10 Best Credit Cards in 2024
A credit card is a card for making payments by using the funds borrowed from a bank or another financial institution. In this article, you will find out about the best credit cards from banks and payment systems in the US and Europe that are suitable for any purpose, including consumer expenses, payments for services, and cash withdrawals from most ATMs. These cards have optimized plans and flexible bonus conditions.
Best cash back credit cards
Nearly every U.S. resident has used borrowed funds at least once. More than 50% of Americans are constantly living on credit and consider it normal. Every one of them has several credit cards intended for different purposes. Some use cards as overdrafts for everyday purchases “from paycheck to paycheck”, others take out long-term loans on cards with an interest-free grace period, and some get and use cards for tourism. Additional perks that go with cards are also popular in the USA. They include life and gadget insurance, discounts from partners, and bonuses and cash back.
Wells Fargo Active Cash Card
Wells Fargo Active Card is an all-purpose credit card from one of the largest banks in the U.S. Its advantage is the perfect combination of attractive interest rates and commissions with bonus programs.
Сard’s features:
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Free issuance.
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No annual fee.
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Annual percentage rates are 17.24%–24.24%
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0% intro APR for the first 15 months from the card issuance date. If the loan is repaid within 25 days, no interest is charged.
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Cash withdrawal fees are $5 or 5% of each transaction amount.
Usage special feature. There is an up to $600 cell phone protection against damage or theft when you pay your monthly cell phone bill with the card.
Bonus offers:
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2% cash back on all kinds of payments for goods and services without restrictions.
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A $200 sign-up bonus if you spend $1,000 in the first 3 months from the account opening date.
Conclusion. Wells Fargo Active Cash is a card with maximum security. In addition to two-factor authentication, there are built-in protection features and voice verification. In the case of an unauthorized use attempt, the card is blocked automatically and instantly, and its owner is relieved of any responsibility.
SoFi
SoFi is a digital platform that combines features of classic banking and payment systems. SoFi credit card is an all-purpose payment instrument with a flexible bonus system. The card’s issuer is the Bank of Missouri.
Сard’s features:
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Free issuance.
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No annual fee.
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APR is 15.24%–27.24%
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There is a grace period of using borrowed funds when interest doesn’t accrue. If a loan is repaid within 25 days, no interest is charged.
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Cash withdrawal fees are $10 or 5% of each transaction amount.
Usage special feature. Credit interest rates, as well as the approval of account opening, are determined by a client’s solvency. Solvency is assessed based on different criteria that give points to a potential borrower. The more points, the lower the APR.
Bonus offers:
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After 12 timely monthly payments, the interest rate is reduced by 1%.
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There is the opportunity to get a bonus card with $300 and cash back of up to 3%.
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There is an accumulative bonus system. Everyone who gets a card can win from $10 to $10,000 as bonuses.
Conclusion. SoFi credit card is a good all-purpose card with market average APR. Obtaining such a card opens the way to a long-term cooperation with the digital bank, whose financial products include mortgages, personal and student loans, investment products, retirement accounts, insurance products, and a lot more. SoFi card is suitable for any payments and transactions in many countries of the world.
Bank of America Travel Rewards credit card
Bank of America Travel Rewards is a special credit card for people who travel a lot but don’t always have their own cash or cleared funds at hand. The bank doesn’t charge fees for transactions made outside of the USA. Relatively high APR may be compensated thanks to the grace period. If you return a loan within 25 days, interest won’t be charged.
Сard’s features:
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Free issuance.
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No annual fee.
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APR is 16.24%–26.24%
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0% Intro APR on the first 18 billing cycles for purchases made during the first 60 days of opening an account.
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Cash withdrawal fees are $10 or 3% of each transaction amount.
Usage special feature. There are no fees for transactions made abroad.
Bonus offers:
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1.5 points per dollar spent on any purchases.
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25,000 bonuses for purchases in the total amount of at least $1,000 during the first 90 days. The bonuses can be exchanged for $250 to pay for public transport and food.
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Preferred Rewards (additional bonuses).
Conclusion. The Bank of America Travel Rewards is one of the best credit cards for business and tourist trips abroad because cards from the Bank of America are accepted by almost all ATMs in North and South Americas and Europe.
Citi Rewards+
Citi Rewards+ credit card is an all-purpose product of one of the largest banks in the USA. It is suitable for those who often pay for goods and services with cards and whose annual borrowed funds volume is $5,000 or more.
Сard’s features:
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Free issuance.
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No annual fee.
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APR is 15.74%–25.74%
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0% Intro APR for 15 months from the card issuance date.
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Cash withdrawal fees are $5 or 3% for the first 4 months and $5 or 5% after the grace period ends.
Usage special feature. Using some of this bank’s cards involves mandatory membership in the Costco club project. But using this particular card doesn’t require membership.
Bonus offers:
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Doubling points for purchases at supermarkets and gas stations with the first $6,000 spent during the first year of using the card.
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A 10% bonus on the first 100,000 points.
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20,000 points for spending $1,500 during the first three months after the card’s issuance.
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5 points per $1 spent at restaurants up to $6,000 for the first year of using the card.
Conclusion. The Citi Rewards+ card stands out from the rest of the bank’s credit offers with its lowest APR and a line of bonus offers, which other cards don’t have. It is perfectly suitable for everyday purchases, work, trips, etc.
Discover it Cash Back Credit Card
Discover it Cash Back Credit Card is offered by the bank whose mission is maximum transparency and care for every client. This bank’s advantage is its individual approach and loyalty. Based on its users’ reviews, Discover is one of the most technological banks, which supports its clients in any disputes with counteragents.
Сard’s features:
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Free issuance.
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No annual fee.
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APR is 14.24%–25.24%
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0$ Intro APR for the first 15 months from the card issuance date.
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Cash withdrawal fee is 5% of each transaction amount.
Usage special feature. This credit card is accepted at 99% of card service outlets in the USA.
Bonus offers:
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5% cash back on purchases at all supermarkets, except Walmart and Target, as well as at gas stations, restaurants, fitness clubs, and purchases on Amazon.
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1% cash back on all other purchases.
Conclusion. This is a good all-purpose card that combines features of cards for trips, sports, students, and other specific tasks and client categories.
USAA Rewards American Express
United Services Automobile Association, which is a group of companies that provide investment and insurance services to private individuals and legal entities, offers two card types: USAA Rewards American Express and USAA Rate Advantage Visa Platinum. While USAA Rate Advantage Visa Platinum’s APR is a bit lower (9.15%–26.15%), USAA Rewards American Express has more favorable cash back and bonus conditions.
Сard’s features:
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Free issuance.
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No annual fee.
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APR is 12.15%–28.15%
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0% Intro APR for the first 15 months.
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Cash withdrawal fee is 3% of each transaction amount.
Usage special feature. This card has several layers of protection from unauthorized access. Client support works 24/7.
Bonus offers:
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5% cash back on the first $3,000 spent on gasoline.
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2% cash back on the first $3,000 spent on groceries.
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1% cash back on any other payments in any amounts.
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2,500 sign-up bonuses after the first purchase that meets the conditions for using this credit card. The bonuses can be exchanged for gift certificates, plane and water transport tickets, or cash that can be deposited to savings accounts at USAA.
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Bonus system (1 point per borrowed dollar spent) involves doubling points on payments for fuel and groceries and tripling points on payments at cafes and restaurants.
Conclusion. USAA Rewards American Express is one of the company’s best credit offers, intended for frequent transactions in the USA and other countries. There are additional features for traveling such as compensations for renting cars or losing luggage, and insurance against accidents during trips.
Chase Freedom Unlimited
Chase Freedom Unlimited is one of the most popular credit cards in the USA. The secret to its popularity is a flexible plan system that includes several cash back offers and accumulation of bonuses for any transactions.
Сard’s features:
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Free issuance.
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No annual fee.
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APR is 17.24%–25.99%
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0% Intro APR during the first 15 months.
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Cash withdrawal fees are $10 or 5% of each transaction amount.
Usage special feature. To have the credit card issuance approved, a potential client must have a high credit score. There is tourist insurance.
Bonus offers:
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A $200 bonus after spending $500 on purchases during the first 3 months from the account opening date.
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3% cash back on lunches at restaurants, including lunches to go and delivery services.
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3% cash back on purchases at pharmacies.
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5% cash back on all trips bought through Chase Ultimate Rewards.
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5% cash back on purchases at gas stations in the total amount of up to $6,000 spent during the first year.
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1.5% cash back on all other purchases.
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There is an accumulative system of points that can be exchanged for cents at the ratio of 1:1.
Conclusion. Chase Freedom Unlimited can be categorized as a travel card. It has market average APR and gives many bonuses to those who use it during business or entertainment trips. A mandatory condition is the use of the bank’s Ultimate Rewards tourist service. The main advantage of the Freedom Unlimited card is the long grace period with which the card’s issuer, an American bank Chase, attracts potential clients.
Platinum Edition Visa (CFBank)
Platinum Edition Visa is the best credit card among the current offers at CFBank. The card’s main advantage is its lowest APR while the rest of the basic conditions of the rate schedule are the same.
Сard’s features:
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Free issuance.
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No annual fee.
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APR is 11.24%–21.24%
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0% Intro APR is 12 months.
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Cash withdrawal fees are $5 or 3% of each transaction amount.
Usage special feature. If a credit is repaid within 23 days after it is issued, no interest is charged.
Bonus offers are not provided.
Conclusion. Platinum Edition Visa has one of the lowest fines for delays in credit and interest payments. Also, its credit limit approval conditions are among the most loyal in the market. Like at many other banks in the USA, a borrower has to confirm his solvency and have a positive credit score. But unlike other issuers of credit cards, CFBank requires the shortest list of documents and approves nearly all applications.
Capital One Venture Card
Capital One is one of the largest American banking institutions for retail clients. It is sometimes criticized for the quality of service but its financial products are still popular among simple workers and the middle class. The bank’s arsenal has over 25 types of credit cards that differ in interest rates, bonus systems, and yearly payments. Capital One Venture Card can be called the bank’s best all-purpose offer.
Сard’s features:
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Free issuance.
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The annual fee is $95 but, under certain conditions, this payment can be annulled.
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APR is 16.49%, 22.49%, and 26.49%
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0% Intro APR during the first 15 months. The interest-free period is 25 days.
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Cash withdrawal fees are $10 or 3% of each transaction amount.
Usage special feature. Capital One is part of a large partner network, which provides free or discounted services several times a year.
Bonus offers:
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75,000 bonus miles on flights for spending $4,000 during the first 3 months after the card’s issuance.
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Zero fees for making purchases outside of the USA.
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Transport insurance during trips.
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Accrued bonuses can be exchanged for cash. On average, this bonus system allows clients to save up to 2%.
Conclusion. This is a good card with a flexible system of rates and bonuses for those who don’t spend much money and repay debts quickly.
Curve
Curve is a payment instrument that combines features of debit, credit and other card types from different banks in one mobile app. It’s a single card powered by MasterCard and Visa payment systems. The multicurrency Curve card supports transactions with over 25 currencies.
Сard’s features:
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Issuance fee. The free version has basic features, and the paid version has extended features. Issuance costs up to $50.
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Service fee. Users pay service fees charged by card issuers. Curve is a digital card aggregator.
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APRs are determined by issuers.
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The grace period of using credit funds is determined by issuers.
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Cash withdrawal fees. 10 free transactions per month and a fixed fee afterwards. Other fees are determined by issuers.
Usage special feature. The system works in the following way. You download the app and apply for a card, which you receive in 5-6 days after your application is approved. The card can be used for making both internal and international payments. In the app, you can manage the limits and receive bank statements and interest data.
Bonus offers. 1% cash back during the first 6 months of using the card.
Conclusion. Curve is a British startup that presents itself as an all-purpose credit card and platform to which you can link up to 100 Visa cards and MasterCards from different banks, as well as cards from PayPal, Skrill, and other payment systems. And instead of dealing with 100 “pieces of plastic”, you can work with just one card by switching between the linked cards in the app.
Comparison of the basic parameters of the best credit cards in 2023
| APR | Cash withdrawal fees | 0% Intro APR period | Issuance and annual fees | |
|---|---|---|---|---|
Wells Fargo Active Cash Card |
17.24% – 24.24% |
$5 or 5% |
15 months/25 days |
Free |
SoFi |
15.24% – 27.24% |
$10 or 5% |
0 months/25 days |
Free |
Bank of America Travel Rewards credit card |
16.24% – 26.24% |
$10 or 3% |
0% interest on the first 18 bills paid during the first 60 days |
Free |
Citi Rewards+ |
15.74% – 25.74% |
$5 or 3% during the first 4 months and $5 or 5% after the grace period ends |
15 months |
Free |
Discover it Cash Back Credit Card |
14.24% – 25.24% |
5% |
15 months |
Free |
USAA Rewards American Express |
12.15% – 28.15% |
3% |
15 months |
Free |
Chase Freedom Unlimited |
17.24% – 25.99% |
$10 or 5% |
15 months |
Free |
Platinum Edition Visa |
11.24% – 21.24% |
$5 or 3% |
12 months/23 days |
Free |
Capital One Venture Card |
$10 or 3% |
6.49%, 22.49%, and 26.49% |
15 months/25 days |
$95 |
Curve |
Determined by issuers |
Determined by issuers |
Determined by issuers |
Issuance fee is up to $50 |
How to choose a credit card
There are dozens of credit card types designed for various purposes. For example, one issuer (a bank or payment system) can offer all-purpose cards, travel cards, maximum cash back cards, everyday purchase cards, etc.
Credit card choice criteria:
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APR is accrued on negative credit card balances. All banks and cards have their own APR depending on credit policies and risk levels. If a client proves his solvency, the APR decreases. Some banks have payment breaks, i.e., periods during which interest doesn’t accrue. They can last for 12-15 months. There are also periods within which loans can be repaid without interest accrual. For instance, if a loan is repaid within 15 days after it was issued, not APR is charged.
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Transaction fees are costs of cash withdrawals, internal payments and payments to other banks, international payments, etc. Transaction fees paid with credit funds may be higher than fees paid with a client’s own funds.
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Issuance and annual fees. For marketing purposes, many credit cards are issued and serviced for free. But in some cases, account opening is paid. Card issuance may cost $5-10, and the annual fee may be up to $100 per year.
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Credit limit is the maximum amount of credit set by the issuer. There is also a limit for every separate borrower depending on his credit score, salary, age, other obligations, and other criteria. Limits may differ at different banks and they are set by those banks’ credit committees.
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Fines. A delay in a credit or interest payment may entail a fine or increase in the interest rate. And at some banks, fines for delays may be 1.5-2 times higher than the accrued interest.
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Additional bonuses include bonus payments, cash back on certain purchase types or purchases at partner networks, etc. Many card issuers offer deposit interest rates on positive balances.
If you can’t choose the best 2023 credit card with cash back and bonus system, get several cards and use their advantages.
Summary
There are hundreds of credit card options. Banks, financial institutions, and payment systems compete for every client by using various marketing instruments. You are free to choose any option, and nobody forbids you to open several cards. The important thing is your credit score, which shows your discipline and solvency. If you don’t have a credit score yet, then obtaining a credit card with a small limit would be the best option to start with. And you already know what credit cards deserve special attention.
FAQs
Why do I need a credit card?
A credit card is a payment instrument that enables you to use borrowed funds for various purposes. It may come in handy when you need to make an urgent payment and you don’t have enough of your own money. Credit limit amount depends on your solvency, credit score, presence of other loans, and other factors. Almost every credit card has a period of up to 25-30 days within which you can repay your debt without the accrual of interest. If there is no need for a loan, your card may be used as a debit card.
Is there the best credit card?
This question is difficult to answer because every credit card has its advantages. For example, one card has a lower interest rate, another card has a higher cash back on retail purchases, and so on. It’s hard to single out a card and call it the best. You choose a card for your particular needs.
What should I pay attention to when choosing a credit card?
Look at the APR and the fees for transactions such as money withdrawals and internal or international payments. If you travel a lot, see from what ATMs you can withdraw money and who accepts your card for payments. It’s often possible to withdraw money at partner banks but there may be additional fees. Other choice criteria include the simplicity of obtaining a card, maximum credit limit, provision and length of an interest-free period, cash back, and presence of fines and service charges.
What should I do if I can’t find a card with all the features I need?
Determine the specific purposes for which you need a credit card, and not an overdraft or debit card. Make a list of the criteria that are important to you and rank them. You can open several credit cards (if several limits are approved) and order a card from the Curve aggregator. It’s a British startup, which offers to combine any cards powered by Visa, MasterCard, Skrill, PayPal, and other payment systems on its platform. You carry only one Curve card with you and activate a the credit card that you need at a given moment in the app.
Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
The area of responsibility of Mikhail includes covering the news of currency and stock markets, fact checking, updating and editing the content published on the Traders Union website. He successfully analyzes complex financial issues and explains their meaning in simple and understandable language for ordinary people. Mikhail generates content that provides full contact with the readers.
Mikhail’s motto: Learn something new and share your experience – never stop!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.