With the popularity in financially themed resolutions for 2018, it may be time to re-evaluate what’s in your wallet.
According to WalletHub, a recent federal rate hike is expected to cost credit card users an extra $7.4 billion in interest this year. With that in mind, WalletHub’s editors compiled a listing of the top credit cards for 2018.
The firm compared over 1,000 credit cards, seeking the best card options for the most common consumer needs. Consumers can choose between cards with travel rewards, low annual fees, 0% APR, and cash rewards, which were the most popular categories.
The credit card landscape revealed that cards offering rewards/bonuses were the most popular in the past 12 months, with cash-based bonuses increasing in value by 14.42% and points/miles bonuses falling 17.82%, according to WalletHub’s research. The best rewards cards will not have the best interest rates, because they are meant for people who pay their monthly bills in full. And the best credit card for someone with bad credit probably won’t offer rewards.
Deciding how you will use your credit card is one of the most important steps in finding the best card for your needs. Will you pay your balance off monthly, carry a balance, or use rewards points for purchases? WalletHub recommends checking your credit score and looking at the options based on your current credit standing.
Based on an individual’s credit score, WalletHub ‘s listing organized the options into categories by credit score and credit needs:
Here are 2018's best credit cards based on credit score and consumer need:
Travel Rewards: Capital One® Venture® Rewards Credit Card
Minimum Score Needed: Good
Annual Fee: $0 first year, $95 after
Earn unlimited 2X miles per dollar on every purchase, every day.
Fly any airline, stay at any hotel, anytime.
Travel when you want with no blackout dates.
Miles won’t expire for the life of the account.
Regular APR: 14.24%-24.24%
Cash Back: Citi® Double Cash Card – 18 month BT offer
Minimum Score Needed: Good
Annual Fee: $0
Earn cash back twice on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases.
Enjoy 0% intro APR on balance transfers for 18 months. After that, the APR will be 14.74%-24.74%, according to your credit.
Regular APR: 14.74%-24.74%
0% Purchases: Citi® Diamond Preferred® Card
Minimum Score Needed: Good
Annual Fee: $0
No Rewards.
Enjoy 0% intro APR on balance transfers for 18 months. After that, the APR will be 14.74%-24.74%, based on your credit.
Regular APR: 14.74%-24.74%
Balance Transfers: Chase Slate®
Minimum Score Needed: Good
Annual Fee: $0
No Rewards
Regular APR: 15.9%-24.74%
Free monthly updates to your FICO® Score.
Students: Journey® Student Rewards from Capital One®
Minimum Score Needed: Limited History
Annual Fee: None
Regular APR: 24.99%
Get access to a higher credit line after making your first five monthly payments on time.
Fraud coverage if your card is lost or stolen.
Pick the monthly due date that works best for you.
Newcomers: Capital One® Platinum Credit Card
Minimum Score Needed: Limited History
Annual Fee: None
Regular APR: 24.9%
Get access to a higher credit line after making your first five monthly payments on time.
Fraud coverage if your card is lost or stolen.
Rebuilding Credit: Discover it® Secured Card - No Annual Fee
Minimum Score Needed: Bad
Annual Fee: None
Regular APR: 24.24%
Earn 2% cash back at restaurants and gas stations on up to $1,000 in combined purchases each quarter. Plus, 1% cash back on all your other purchases.
Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically.
Excellent Credit: Citi® Diamond Preferred® Card
Annual Fee: None
Regular APR: 14.24%-24.24%
Enjoy 0% on purchases for 21 months, and 0% on balance transfers for 21 months.
The Citi Private Pass program gives special offers for events and concerts.
Good Credit: Capital One® Venture® Rewards Credit Card
Annual Fee: $0 for the first year, $95 after
Rewards: 2 miles / $1 with rewards bonus at 50,000 miles after spending $3,000 in the first three months can be redeemed for a $500 statement credit for any travel-related charges on your account.
Regular APR: 14.24%-24.24%
Fair Credit: Capital One® Quicksilver One Cash Rewards Card
Annual Fee: $39
Rewards: 1.5% cash back on all purchases.
Regular APR: 24.99%
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