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Best of, Earning Interest

The Best IRA CD Rates – December 2018

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Top IRA CD rates
Source: iStock

Perhaps you’ve decided to build a CD ladder within your IRA, or maybe you’re looking for a safe way to store your retirement cash for a specific period of time. Whatever the reason, you’re interested in getting an IRA CD and, understandably, want to know what products will give you the best rate of return.

You can get an IRA CD with terms ranging from three months to more than six years, with interest rates generally increasing with the term length. There are lots of options, so we’ve rounded up the top IRA CD rates that are available right now for a variety of terms. You’ll select your IRA CD terms based on your CD-ladder master plan or whenever you’ll need access to your money.

Every month, we choose the best IRA CD rates using data from another LendingTree company DepositAccounts.com, a database of offerings at more than 17,100 banks and credit unions. On December 6, 2018, we sorted the products by APY, then eliminated institutions with a health rating below a B. We then eliminated products that are not available nationwide. From there, we chose the IRA CD with the highest APY among products with a minimum deposit no greater than $5,000. Here are the best options. (Average CD rates referenced below are based on DepositAccounts.com data as of December 6, 2018.)

The best IRA rates in December 2018

Term

Institution

APY

Minimum Deposit Amount

3 months

TIAA Direct

1.90%

$5,000

6 months

CommunityWide Federal Credit Union

2.30%

$2,000

12 months

State Department Federal Credit Union

2.68%

$500

18 months

First Internet Bank

2.84%

$1,000

2 years

Connexus Credit Union

3.00%

$5,000

3 years

Mountain America Credit Union

3.35%

$500

4 years

Mountain America Credit Union

3.25%

$500

5 years

Greenwood Credit Union

3.00%

$1,000

 

3 Month IRA CD – TIAA Bank, 3 Month Yield Pledge IRA (Traditional, Roth)

TIAA Bank
Three-month regular CDs are earning an average interest rate of 0.44% APY currently. TIAA Bank is exceeding that, with an interest rate of 1.90% APY with their 3-Month Yield Pledge IRA CD. With that APY and a $5,000 minimum deposit, you would earn $23.58 when the certificate matures.

LEARN MORE Secured

on TIAA Bank’s secure website

Member FDIC

6-Month IRA CD – CommunityWide Credit Union, 6 Month IRA (Traditional, Roth)

Communitywide Federal Credit Union

Six-month IRA CDs typically earn a little bit better, but they’re normally still not great. CommunityWide Federal Credit Union, however, is breaking that norm by offering the highest interest rate at 2.30% APY for deposits of $2,000 and over. That translates into earnings of $22.87 if you were only to deposit the minimum amount. Compare that to the average of all regular 6 month CDs, at 0.78%.

LEARN MORE Secured

on Communitywide Federal Credit Union’s secure website

NCUA Insured

1-Year IRA CD Rates – State Department Federal Credit Union, 12 Month IRA Certificate (Traditional, Roth)

12 Month IRA Certificate from State Department Federal Credit UnionRegular one-year CDs earn an average interest rate of 1.23% APY. State Department Federal Credit Union, however, is offering a one-year IRA CD at 2.83% APY. You’ll need a $50 minimum deposit to earn interest once you’ve been approved for membership.

LEARN MORE Secured

on State Department Federal Credit Union’s secure website

NCUA Insured

18-Month IRA CD Rates – First Internet Bank, 18 Month IRA Certificate (Traditional, Roth)

18 Month IRA from First Internet Bank18-month regular CDs earn an average interest rate of 1.49% APY. First Internet Bank on the other hand, is currently offering 2.84% APY on an 18-month IRA CD. You’ll need a minimum deposit of $1,000 to open the account.

LEARN MORE 

Member FDIC

 

2-Year IRA CD Rates – Connexus Credit Union, 24 Month IRA Certificate (Traditional, Roth)

24 Month Certificate from Connexus Credit UnionTwo-year regular CDs earn an average interest rate of 1.56% APY. Connexus Credit Union, on the other hand, is currently offering 3.00% APY on a 2-year IRA CD. This would translate into earnings of $304.50 with a minimum $5,000 deposit.

3-Year IRA CD Rates – Mountain America Credit Union, 3 Year IRA (Traditional, Roth)

3 Year Term Deposit Plus from Mountain America Credit UnionThree-year regular CDs are earning an average interest rate of 1.77% APY currently. Mountain America Credit Union is exceeding that, with an interest rate of 3.35% APY with their 3-year IRA CD. You’ll need a minimum deposit amount of $500 to open this account.

LEARN MORE Secured

on Mountain America Credit Union’s secure website

NCUA Insured

 

4-Year IRA CD Rates – Mountain America Federal Credit Union, 4 Year IRA (Traditional, Roth)

4 Year Term Deposit from Mountain America Credit UnionFour-year regular CDs are currently earning an average interest rate of 1.89% APY. Mountain America Federal Credit Union claims the top interest rate for these IRA CDs, with an interest rate of 3.25% APY. It’s interesting enough to note that Mountain America FCU’s 3-year IRA has a higher rate. You need a $500 minimum deposit to open the account.

LEARN MORE Secured

on Mountain America Credit Union’s secure website

NCUA Insured

 

5-Year IRA CD Rates – Greenwood Credit Union, 60 Month IRA Certificate (Traditional, Roth, CESA, SEP)

60 Month IRA Certificate from Greenwood Credit UnionFive-year IRA CDs hold the top spot for interest rates out of any category on our list. National averages for a regular 5-year CD is 2.18% APY, however Greenwood Credit Union outperforms the average with a 3.00% APY on its 5-year IRA CD for members. The minimum deposit is $1,000.

LEARN MORE Secured

on Greenwood Credit Union’s secure website

NCUA Insured

 

6+ Year IRA CD Rates – Michigan State University Federal Credit Union, 7 Year IRA Special (Traditional, Roth, CESA, SEP)

Michigan State University Federal Credit Union offers the highest term for their seven-year IRA CD, at 3.50% APY. That’s less than Greenwood Credit Union which offers a 3.00% APY for a five-year IRA CD. Still, with Michigan State University Federal Credit Union’s seven-year IRA CD, you would earn $680.70 on a minimum deposit of $2,500 when the IRA CD matures.

on Michigan State University Federal Credit Union’s secure website

3 questions to consider before opening an IRA CD

Opening an IRA CD generally requires filling out a form or talking to a banker. You’ll have to have a way to fund your IRA CD, whether that’s rolling over an existing retirement account into an IRA CD or depositing cash into the product. The same limits that apply to IRA contributions apply to IRA CDs: $5,500 per year ($6,500 if you’re over age 50) of your own money across all your IRA accounts each year, and you can do a rollover once per year.

Unless you’ve invested in a bump-up IRA CD, you won’t be able to take advantage of a higher rate until your CD matures. Withdrawing funds from an IRA CD before they mature will result in a stiff penalty. Bump-up IRA CDs give you a chance to increase your interest rate to a higher level if it’s available, but you’re generally only allowed to do this once or twice during the life of the CD.

You can either use the direct-transfer method or the indirect-transfer method. The direct transfer method requires setting up your new IRA account filling out a form authorizing the bank or credit union to transfer money from the old account into the new account. The indirect transfer method involves you asking for a check from your old IRA account. You have up to 60 days to deposit that check into your IRA CD to avoid incurring a penalty.

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.

Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here

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Best of, Earning Interest

The Best Credit Union CD Rates – December 2018

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

The top credit union CD rates
Source: iStock

Certificates of deposit (CDs) are a great way to safely store your savings at a financial institution, as they offer a guaranteed rate of return, and CD rates tend to be higher than those on traditional savings accounts. Maybe you’ve even heard that credit union CD rates offer higher returns—but is that really the case?

On average, yes. As of September 2018, the average one-year credit union CD had a 1.10% annual percentage yield (APY), compared to the 0.87% APY average among one-year bank CDs.

Using data from DepositAccounts.com, another LendingTree company, we identified the top one-year credit union CD rates, as of December 5, 2018. We then eliminated any credit union with a health rating lower than a B and identified the top three offerings in three categories: restricted, no cost, and best banking app. If there was a tie by APY, we went with the product with the lower minimum deposit. Here are the best one-year credit union CD rates.

Best CD rates for credit unions with no cost to join

The thing about credit unions is that they’re not usually just open to anyone. You usually need to meet some membership criteria in order to get in and get access to all of their really nice products. These credit unions, however, will let you in for free regardless of your personal details. (Note: Only two credit unions met our criteria for this list.)

Unify Financial Credit Union – 1-Year Share Certificate, 1.75% APY, min. deposit $1,000

UNIFY Financial Credit Union
Unify FCU offers the highest interest rates on CDs (which it calls share certificates) of any credit union with no cost to join. The interest rate on their 12-month CD, for example, is 1.75%, compared to the national average of 0.92% in June. You would earn $17.50 on a $1,000 deposit. If you withdraw your money early, however, you’ll face a penalty of 90 days’ worth of interest.

LEARN MORE Secured

on UNIFY Financial Credit Union’s secure website

NCUA Insured

NASA Federal Credit Union – 1-Year Share Certificate, 1.25% APY, min. deposit $1,000

NASA Federal Credit Union
If the rigid inflexibility of CDs makes you leery, NASA FCU might be your best bet. They have a lot of flexible certificates, such as add-on certificates that let you start with as little as $250, and bump-rate certificates that let you opt for a one-time interest rate increase if rates go up. You can even take out a loan from your certificate should you need the cash before it’s matured. You can join NASA FCU with a complimentary membership to the National Space Society.

If you do need to make an early withdrawal, you will face a penalty of 180 days’ worth of interest.

LEARN MORE Secured

on NASA Federal Credit Union’s secure website

NCUA Insured

Best credit union CD rates with restricted memberships or membership fees

Each of these credit unions have restricted membership criteria, but don’t let that scare you away. If you don’t meet their membership criteria, it’s possible to make a small donation to their charity of choice in order to become eligible for membership. Furthermore, these credit union CD rates offer some of the highest-returning share certificates out of any category.

PenFed Credit Union – 1-Year Money Market Certificate, 2.80% APY, min. deposit $1,000

PenFed Credit Union
PenFed has an outstanding APY of 2.80%. With a minimum deposit of $1,000, you could earn $24.50 in one year. Interest is compounded daily and posts to accounts monthly. However, be aware of the steep early withdrawal penalty. If you withdraw funds before the year is up, you may forfeit all interest accrued up to that point.

Eligibility for this credit union is mainly based on military status, governmental employment status, affiliation with certain associations and organizations or relation to eligible members. However, if you don’t qualify through those criteria, getting a membership to this credit union is not difficult if you’re willing to pay a one-time fee of $17 to either Voices for America’s Troops or the National Military Family Association.

LEARN MORE Secured

on PenFed Credit Union’s secure website

NCUA Insured

Connexus Credit Union – 12 Month Certificate, 2.80% APY, min. deposit $5,000

12 Month Certificate from Connexus Credit Union With a $5 donation to the Connexus Association, anyone can join Connexus Credit Union. The Connexus Association assists educational institutions by providing scholarships and financial information. Once you become a member of the credit union, you’ll be able to open their 12 month CD with a $5,000 deposit.

If you’re able to deposit $5,000 into Connexus’s 12 month CD, you’ll earn $140 by the end of the term. However, if you withdraw funds early, you’ll be penalized with 90 days’ worth of interest.

LEARN MORE Secured

on Connexus Credit Union’s secure website

NCUA Insured

Alliant Credit Union – 12-17 Month Share CD, 2.65% APY, min. deposit $1,000

Alliant Credit Union
With a minimum deposit of $1,000, you could earn an APY of 2.65% on a 12-17 month CD. An early withdrawal penalty of 90 days’ worth of interest may be imposed if you withdraw funds prior to the CD’s maturity date.

With a $10 donation to Foster Care to Success, you can easily become a member of Alliant Credit Union. You can also become a member if you are an employee or retiree of certain organizations, related to existing Alliant members, or live or work in qualifying communities.

LEARN MORE Secured

on Alliant Credit Union’s secure website

NCUA Insured

CommunityWide Federal Credit Union – 12 Month CD, 2.65% APY, min. deposit $2,000

Communitywide Federal Credit Union
Membership to CommunityWide Federal Credit Union is open to members of the Michiana Goodwill Boosters or Marine Corps. of St. Joseph Valley. However, if you’re not a member of either of those organizations, you can qualify by becoming a donor member of select organizations such as the Y.M.C.A.

Once you’re a member of CommunityWide Federal Credit Union, you can open a 12-month CD with a minimum of $2,000. Their early withdrawal penalty equals the withdrawn amount multiplied by the number of days that remain in the term.

LEARN MORE Secured

on Communitywide Federal Credit Union’s secure website

NCUA Insured

State Department Federal Credit Union – 12 Month CD, 2.63% APY, min. deposit $500

Membership to State Department Federal Credit Union is open to employees of the U.S. Department of State Employees, those affiliated with or employed by select employers and organizations, and those related to an existing member. However, if you’re not eligible by any of those means, you can qualify by becoming a member of the American Consumer Council, which you can choose to do when you’re filling out the membership application.

Once you’re a member of the State Department Federal Credit Union, you can open a 12-month CD with a minimum of $500. The early withdrawal penalty will be the lesser of 180 days worth of dividends on the withdrawn amount or the amount of dividends that you have earned since opening the CD.

on State Department Federal Credit Union’s secure website

Best CD rates for credit unions with the best mobile apps

By their very nature, CDs aren’t something that require constant attention, poking, and prodding. It’s a set-it-and-forget-it kind of a deal, so you won’t need any spiffy banking apps to use CDs.

But, if you’d like to switch all of your banking to the same institution that holds your CDs, it might be a wise idea to consider one of these credit unions if you’re a digital junkie. Most credit unions lag behind their bank compatriots in terms of mobile banking apps, but these credit unions offer top-notch mobile apps, according to MagnifyMoney’s 2017 mobile banking app analysis.

Redstone Federal Credit Union – 12 Month MemberPlus Regular Share Certificate, 2.27% APY, min. deposit $1,000

Redstone Federal Credit Union
You can’t just make a simple donation to join to Redstone Federal Credit Union if you fail to meet their membership criteria. You need to be a government employee or contractor, a member of the military, reserve, or National Guard, or affiliated with a number of organizations listed on their website among other options.

However, if you do qualify for membership, you could earn an APY of 2.27% with a minimum deposit of $1,000. Redstone FCU has compounding and non-compounding certificates, which allow you to have the option to withdraw interest earned or not throughout the term of the certificate.

LEARN MORE Secured

on Redstone Federal Credit Union’s secure website

NCUA Insured

Eastman Credit Union – 1-Year Investment Certificate, 2.00% APY, min. deposit $1,000

Eastman Credit Union
Eastman Credit Union also has pretty restrictive membership requirements. You’ll have to be an employee (or a family member of an employee) of one of their select employers, or live in certain parts of Tennessee, Texas, or Virginia.

Eastman CU is another one of the rare credit unions that allow you to withdraw your dividends penalty-free before the maturity date, although again, doing so will lower your total returns. Currently, you can earn an interest rate of 2.00% on a 12-month CD with a minimum deposit of $1,000. If you withdraw your money before the CD matures, you’ll owe a penalty fee of anywhere between seven days’ worth of dividend earnings or all of your dividend earnings.

LEARN MORE Secured

on Eastman Credit Union’s secure website

NCUA Insured

Wright-Patt Credit Union – 1-Year Certificate, 1.97% APY, min. deposit $500

Wright-Patt Credit Union
Unlike many credit unions, you can’t just make a simple donation to join Wright-Patt CU if you fail to meet their membership criteria. You need to live in certain areas of Ohio, be associated with Wright-Patterson Air Force Base, or be an employee of their select employer group, among other options.

You can earn $8.80 on a 12-month CD with just a relatively small $500 deposit. However, if you’re able to deposit $100,000 or more, you’ll earn an APY of 2.07%, which will return $1,870 in interest. Early withdrawal penalties vary depending on the original term of your CD, however they’ll be anywhere between 5-12 months’ worth of dividends.

LEARN MORE Secured

on Wright-Patt Credit Union’s secure website

NCUA Insured

Delta Community Credit Union – 1-Year Certificate, 1.95% APY, min. deposit $1,000

Delta Community Credit Union
There are many ways to join Delta Community CU, such as living in certain parts of Georgia, being a member of one of their select employers, or being a member of one of their partner organizations. Interestingly, citizens of many countries like Argentina, France, and Peru are also eligible to join.

Delta Community CU used to be the lowest-earning credit union on our list, but recently increased the APY on this product from 1.10% to 1.95%. The early withdrawal penalty is 90 days’ worth of interest on a 12-month CD.

LEARN MORE Secured

on Delta Community Credit Union’s secure website

NCUA Insured

 

3 questions to consider before opening a credit union CD

Banks are more likely to call their products certificates of deposit, while credit unions often refer to them as share certificates. Aside from the name, the biggest difference between the two is that credit unions have higher average annual percentage yields (APYs), as of March 2018. That’s good news: It means more money back in your pocket when the CD matures (i.e., reaches the end of its term and is available for withdrawal).

There really is no difference in safety between depositing money in a CD with a credit union versus a bank, as long as they participate in either the National Credit Union Administration (NCUA) for credit unions, or the Federal Deposit Insurance Corporation (FDIC) for banks.

According to Neal Frankle, a Los Angeles-based Certified Financial Planner with Wealth Pilgrim, deposits of up to $250,000 per financial institution are “backed by the full faith and credit of United States Government, so it’s pretty solid.”

For the most part, choosing a CD at a bank or a credit union boils down to your preference as a consumer: Do you want to be a bank customer or a member of a credit union? Here’s a primer on the differences.

The biggest advantage of credit union CDs over bank CDs is that you can likely earn more interest. But with both products, the longer the CD term, the more interest you will earn. And with a CD laddering strategy, you can have the best of both worlds: frequent access to your money, yet you can still keep it locked away in high-interest, long-term CDs.

Beyond that, the disadvantages of opening a credit union CD are the same as if you’re opening a CD with a bank. You can’t access that money without paying an early withdrawal penalty until the CD matures. While CDs do offer some of the highest rates for any financial product you’re likely to come across at a bank or credit union, they still don’t really earn great interest. If you’re investing for the long-term (like retirement savings), your money is better invested in the riskier (but higher-earning) stock or bond market.

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.

Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here

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Best of, Earning Interest

The Top 6 Month CD Rates for December 2018

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

The top 6 month CD rates
Source: iStock

Short-term certificate of deposit (CD) accounts offer investors a safe opportunity to squirrel away money for a future expense. If you’re looking for a brief solution for storing your cash and want to earn more interest than a typical savings account will offer, a 6 month CD can make a lot of sense. (It’s also a good place to start if you’re building a CD ladder.)

Using information from DepositAccounts.com, another LendingTree company and a database of offerings at more than 17,100 banks and credit unions, we found the five banks and five credit unions with the top 6 month CD rates. If there was a tie, we chose the institution with the smaller minimum-deposit requirement. We pulled these rates on December 4, 2018, and we excluded promotional offerings. The national average APY on 6 month CDs (among banks and credit unions) is 0.77%, according to the DepositAccounts.com database. These options outperform that average by a long shot. (You may also want to view our picks for the overall best CD rates.)

Banks with the best 6 month CD rates

6 Month CD from DollarSavingsDirect

DollarSavingsDirect

6 month CD APY: 2.35%
Bank information: DollarSavingsDirect is an online division of Emigrant Bank. Founded by Irish emigrants in 1850, Emigrant Bank has created various online divisions throughout the years. DollarSavingsDirect seems to be the most active and competitive online division when it comes to its rates.
Where to open CD account: Online
Minimum balance to open: $1,000
Maintenance fees: $0
Early withdrawal penalties: 90 days’ interest

LEARN MORE Secured

on DollarSavingsDirect’s secure website

Member FDIC

6 Month CD from Live Oak Bank

Live Oak Bank

6-month CD APY: 2.35%
Bank information: Live Oak Bank is located in Wilmington, NC, but serves customers nationwide through online banking. While their initial focus was to help small businesses acquire funding, they now help all individuals through personal banking.
Where to open CD account: Online
Minimum balance to open: $2,500
Maintenance fees: $0
Early withdrawal penalties: 90 days’ interest

LEARN MORE Secured

on Live Oak Bank’s secure website

Member FDIC

Virtual Bank

VirtualBank

6 month CD APY: 2.31%
Bank information: VirtualBank is a subsidiary of Louisiana-based IBERIABANK Corp., offering 24/7 digital or telephone access on eCDs, open to applicants anywhere in the U.S.
Where to open CD account: Online (paperless account options)
Minimum balance to open: $10,000
Maintenance fees: $0
Early withdrawal penalties: 30 days’ interest

LEARN MORE Secured

on Virtual Bank’s secure website

Member FDIC

6 Month CD from Colorado Federal Savings Bank

Colorado Federal Savings Bank

6 month CD APY: 2.28%
Bank information: Colorado Federal Savings Bank is a federally insured bank serving customers across the United States. While the bank is headquartered in and began doing business in Colorado, it provides banking services to individuals nationwide.
Where to open CD account: Online
Minimum balance to open: $5,000
Maintenance fees: $0
Early withdrawal penalties: 3 months’ worth of interest

LEARN MORE Secured

on Colorado Federal Savings Bank’s secure website

Member FDIC

First Internet Bank

First Internet Bank

6 month CD APY: 2.27%
Bank information: A subsidiary of First Internet Bancorp, this online bank founded in 1999 has no branch locations, but offers service online in all 50 states.
Where to open CD account: Online
Minimum balance to open: $1,000
Maintenance fees: $0
Early withdrawal penalties: 90 days’ interest

LEARN MORE Secured

on First Internet Bank’s secure website

Member FDIC

Credit unions with the best 6 month CD rates

PenFed Credit Union

PenFed Credit Union

6 month CD APY: 2.40%
Credit union information: PenFed, established in 1935, today serves more than 1.6 million members at branch locations in all 50 states and select overseas facilities.
Membership details: Open to current or retired members of the U.S. military, federal employees, affinity partners, members of qualifying organizations, or by donating to Voices for America’s Troops or the National Military Family Association.
Where to open CD account: You can open an account online or at one of their branches.
Minimum balance to open: $1,000
Maintenance fees: $0
Early withdrawal penalties: 90 days’ interest

LEARN MORE Secured

on PenFed Credit Union’s secure website

NCUA Insured

36 Month Share Certificate from Communitywide Federal Credit Union

CommunityWide Federal Credit Union

6 month CD APY: 2.30%
Credit union information: Founded as a credit union to provide quality financial services to individuals in South Bend, IN, CommunityWide Federal  Credit Union has grown to offer their services to various communities within Indiana as well as the digital world.
Membership details: Anyone can become a member by donating to a list of organizations including the Y.M.C.A. If you’re a member of the Michiana Goodwill Boosters or Marine Corps. League of St. Joseph Valley, you’re also eligible to become a member.
Where to open CD account: Online
Minimum balance to open: $2,000
Maintenance fees: $0
Early withdrawal penalties: Equal to the amount withdrawn multiplied by the remaining days left in the term.

LEARN MORE Secured

on Communitywide Federal Credit Union’s secure website

NCUA Insured

6 Month Certificate from State Department Federal Credit Union

State Department Federal Credit Union

6 month CD APY: 2.06%
Credit union information: State Department Federal Credit Union was established in 1935 by eight people employed by the United States Department of State. Since then, they have expanded to serve a multitude of members worldwide.
Membership details: Anyone can join by the credit union by joining the American Consumer Council, which you can do when you’re filling out your application. Check to see, however, if you’re able to join through employment, organization affiliation, or through an immediate family member.
Where to open CD account: You can open an account online or at one of their many branches.
Minimum balance to open: $500
Maintenance fees: $0
Early withdrawal penalties: 30 days of dividends on the withdrawn amount or the amount of dividends you’ve earned since the account opened – the credit union will impose the lesser of the two.

LEARN MORE Secured

on State Department Federal Credit Union’s secure website

NCUA Insured

6 Month CD from AFFCU

AFFCU

6 month CD APY: 2.05%
Credit union information: Air Force Federal Credit Union is headquartered in San Antonio, TX. It was established in 1952 by Airmen volunteers and currently serves individuals in the military as well as civilians.
Where to open CD account: Online
Minimum balance to open: $1,000
Maintenance fees: $0
Early withdrawal penalties: Equal to half of the interest accrued starting from the withdrawal date through the maturity date.

LEARN MORE Secured

on AFFCU’s secure website

NCUA Insured

Service Credit Union

Service Credit Union

6 month CD APY: 2.00%
Credit union information: Founded in Portsmouth, N.H., in 1957, Service Credit Union originally served employees of Pease Air Force Base. Today, it has grown to serve over 200,000 people throughout New Hampshire, North Dakota, Massachusetts, and even Germany.
Membership details: To become a member, you must live or work, or have family members that live or work in New Hampshire or Falmouth, Bourne, Mashpee, and Sandwich, Mass. Current members of the military, veterans, retirees, and reservists of the U.S. Armed Forces along with their families are also eligible for membership.
Where to open CD account: You can open an account online or at one of their many branches.
Minimum balance to open: $250
Maintenance fees: $0
Early withdrawal penalties: Determined by credit union.

LEARN MORE Secured

on Service Credit Union’s secure website

NCUA Insured

Pros and cons of using 6 month CDs

Pros:

  • The CD rates offered by banks and credit unions are generally higher than those on savings accounts.
  • The rates are fixed and guaranteed for the length of their term.
  • The discipline of keeping the funds in the CD means the money will be available upon maturity. (Note: Most banks offer a seven-day grace period to reinvest or withdraw the investment, after which the funds will roll over into a new CD. However, you are not guaranteed the same rate.)

Cons:

  • Six-month CD rates are lower than those offered on longer CD investment terms.
  • To tap into the CD funds — even for emergencies — consumers must accept a loss through penalties, which can include a percentage of the funds, a percentage of the earned interest, or a combination of both. A typical penalty on a short-term CD is between 30 and 90 days’ worth of interest earnings.
  • If you’re not confident you can do without access to the funds for six months, you may be better off putting your money in a traditional savings account, which is likely to earn less interest than a CD.
  • Since CD rollovers may reset at a different percentage rate, consumers must speak with the bank before the grace period ends to ensure they are getting the best deal.

Using a 6 month CD for laddering

A CD ladder comprises small-amount CDs with varying terms and respective interest rates that contribute to a long-term investment strategy. After the 6 month CD matures, investors can withdraw the funds for a predetermined expense. Or, they can reinvest the money into a longer-term CD with a better rate. By staggering the maturity dates on short-term CDs, consumers have access to their cash on a regular, predictable basis.

Where can you open a CD account?

Consumers can open 6 month CD accounts (or longer) from banks and credit unions. Bank and credit union CD rates are based on Federal Reserve rates, and there may be strategic times to pursue these short-term instruments following a rate increase.

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.

Gabby Hyman
Gabby Hyman |

Gabby Hyman is a writer at MagnifyMoney. You can email Gabby here

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Best of

The Best Business Savings Account Rates in 2018

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Are you looking to start or grow a business? Opening a business savings account can offer federal protection for the funds you deposit (up to $250,000) and provide a source of liquidity should inevitable expenses arise. You can earn interest while setting aside money for capital improvement or income taxes. A commercial savings account can add credibility to your business, arm you with a business debit card and help your cash flow.

The best way to choose an account that fits your needs is to start by comparing the annual percentage yield offered by banks and credit unions. Then look for benefits that might make the account attractive based on your needs. Is there a monthly maintenance fee or a minimum deposit to open? Does the bank provide ample access to ATM and online account services?

Deciding which business savings account is best for your needs can be a difficult process, but hopefully this roundup of our picks for best savings accounts will help give you a head-start.

The best business savings account rates — December 2018

Institution

APY

Minimum balance amount

First Internet Bank

2.02%

$250,000

Live Oak Bank

1.10%

None

Axos Bank

1.06%

$25,000

Digital Federal Credit Union (DCU)

6.17%

$1,000

Community Bank of Pleasant Hill

2.09%

None

Capital One

2.00%

None

Goldwater Bank

1.65%

$0.01

Presidential Bank (Maryland)

0.50%

$5,000

Northpointe Bank

0.40%

$25,000

Andrews Federal Credit Union

0.31%

$100

Source: Deposit Accounts, December 3, 2018

1. First Internet Bank, 2.02% APY, $250,000+ minimum balance amount, ATM services

First Internet Bank offers an FDIC-insured savings option for businesses with a relatively good 1.81% APY if you have a balance amount that is less than $250,000. However, if you have more than $250,000 to put in their business savings account, they’ll award you with a 2.02% APY. Unfortunately, the FDIC only insures up to $250,000. So, if you deposit more than $250,000 into the savings account, the excess deposit amount will not be insured by the FDIC.

It costs $100 to open your business account and you must maintain an average daily balance of $1,000 to avoid a $2 monthly maintenance fee.

There is no minimum balance to open or maintain the account. Unlimited deposits can be made each month and six transfers or withdrawals are allowed without charge.

The First IB ATM cards are offered to sole proprietors only. There is no charge for ATM transactions or electronic statements. Founded in 1999 by the First Internet Bancorp, First IB offers remote banking in all 50 states.

Fine print: Only six preauthorized, automatic, PC, or telephonic transfers are allowed each month. This restriction is common among most of these institutions, however, First Internet Bank will charge you $5 per item if you go beyond the allotted six.

Restrictions on joining: none.

LEARN MORE Secured

on First Internet Bank’s secure website

Member FDIC

2. Live Oak Bank, 1.10% APY, No minimum balance

Live Oak Bank awards 1.10% APY on its business accounts are eight times the national average. There is no minimum opening balance or deposit required to open a business savings account.

The business savings account is open to deposits of up to $5 million and is free of monthly maintenance fees. You may make up to 6 withdrawals from your Live Oak Bank Savings account per statement cycle, including preauthorized, automatic and telephone transfers. After that there’s a $10 fee per withdrawal. Live Oak Bank, established in 2008, holds assets of $2.12 billion.

The bank is in Wilmington, N.C., and is a member of the FDIC. Learn more about business savings at Live Oak Bank.

Small Print: The bank may verify credit and employment history at its discretion, meaning you may receive a pull against your credit report.

Restrictions on joining: none.

LEARN MORE Secured

on Live Oak Bank’s secure website

3. Axos Bank: 1.06% APY, $25,000 minimum balance, ATM access

Axos Bank, formerly known as BofI Federal Bank offers one of the top APY rates in the DepositAccounts nationwide survey of business savings accounts. The bank’s Business Premium Savings Account with a high-yield 1.06% APY can be opened with a $25,000 minimum deposit.

There is no monthly maintenance fee for the account and no average daily balance requirement.

Axos Bank also makes it easy to access your funds when you need it. Customers have ATM access to their accounts along with free online banking. However, ATM withdrawal limits are $1,010 per day and there’s a daily purchase limit of $5,000. BofI is an FDIC-insured bank based in San Diego and publicly traded online. Other products include Business Interest Checking and Business Money Market accounts.

LEARN MORE Secured

on Axos Bank’s secure website

Member FDIC

4. Digital Federal Credit Union (DCU), 6.17% APY (up to $1,000), $5 minimum balance

Digital Federal Credit Union offers an outstanding 0.25% APY on the first $1,000 with the Primary Savings account. Amazingly, even if your balance exceeds $1,000, DCU will still honor the 0.25% APY on the first thousand and then add an additional 0.25% APY on the amount exceeding $1,000. For instance, if your account holds $1,500, you’ll earn a blended APY of 3.50%. You’ll have to keep this account open and active for one year to get the blended APY.

This credit union also offers a solid 1.41% APY rate through its Business DCU Ltd Savings Account with a minimum $25,000 balance.

Businesses participating in the DCU Ltd Savings Account receive 24/7 online banking, mobile banking through the DCU Mobile Banking App, access to DCU ATMs, deposits, transfers or balance verification. Watch out for their ATM fees, though. They charge $0.75 per withdrawal from a non-DCU ATM, which will surely add up if you make regular withdrawals. Created by the Digital Equipment Corporation in 1979, DCU is the largest credit union in Massachusetts by assets. Federally insured by NCUA, DCU is based in Marlborough, Mass.

Restrictions on joining: To join, you must meet eligibility requirements within the field of membership for employers, organizations, participating communities or condominium associations.

LEARN MORE Secured

on Digital Federal Credit Union (DCU)’s secure website

NCUA Insured

5. Community Bank of Pleasant Hill, 2.09% APY, No minimum balance

With its 1.74% APY, the Business Premier Money Management Account at Community Bank of Pleasant Hill offers highly competitive rates to explore. You need only put down $25 to open the account and maintain a minimum balance of $10,000 to avoid a $10 monthly service charge and $4 paper statement fee.

ATM access is offered surcharge-free when using ATMs in the MoneyPass® network. Community Bank began operations on Dec. 6, 2006, and is a member of the FDIC. Members can search for partner ATMs online or through mobile access.

Fine print: Just watch out for hefty withdrawal fees. You can make free withdrawals on the second and fourth Wednesdays of the month; on other days, there’s a $25 withdrawal fee. If you plan to make regular in-person withdrawals, this probably isn’t the best account for your needs.

Restrictions on joining: none.

LEARN MORE Secured

on Community Bank Of Pleasant Hill’s secure website

6. Capital One, 2.00% APY, No minimum balance

Capital One is currently offering a business savings account with a 2.00% APY. This account doesn’t have a minimum balance requirement and doesn’t come with any monthly fees.

While this account doesn’t come with ATM access, Capital One makes it easy to transfer funds to either another one of their accounts or a linked account of your choosing. You can easily set this up through their online banking platform or mobile app. Their mobile app also allows you to deposit checks. Keep in mind, however, that you’ll be limited to depositing $5,000 per month into the business savings account. You’ll also be limited to making six withdrawals per month due to Federal regulations.

Fine Print: The APY on the Spark Business Savings account is a promotional rate and will drop to 2.00% APY 365 days after opening the account.

Restrictions on joining: none.

7. Goldwater Bank, 1.65% APY, $5,000 minimum amount to open

Goldwater Bank is an online institution with a highly competitive rate on their business savings account. With a minimum deposit of $5,000, you can open their Savings Plus Business account and start earning an APY of 1.65%. Once you open the account you only need a balance of $0.01 to continue earning the APY.

Restrictions on joining: none.

LEARN MORE Secured

on Gold Water Bank’s secure website

8. Presidential Bank (Maryland), up to 0.50% APY, $5,000 to open, ATM services

Presidential Bank’s Commercial Premier Savings account offers 0.50% APY for balances up to $35,000, making it a decent — if not extraordinary — bet for business owners.

Business customers are not required to maintain a minimum balance on the account in order to receive all ATM privileges. So long as you use one of their ATMs you won’t incur fees, but there is a $0.75 ATM fee for non-network ATMs. Free online banking, mobile banking and ATM card come with the account.

Established in 1985, Presidential Online Bank was one of the first lenders to offer online banking. Located in Bethesda, Md., it currently lists assets in excess of $550 million.

Restrictions on joining: none.

LEARN MORE Secured

on Presidential Bank’s secure website

9. Northpointe Bank, 0.40% APY, $25,000 minimum balance

The Business Savings account at Northpointe Bank currently pays out 0.40% APY if you deposit and maintain a balance of $25,000. However, you only need $1,000 to open the account and you can start earning 0.20% APY with that balance. If your balance increases anywhere between $2,500 and $24,999.99, the APY will increase to 0.25%. If your balance increases to $100,000, the APY will further increase to 0.50%. There are no monthly fees with this account.

Restrictions on joining: none.

LEARN MORE Secured

on Northpointe Bank’s secure website

Member FDIC

10. Andrews Federal Credit Union, 0.31% APY, $100 minimum balance, ATM banking

The Business Base Share Savings account at Andrews Federal Credit Union offers a 0.31% APY. You can open the account with as little as $5 and there is a $100 minimum balance requirement to earn the APY.

The account comes with free online banking, free eStatements and a debit card. Transactions are free at Andrews Federal & CO-OP ATMs. However, there is a $25 charge for withdrawals that result in overdrafts.

Founded in 1948 in Suitland, Md., Andrews Federal Credit Union has assets over $1.5 billion and offers a range of banking services to 120,000 members worldwide.

Restrictions on joining: $5 fee to join the credit union. Open to field of membership including nationwide membership eligibility through the American Consumer Council.

LEARN MORE Secured

on Andrews Federal Credit Union’s secure website

Learn more about business savings accounts

How we ranked the best business savings accounts

To come up with this list, we first used data from DepositAccounts.com, which tracks rates on a range of deposit accounts across thousands of banks in the U.S. Note: DepositAccounts is also owned by MagnifyMoney’s parent company LendingTree.com.

We eliminated any institutions that were given a health rating below a B by DepositAccounts. We also weeded out any credit unions that have very restrictive membership requirements. From there, we chose the top 10 business savings accounts with the highest APY. And lastly, all the banks on our list offer FDIC or NCUA insurance.

Business savings accounts vs personal savings accounts

Business and regular savings accounts may offer many of the same features ,such as 24/7 online banking, free electronic reporting, debit cards, fund transfers and ATM machines.

The trade-off in choosing a business account is that you’ll get services focused on business planning and spending in exchange for a less-desirable APY.

When you compare the interest earned on a business savings account with the best APY rates offered on savings accounts, it may not look like opening a business account is a wise strategy. The top business savings account APY right now is 1.32%. The top APY among personal savings accounts is 1.60% with no minimum deposit and ATM access. You can weigh the services, charges and minimum account fees between the top business and top personal savings accounts to decide which is best for you.

There are other benefits to offset any differences in earnings, particularly if your business is incorporated. It’s considered sound business practice to separate your personal saving and checking accounts from your business saving and checking accounts. A business account can help you manage cash flow, accounting, recordkeeping and working capital. At income tax time, separate accounts can help you differentiate business from personal expenses.

Paired with a business checking account, your business savings account can add professional branding, since all payments and correspondence with clients will bear your business name.

Or you can create savings in your business account to pay quarterly income taxes or purchase equipment.

Finally, business savings accounts are secure when you open accounts with banks and credit unions that are insured up to $250,000 per account by the FDIC or the NCUA.

North Shore Bank of Brookfield, Wis., says that a business savings account can boost your credit ratings and make it easier to obtain a business loan, since the lender can see you have an account dedicated to your company.

Choosing the right business savings account

When evaluating a financial institution for your business, there’s more than just finding a good APY.

Many of the banks on our Top 10 list look great on the APY front but carry fees that can eat into any of the returns you might make. Particularly, watch out for fees for ATM or bank withdrawals, monthly service fees and ATM fees.

The Small Business Administration (SBA) has identified the key factors to consider when searching for the right bank or credit union. These include:

  • Customer service reputation
  • Access to branches or no-surcharge ATMs
  • Benchmarks to have fees waived
  • Automatic FDIC insurance

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.

Gabby Hyman
Gabby Hyman |

Gabby Hyman is a writer at MagnifyMoney. You can email Gabby here

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Best of, Credit Cards

Best Credit Cards for Fair Credit December 2018

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Having fair credit doesn’t mean you’re ineligible for great credit cards. We’ve rounded up the top credit cards with the best offers in a range of different categories that you’re still likely to be approved for, even with fair credit. These credit cards can help you build credit as long as you use them wisely. In this guide, we’ll show you the best credit cards for fair credit scores as well as how to use them to boost your credit score even higher.

Here are some of the products we will be discussing today:

Check If You’re Pre-qualified

Before applying for any credit card it’s helpful to check if you’re pre-qualified from a variety of institutions. The soft credit check the institutions perform does not harm your credit score and allows you to compare credit options. Sites such as CreditCards.com provide good tools that can match you to offers from multiple credit card companies without impacting your credit score. You can read our complete guide to getting pre-qualified for a credit card here.

Build Credit with Secured Cards

A great approach to rebuilding credit is to get a secured credit card. In order to get the card, you will have to deposit money that will be your line of credit. To effectively rebuild your credit, you must use the card, and we recommend not charging more than 20% of your credit line. For example, if you have a $500 credit line, you should not charge more than $100. Then, pay off your balance in full every single month. You can even build credit with $10 a month on a secured card and see your credit score rise.

After you’ve consistently managed your secured card well over a period of time, you may be able to increase your credit line beyond your initial deposit or migrate to an unsecured credit card.

We’ve reviewed the best secured cards in the market and found our top pick — the Discover it® Secured. This card has a $0 annual fee, a reasonable security deposit and offers an easy transition to an unsecured card. In addition, Discover offers a rewards program and free access to your FICO® score.

Discover it® Secured

APPLY NOW Secured

on Discover Bank’s secure website

Rates & Fees

Read Full Review

Discover it® Secured

Annual fee
$0
Minimum Deposit
$200
Regular APR
24.99% Variable
Credit required
bad-credit
Poor/New to Credit

Magnify Glass Pros

  • Bankruptcies May Be OK If you have a Chapter 7 bankruptcy on your credit report, it won’t automatically disqualify you from getting approved for the Discover it® Secured. However, there are no guaranteed approvals. This is a positive if you’ve had trouble getting a credit card in the past.
  • Helps You Rebuild Your Credit This is a great way to improve your credit when you don’t qualify for other cards. Discover reports to the major credit bureaus, which means your good behavior will be rewarded.
  • Free FICO® Score Each month you will receive your free FICO® Score. This is a great tool for you to monitor your credit score. If you practice proper credit behavior, you will see your score increase.
  • Offers a Rewards Program Not only can you improve your credit, but you’ll also earn rewards points as you do so. This is a great feature that many secured cards don’t offer and is a reason why we consider Discover number one. Earn 2% cash back at restaurants or gas stations up to $1,000 in combined purchases each quarter. Plus 1% cash back on all other credit card purchases. During your first year, you get a dollar-for-dollar match of all the cash back you’ve earned, automatically (new cardmembers only).
  • Easy to Transition to an Unsecured Card Some companies will make it difficult to transition from a secured to unsecured card. Not Discover. They start automated monthly reviews at month eight. This helps facilitate you from a secured to unsecured card.

Cons Cons

  • Rewards LimitedThe higher 2% reward tier is limited to the first $1,000 you spend at restaurants and gas stations each quarter. Regardless, that’s $20 back, which is a great reward when your goal is to increase your credit score.
  • Be Careful Not to OverspendAs with the other cards in this review, you have to be careful that the rewards program doesn’t entice you to overspend. Otherwise, you run the risk of damaging your credit score. Make sure that your primary goal, to raise your credit score, precedes the urge to spend too much money in order to get rewards.
Bottom line

Bottom line

Discover it® Secured is a great product for those with fair credit. By practicing responsible credit behavior you will begin to see improvement in your credit score while also earning rewards. Make sure you don’t let the rewards program lure you into overspending. With proper practices, you’ll be on your way to an unsecured card and a better credit score.

Read our full review of the Discover it® Secured

Best for Cash Back

If you have fair credit and want a cash back card the Capital One® QuicksilverOne® Cash Rewards Credit Card is a good option. As a consumer with fair credit you may not qualify for all cash back cards, but you may qualify for the Capital One® QuicksilverOne® Cash Rewards Credit Card since it is made for those with average/fair/limited credit. With this card you will earn unlimited cash back, with no changing categories, and the rewards never expire.

However, this card comes with a high 26.46% (Variable) APR and $39 annual fee. To earn enough cash back rewards to pay for the card itself each year you’ll need to spend $2,600 annually ($217 per month). To net a cash back of $50 you need to spend $5,933 in a year ($494 per month). This card may be an option for you if you want to earn more than 1% cash back.

Capital One® QuicksilverOne® Cash Rewards Credit Card

APPLY NOW Secured

on Capital One’s secure website

Capital One® QuicksilverOne® Cash Rewards Credit Card

Annual fee
$39
Rewards Rate
1.5% Cash Back on every purchase, every day
Regular Purchase APR
26.46% (Variable)
Credit required
bad-credit
Average/Fair/Limited

Magnify Glass Pros

  • 1.5% Cash Back on every purchase, every day If you’ve got average/fair/limited credit, this is the highest cash back rate that you’ll see. By spending $225 per month on the credit card, you’ll earn more in rewards than you pay in annual fees. If you spend at least $650 per month on the credit card, you’ll beat out the 1% rewards rate that some secured credit cards offer.
  • Access to your credit score Free access to your credit score is great for those looking to rebuild their credit. You will be able to monitor your credit score using CreditWise as well as take advantage of tools to help you practice good credit behavior.

Cons Cons

  • Annual fee This card comes with a $39 annual fee, unlike other cash back rewards card we mentioned. This is important to consider when deciding what credit card is best for you. Plus, you may not be stuck with the fee forever. Capital One has shown willingness to upgrade users to fee-free accounts when their credit scores improve. You will need to call to ask for the upgrade though.
  • High interest rate This card has a high 26.46% (Variable) APR that is similar to most credit cards for people with average/fair/limited credit. Make sure you pay your bills on time and in full every month to avoid high interest charges. By doing this you will be able to benefit from the cash back rewards.
Bottom line

Bottom line

If you can’t qualify for one of the credit cards above, this is an excellent rewards credit card option. The $39 annual fee isn’t our favorite, but it’s better than the nonsense fees that you see from other lenders. As long as you spend at least $225 per month on this card, you’ll come out ahead. Once you improve your credit, you can consider some of the better rewards credit cards.

Best Low Ongoing APR

No one wants to carry a balance on their credit cards, but if you must, it’s best to get a card with a low ongoing APR. Many lenders charge high APRs around 25%, but you can potentially qualify for a variable APR as low as 8.90%. This card will charge you less money on your debt than the typical credit card, which can save you big dollars in the long run.

Platinum Mastercard® from Aspire FCU

APPLY NOW Secured

on Aspire Federal Credit Union’s secure website

Read Full Review

Platinum Mastercard® from Aspire FCU

Intro BT APR
0% Intro APR on Balance Transfers for 6 months
Balance Transfer Fee
$5 or 2% of the amount of each balance transfer, whichever is greater
Regular Purchase APR
8.90% - 18.00% Variable
Duration
0% Intro APR on Balance Transfers for 6 months
Credit required
fair-credit

Average

Magnify Glass Pros

  • 0% intro APR on purchases and balance transfers for 6 months If you need to make a big purchase and can pay it off within the next 6 months, this card will save you a ton of money in interest charges. Your balance won’t accrue any interest, whether it’s from a purchase or a balance transfer during the 6-month introductory period.
  • Low ongoing APR At an APR as low as 9.65% and topping off at 18%, this card rivals many personal loans for having the lowest interest rate, especially if you don’t have excellent credit. This is a major benefit if you can’t afford to pay your statement in full each month, as other cards charge high APRs around 25%.
  • No annual fee You won’t pay anything to keep this card in your back pocket, making it especially good to keep for emergencies. This card has no fee in addition to the low APR, increasing your benefit of having it for unexpected purchases. Even if you only use it on occasion, it is at no harm to you since it’s fee-free.
  • High credit limits Don’t worry if a big emergency pops up; you’ll likely be able to cover it with this card. Aspire boasts generous credit limits on their product information page, which is a benefit, especially if you have fair credit as you may struggle to be approved for a high credit limit from other cards.

Cons Cons

  • 1% foreign transaction fee This is a great card to have for emergencies — as long as you’re at home. The 1% foreign transaction fee isn’t as high as other cards that charge 3%, though you can find cards with no fee.
  • No rewards program You might also take note that the Aspire Platinum MasterCard does not include any rewards program. This is what allows them to charge low fees. Aspire offers the Platinum Rewards MasterCard and World Rewards MasterCard as rewards card options, but they both require a good to excellent credit score.
Bottom line

Bottom line

With no annual fee, a low interest rate, and high credit limits, this card seems perfectly designed to have on hand in case of emergencies. You do have to join the Aspire credit union, but there is no fee — you only need to keep $5 in a savings account for your membership to stay active. Though Aspire charges a low APR, make it a goal to only spend what money you have to avoid paying interest and work toward raising your credit score.

Read our full review of the Platinum Mastercard® from Aspire FCU

Best for Small Business Owners

Running a business is hard. Small business credit cards can make it a bit easier for you by giving you rewards for everyday purchases. Nevertheless, be aware: Business credit cards forego certain protections that personal credit cards have under the Credit CARD Act. For example, card issuers can change the payment due date or interest rate without giving you prior notice.

Still, small business cards can be a great option for you to build your credit and save money, even if you don’t have a traditional brick-and-mortar business. You can apply for these cards with just a DBA or even your own name, if you’re a freelancer.

Capital One® Spark® Classic for Business

APPLY NOW Secured

on Capital One’s secure website

Read Full Review

Capital One® Spark® Classic for Business

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

Magnify Glass Pros

  • $0 annual fee You won’t pay anything for using this card — assuming you pay off your purchases each month to avoid interest charges, of course. This is a great feature since many other cards charge yearly fees.
  • No foreign transaction fees This card is perfect for jet-setting business travelers because it won’t slap you with a foreign transaction fee (typically 3% of the purchase). Whether you travel frequently or on occasion, this card has you covered.
  • 1% cash back on every purchase, every day Make your business essentially 1% cheaper to run. You earn unlimited cash back on all purchases with no expiration and no minimum to redeem. This is a great way for your business to save money while making everyday purchases.
  • Free cards for employees You won’t have to pay any fees to ensure your employees have the ability to buy the things needed to run your business. You don’t have to worry about reimbursing employees for purchases they’ve made on their personal card, since employee cards are convenient and free.

Cons Cons

  • High 24.74% (Variable) APR If you carry a balance from month to month, you’ll pay a hefty interest rate more commonly found among people with poor credit. This is very high and can rack up debt if you aren’t careful with your spending and payments. Be sure to create a budget to make sure you and your employees don’t spend more than you can pay off at the end of the month, which will help you avoid paying interest.
Bottom line

Bottom line

This card has many benefits for small business owners who have fair credit and can act as a great way to earn rewards on purchases — all with a $0 annual fee. There really aren’t many downsides to the Capital One® Spark® Classic for Business — as long as you’re able to pay your credit card bill in full each month. Otherwise, you’ll be slapped with a high interest charge.

Read our full review of the Capital One® Spark® Classic for Business

Best for Students

You may have a fair credit score because you are a student. Student cards provide a great way for you to build your credit score and establish good credit history. The Discover it® Student Cash Back is made with students in mind and offers ways to help you build credit and also earn rewards.

Discover it® Student Cash Back

APPLY NOW Secured

on Discover Bank’s secure website

Rates & Fees

Read Full Review

Discover it® Student Cash Back

Annual fee
$0
Rewards Rate
5% cash back at different places each quarter like gas stations, grocery stores, restaurants or Amazon.com up to the quarterly maximum each time you activate, 1% unlimited cash back on all other purchases - automatically.
Regular APR
14.99% - 23.99% Variable
Credit required
fair-credit
Fair Credit

Magnify Glass Pros

  • Free FICO® score Keep tabs on your FICO® score while you work to raise it. As a student, you’re new to credit and will want to start developing good credit history. Checking your FICO® score on a monthly basis will help you develop good habits to monitor your score.
  • High-earning cash back potential 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. 1% unlimited cash back automatically on all other purchases. Keep tabs on the cash back calendar to see what the categories are for a given quarter.
  • Cash back rewards match for your first year At the end of your first year, Discover will double the amount of cash back rewards you’ve earned. This is a great bonus that increases your cash back in year one. Make sure you don’t overspend and get into debt to get a greater reward, because you’ll damage your credit score.
  • Cash back for good grades Discover will give you a $20 statement credit at the end of each school year if you have a GPA of 3.0 or higher. You can earn the statement credit for up to five years by submitting the Good Grade Reward request at the end of the school year (September-August). This is a great added bonus for students with superb GPAs.

Cons Cons

  • Must opt in to 5% rewards categories Discover requires you to opt in for the quarterly rotating places in order to get the 5% cash back. Set a reminder for yourself at the beginning of each quarter to log in to your account and activate the rewards places. Otherwise, you’ll just earn a flat 1% cash back. This is key to remember in order for you to maximize the cash back you’ll receive.
  • High interest rates Discover has a high interest rates of 14.99% - 23.99% Variable APR to be aware of. You want to make sure that you pay your bill in full every month to avoid being charged interest as well as a late payment fee (which is waived the first time). Use the waiver as a reminder to set up autopay or alerts to pay your bill on time going forward.
Bottom line

Bottom line

With a $0 annual fee, a free FICO® score, and excellent opportunities to earn cash back, this is a great card designed with students in mind to help build credit while putting more money back in your pocket. Just be sure you don’t use it as an excuse to spend more money than you can pay off, otherwise it’ll have the opposite effect on your credit score.

Read our full review of the Discover it® Student Cash Back

AvantCard Credit Card

APPLY NOW Secured

on Avant’s secure website

Avant branded credit products are issued by WebBank, member FDIC

AvantCard Credit Card

Regular Purchase APR
25.99%
Annual fee
$29
Credit required
bad-credit
Poor/Limited/Average Credit

Magnify Glass Pros

  • Fast and easy application process
  • No deposit required
  • No hidden fees
  • Report to all three major credit bureaus
  • Zero fraud liability for unauthorized charges
  • Conveniently pay your card through our online portal, 24/7
  • All states except Colorado, Iowa, Vermont, West Virginia, and Wisconsin
  • Avant branded credit products are issued by WebBank, member FDIC
  • Disclosure: If you are charged interest, the charge will be no less than $1.00

FAQ

There’s a lot of math that goes into computing your credit scores, but at the end of the day, a fair credit score is defined as being between 649 and 699. Here’s how a fair credit score sits in relation to other credit scoring classes:

  • Excellent: Above 760
  • Good: 700-759
  • Fair/Average: 649-699
  • Poor: 600-648
  • Very Poor: Under 599

You can check your credit score for free on sites like Credit Karma, Chase Credit Journey, or AnnualCreditReport.com.

Having a good or excellent credit score unlocks a lot of advantages, such as lower interest rates and better approval odds for high-value credit cards and other financial products. These advantages will result in more dollars in your wallet at the end of the day. For example, having a high credit score can save you tens or even hundreds of thousands of dollars in interest payments over your lifetime, especially for big-ticket loans like a home mortgage.

But if you have a fair credit score, don’t fret! There is a reason that your score is less than optimal, and thus there are real, concrete steps you can take to boost your credit score into the good and excellent range.

If you play your cards right, you can even join the exclusive 800+ credit score club (unfortunately, it’s not an official club, and you don’t get a shower of balloons and confetti once you reach it — but you will get access to some of the most exclusive financial products).

There can be many reasons why your credit score is below 700. Here are some of the most common ones:

  • You have late payments on your credit report. Having even just one late payment on your credit report can seriously harm it because payment history makes up 35% of your credit score. Unfortunately, unless it’s an error, you’ll just need to wait for it to drop off of your credit report in seven years. To prevent this from happening, make sure all of your debt payments are set up on autopay. That way, you won’t have to worry about it.
  • You have a lot of credit card debt. Credit utilization ratio is one of the biggest factors in calculating your credit score — it affects 30% of the final score. It’s simply how much you owe relative to how much you are allowed to spend. For example, let’s say you have two credit cards with a $5,000 limit each, and you owe $2,000. Your credit utilization ratio is 20% because you owe $2,000 out of a possible $10,000. Luckily, this is one of the easiest factors to correct that will boost your credit score big time in the short run: Pay off your balance, and your score will bump up immediately.
  • You don’t have a long credit history. Although credit history doesn’t factor into the calculation of your credit score as much as the credit utilization ratio and payment history, it still makes up a sizable chunk at 15%. There’s not much you can do about this one: Simply wait for your accounts to age.
  • You have a lot of credit inquiries. Banks don’t like to see you applying for credit like an out-of-control spender in Las Vegas. Each time you apply for credit or a loan, it’s recorded on your credit report as a credit inquiry, and it stays there for two years. To minimize the number of credit inquiries you have, always shop around and make sure creditors use a soft pull credit check unless you’re absolutely ready to apply for the line of credit. This factor makes up just 10% of your credit score, but it’s an easy one you can affect as long as you’re careful about applying for credit.
  • You don’t have a wide variety of account types. You may be an ace at handling your student loans, but creditors also want to know you can handle other types of credit like mortgages and credit card debt, too. The more types of credit accounts you have on file, the better. However, we don’t recommend taking out a loan just for the sake of boosting your credit score — that costs money, and you’ll only receive a modest benefit from it because credit mix only makes up 10% of your credit score.

As you can see, you do have a lot of options when it comes to fine-tuning your credit score into the good or excellent category. We recommend the helpful credit score simulator at Chase Credit Journey to check your current score and see how these adjustments can potentially change your credit level. It’s available whether you’re a Chase customer or not. Give it a try!

Applying for a credit card is easy. You’ll need some basic information like name, address, and Social Security number. You’ll also need employment and income information. Simply enter it into the online form on the credit card company’s website, visit a branch of the bank (if they have one), or call the credit card company directly. You’ll usually receive instant notification if you’ve been approved or not.

There are many ways for you to increase your credit score. Ultimately practicing responsible credit behavior is the best way to see your score rise. Here are a few ways you can increase your credit score:

  • Have someone add you as an authorized user: If you have a willing (and very trusting) friend or family member with better credit, you can ask them to add you as an authorized user onto one or more of their credit cards. Their credit will not be harmed by this (as long as you don’t rack up charges or missed payments), and the credit card will show up on your credit report just as if you had applied for it — boosting your credit utilization ratio, number of accounts, and account age if you keep it for a long time.
  • Increase your credit history length: Unfortunately, you can’t go back in time, but you can still affect your credit history length. Your credit score is partially based off of average credit history length, and the more old accounts you have, the better. If you already have credit cards open, consider keeping them open so your average credit history won’t decrease and ding your credit. Each new credit card you get will drop your average account age, and it’ll take longer to boost this portion of your score.
  • Maintain a low credit utilization: Credit utilization (the percentage of available credit you’re using) is one of the biggest factors in calculating your credit score. The lower, the better. To decrease your utilization ratio, simply pay off your credit card. You can also request a credit limit increase from your credit card issuer to lower your credit utilization ratio — just make sure not to rack up a balance again with that extra credit or you’ll be back to square one.

Missing a payment can single-handedly cause your credit score to drop by 100 points or more. To avoid this, simply set up your credit card on autopay for the minimum amount due — that way you’ll never have to worry about missing a payment.

You can always apply for a personal loan if you need some cash right now for something. You can use this tool to shop around for the best interest rates without hurting your credit score. It’s smart to avoid hard inquiries until you’re ready to actually apply for a personal loan so that your credit isn’t dinged with multiple inquiries.

Each credit card is different, so you’ll need to check the fine print. Usually, though, you’ll need to both charge a purchase and pay off your bill before you’re eligible for those cash back rewards. Then, they’ll tally up this amount and periodically either send you a check, or offer a statement credit.

If you’re running a small business, it’s often easy to mix your personal and business accounts, especially if you’re self-employed. This creates an accounting nightmare to sort through, so it’s recommended (but not required) that you have a separate business banking account and credit card, if you need one.

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.

Lindsay VanSomeren
Lindsay VanSomeren |

Lindsay VanSomeren is a writer at MagnifyMoney. You can email Lindsay here

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Best of, Credit Cards

Credit Cards: Find the Best Credit Card Offers & Deals – December 2018

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

Credit Cards: Find the Best Credit Card Offers & Deals
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The best credit cards can help you earn $2 or more for every $100 you spend – an easy way to make $100s or even $1,000s a year. When done properly, low rate credit cards are also the cheapest way to borrow. You can get 0% interest for up to 2 years. And credit cards are the best way to build, rebuild or maintain an excellent credit score, without paying fees.

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 2018

The Amex EveryDay® Credit Card from American Express ranks as our top credit card for 2018. This card offers a combination of benefits that are unmatched among other cards in the market, including 0% intro 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 balance transfer offer has 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 participating frequent flyer programs including Delta SkyMiles, JetBlue True Blue, Virgin America Elevate, and British Airways Avios. 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 can earn even more with a bit of work. The money can add up quickly. If you spend $1,000 a month, you can earn $240 a year. It is not very often you can get something for nothing. But if you make the right choice and follow the rules, you can earn significant rewards.

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 like gas, grocery, 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. You 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.

APPLY NOW Secured

on Citibank’s secure website

FULL REVIEW 

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 :15.99% 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 Earn an unlimited 5% cash back on gas and 1% cash back on all other 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 : 11.25% - 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 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 also earn 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations, 1% cash back on other purchases. You’ll earn a $200 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 : 14.99%-25.99% Variable

Annual Fee : $95

Welcome Offer : $200 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 will earn less than 2% cash back (after taking into account the fee) and would be better 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.

APPLY NOW Secured

on American Express’s secure website

Terms Apply

Rates & Fees

FULL REVIEW 

Check out other grocery credit cards.

Uber Visa Card

4% for Dining Out

Uber Visa Card

This card appears to have millennials’ interests at heart, offering higher rewards rates for eating out and credits toward streaming subscriptions. The Uber Visa Card offers 4% back on dining, 3% back on hotel and airfare, 2% back for online purchases, and 1% on everything else.

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 after spending $500 on purchases in the first 90 days. Also, you can earn up to a $50 credit for online subscription services after you spend $5,000 or more on your card per year.

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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 : 16.99% - 25.99% Variable

Annual fee :$0

Sign-on bonus : Earn $100 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 credit card - 25,000 Bonus Points Offer

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

Bank of America® Travel Rewards credit card - 25,000 Bonus Points Offer

With this card, you Earn 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 client, 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 : 16.99% - 24.99% Variable APR

Annual Fee : $0

Sign-on Bonus : 25,000 online bonus points if you make at least $1,000 in purchases in the first 90 days of account opening

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.

APPLY NOW Secured

on Bank Of America’s secure website

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 : 11.74% 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 : 26.46% (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.

 

APPLY NOW Secured

on Capital One’s secure 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 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, Preferred Seating for select entertainment events, access to the American Express Global Lounge Collection with over 1,000 airport lounges across 120 countries, a $200 Airline Fee Credit per calendar year in baggage fees and more at one qualifying airline, and numerous other benefits.

There is a rewards program 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.

 

APPLY NOW Secured

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 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 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 of the same bank.

Here are the best 0% balance transfer offers in the market today. All of these credit cards waive interest – which means there is no retroactive interest charge to worry about.

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 : 16.99% - 25.74% Variable APR

Annual Fee : $0

Sign-on Bonus : No bonus

Intro Purchase APR : 0% Intro APR on Purchases for 15 months; then 16.99% - 25.74% Variable APR

Intro Balance Transfer Offer : 0% Intro APR on Balance Transfers for 15 months; then 16.99% - 25.74% 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 

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 18 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 : 15.99% - 25.99%* (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.

APPLY NOW Secured

on Citibank’s secure website

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 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® Card– 21 Month Balance Transfer Offer

0% intro on Purchases for 12 Months

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

If you are looking to finance a purchase, Citibank offers the longest 0% intro purchase promotion of any credit card in the MagnifyMoney database. The intro APR on purchases will be 0%* for 12 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® Card – 21 Month Balance Transfer Offer has an intro 0%* for 21 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 14.99% - 24.99%* (Variable). This offer and/or promotion may have since changed, expired, or is no longer available.

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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 : 14.99% - 24.99%* (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: The 21 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 

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 (9.90%-10.90% 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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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 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 : 9.90%-10.90% 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:

Langley Select Visa Platinum Card from Langley FCU

As Low as 8.00% APR from a Credit Union Anyone Can Join

Langley Select Visa® Platinum

Anyone can join Langley Federal Credit Union by joining an association during the signup process for $5. If you have excellent credit and just want a place for emergency spending with no rewards, consider keeping this card on hand. Although the rates start as low as 8.00% Variable, not everyone will get a rate that low. It’s more of a hassle than a regular bank card, but if you insist on the very lowest rate you may get it with this card.

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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 a range of interest rates. You won’t know yours until you apply.
  • You have to join the credit union.

Key Information

Credit Score Required : Excellent

Purchase Interest Rate : as low as 8.50% 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 Langley 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 Citibank account you will only be able to transfer debt from credit cards other than Citibank.

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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Transparency Score
  • No annual fee
  • Free FICO® credit score

Key Information

Credit Score Required : Please refer to issuer's website

Purchase Interest Rate : 24.99% 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%

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

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 an organization 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.

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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 16.50% Variable

Annual Fee : $0

Sign-on Bonus : None

Intro Purchase APR : None

Intro Balance Transfer Offer : None

BT Fee : 3% or $5, 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.

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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 : 26.46% (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 secure 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.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at nick@magnifymoney.com

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Balance Transfer, Best of, Pay Down My Debt

Best 0% APR Credit Card Offers – December 2018

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

There are a lot of 0% APR credit card deals in your mailbox and online, but most of them slap you with a 3 to 4% fee just to make a transfer, and that can seriously eat into your savings.

At MagnifyMoney we like to find deals no one else is showing, and we’ve searched hundreds of balance transfer credit card offers to find the banks and credit unions that ANYONE CAN JOIN which offer great 0% interest credit card deals AND no balance transfer fees. We’ve hand-picked them here.

If one 0% APR credit card doesn’t give you a big enough credit line you can try another bank or credit union for the rest of your debt. With several no fee options it’s not hard to avoid transfer fees even if you have a large balance to deal with.

1. The Amex EveryDay® Credit Card from American Express – Introductory 0% for 15 Months on balance transfers and purchases, $0 balance transfer fee.

This offer edges out competitors with the longest 0% intro period and standout perks. The Amex EveryDay® Credit Card from American Express has increased value with an intro 0% for 15 Months on purchases and balance transfers, then 14.74%-25.74% Variable APR and a $0 balance transfer fee. (For transfers requested within 60 days of account opening.) In addition to the great balance transfer offer, you can earn rewards — 2x points at US supermarkets, on up to $6,000 per year in purchases (then 1x), 1x points on other purchases.

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.

2. BankAmericard® credit card – 0% Introductory APR for 15 billing cycles, $0 Introductory Balance Transfer Fee

BankAmericard® Credit Card

APPLY NOW Secured

on Bank Of America’s secure website

Cardholders can benefit from an 0% Introductory APR on purchases for 18 billing cycles and an introductory $0 balance transfer fee for the first 60 days your account is open. After that, the fee for future balance transfers is 3% (min. $10). Once the intro period ends, there is a 14.99% - 24.99% Variable APR. You can benefit from a $0 annual fee and access to your free FICO® Score.

When to consider a fee

While no-fee balance transfer cards are great, sometimes it may be worthwhile to consider a balance transfer card with a balance transfer fee. The fee will be a percentage — typically 3% or 5% — of the total amount you transfer, but cards that charge balance transfer fees often have longer intro periods. If you can’t afford the high monthly payments required to pay off your balance before the end of a 15-month intro period, a card offering a longer intro period — such as 18 months — can provide lower monthly payments while still allowing you to pay off your balance before the end of the intro period. Below, we provide an example that should help you decide when you should consider a fee.

For this example, we’re assuming $6,354 in credit card debt, which is the average balance Americans have, according to Experian’s 2017 State of Credit report.

By choosing the card offering an intro 0% for 18 months and a 3% transfer fee, you’ll only have to pay $364 a month to pay your debt and the balance transfer fee off in full during the intro period. That’s $60 less than the $424 monthly payment required by the card with an intro 0% for 15 months. Just beware that while you’re saving month to month, overall, you will end up paying about $190 more due to the balance transfer fee.

Discover it® Balance Transfer

APPLY NOW Secured

on Discover Bank’s secure website

Rates & Fees

If you need a longer intro period and lower monthly payment, we recommend the Discover it® Balance Transfer which offers an intro 0% for 18 months on balance transfers (after, 13.99% - 24.99% Variable APR) and has a 3% balance transfer fee.

3. Chase Slate® – 0% Intro APR on Balance Transfers for 15 months and 0% Intro APR on Purchases for 15 months, $0 Introductory Balance Transfer Fee

This deal is easy to find – Chase is one of the biggest banks and makes this credit card deal well known. Save with a 0% Intro APR on Balance Transfers for 15 months and Intro $0 on transfers made within 60 days of account opening. After that: Either $5 or 5%, whichever is greater. You also get a 0% Intro APR on Purchases for 15 months on purchases and balance transfers, and $0 annual fee. After the intro period, the APR is currently 16.99% - 25.74% Variable. Plus, see monthly updates to your free FICO® Score and the reasons behind your score for free.’

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.

4. Edward Jones World MasterCard® – Intro 0% for 12 billing cycles on balance transfers through 10/31/2018, NO FEE

Edward Jones World MasterCard®

APPLY NOW Secured

on Edward Jones’s secure website

You’ll need to go to an Edward Jones branch to open up an account first if you want this deal. Edward Jones is an investment advisory company, so they’ll want to have a conversation about your retirement needs. But you don’t need to have money in stocks to be a customer of Edward Jones and try to get this card. Just beware that you only have 60 days to complete your transfer to lock in the intro 0% for 12 billing cycles, and after the intro period a 14.99% Variable APR applies. This deal expires 10/31/2018.

5. Choice Rewards World MasterCard® from First Tech FCU – Intro 0% for 12 months on balance transfers, NO FEE

Choice Rewards World MasterCard® from First Tech FCU

APPLY NOW Secured

on First Technology Federal Credit Union’s secure website

Anyone can join First Tech Federal Credit Union by becoming a member of the Financial Fitness Association for $8, or the Computer History Museum for $15. You can apply for the card without joining first. The intro 0% for 12 months and no transfer fee on balances transferred within first 90 days of account opening is for the Choice Rewards World MasterCard® from First Tech FCU. After the intro period, an APR of 11.74%-18.00% variable applies. You also Earn 20,000 Rewards Points when you spend $3,000 in your first two months.

6. Rewards Visa Card from La Capitol FCU – Intro 0% for 12 months on balance transfers and purchases, NO FEE

Visa Rewards Card from La Capitol FCU

APPLY NOW Secured

on La Capitol Federal Credit Union’s secure website

Anyone can join La Capitol Federal Credit Union by becoming a member of the Louisiana Association for Personal Financial Achievement, which costs $20. Just indicate that’s how you want to be eligible when you apply for the card – no need to join before you apply. And La Capitol accepts members from all across the country, so you don’t have to live in Louisiana to take advantage of this deal on the Rewards Visa Card from La Capitol FCU. The introductory 0% for 12 months on balance transfers applies to balances transferred within first 90 days of account opening. After the intro period, a 12.25%-18.00% variable APR applies.

7. Visa® Signature Credit Card from Purdue FCU – Intro 0% for 12 months on balance transfers and purchases, NO FEE

Visa® Signature Credit Card from Purdue FCU

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on Purdue FCU’s secure website

The intro 0% for 12 months offer is only for their Visa® Signature Credit Card – other cards have a higher intro rate. After the intro period ends, 11.50%-17.50% Fixed APR applies. The Purdue Federal Credit Union doesn’t have open membership, but one way to be eligible for credit union membership is to join the Purdue University Alumni Association as a Friend of the University.

Anyone can join the association, but it costs $50. The good news is you can apply and get a decision before you become a member of the Alumni Association.

8. Premier America Credit Union – 0% Intro APR for 6 months on balance transfers and purchases, NO FEE

Premier Privileges Rewards Mastercard® from Premier America CU

APPLY NOW Secured

on Premier America’s secure website

Premier America is unique because it has the Student Mastercard® from Premier America CU that’s eligible for the intro 0% for 6 months on balance transfers, though credit limits on that card are $500 – $2,000. There is an 11.50% Variable APR after the intro period. There’s also a card for those with no credit history – the Premier First Rewards Privileges® from Premier America CU, with limits of $1,000 – $2,000 and a 19.00% Variable APR. If you’re looking for a bigger line, the Premier Privileges Rewards Mastercard® from Premier America CU is available with limits up to $50,000 and a 8.45% - 17.95% Variable APR.

Anyone can join Premier America by becoming a member of the Alliance for the Arts. You can select that option when you apply.

9. Visa Platinum Card from Money One FCU – as low as 0% intro APR for 6 months on balance transfers and purchases, NO FEE

Visa Platinum Card from Money One FCU

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on Money One Federal’s secure website

Anyone can join Money One Federal by making a $20 donation to Gifts of Easter Seals. And you can apply without being a member. You’ll see a drop down option during the application process that lets you select Gifts of Easter Seals as the way you plan to become a member of the credit union. Credit lines for the Visa Platinum Card from Money One FCU are as high as $25,000. After the as low as 0% intro apr for 6 months, there’s a 8.50% to 17.80% Variable APR.

Other 0% intro APR cards to consider

10. Andigo Credit Union – Intro 0% for 6 months on balance transfers and purchases, NO FEE

Visa Platinum Card from andigo

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on Andigo’s secure website

You’ll have a choice to apply for the Visa Platinum Cash Back Card from andigo, Visa Platinum Rewards Card from andigo, or Visa Platinum Card from andigo. The Visa Platinum Card from andigo has a lower ongoing APR at 11.99% - 20.99% Variable, compared to 11.99% - 20.99% Variable for the Visa Platinum Cash Back Card from andigo and 13.40% - 22.40% Variable for the Visa Platinum Rewards Card from andigo. So, if you’re not sure you’ll pay it all off in 6 months, the Visa Platinum Card from andigo is a better bet.

Anyone can join Andigo by making a donation to Connect Vets for $15, and you can submit an application for the card without being a member yet.

11. ETFCU's Platinum Rewards Credit Card – Intro 0% for 6 billing cycles on balance transfers, NO FEE

ETFCU's Platinum Rewards Credit Card

APPLY NOW Secured

on Evansville Teachers Federal Credit Union’s secure website

You don’t need to be a teacher to join this credit union. Just make a $5 donation to Mater Dei Friends & Alumni Association. The ETFCU's Platinum Rewards Credit Card has an ongoing APR of 10.00% to 17.70% Variable, so you can enjoy a decent rate even after the intro deal ends.

12. Elements Financial Platinum Visa® Credit Card – Intro 0% for 6 months on balance transfers and purchases, NO FEE

Elements Financial Platinum Visa® Credit Card

APPLY NOW Secured

on ELFCU’s secure website

To become a member and apply, you’ll just need to join TruDirection, a financial literacy organization. It costs just $5 and you can join as part of the application process. The ongoing APR is 10.74% Variable which is lower than typical cards.

13. Justice Federal Credit Union – Intro 0% for 6 months on purchases, balance transfers, and cash advances, NO FEE

Student VISA® Rewards Credit Card from Justice FCU

APPLY NOW Secured

on Justice Federal Credit Union’s secure website

If you’re not a Department of Justice, Homeland Security, or U.S. court employee (or a few others), you need to join a law enforcement organization to be a member of Justice Federal. One of the eligible associations for membership is the National Native American Law Enforcement Association. It costs $15 to join.

You can apply as a non-member online to get a decision before joining. And Justice is unique in that the Student VISA® Rewards Credit Card from Justice FCU is also eligible for the intro 0% for 6 months on purchases, balance transfers, and cash advances. So, if your credit history is limited and you’re trying to deal with a balance on your very first card, this could be an option. The APR after the intro period ends is 16.90% fixed.

14. Platinum Visa Card from Michigan State FCU – Intro 0% for 6 months on balance transfers, NO FEE

Platinum Visa Card from Michigan State FCU

APPLY NOW Secured

on Michigan State University Federal Credit Union’s secure website

There is the option to apply for the Cash Back Platinum Plus Visa Credit Card from Michigan State FCU or the Platinum Visa Card from Michigan State FCU. The Platinum Visa Card from Michigan State FCU has a lower ongoing APR at 8.90% APR - 16.90% variable, compared to the 12.90% APR - 17.90% variable APR for the Cash Back Platinum Plus Visa Credit Card from Michigan State FCU which can earn 1% cash back on all purchases. Anyone can join the Michigan State University Federal Credit Union by first becoming a member of the Michigan United Conservation Clubs. However, this comes at a high fee of $30 for one year.

Are these the best deals for you?

If you can pay off your debt within the 0% period, then yes, a no fee 0% balance transfer credit card is your absolute best bet. And if you can’t, you can hope that other 0% deals will be around to switch again.

But if you’re unsure, you might want to consider…

  • A deal that has a longer period before the rate goes up. In that case, a balance transfer fee could be worth it to lock in a 0% rate for longer.
  • Or, a card with a rate a little above 0% that could lock you into a low rate even longer.

The good news is we can figure it out for you.

Our handy, free balance transfer tool lets you input how much debt you have, and how much of a monthly payment you can afford. It will run the numbers to show you which offers will save you the most for the longest period of time.

promo balancetransfer wide

The savings from just one balance transfer can be substantial.

Let’s say you have $5,000 in credit card debt, you’re paying 18% in interest, and can afford to pay $200 a month on it. Here’s what you can save with a 0% deal:

  • 18%: It will take 32 months to pay off, with $1,312 in interest paid.
  • 0% for 12 months: You’ll pay it off in 28 months, with just $502 in interest, saving you $810 in cash. That even assumes your rate goes back up to 18% after 12 months!

But your rate doesn’t have to go up after 12 months. If you pay everything on time and maintain good credit, there’s a great chance you’ll be able to shop around and find another bank willing to offer you 0% interest again, letting you pay it off even faster.

Before you do any balance transfer though, make sure you follow these 6 golden rules of balance transfer success:

  • Never use the card for spending. You are only ready to do a balance transfer once you’ve gotten your budget in order and are no longer spending more than you earn. This card should never be used for new purchases, as it’s possible you’ll get charged a higher rate on those purchases.
  • Have a plan for the end of the promotional period. Make sure you set a reminder on your phone calendar about a month or so before your promotional period ends so you can shop around for a low rate from another bank.
  • Don’t try to transfer debt between two cards of the same bank. It won’t work. Balance transfer deals are meant to ‘steal’ your balance from a competing bank, not lower your rate from the same bank. So if you have a Chase Freedom® with a high rate, don’t apply for another Chase card like a Chase Slate® and expect you can transfer the balance. Apply for one from another bank.
  • Get that transfer done within 60 days. Otherwise your promotional deal may expire unused.
  • Never use a card at an ATM. You should never use the card for spending, and getting cash is incredibly expensive. Just don’t do it with this or any credit card.
  • Always pay on time. If you pay more than 30 days late your credit will be hurt, your rate may go up, and you may find it harder to find good deals in the future. Only do balance transfers if you’re ready to pay at least the minimum due on time, every time.

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.

Nick Clements
Nick Clements |

Nick Clements is a writer at MagnifyMoney. You can email Nick at nick@magnifymoney.com

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Best of, Earning Cashback

Best Cash Back Cards for Grocery Shopping in December 2018

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication. This site may be compensated through a credit card partnership.

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Shopping for groceries can be a painful experience. There are numerous aisles, thousands of items and long checkout lines to contend with. Then there’s one more blow: watching the dollars add up at the register.

But signing up for a solid cashback credit card can be a good way to earn a percentage of your grocery purchases back and take some of the sting out of that shopping trip.

Here are the best cashback cards for grocery shopping.

Blue Cash Everyday® Card from American Express

Blue Cash Everyday® Card from American Express

APPLY NOW Secured

on American Express’s secure website

Terms Apply

Rates & Fees

Blue Cash Everyday® Card from American Express

Regular Purchase APR
14.99%-25.99% Variable
Annual fee
$0
Rewards Rate
3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 2% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases.
Credit required
good-credit
Excellent/Good

The Blue Cash Everyday® Card from American Express, offers 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 2% cash back at U.S. gas stations and at select U.S. department stores. 1% cash back on other purchases. It comes with a $0 annual fee. This is a great rate for habitual shoppers so long as you spend up to $3,167 a year at supermarkets. If you spend more than that, then you might be better off with the Blue Cash Preferred® Card from American Express, which comes with a $95 annual fee but higher cashback potential.

The Welcome Offer is a $150 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months. This is a good way to maximize your rewards.

Blue Cash Preferred® Card from American Express

Blue Cash Preferred® Card from American Express

APPLY NOW Secured

on American Express’s secure website

Terms Apply

Rates & Fees

Blue Cash Preferred® Card from American Express

Regular Purchase APR
14.99%-25.99% Variable
Annual fee
$95
Rewards Rate
6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). 3% cash back at U.S. gas stations, 1% cash back on other purchases.
Credit required
good-credit
Excellent/Good

The Blue Cash Preferred® Card from American Express offers the highest cashback rate for big grocery spenders — 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). This card does come with a $95 annual fee and you need to spend $1,584 a year on groceries to break even. If you spend $3,167 a year ($264 a month) or more on groceries you will benefit from this card more than the Blue Cash Everyday® Card from American Express. You’ll also earn a high 3% cash back at U.S. gas stations and select U.S. department stores and 1% back on other purchases. There’s an added Welcome Offer: $200 statement credit after you spend $1,000 in purchases on your new Card within the first 3 months.

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.

Amazon Prime Rewards Visa® Signature Card

Regular Purchase APR
16.24% - 24.24% 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.

The Amazon Prime Rewards Visa® Signature Card offers a grocery cash back program that is geared toward Whole Foods Market shoppers. You’ll 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. This is a great rate if you frequently spend at Whole Foods Market and easily rivals offers from competing cards. There is no annual fee, but you will need a Prime membership to benefit from the 5% rate — currently, annual plans cost $99 or $49 for students. If you don’t have a Prime membership, check out the Amazon Rewards Visa® Signature Card mentioned below.

Amazon Rewards Visa® Signature Card

Amazon Rewards Visa® Signature Card

The information related to Amazon 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.

Amazon Rewards Visa® Signature Card

Regular Purchase APR
16.24% - 24.24% Variable
Annual fee
$0
Rewards Rate
Earn 3% back at Amazon.com and Whole Foods Market, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases.

The Amazon Rewards Visa® Signature Card is similar to the Amazon Prime Rewards Visa® Signature Card, but doesn’t require a Prime membership. This card also has no annual fee but offers a lower rate at Amazon.com and Whole Foods Market. You Earn 3% back at Amazon.com and Whole Foods Market, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases. This rate stands out for Whole Foods Market shoppers and can be more beneficial if you primarily shop at Whole Foods Market since there are no caps on the 3% rate (unlike other grocery cards on this list).

Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer

Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer

APPLY NOW Secured

on Bank Of America’s secure website

Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer

Regular Purchase APR
15.24% - 25.24% Variable APR
Annual fee
$0
Rewards Rate
3% cash back on gas and 2% at grocery stores and wholesale clubs for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter. 1% cash back on all other purchases

The Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer has a decent cashback rate for groceries, however it is lower than what you’ll find with competing cards. You’ll earn 3% cash back on gas and 2% at grocery stores and wholesale clubs for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter. 1% cash back on all other purchases. There is a $0 annual fee and you can redeem your cash back directly into a Bank of America checking or saving account for a 10% bonus. People who will benefit most from this card are those who are Bank of America Preferred Rewards clients. As a Preferred Rewards client, you could increase your bonus to 25-75%, making your grocery cash back an effective 2.5-3.5%. If you apply online, you can earn a  $200 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening.

Huntington Voice Credit Card®

Huntington Voice Credit Card®

APPLY NOW Secured

on Huntington National Bank’s secure website

Huntington Voice Credit Card®

Regular Purchase APR
13.99% - 27.99% Variable
Annual fee
$0
Rewards Rate
3X points in one of 10 categories (capped at $2,000 each quarter or 6000 points), and all other purchases earn 1X points.

The Huntington Voice Credit Card® has a $0 annual fee and earns you 3X points in one of 10 categories (capped at $2,000 each quarter or 6000 points), and all other purchases earn 1X points. You also have the freedom to change your 3X category every quarter to suit your spending. But be aware that if you switch from grocery stores to another category, you’ll only earn 1X points on grocery spending. Points can be redeemed for cash and 1 point equals $0.01, therefore 5,000 points is equal to $50 cash rewards.

Which card is the right fit for me?

With numerous credit cards available to help maximize your grocery rewards, it can be confusing to know which to choose. Some cards provide unlimited rewards at a high rate, while most have caps on grocery spending.

The table below breaks down which grocery card may be a good fit for you when factoring in annual grocery spending, cashback rate and annual fee. (Sign-on bonuses are not reflected.) Keep in mind: This only factors in spending on grocery purchases and doesn’t consider if you spend in other categories or at the other cashback rates.

Here are a few key takeaways:

  • If you spend about $3,000 a year on groceries, you will benefit more from the Blue Cash Everyday® Card from American Express, Amazon Rewards Visa® Signature Card or the Huntington Voice Credit Card®.
  • If you spend around $4,000 – $7,000 a year, you will benefit more from the Blue Cash Preferred® Card from American Express.
  • If you spend on average $8,000 or more a year at Whole Foods Market, you will benefit more from the Amazon Prime Rewards Visa® Signature Card.
  • The Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer earns you subpar cash back unless you have $100,000 in a Bank of America checking or savings account.
  

Card

Amazon Prime Rewards Visa® Signature Card

Amazon Rewards Visa® Signature Card

Huntington Voice Credit Card®

Blue Cash Everyday® Card from American Express

Blue Cash Preferred® Card from American Express

Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer: without BofA checking/
savings

Bank of America® Cash Rewards credit card - $200 Cash Rewards Offer: with $100,000 in BofA checking/
savings

Spending

$1,000

-$49

$30

$30

$30

-$35

$20

$35

$2,000

$1

$60

$60

$60

$25

$40

$70

$3,000

$51

$90

$90

$90

$85

$60

$105

$4,000

$101

$120

$120

$120

$145

$80

$140

$5,000

$151

$150

$150

$150

$205

$100

$175

$6,000

$201

$180

$180

$180

$265

$120

$210

$7,000

$251

$210

$210

$190

$275

$140

$245

$8,000

$301

$240

$240

$200

$285

$160

$280

$9,000

$351

$270

$250

$210

$295

$180

$315

$10,000

$401

$300

$260

$220

$305

$200

$350

*We included the $99 Prime membership fee into our calculations for the Amazon Prime Rewards Visa® Signature Card and the $95 annual fee for the Blue Cash Preferred® Card from American Express.

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.

Alexandria White
Alexandria White |

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

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