Credit cards offer a wide variety of bells and whistles, but some are better than others at meeting consumer needs.
Taking into account those different benefits, the website CardHub has issued a list of the top cards for 2016, rating the best ones for their attractive interest rates, for their rewards or for the way they allow users to rebuild damaged credit.
The site selected the best card out of 1,200 in each of six categories. The following are the best cards for people with excellent credit ratings. (There was a tie for best rewards card.)
The entire report, which also lists the best cards for people with medium or poor credit ratings, can be found here.
No. 6 Best For Hotel Rewards
Club Carlson Premier Rewards: This card offers 85,000 bonus points for spending $2,500 in the first 90 days (redeemable for up to nine free nights in a hotel) and offers 40,000 additional bonus points each year (redeemable for up to four free nights in a hotel). The annual fee is $75.
No. 5 Best For Airline Rewards
Citi/AAdvantage Platinum Select: This card offers 50,000 bonus miles for spending $3,000 in the first three months (redeemable for $810 in American Airlines airfare) and offers two air miles per $1 spent with American Airlines and a 10 percent redemption rebate. There is no first-year annual fee (the fee is $95 thereafter).
No. 4 Best For New Purchase Financing
Citi Diamond Preferred: There is 0 percent interest on new purchases for 21 months. The regular APR is 12.24 percent to 22.24 percent. There is no annual fee.
No. 3 Best For Balance Transfers
Slate from Chase: This card offers 0 percent interest on transferred debt for 15 months. The regular APR is 12.99 percent to 22.99 percent. There is no transfer fee or annual fee.
No. 2 Best For Cash Back Rewards
Citi Double Case: This card offers 1 percent cash back on purchases and 1 percent cash back when you pay your bill. There is no annual fee.
No. 1 Best for Rewards
Capital One Venture: This card offers 40,000 bonus miles for spending $3,000 in the first three months (redeemable for $400 in travel-related expenses) and offers 2 miles per $1 spent. There is no first-year annual fee (it is $59 thereafter).
No. 1 Best for Rewards
Barclaycard Arrival Plus: This card offers 40,000 bonus miles for spending $3,000 in the first 90 days (redeemable for $400 in travel-related expenses) and offers two miles per $1 spent. There is a 5 percent miles redemption rebate. There is no first-year annual fee (it is $89 thereafter).