Need A New Credit Card? Check Out These Low-Cost Contenders

Are you looking for a new credit card? If you’re either a college student just starting out, someone wanting a great all-around card, a small business owner, or a frequent-flier, then check out these recommendations from US News My Money. 

These cards come with great benefits and competitive rates, which is why you should consider making one of these your next credit card. 

Best For Students

Bank Of America Cash Rewards Credit Card For Students

Just because you’re a college student doesn’t mean you have to be a broke college student. With the Bank Of America Cash Rewards Credit Card For Students, you can save more money whether you’re going to class in-person or taking online courses. After all, when you’re a student, a little help never hurts.

This card comes with an excellent cash back program that gives you:

 

  • 3% in your preferred spending category, such as gas, dining, drugstores, or online retailers
  • 2% at supermarkets and wholesale clubs.
  • 3% and 2% back on a combined total of $2,500 every quarter
  • 1% on all other purchases

 

Plus, when you spend at least $1,000 in the first 90 days you open a new account, you can enjoy $200 in cold hard cash. You can also enjoy no interest payments for 12 months, then 13.99% to 23.99% depending on your credit. And of course, there’s no annual fee.

Best Overall Credit Card

Citi Diamond Preferred Card

When you want an affordable credit card that still gives you great benefits, then look no further than the Citi Diamond Preferred Card. It’s an excellent option for purchases or balance transfers — either way, you can save big on interest with 0% APR and no annual fee.

Here’s what you can expect from this card’s introductory offer:

 

  • 0% APR on purchases for 18 months.
  • 0% APR on balance transfers for 18 months.
  • $5 or 3% for balance transfers, depending on which amount is more

The Citi Diamond Preferred is ideal for consolidating your debt and getting on top of your outstanding credit card balances over the next 18 months. As long as you pay off your debt before the introductory period ends, you won’t have to pay the 14.74% to 24.74% variable APR. 

Best For Small Business Owners

Ink Business Cash Credit Card

The Ink Business Cash Credit Card is perfect for small- and medium-sized business owners. That’s because it makes it easier to track expenses and make reports — while also helping you cut costs on everyday business expenses.

You earn your cash back as points, with 100 points worth about $1. Besides that, you can enjoy other rewards like:

 

  • 5% cash back on the first $25,000 you spend on office supplies, internet, cable, and phone
  • 1% on everything else after that
  • 2% for every dollar spent within the first $25,000 on gas and dining
  • 1% on everything after that — with no cap on the amount you can earn
  • 1% on all other purchases

 

This card also has a sweet sign-up bonus: When you spend a minimum of $7,500 in the first three months, you can get $750 back in cash. There’s no annual fee, and you pay zero interest for your first year, then 13.34% to 19.24% APR depending on your creditworthiness after that.

Best For Travel + Rewards

Capital One Venture Rewards Credit Card

With the Capital One Venture Rewards Credit Card, you get the best of both worlds: a top-notch rewards card and a top-rated travel credit card. This card has unparalleled flexibility and a straightforward program that makes it one of the easiest rewards cards on the market to use.

With this card, you earn your rewards as miles. Here’s what else you can get:

 

  • Two miles for every dollar you spend
  • No limits to your rewards
  • Up to a $100 statement credit for Global Entry

 

Of course, it’s understandable if your travel plans are on hold because of the pandemic. But you can exchange your miles for statement credit, which is a smart move to cut down some of your expenses without taking a trip.

The Capital One Venture Rewards Credit Card lets you earn 100,00 bonus miles when you spend $20,000 in the first year after opening your account. But if that minimum seems a little lofty, no worries! You can earn 50,000 for spending $3,000 within three months. 

This card has a variable APR of 17.24% to 24.49%, depending on your credit. It also comes with a $95 annual fee, but the rewards you earn can easily make up for that.

 

Source
  • Harzog, Beverly. “U.S. News & World Report’s Best Credit Card Awards for 2021.” U.S. News & World Report, U.S. News & World Report, 8 Dec. 2020, creditcards.usnews.com/articles/us-news-and-world-reports-best-credit-card-awards-for-2021.
Ian Schindler