Tuesday, September 2, 2014

Credit Card Everyone Should Have

I'm asked the question: Which credit card should I get?
A: It usually depends on a lot of factors, such as what type of spender are you?, do you pay off your cards in full every month?, what type of rewards are you looking to get?, etc. HOWEVER, there is a new card that I think EVERYONE would benefit from (unless you don't follow "the Rules").

What is it? 

Citi's new "Double Cash" 

Key points: 
  • NO LIMIT to the rewards you get
  • ALL spending earns you 2% cash back
  • You get 1% for the purchase PLUS 1% when you make the payment on the purchase. 
  • O% APR interest for the first 15 months. 

Q: Why should everyone have it?
A: It gets you 2% cash back on EVERY purchase. Other cards will give 1%-1.5% and often it's not for all purchases. So if you spend a little OR a lot, this card will always give you 2% cash back. So if you had one credit card to make all of your purchases with, this card would be an excellent option. In short, this card is great for the "advanced" credit card guru and the first time credit card noob.

Q: Are there other 2% cash back credit cards?
A: Kind of. They just are as straight forward as this card. Barclays has a card that will get you 2% back, but the rewards MUST be towards TRAVEL. Fidelity also has a 2% american express card, but you have to have a Fidelity account and the rewards are only available to put into your Fidelity account. Also, those rewards count toward your contribution limit, which is a negative to some people.

The only negative about this card that I can think of is that a Bonus offer is not available for it.

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