Best Credit Card Deals in US?

May 28, 2009 11:27 AM

What are the BEST credit card offers with values like cash back and other perks? I have excellent credit now, and want to buck up on credit now as I will be losing my job in August. I pay it off monthly. It's time the banks work for ME instead of THEM. Clark Howard was not helpful.
posted by ~Sushma~ to work & money (15 answers total)

The best tends to change frequently, so I would check out Fatwallet Finance forums, especially the stickies about what credit card to get. That's where the professional credit card users hang out.
posted by smackfu at 11:32 AM on May 28, 2009

"Best" is completely subjective. "Best" for me is not "best" for you. Before you get too frustrated, I'd figure out exactly what you are looking for, and then head over to Bankrate.com and dig through their credit card reports.
posted by gyusan at 11:39 AM on May 28, 2009

What are your spending habits like? What categories do you spend the most in? Do you travel? Do you want cash, or are other rewards (gift cards, airline miles, etc.) useful to you?
posted by decathecting at 11:41 AM on May 28, 2009

schwab invest first credit card - no annual fee, 2% cash back. very simple yet effective.
posted by nyc_consultant at 11:42 AM on May 28, 2009

JD at getrichslowly covers this in detail. Here is a great article on credit cards - scroll down to The Best Credit Cards section.
posted by widdershins at 11:43 AM on May 28, 2009

Sorry, hit post too soon - meant to add that he lists the best cards in 3 categories: Low rate/low fee, cash-back and rewards. Really quite useful.
posted by widdershins at 11:46 AM on May 28, 2009

I signed up for the AmEx gold card specifically because they offered 50,000 points if you spend $250 in the first month. Offers vary and you have to be somehow "invited" (I got my invitation in the mail). I got my card and I got my points. Pretty nice. You may want to check out the website. The points are great if you travel and want a discount or a free ride.
posted by Lord Fancy Pants at 11:58 AM on May 28, 2009

Caveat - in the U.S. at least expect some of the current points and rewards perks to change for the worse in the near future if/when proposed new credit card regulations take effect. Banks have already made noises to the effect that they will "be forced to" make up their profits from good customers (by eliminating perks and raising good customer APRs) if they're no longer allowed to gouge those who miss payments or go over limit.
posted by aught at 12:06 PM on May 28, 2009

Seconding the Schwab card with 2% cash back. It's a little more annoying to get set up than a regular card, but you don't have to mess around with rewards points.
posted by exogenous at 12:20 PM on May 28, 2009

My favorite all around card is the Chase Freedome card - It offers 3% in the top 5 categories that you spend money on (groceries, gas, etc) and 1% back on everything else. Plus, if you wait until you have $200 in rewards saved, then you get an extra $50. The card is even better if you get it as a "World Mastercard," which gives you free identity theft protection and protects your purchases for 90 days against breakage and theft.

If you travel abroud a lot, I would go with the Capital One No Hassle card. It offers 1% back everywhere and DOES NOT charge a foreign transaction fee.

The SimplyCash Business (don't need to actually have a business to get the card) card from Amex is nice too. It gives you 5% off your monthly cell phone bill and 5% off at office supply stores (like Office Depot). It also gives you 3% off at gas stations and 1% off everywhere else. Plus, it offers the same breakage/theft insurance as the Chase Freedome World Card.

None of the cards above charges an annual fee.
posted by parakeetdog at 12:38 PM on May 28, 2009

Since you mentioned that you pay off your balance every month, the interest rate is pretty much irrelevant for you. That means you're looking at rewards programs as a means to scoping out the best deal for you personally.

Both Citibank and Chase (and perhaps others as well) offer a plethora of rewards-type cards. Especially if you already have a card with one of these two companies, it's a snap to transfer over to a different rewards program. Their websites can provide you with an overview of what they have to offer, so you can decide which will be most beneficial for you.
posted by DrGail at 12:41 PM on May 28, 2009

I've had a Discover card (1% cash back, plus 5% cash back during certain months on certain categories of purchase) since college and been pretty happy with it and their customer service. It isn't accepted as many places as Visa/Mastercard though.
posted by JoanArkham at 1:13 PM on May 28, 2009

I've been eyeing the Schwab InvestFirst card mentioned earlier. No international transaction fees, flat 2% cashback, and Visa Signature benefits sounds pretty nice. Some other cash back cards may be a better fit though, depending on your spending habits.
posted by roomwithaview at 2:13 PM on May 28, 2009

Bank of America Upromise card is pretty cool too.

There are a lot of companies and products that participate in the Upromise program. The idea is that if you buy stuff with the card, BofA contributes to your Upromise account (about 1% kinda like cash back but better). Participating companies and products contribute even more to your Upromise account when you buy their stuff or use their services (like $3000 for using Coldwell Banker or Century 21 to buy/sell your house. Check out the Upromise website for details).

Then, quarterly, your Upromise account is swept into a 529 plan that you set up. So by simply using the card you are helping your kids go to college!

I love it.
posted by Lord Fancy Pants at 4:26 PM on May 28, 2009

My favorite all around card is the Chase Freedom card

Sadly, the 3% on your top 3 everyday spending categories goes away next month, as does the $50 bonus if you save up to $200. They are switching to rotating 3% bonuses on various categories throughout the year, a la Discover. Meh.

I like the Discover Open Road card for gas -- 5% cash back on your first $100 of gas (or other automotive expenses) each month. I just use it for gas because usually that eats up most of the $100.
posted by kindall at 5:14 PM on May 28, 2009