. So long as you report the fraud to your credit card company, you will not be liable for any losses on any major credit card.
  • Car Rental Collision Insurance: If you waive collision coverage when renting a car, your credit card may provide secondary coverage of $50K or more.

Available on Some Credit Cards

  • Retail Purchase Protection: Protects you from loss, theft, fire or accidental damage for a limited period of time after your purchase has been made. Not all cards protect you from loss, so look it up in the Purchase Protection Coverage Description Document.
  • Price Protection: If you buy something in stores and you see an advertised price, you will receive the difference between the two prices.
  • Extended Warranties: Duplicates both manufacturers and store warranties for a limited length of time and for limited dollar values (varies by card).
  • Travel Accident Coverage: If you are injured during travel, and you purchased the tickets via credit card, your company fully insures you.
  • Lost Luggage Coverage: You can receive compensation for lost, stolen or damaged luggage if you purchased flight or travel tickets using your credit card.
  • Trip Interruption Cancellation Coverage: If travel delays keep you from completing a trip, and you purchased the tickets on your credit card, the full value of the tickets will be refunded
  • Concierge Services: Certain cards offer free access to local concierge services that can help you make dinner reservations, purchase event tickets, and locate items while you are abroad.

Should You Get a Credit Card?

Credit cards are like knives. Used well, they are great (even essential) tools. But if you start playing with them, you can get into trouble quickly.

There are two big risks associated with swiping plastic:

  • You spend more than you should, because it is just too easy
  • You pay higher interest rates than you should, adding years to your debt repayment

Before using a credit card, you need to answer the following question honestly:

Do I trust myself with plastic? Can I exhibit the necessary self-control to spend only what I can afford to pay in full every month?

If you have the discipline and self-control, keep reading and we will help you find the best credit card for your needs. But, if you don’t, it is possible to live a long and fulfilling life without plastic cards in your pocket.

Which type of card is best for you?

Why do you want a credit card? The answer to that question will determine which type of card is best for you.

Just remember this critical rule when selecting a credit card:

You should have a Rewards Card for your spending. You should have a Low Rate Card for your borrowing. But you should avoid mixing the two. The best Rewards Cards tend to have higher interest rates. And the best Low Rate Cards often have no (or bad) rewards.

FAQ

The minimum payment calculation differs by credit card issuer. The most common is 1% of the principal balance plus any interest or fees that accrued in the month (or a set amount, like $25, if the minimum due is very low).

If you use your credit card at an ATM to take out cash, a few things will happen. First, you would be charged a cash advance fee, which is usually about 3%. Second, interest would start accruing immediately, because most issuers do not have a cash advance grace period. And the cash advance interest rate is usually much higher than the purchase rate. Don’t be surprised to see interest rates as high as 24% (or higher).

While there is no over-limit fee, having a credit card with a balance that is greater than the credit limit can have a very negative impact on your credit score. In general, you want to keep your credit card balance below 20% (ideally below 10%) of your credit limit.

We do not recommend closing credit cards, because it can reduce your credit score. Closing unused credit cards does two things. First, it reduces your total available credit. That increases your utilization, which is bad for your score. Second, the age of your open credit cards helps your score. If you close old accounts, you can hurt your score over time.

The law requires that any payment amount beyond the minimum due must be applied to the highest APR balance first. The minimum due is at the discretion of the credit card companies. However, it is usually applied to the balance with the lowest APR first. Your goal is to eliminate high APR debt – so don’t be afraid to make much bigger payments on credit cards. The extra amount will always go to the most expensive debt first.

Each application for new credit can take 5-10 points off your credit score. If you are planning on applying for a mortgage or auto loan in the near future, you have to be very careful. Even just 5 points can be painful. However, if you are not going to be applying for a mortgage or auto loan in the next 6-12 months, you should not worry too much about your credit score. Instead, focus on getting out of debt quickly.

Advertiser Disclosure: The products that appear on this site may be 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 financial institutions or all products offered available in the marketplace.

Benét J. Wilson
Benét J. Wilson |

Benét J. Wilson is a writer at MagnifyMoney. You can email Benét J. at [email protected]

Advertiser Disclosure

Best of, Earning Cashback

10 Best 5% Cash Back Credit Cards for November 2019

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners. This site may be compensated through a credit card partnership.

Cash Back Credit Cards for 2017
iStock

Credit card rewards programs come in so many varieties that it can be difficult to find the best cards for your spending habits. A basic, flat-rate card that earns you a certain percentage of cash back on all purchases is probably the simplest bet out there. Typically, rates range from 1-2%. Not shabby, especially if you use that card exclusively. But it’s not exactly something to write home about either.

There are even better cash back rewards offerings out there, some as high as 5%. But with these high-rewards cards, there’s almost always a catch, since most don’t offer 5% cash back across the board.

Every few months, the cards offer a few select shopping categories that can earn 5% cash back. Once those few months are up, the categories change. For example, a card could offer 5% cash back on groceries, gas and airfare from January to March, then switch those categories to wholesale stores, restaurants and gyms from April to June.

Additionally, there are often caps on how much of your spending can qualify for the 5% rewards rate. So if the cap is $1,500, for example, everything past that amount won’t qualify for the higher reward.

The key to maximizing these great cashback card offers is to find ones that offer cash in the categories you use the most. We dug around and found 10 cards that offer at least 5% cash back in some of the most common spending categories including gas, groceries and entertainment.

Access to bonus 5% Categories: Chase Freedom®

Chase Freedom®

The information related to Chase Freedom® has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication. Terms Apply.

Chase Freedom®

Regular Purchase APR
16.74% - 25.49% Variable
Annual fee
$0
Rewards Rate
Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.

How it works: Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases. This translates to a maximum return of up to $75 per quarter on the 5% bonus category. You earn an unlimited 1% cash back on all other purchases outside of the bonus categories. You can also Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.

Earn 5% back in these categories through the end of 2019:

  • January to March 2019: Gas stations, tolls and drugstores
  • April to June 2019: Grocery stores and home improvement stores
  • July to September 2019: Gas stations and select streaming services
  • October to December 2019: Department stores, Chase Pay, Apple Pay (Activate by Dec. 14, 2019)

Another area where the Chase Freedom® shines is in how it allows customers to redeem their rewards. The cash you’ve earned converts into Chase Ultimate Rewards® points. Every $1 equals 100 points. You can easily use the cash and apply it to your monthly statement. Or you can convert them into points and use them on travel, gift cards, merchandise, and other services through the Chase Freedom® rewards dashboard.

They make it super simple to redeem points on the go through the Chase Freedom® Mobile app. While you’re shopping, you can pick the merchant from the list on of eligible merchants on your app (popular ones include Nike, Regal Cinemas, Lowe’s, Starbucks and Best Buy). Then tell the app how much cash you want to use. You’ll get a custom e-gift card that you can present at checkout to pay for your purchases.

chasefreedommobileapp

Plus, you can stack the points earned on your Chase Freedom® card with your points on other Chase rewards cards, like the Chase Sapphire Preferred® Card and the Chase Sapphire Reserve®. That just increases the spending power of your points.

The Fine Print: You can’t beat 5% cash back for your spending, especially with no annual fee. The downside is you have to remember to activate the category each quarter by subscribing to the program. But, if you set a reminder to do so, you can earn money without too much effort.

The original 5% cash back card: Discover it® Cash Back

Discover it® Cash Back

APPLY NOW Secured

on Discover Bank’s secure website

Rates & Fees

Discover it® Cash Back

Regular APR
13.49% - 24.49% Variable
Annual fee
$0
Rewards Rate
5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com and more up to the quarterly maximum, each time you activate, 1% unlimited cash back on all other purchases - automatically.

How it works: With the Discover it® Cash Back you earn 5% cash back at different places each quarter like grocery stores, gas stations, Uber and Lyft, restaurants, or Amazon.com up to the quarterly maximum. The 5% is limited to $1500 spending per quarter, 1% after that. Activation is required.

Earn 5% cash back in these categories through the end of 2019:

  • January through March 2019: Grocery stores
  • April through June 2019: Gas stations, Uber and Lyft
  • July through September 2019: Restaurants and PayPal
  • October through December 2019: Amazon.com, Target, and Walmart.com (Activate now)

Discover also recently announced its 2020 cashback calendar:

  • January through March 2020: Grocery stores, Walgreens and CVS (Activate now)
  • April through June 2020: Gas stations, Uber, Lyft and wholesale clubs (Activate starting Feb. 1)
  • July through September 2020: Restaurants and PayPal (Activate starting May 1)
  • October through December 2020: Amazon.com, Walmart.com and Target.com (Activate starting Aug. 1)

Using your rewards: Cash back from the Discover it® Cash Back is tracked in dollars and cents. You can immediately apply your cash back earnings to your bank account or as a statement credit toward your bill (note: your minimum payment will still be due). There’s also no minimum rewards value if you want to redeem them for charitable donations.

The fine print: You can only earn 5% cash back on up to $1,500 of spend each quarter you activate. Once you’ve hit that cap, you’ll earn 1% unlimited cash back automatically on all other purchases. This adds up to a $75 maximum return on your rotating bonus categories. There is no annual fee.

Extra perks: For new cardmembers, Discover will match ALL the cash back you’ve earned at the end of your first year, automatically. There’s no signing up and no limit to how much is matched.

Best for gas and restaurants in 2019: Visa® Platinum Rewards Credit Card from Nusenda Credit Union

Visa® Platinum Rewards Credit Card from Nusenda Credit Union

Visa® Platinum Rewards Credit Card from Nusenda Credit Union

Regular Purchase APR
11.00% - 15.00% Variable
Annual fee
$0
Rewards Rate
Earn 3 bonus points, or 5% cash back, respectively, for every dollar they spend on purchases for movies, restaurants, and home improvements (up to $1,500 per quarter).

How it works: The Visa® Platinum Rewards Credit Card from Nusenda Credit Union lets you earn 3 bonus points, or 5% cash back, respectively, for every dollar they spend on purchases for movies, restaurants, and home improvements (up to $1,500 per quarter). Notably, it offers both gas and restaurants in two quarters. As a bonus New card holders earn 10,000 bonus points for $500 in purchases during first 90 days.

Earn 5% cash back in these categories through the end of 2019:

  • January to March: Groceries and gas expenses
  • April to June: Movies, restaurants and home improvement
  • July to September: Gas and education expenses
  • October to December: Restaurants, hotels and airfares

Using your rewards: This offer stands out as a decent companion card for maximizing cash back. When coupled with the Chase Freedom® or Discover it® Cash Back, you can maximize cash back in different areas during one quarter.

For an example, you can turn to the Visa® Platinum Rewards Credit Card from Nusenda Credit Union for 5% at restaurants in Q4. Then pull out the Discover it® Cash Back to make purchases at Amazon.com for another 5% the same quarter.

The fine print: Once again, you’ll need to monitor your spending habits to get the most cash back from a revolving category card. If you choose to use this card along with another one, a good practice would be labeling the cards in your wallet to ensure you use the right one for the right purchases in a given quarter.

One final caveat: While there is no annual fee, Nusenda is a credit union, so you will have to go through the process of applying for membership.

Pick your own cash back categories: U.S. Bank Cash+™ Visa Signature® Card

U.S. Bank Cash+™ Visa Signature® Card

U.S. Bank Cash+™ Visa Signature® Card

Regular Purchase APR
15.74% - 25.24%* (Variable)
Annual fee
$0*
Rewards Rate
5% cash back on your first $2,000 in combined eligible net purchases ($100 per quarter) on two categories you choose. That adds up to $400 cash back!

The U.S. Bank Cash+™ Visa Signature® Card has a revolving cash back program that’s unique in comparison to the others above because you get options.

Earning cash back: You can earn 5% cash back in two categories of your choosing each quarter limited to the first $2,000 of spend. Then you can choose another category with no cap to earn 2% cash back. On all other purchases, you earn 1% cash back.

The categories for an unlimited 2% cash back (choose one each quarter) are:

  • Gas stations
  • Restaurants
  • Grocery stores

The categories for 5% cash back up to $2,000 (choose two each quarter) are:

  • Home utilities
  • Ground transportation
  • Select clothing stores
  • Cell phone providers
  • Electronics stores
  • Car rentals
  • Gyms/fitness centers
  • Fast food
  • Sporting goods stores
  • Department stores
  • Furniture stores
  • Movie theaters

Using your rewards: You can redeem cash back for gift cards, statement credit or a deposit into a U.S. bank savings, checking or money market account. The first time you redeem $100 in cash back in a single transaction, you get a $25 Cash+ Bonus.

The Fine Print: The same opt-in revolving category applies here, except you must also remember to choose your categories. There is no annual fee. The U.S. Bank Cash+™ Visa Signature® Card is another good example of a card you may want to couple with another that gives you higher cash back for necessities, i.e., groceries. But, for diverse spenders who can benefit from the 5% category options, the U.S. Bank Cash+™ Visa Signature® Card is worth considering.

Ideal for typical business expenses: Ink Business Cash℠ Credit Card

How it works: Earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn.

Earning cash back: Along with the rewards rate, cardholders earn $500 bonus cash back after you spend $3,000 on purchases in the first 3 months from account opening.

Using your rewards: You can redeem your cash back as statement credits, which can be applied toward your card balance or directly deposited into most U.S. checking and savings accounts. You can also redeem cash back for travel, gift cards or Apple purchases through Ultimate Rewards.

The fine print: Although the Ink Business Cash℠ Credit Card offers a generous rewards rate on select business expenses, you can only earn the higher cash back rate on the first $25,000 in combined purchases in those categories each account anniversary year.

5% cash back for the Amazon Prime enthusiast: Amazon Prime Rewards Visa® Signature Card

Amazon Prime Rewards Visa® Signature Card

The information related to Amazon Prime Rewards Visa® Signature Card has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card prior to publication. Terms Apply.

Amazon Prime Rewards Visa® Signature Card

Regular Purchase APR
15.99% to 23.99% Variable
Annual fee
$0
Rewards Rate
Earn 5% back at Amazon.com and Whole Foods Market with eligible Prime membership, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases.

How it works: The Amazon Prime Rewards Visa® Signature Card is open to Amazon Prime Members, so it’s somewhat exclusive. Earn 5% back at Amazon.com and Whole Foods Market with eligible Prime membership, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases. Buying items on other merchant websites that have the Amazon Prime Rewards Visa® Signature Card payment option enabled will not earn you 5% cash back.

Using your rewards: The cash back you rack up will apply as a credit to your statement.

Do the math: If you’re not already an Amazon Prime Member, it’s probably not worth signing up to become one just for the card unless you intend to spend big bucks on the site or at Whole Foods Market. You need to spend $2,380 per year at Amazon.com for the 5% cash back to cover the $119 annual membership fee.

The fine print: The fine print of what you can and can’t buy to earn 5% is the only gotcha here. But, if you shop a lot at Whole Foods Market or on Amazon.com often and stick to the rules, you’ll see a nice return from this card. There’s no annual fee for the card, but you must be an Amazon Prime member, which costs $119 a year ($59 for students).

Good fit for the regular Target shopper: Target REDcard™ Credit Card

Target REDcard™ Credit Card

Target REDcard™ Credit Card

Regular Purchase APR
25.15% Variable
Annual fee
$0
Rewards Rate
5% at Target & Target.com

How it works: For Target shoppers, there’s the Target REDcard™ Credit Card. It gives you a discount of 5% at Target & Target.com (minus any other discounts or promotions). Purchases that won’t earn 5% cash back include:

  • Prescriptions, over-the-counter items located behind the pharmacy counter and clinic services
  • Target Optical™ eye exams
  • Target gift cards and prepaid cards, Stockpile, Gift of College and lottery gift cards
  • Previous purchases
  • Certain restaurant merchants in Target stores, such as D’Amico & Sons Italian Kitchen and Pret A Manger
  • Target credit account payments, Target Debit Card cash back and cash advances on the Target Mastercard
  • Shipt membership fees
  • Gift wrap and shipping and handling charges on Target.com purchases
  • Wireless protection program purchases and deposits required by mobile carriers

Earning and using rewards: The program is pretty simple as far as how Target gives you money back. Your 5% will apply to eligible purchases in your shopping cart at checkout. In addition to 5% cash back, this program includes free shipping from Target.com and 30 extra days for returns.

The fine print: No red flags with the REDcard other than watching out for the purchases excluded from cash back listed above. For faithful Target shoppers, this no annual fee card with the 5% discount may be a no brainer.

Most straightforward 5% rewards card just for gas: Fort Knox Federal Credit Union Visa® Platinum Card

Fort Knox Federal Credit Union Visa® Platinum Card

Fort Knox Federal Credit Union Visa® Platinum Card

Regular Purchase APR
11.50% - 18.00% Variable
Annual fee
$0
Rewards Rate
Unlimited 5% cash back on gas and 1% cash back on all retail purchases.

How it works: The Fort Knox Federal Credit Union Visa® Platinum Card makes our list with the most straightforward, no cap rewards program. You can Unlimited 5% cash back on gas and 1% cash back on all retail purchases.

Using your rewards: Cash back will appear on your statement as a credit.

The fine print: This rewards program is offered by a credit union in Kentucky. You’ll have to take a few extra steps to qualify for membership. If you don’t live in Kentucky or have family in Kentucky, membership is open to anyone that joins the American Consumer Council. There is no annual fee for the card, but you will need to become a member of the credit union.

Only advantageous for military service members living on base: USAA® Cashback Rewards Plus American Express® Card

USAA®Cashback Rewards Plus American Express® Card

USAA®Cashback Rewards Plus American Express® Card

Regular Purchase APR
13.65% - 27.65% Variable
Annual fee
$0
Rewards Rate
Earn 5% cash back on your first $3,000 in gas and military base purchases annually on these categories combined. Earn 2% on your first $3,000 on supermarket purchases per year. Unlimited 1% cash back on all other purchases.

How it works:USAA® Cashback Rewards Plus American Express® Card lets you earn 5% cash back on your first $3,000 in gas and military base purchases annually on these categories combined. earn 2% on your first $3,000 on supermarket purchases per year. unlimited 1% cash back on all other purchases. USAA membership is available to active and former military and their eligible family members.

Earning cash back: You Earn 5% cash back on your first $3,000 in gas and military base purchases annually on these categories combined. Earn 2% on your first $3,000 on supermarket purchases per year. Unlimited 1% cash back on all other purchases. You can redeem cash back in increments of $1 through the USAA Rewards Service Center online or over the phone.

The fine print: The USAA® Cashback Rewards Plus American Express® Card is light on the fine print. Just remember, the 5% category yearly maximum is $3,000 for combined gas and military base purchases per year and not per quarter. There is no annual fee.

The key to earning from any cash back card

In closing, regardless of which cash back card you choose, be sure to pay off your bill in full each month. That’s one underlying trap of any card rewards program. If you carry a balance over time, adding interest into the equation means you may end up paying the credit card company more than what you’re making in cash back.

Advertiser Disclosure: The products that appear on this site may be 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 financial institutions or all products offered available in the marketplace.

Benét J. Wilson
Benét J. Wilson |

Benét J. Wilson is a writer at MagnifyMoney. You can email Benét J. at [email protected]

Tracy Brackman
Tracy Brackman |

Tracy Brackman is a writer at MagnifyMoney. You can email Tracy here

Advertiser Disclosure

Best of

The Best 18-Month CD Rates in 2019

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Sometimes you need a shorter-term CD, but the rate of return on a 12-month CD just isn’t quite enough. Thankfully, many institutions offer 18-month CD or 19-month CD options. They typically have higher rates than a 12-month account, while remaining a viable choice for near-term savings goals when a 24-month CD would be too long a commitment.The key is to find the right 18-month CD to maximize your savings. If you look around, you can find rates just around 2.50% APY, compared to the average 18-month CD rate of 1.384%. To make the search process easier for you, we’ve uncovered the best 18-month CDs using data from DepositAccounts.com to find the highest APY. We also took each account’s minimum deposit requirement into consideration.

The 10 best 18-month CD rates in 2019

InstitutionAPYMinimum deposit amount to earn APY
Sallie Mae Bank2.30%$2,500
Alabama Credit Union2.27%$500
Wings Financial Credit Union2.27%$5,000
USALLIANCE Financial2.25%$500
TAB Bank2.25%$1,000
Communitywide Federal Credit Union2.25%$1,000
M.Y. Safra Bank2.15%$500
Live Oak Bank2.15%$2,500
Merrick Bank2.15%$25,000
Pen Air Federal Credit Union 1.95%$500

Sallie Mae Bank — 2.30% APY, $2,500 minimum deposit

Sallie Mae isn’t just for student loan management. You can also build your savings there, too, including its several certificates of deposit. Plus, its 18-month CD earns at the highest rate there. You just need $2,500 to open. Making an early withdrawal will trigger a penalty equal to 180 days’ simple interest on the amount withdrawn.

Sallie Mae was founded in 1972 and offers savings accounts, loans, credit cards and more financial services and aid.

LEARN MORE Secured

on Sallie Mae Bank’s secure website

Member FDIC

Alabama Credit Union — 2.27% APY, $500 minimum deposit

You can get started with an 18 month CD from Alabama Credit Union with just $500 in new money not currently held at Alabama Credit Union. Interest is compounded quarterly. The early withdrawal penalty equals 180 days’ interest.

Based in Tuscaloosa, Ala., Alabama Credit Union was established in 1956 to serve The University Of Alabama community. Today, in addition to select schools, membership is open to employees of at Value Partner organizations and businesses and residents in select communities. Alabama Credit Union is NCUA-insured.

LEARN MORE Secured

on Alabama Credit Union’s secure website

NCUA Insured

Wings Financial Credit Union — 2.27% APY, $5,000 minimum deposit

Among Wings Financial Credit Union’s handful of CDs is its 17-Month Certificate Special. This account requires at least $5,000 in new deposits to open. Balances between $5,000 and $49,999 earn 2.27% APY when interest is paid quarterly. You can increase your rate by depositing $50,000 or more into the account. An early withdrawal will result in a heavy loss equivalent to 2 years’ dividends (730 days).

Wings Financial Credit Union was founded in 1938 by a few Northwest Airlines employees. Today, membership is open to employees in U.S. aviation, immediate family members of a current member, residents and workers in the Minneapolis-St. Paul area or the Seattle-Tacoma area and members of the Wings Financial Foundation. Wings Financial is based in Apple Valley, Minn. and is insured by the NCUA.

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NCUA Insured

USALLIANCE Financial — 2.25% APY, $500 minimum deposit

USALLIANCE Financial offers the chance to earn at a competitive Special Rate on its 18 Month Certificate when you open the account with money not currently held in a USALLIANCE deposit account. Plus, interest is compounded daily, which grows your money even faster. You need just $500 to open the account. Early withdrawal penalties will equal 360 days of dividends on the amount withdrawn.

USALLIANCE Financial was started in 1966 by a handful of IBM employees. Today, its membership has expanded; you can join USALLIANCE Financial through your place of residence, employer, place of worship, school or organization.

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NCUA Insured

TAB Bank — 2.25% APY, $1,000 minimum deposit

Open a new TAB Bank CD with at least $1,000 and start growing your money according to its 2.25% APY. The penalty for an early withdrawal will equal 180 days interest on the amount withdrawn.

TAB Bank, or Transportation Alliance Bank, was founded in 1998 and is based in Ogden, Utah.

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Member FDIC

CommunityWide Federal Credit Union — 2.25% APY, $1,000 minimum deposit

Open a CommunityWide Federal Credit Union Term Share Certificate with at least $1,000 to start saving at its competitive rate. Note that CW does not automatically renew your certificate at maturity, leaving that choice up to you. CW calculates its early withdrawal penalty a little differently than other institutions. It will equal the amount of the withdrawal times the remaining term (in days) of the certificate at the rate of two times the certificate’s current APR (divided by 365). The penalty will be deducted from the amount withdrawn.

CommunityWide FCU was founded in 1967 as the West Washington Association Federal Credit Union, gaining its current name in 1985. You can join CW if you’re a member, employee or retiree of select organizations, a spouse of someone who died while a member or an immediate family member of qualified members.

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on Communitywide Federal Credit Union’s secure website

NCUA Insured

M.Y. Safra Bank — 2.15% APY, $500 minimum deposit

Turn to M.Y. Safra’s online-only bank, MYSB Direct for better rates, including on its 18 Month Online CD. With a minimum deposit of $750, you can start growing your money at 2.15% APY. The early withdrawal penalty will depend on how close you are to your account’s maturity date, how much you have in the account and the amount you want to withdraw.

MYSB Direct is the online-only arm of New York City-based bank M.Y. Safra Bank, founded in 2000.

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Member FDIC

Live Oak Bank — 2.15% APY, $2,500 minimum deposit

With CD rates well above 2%, it’s no wonder Live Oak Bank’s 18-month CD makes it on this list. You’ll need at least $2,500 to open an account. Interest earned can be paid out monthly. An early withdrawal will cost you a penalty equal to 90 days of interest on the amount withdrawn.

Largely focused on loans and business banking, Live Oak Bank doesn’t have any consumer bank branches other than its headquarters in Wilmington, N.C. It was founded in 2008.

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Member FDIC

Merrick Bank — 2.15% APY, $25,000 minimum deposit

Merrick Bank may offer only a few CDs, but they all earn at excellent rates, including its 18 Month CD. Just note that you’ll need at least $25,000 to open one of these accounts. The early withdrawal penalty is equal to 2% of the account balance or seven days’ interest, whichever is greater.

Merrick Bank was founded in 1997 and also provides loans and financing products along with its CDs.

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on Merrick Bank’s secure website

Member FDIC

Pen Air Federal Credit Union — 1.95% APY, $500 minimum deposit

You’ll need at least $500 to open an 18-month Pen Air Certificate. Then you can start earning at its 1.95% APY. The early withdrawal penalty for this term will equal 180 days’ dividends.

Founded in 1936, Pen Air Federal Credit Union is based in Pensacola, Fla., and maintains locations in Northwest Florida and Southeast Alabama. Pen Air membership is open to you if you’re active duty or retired military, a civil service employee, an employee at a partnering Select Employer Group or an immediate family member of eligible members. You may also join by becoming a member of the Friends of the Navy-Marine Corps Relief Society, Inc., whose one-time $3 donation Pen Air will make for you.

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on Pen Air Federal Credit Union’s secure website

NCUA Insured

Is it worth getting an 18-month CD over a 1-year CD?

When we discuss CD rates, we tend to center the conversation on 1-year CDs. They’re helpful to look at when assessing changes in rates over time, typically compared to long-term CDs. They also the general starting point when creating a CD ladder. So where do the slightly longer 18-month CDs fit in?

18-month CDs are only six months longer than 1-year CDs. It might seem like too little of a difference, especially when you’re squirreling away cash. However, because of this extra time a bank gets to hold your money, banks are willing to pay higher rates on your 18-month deposits, thus boosting your savings a little bit more.

Let’s say you deposit $1,000 into a bank’s 3% APY 18-month CD. At maturity, you’ll have earned around $46. Making that same deposit into the same bank’s 1-year CD at 2% APY, would earn just a little over $20. Of course, rates vary from bank to bank. That’s why it’s important to look for the best CD rates for each term to make locking your money away more worthwhile.

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Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here