Woman holding one of the best credit cards
Betsy Wise
By: betsy_wise
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Best Credit Cards of 2022, Rewards, Offers, and Reviews

We created a list of the best credit cards of 2022 to help you choose the right one.

You can use these convenient financial tools almost everywhere as an expedient way to make purchases without needing to carry cash.

This post also includes a credit card guide detailing how credit cards work, choosing and applying for one, and answers to questions most people ask.

Have you considered a Loan?

 

6 Best Credit Cards Of 2022 In The US

This list will help you check, at a glance, the best credit cards and choose the top one to manage your finances.

American Express Blue Card Preferred Card: the best cash-back credit card

American Express Blue Card Preferred Card

4/5 ⭐

Best American Express credit card for everyday spending

Credit score needed: 670 to 850

Annual Fee: None for the first year; after that, $95

APR: Variable 13.99% to 23.99%

Introduction Offer: 0% for 12 months on purchases

Benefits: $300 statement credit after making $3,000 in purchases the first 6 months. This is one of the best cash-back credit cards because you get 1% to 6% redeemed as statement credits.

Reviews: People are very happy with the cash-back rewards, the service and the security.

Capital One Venture Rewards Credit Card: the best travel credit card

Capital One Venture Rewards Credit Card

4/5 ⭐

Best Capital One credit card for travel

Credit score needed: 670 to 850

Annual fee: $95

APR: Variable 15.99% to 23.99%

Introduction Offer: None

Benefits: It’s the best travel credit card because air miles don’t expire for the life of the account. Earn a one-time bonus of 60,000 miles when spending $3,000 the first 3 months, can transfer miles to select travel loyalty programs,

Disadvantages: No majorU.S. carrier as a travel partner.

Reviews: Users are very happy that they can use the cash-back for travel and how easy it is to acquire. They have mixed feelings about their customer service, though.

Discover it Student Cash Back: the best credit card for beginners

Discover it Student Cash Back

4/5 ⭐

Best credit card for beginners and students

Credit score needed: Not required

Annual Fee: None

APR: 0% for six months on purchases, then variable 12.99% to 21.99%

Introduction Offer: Cashback Match – Discover matches cash back earned the first year

Benefits: 1% to 5% cash-back on purchases. Earn rewards while building your credit score. You get a free Credit Scorecard.

Disadvantages: Cash-back Match only for the first year

Reviews: Users really enjoy the card, although some feel the rewards are too small and they are not as widely accepted.

Capital One Platinum Credit Card: the best credit card to build credit

Capital One Platinum Credit Card

3.5/5 ⭐

Best Capital One credit card for fair credit and building credit history

Credit score needed: 580 to 740

Annual Fee: None

APR: Variable 26.99%

Introduction Offer: None

Benefits: Can request higher credit limit after 6 months of responsible use

Disadvantages: High APR

Reviews: Cardholders enjoy the card, but some report that it’s not as easy to get a credit limit increase, and the fees are high.

Credit One Bank Platinum Visa: the best credit card to build credit

Credit One Bank Platinum Visa

3.5/5 ⭐

Best capital one credit card for poor credit and building credit history

Credit score needed: 300 to 670

Annual fee: $75 the first year, $99 after that

APR: Variable 23.99%

Introduction Offer: None

Benefits: Available for low credit applicants, 1% cash-back on select purchases, automatic reviews for credit line increases

Disadvantages: High APR

Reviews: People are mostly happy with the card, although some report a less than stellar customer service and high APR.

Wells Fargo Active Cash Card: the best rewards credit card

Wells Fargo Active Cash Card

3/5 ⭐

The best Wells Fargo credit card for those with excellent credit 

Credit score needed: 670 to 850

Annual Fee: None

APR: Variable 14.99% to 24.99%, 25.99% APR for cash and overdraft protection advances

Introduction Offer: 0% introductory rate for 15 months on purchases and qualifying bank transfers, after that current variable rate.

Benefits: This card is excellent for cash-back. You can earn $200 cash rewards bonus after spending $1,000 within the first 3 months.

Disadvantages: Low and bad credit applicants not likely to qualify

Reviews: People like the benefits the card offers, but many are not happy with the fees and customer service.

*Star rating and reviews for all cards taken from WalletHub on Feb. 2022.

How To Choose A Credit Card

The best credit cards save you money and increase your overall profit. That’s why choosing the right one is crucial.

#CaminoTip
Make sure you know what you should and shouldn’t do with a credit card.

These tips can help you choose the best credit card.

Try To Get The Lowest APR

If you don’t pay your credit card balance in full each month, the card issuer charges interest at their current APR, averaging 13% to 23%.

As a result, you don’t save money with a high APR because it increases your balance and adds up quickly.

Look For A 0% Introductory Rate

How do zero-interest cards work? Cards with this introductory rate credit card don’t charge interest on the unpaid balance.

This can help you learn how to use a credit card.

Pay Close Attention To The Requirements

Make sure that you meet the requirements. The most common are:

  • credit score (try to find a credit card with a low min score)
  • SSN (although some credit cards accept ITIN)
  • minimum income (issuers want to know you can pay the monthly bill)

Check All The Fees They Charge

The best credit cards don’t have an annual fee. Some credit cards offer a no-annual fee offer that only lasts for around a year.

But there are many other charges you need to take into consideration:

  • Annual fee
  • Balance transfer fee
  • Foreign transaction fee
  • Late payment fee
  • Over-the-limit fee
  • Returned payment fee
  • Monthly plan fee

Some fees will affect some people more than others, so think of how you’ll use the credit card. For example, if you don’t make any international purchases, the foreign transaction fee won’t affect you.

Find A Card With Great Benefits And Rewards

If you make credit card purchases regularly, loyalty points and rewards offset the cost of supplies and other purchases.

You’ll also save money by getting a credit card with cash-back benefits. The card issuer refunds money to your card based on the total amount you spend.

Make sure to check how to qualify for cash-back on purchases as some issuers only offer the benefit to cardholders that pay off their balance each month.

Choose A Card That Helps You Build Your Credit Score

The best credit cards to build credit send monthly reports to credit bureaus, accept applicants with low or bad credit, and have a low annual fee.

In combination with those benefits, a cardholder can make timely payments to build a good credit score.

#DidYouKnow
Both secured and unsecured credit cards can help you build your credit.

How To Apply For A Credit Card: 5 Steps

Follow these easy steps to apply for a credit card.

  1. Compare card benefits. Before filling out an application, review what each card offers to narrow your choices down to a couple of the best credit cards.
  2. Check your credit score. Contact one of the 3 credit bureaus to get your credit score and know which cards you will likely qualify for. Your credit report will reveal anything negative or incorrect which you can correct or have removed to improve your chances of approval.
  3. Apply. Applications are available at banks, online, by mail, or by contacting a credit card’s customer service department. Provide the required information and any requested documents. Typical questions include your name, SSN, date of birth, address, annual income/revenue, expenses, and your bank balance.
  4. Wait for a credit decision. If you apply online, you may pre-qualify instantly, or it may take up to 2 weeks to receive an approval and another 10 days to receive your card.
  5. Activate the card. Once you get your card, activate it by phone or online. Now you can start using it!

Applying for one of the best personal loans is just as easy (if not easier).

#DidYouKnow
A credit card won’t give you cash, and it’s recommended that you don’t use more than 30% of your credit limit. A loan, on the other hand, gives you a global sum of cash that you can use in its entirety.

At Camino Financial we have minimal requirements (we accept ITIN!) and we can deposit your funds in as fast as two days.

Apply now for a loan!

Brief Credit Card Guide

How Credit Cards Work

Once approved for a credit card, you have a predetermined amount to spend (your credit limit). Then, after charging purchases to the card, you pay back the credit card company each month.

Credit Card Rewards

Card issuers post bonus rewards to a credit card when cardholders make purchases.

Once the rewards add up to a certain amount, you can redeem them for merchandise, air miles, etc. Or, if they are cash rewards, you can use them as soon as possible.

#DidYouKnow
Sometimes, the rewards only apply to eligible purchases.

Credit Card Interest

The issuer charges interest on unpaid balances each month at the prevailing APR.

Different Types of Credit Cards

Depending on if the issuer requires collateral, most cards are

Depending of who will use them:

  • regular credit cards
  • student credit cards
  • business credit cards

Depending on their benefits or functionality:

  • rewards credit cards
  • balance transfer credit cards
  • low-interest credit cards
  • 0% apr credit cards
  • credit cards to build credit
  • balance transfer credit cards

How To Cancel A Credit Card

You must pay the balance in full before you can cancel the card. Also, make sure to redeem rewards and then call the card issuer or log in to your account to cancel your card.

The credit card company should confirm the cancellation by email or in writing. Before you cut up your card, review your credit report to verify that they canceled the card.

Credit Card APR

APR stands for the credit card’s annual percentage rate. It’s the annual rate a card issuer uses to charge interest on a monthly unpaid balance.

The best credit cards have a low, fixed APR.

Most card issuers disclose how they calculate APR.

3 Credit-Issuing Concepts To Keep In Mind

Credit Card Issuers

They are the companies or financial institutions that provide credit cards to consumers and small business owners.

They can be national, local, and regional banks and credit unions.

Examples include American Express, Capital One, Navy Federal, and Penfed Federal Credit Unions. Both the card issuer and company names usually appear on the card.

Networks

An association of member banks that acts as go-betweens to process merchant payments.

The credit card network system handles all consumer debit and credit transactions for credit card issuers/partners.

Co-Brands

Airlines, hotels, and retailers partner with banks or credit unions that issue credit cards.

If there’s a problem, credit card holders deal with the credit issuer, not the co-branded partner.

The Best Way To Get Capital

As you can see, credit card companies and what they offer cardholders varies widely.

Having the best credit cards is a game-changer when purchasing equipment online or calling a supplier in another state to stock inventory.

An alternative to using credit cards is to use a loan to consolidate debts, pay expenses, or make investments.

At Camino Financial, we offer several loan products to give you the cash you need.

Because our requirements are more lenient than other financial institutions, we help people bridge gaps in their finances to achieve financial independence.

Apply for a personal loan and experience how we’re different from other lenders.

Get Approved For A Loan Today

 

FAQs

How do I improve my credit score?

Building your credit involves:

  • paying down debt
  • making timely payments to all creditors
  • not opening too many new accounts at one time
  • reviewing your credit bureau reports for any errors that need fixing
  • not exceeding a credit utilization ratio of 30%

All these strategies help you build a favorable credit history. The best credit cards will allow you to improve your credit score.

How many credit cards should I have?

If you have loan and credit card debt, you may only be able to manage 2 cards without missing payments.

Over time as you build credit, having as many as 5 accounts (a combination of credit cards and loans) managed well is okay with credit bureaus.

If you have more cards than you can handle, consider transferring debt from one card to another (make sure you consider the balance transfer fee).

How old do I have to be to get a credit card?

Cardholders must be at least 18 years old. However, most card issuers need proof of income and evidence that the cardholder can pay bills to issue an approval.

If you don’t qualify on your own, you can either apply with a co-signer or provide collateral for a secured credit card.

How do I pay off credit card debt?

You must make a payment that’s more than the required minimum for as long as it takes to pay it off. Then, start paying off the credit card with the highest interest rate and the lowest balance.

You could also consolidate debt and pay off all your credit cards by getting a loan.

How long does it take to get a credit card?

The average processing time of the best credit cards is 7 to 10 days after the approval. Individuals with higher credit scores may qualify instantly.

How much of my credit card limit should I use?

A good rule of thumb is only to use 30% of the combined limit on all your cards. So, for example, if you only have one card with a limit of $500, you should not spend over $150.

Running up balances on credit cards indicates to creditors that you’re a higher credit risk.

How do I increase my credit limit?

With the best credit cards, you can submit a request online or call the card issuer to ask for a higher credit line. You can also apply for a new card when you pay your creditors on time and will likely receive an approval.

Remember, increasing your credit limit may temporarily reduce your current credit score if the creditor makes a hard inquiry on your credit report.

How do I get cash from a credit card?

Depending on specific credit card requirements, you can get a cash advance at an ATM or by writing a convenience check.

What’s the easiest credit card to get approved for?

Secured cards that require applicants to submit collateral, such as cash or a vehicle, reduce a lender’s risk. The collateral usually equals the credit limit.

What are the best credit card companies?

The best credit card issuers are the ones that offer you the best overall value, such as lower APRs, earnings bonuses, preferred rewards, and no annual fees.

To name a few, the most popular ones are American Express, Chase, Capital One, Discover, and Wells Fargo.

 

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