Capital One Platinum Secured Credit Card: Best Secured Credit Card
Why we picked it: The Capital One Platinum Secured Credit Card is one of the best secured credit cards on the market, given its low security deposit requirements , reasonable fees and a feature that lets cardholders be considered for a higher credit limit with responsible use by making their first six monthly payments on time.
Pros: This card is decidedly low fee, even for non-secured credit cards. Cardholders pay no annual fee, no foreign transaction fees, no balance transfer fee and no returned payment fee. Plus, Capital One doesnt impose a penalty APR if you dont pay a bill on-time.
Cons: The cards 26.99% APR is one the higher side for this category, though you can avoid it by paying your balances off in full. There are no rewards, though you may consider that a boon if you want to focus solely on improving your credit or you feel rewards might encourage overspending. There are secured credit cards out there that offer higher maximum credit limits to qualified applicants at the onset.
Who should apply? Secured credit cards are designed specifically to help people with bad, fair or no credit to build or rebuild a credit history. This card is a top option for people with bad credit who arent likely to qualify for a non-secured credit card.
Cibc Dividend Visa Infinite Card
- $0 intro for the first year, then $120
- Interest Rates20.99% on purchases, 22.99% on cash advances .
- Rewards Rate1%-10%10% intro offer, 4% on gas and groceries, 2% on transportation, dining and recurring payments, and 1% on everything else.
- Intro OfferUp to $200Get a 10% cash back welcome bonus of up to $200! For the first 4 statements on net purchases of up to $2,000. You can qualify for this offer if you apply and are approved for a new eligible card beginning on March 14, 2022.
- Our TakeWhy we like itYou can earn some extremely attractive rates on gas and groceries with the CIBC Dividend Visa Infinite Card up to a $3,200 cash-back value.Pros
- Flexible and easy redemption. You can redeem cash back anytime through CIBC Online and Mobile Banking.
- Generous cash back rates on five popular spending categories.
- Youll only earn 1% cash back after spending $80,000 across bonus categories. Most credit cards have specific limits for each category, but the CIBC Dividend Visa Infinite collectively caps all bonus rates with an $80,000 limit.
- Insurance offerings are limited compared to what you might expect from a card with a $120 annual fee. However, you can avoid this cost every single year with a CIBC Smart Plus Account.
See How The Enjoy Travel Card Works For You
- Earn 2x miles on airfare, hotels, and car rentals.5
- 10%, 25% or 50% Loyalty Travel Bonus based on your Truist deposit relationship when you redeem your rewards for travel through the rewards program.5
- Redeem miles for cash back, gift cards, hotel stays, airline tickets, and merchandise.
- Customizable card controls for added security.
- Contactless payments and mobile wallets for faster checkout.
- Visa® Zero Liability11 protection against unauthorized card use.
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What Happens If Your Credit Card Application Is Denied
As many Americans continue to struggle financially as a result of the pandemic, card issuers have been quick to tighten requirements for approval, resulting in a decline in overall credit card ownership. If your credit card application has been rejected, the issuer must provide you with an explanation for its decision, which is usually sent by email or sometimes snail mail.
There are a number of reasons why an issuer might choose to reject an application. If your credit report includes derogatory marks and shows multiple accounts in collection, excessive debt and insufficient income, an issuer will most likely deny your application. Likewise, if youve applied for multiple cards in a short span of time, the issuer will view this as risky behavior.
If the rejection takes you by surprise, you can appeal the decision by calling the issuers reconsideration line. There you can make your case to an agent and address any concerns they may have about your credit profile. Theres no guarantee that theyll reverse the decision but its worth a shot for those who feel they are a good candidate for the card. If you do plan to reach out to the issuer, its best to call within a few days of the rejection and have a copy of your credit report handy for quick reference.
Ology: How We Chose The Best Credit Cards For 2022
Our list of the best credit cards is the result of an in-depth comparison between credit cards in each sub-category. We looked at America’s largest credit card issuers, as well as cards frequently recommended by blogs, forums, and travel communities.
The values we prioritized when coming up with this list were:
- Simplicity â not everyone wants to invest lots of time and energy into maximizing their credit cards, so we focused on cards that make things as straightforward as possible
- Affordability â while there’s a case to be made for paying a high annual fee when you’re getting high value in return, most credit card users aren’t looking for a card that costs $450 or more
- Value â whether we’re talking about a credit card with or without an annual fee, it’s important that the benefits and features are worth it
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Top Cash Back Credit Cards
Wells Fargo Active Cash Card: Enjoy 2% cash back on purchases, plus a great bonus offer and intro APR period. Read our review of the Wells Fargo Active Cash Card.
Citi Custom Cash Card: Bonus rewards that adjust automatically, making sure you earn the highest cash-back rate in the category where you spend the most money. Read our review of the Citi Custom Cash Card.
Chase Freedom Unlimited®: Bonus cash back in popular categories and a solid 1.5% back on everything else. Read our review of the Chase Freedom Unlimited®.
Citi® Double Cash Card 18 month BT offer: Earn 2% cash back on every purchase 1% when you buy it and another 1% when you pay it off. Read our review of the Citi® Double Cash Card 18 month BT offer
Blue Cash Preferred® Card from American Express: Perhaps the ultimate family card, with outstanding cash back on a lot of the necessities of modern life. Annual fee: $0 intro for the first year, then $95. Read our review of the Blue Cash Preferred® Card from American Express.
Mbna Rewards Platinum Plus Mastercard*
The MBNA Rewards Platinum Plus Mastercard offers a strong sign-up bonus for a no-fee card, and the 10,000 points on offer are easy to earn. All you need to do is spend $500 in grocery and restaurant purchases within 90 days of getting your card to receive the first 5,000 points. Sign up for paperless e-statements to receive the rest. MBNA Points are flexible and easy to redeem for a variety of things including travel, where you get the most bang for your buck at 100 points to claim $1 in travel. For reference, it takes 200 points to claim $1 in cash back.
- Annual fee: $0
- Welcome offer: For the first 90 days, you can get up to 10,000 points : 5,000 for registering for paperless e-statements, 5,000 for spending $500 in purchases with the card. Plus, earn 4 points for every $1 spent on eligible restaurant, grocery, digital media, membership and household utility purchases.
- Earn rate:Earn 2 points for every $1 spent on eligible groceries and restaurants and 1 point per $1 on everything else.
- Additional benefits: Purchase assurance and extended warranty
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Scotia Momentum Visa Infinite Card
- 20.99% on purchases, 22.99% on cash advances.
- Rewards Rate1%-10%10% intro offer, 4% for groceries and recurring payments, 2% for gas and daily transit, 1% for everything else.
- Intro OfferUp to $200Earn 10% cash back on all purchases for the first three months . Must open a new account by August 31, 2022.
- Our TakeWhy we like itEarn up to $1,000 in cash back on grocery shopping and recurring bill payments with a 4% rewards rate in both categories.Pros
- Its rare for a credit card to offer 4% cash back on two major spending categories. Its even rarer to set a $25,000 annual limit to that 4% a $1,000 value before reverting to the healthy 1% base rate.
- You can waive the $120 annual fee every single year by using the Scotiabank Ultimate Package.
- The cash back earned is hands-off. You have to wait until November, and then its only redeemable as a statement credit. If you have a Scotiabank account, that annual payout can be deposited into your bank account.
- The 4% rate wont mean much to you if you dont buy a lot of groceries or often buy your food at somewhere that Visa doesnt classify as a grocery store or supermarket, such as Canadian Tire, FreshCo, London Drugs, Walmart and No Frills.
Chase Ink Business Unlimited Credit Card
$750 Sign-up Bonus Unlimited 1.5% Cash Back on All Eligible Purchases
The Chase Ink Business Unlimited® Credit Card is an annual-fee-free business credit card that echoes the Chase Freedom Unlimited® Credit Card, a consumer credit card that also earns unlimited 1.5% cash back.
Ink Business Unlimited accrues cash back via Ultimate Rewards points, which can be redeemed for cash, gift cards, travel purchase, and general merchandise.
Additional perks include a generous sign-up bonus worth $750 after you spend $7,500 in purchases within 3 months and a 12-month, 0% APR promotion on purchases. The latter is a rarity among small business credit cards.
- Sign-up Bonus: Earn $750 bonus cash after you spend $7,500 in purchases within 3 months after account opening.
- Key Fees: This card has no annual fee and no employee card fees. The foreign transaction fee is 3%.
- Introductory APR: 0% APR on purchases for 12 months from account opening.
- Regular APR: Once the promotional period ends, the regular APR ranges between 13.24% to 19.24% variable, depending on your personal creditworthiness and prevailing interest rates.
- Other Perks: Value-added benefits include complimentary auto rental insurance when you pay for your rental in full with your card, purchase protection on covered items for 120 days up to $10,000 per claim, and a 1-year extended warranty on items with existing eligible warranties of 3 years or less.
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Best Air Miles Credit Card
If youâre an avid Air Miles collector, you can rack up significantly more rewards with the BMO Air Miles World Elite in your wallet and get some premium travel perks to boot. The card offers a lucrative 0.083 Miles per dollar, triple the miles when shopping at Air Miles partner stores , and over a dozen types of insurance.
The Air Miles World Elite also includes a sign-up bonus for new cardholders that includes a first year annual fee waiver and up to 3,000 bonus miles: 1,000 Miles after making your first purchase on the card and another potential 2,000 Miles if you hit a minimum spend of $3,000 within your first three months of activating your account.
Why we like it:
When shopping at Air Miles Partners , you can rack up triple the Miles by paying with this credit card and showing your Air Miles Collector Card at the same time. The Air Miles World Elite also offers arguably the best insurance of any other Air Miles credit card period, with up to $2 million in out of province medical insurance along with personal effects coverage . Last but not least, the sign-up bonus is enough to let you book up to two short-haul flights within North America.
Cardholders get a 15% discount on flights booked using Miles within North America.
If Youvalue A Lower Cost Over Lots Of Perks
- Want a card for emergencies
- Hardly ever use your credit card
No annual fee credit cards
What are they?
This type of credit card comes with a $0 annual fee for the first year, or for life. In comparison, some cards have annual fees of $450 or more. This makes a no annual fee card a good choice when you’re looking for a low-cost card, especially if you usually pay off your balance each month .
How to find the best no annual fee credit cardLook for: How long you’ll get the $0 annual fee and any other features you want on the card. If you get a card that has interest-free days on purchases, check how this works so you can avoid both an annual fee and interest charges.Watch out for: Cards that charge a high annual fee after the first year. There are also a few cards that offer an ongoing annual fee waiver if you spend a set amount each year, are a student or meet other requirements so it pays to check the fine print .
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Pros And Cons Of A Cash
Pros: Why a cash-back card may be worth it
- Simplicity Cash-back cards make it easy to earn valuable rewards.
- Welcome bonuses and introductory offers can be quite generous.
- Accumulated rewards can help pay down your card balance.
- High earn rates for items you buy regularly can yield big rewards.
Cons: Why a cash-back card might not be worth it
- You may not typically buy items that yield above-average earn rates.
- Amassing rewards can be slow depending on how much you spend each month, and whether you pay your bill in full.
- Bonus and introductory offers tend to come with conditions, including spending minimums, which may be challenging to meet.
Buy Gift Cards In Bonus Categories
Groceries and gas are two of the most popular merchant categories where youll earn additional cash back. Heres the thing: both grocery stores and gas stations sell gift cards that can be used at many retailers. That essentially allows you to earn extra cash back.
For example, lets say your credit card gives you 5% cash back at grocery stores. You could purchase gift cards at a grocery store for restaurants, Amazon, streaming services, drug stores and gas. That would guarantee you 5% cash back. When you need to make purchases at those merchants, use the gift cards you already purchased.
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Opensky Secured Visa Credit Card
Why its the best credit card for students: The OpenSky Secured Visa Credit Card is designed for those focusing on building their credit from the ground up. While there are no rewards, sometimes you need to start from the basics to move on to bigger and better credit cards. Theres a low annual fee of $35 per year.
Pros: No bank account or credit check is required, opening up the eligibility requirements for virtually every applicant. Since this is a secured card, you set your own credit limit defined by the amount you put down as a refundable security deposit. You can choose an amount anywhere from $200 to $3,000.
Cons: Theres a $35 annual fee with the OpenSky, so this secured card is not exactly fee-free. The credit limit does not go above $3,000, so this may not be a great choice for someone who needs a higher spending threshold.
Official application link: OpenSky Secured Visa.
Blue Cash Everyday Card From American Express
Best for gas and groceries with no annual fee
- This card is best for: Families with lots of places to go and meals to prepare. The rewards rates on purchases at U.S. supermarkets, U.S. gas stations and select U.S. department stores are exceptional.
- This card is not a great choice for: People who do their grocery shopping at superstores and wholesale clubs. Purchases that dont fit Amexs definition of U.S. supermarkets earn just 1 percent.
- What makes this card unique? A complimentary ShopRunner membership offers free two-day shipping and free returns at more than 100 online stores .
- Is the Blue Cash Everyday Card from American Express worth it? Yes. The cards high-rate categories match up well in areas where busy families are likely to make a lot of purchases, and you wont have to pay an annual fee.
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Pay Attention To The Sign
Welcome offers are constantly changing, so watch for any current promotions. Getting 10% cash back for a set period is generous, but if the card is also waiving the annual fee for the first year, then theyre practically paying you to sign up. When you get close to 12 months of card membership, you might cancel the card before your annual fee posts. You could then apply for a new cash-back credit card with a good sign up bonus.
Capital One Spark Cash Select For Business $500 Bonus
$500 Early Spend Bonus 1.5% Cash Back on All Purchases
Capital One Spark Cash Select for Business $500 Bonus is very similar toCapital One Spark Miles Select. Rates and fees are basically identical, with the main difference being a cash-based rewards program.
When you sign up and spend at least $4,500 within the first 3 months of membership, you get $500 bonus cash. From day one, all purchases earn an unlimited 1.5% cash back, with no caps or restrictions. You can redeem accumulated cash back for general statement credits or mailed checks in any amount.
- Early Spend Bonus: Earn $500 bonus cash when you spend at least $4,500 within three months of account opening.
- Key Fees: Theres no annual fee, balance transfer fee, or foreign transaction fee.
- Introductory APR: None.
- Other Perks: This card also comes with Capital Ones customized, itemized quarterly spending reports.
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