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Best Credit Cards to Consider Now

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The new year is upon us, and that means you probably made some new year’s resolutions. If you’re like me, at least one of the resolutions you make each year involves improving an aspect of your personal finance.

I had dinner with a good friend just before the new year and he told me that one of his resolutions was to apply for a credit card. His first credit card ever.

Now, this friend of mine is very financially disciplined, and for years had been content using cash to pay his expenses. There’s no denying the benefits of credit cards, however, so my friend wanted my recommendations for which credit cards he should consider applying.

Due to the flurry of new credit cards launched recently, I figured I should expand my answer into a blog post for financially savvy readers.

Here are my picks for the best credit cards of 2013, broken down by credit card type:

Best Cash Back Credit Card

The American Express Blue Cash Preferred Card is my pick for the best cash back credit card of 2013. With the Blue Cash Preferred Card, cardholders receive 6 percent cash back on all supermarket purchases, 3 percent cash back on gas, 3 percent cash back on purchases made at major department stores, and 1 percent cash back on all other purchases. In addition, cardholders earn 150 reward dollars after they spend $1,000 on the Blue Cash Preferred Card in the first three months that they have the card.

Best Balance Transfer Credit Card

The Discover it Card was just launched by Discover in early January 2013, and it is far and away my choice for the best balance transfer credit card currently available. With the Discover it Card, cardholders receive a 0 percent introductory APR on balance transfers for 18 months. You read that correctly: a year and a half of 0 percent interest on your transferred balance. But that’s just where it starts. Until the end of March 2013, the Discover it Card also offers cardholders 5 percent cash back on rotating categories throughout the year, including restaurants and movies. In addition, the Discover it Card offers cardholders 1 percent cash back on all other purchases. Lastly, the Discover it Card grants cardholders a 0 percent introductory APR on purchases for six months, and requires no annual fee.

Best Student Credit Card

The Citi Forward Card for College Students is my choice for the best card on the market geared towards college students. With the Citi Forward for College Students card, cardholders receive a 0 percent introductory APR on purchases for the first seven months that they have the card. In addition, the Citi Forward Card for College Students offers cardholders five ThankYou points for each dollar spent on restaurants or entertainment, and one ThankYou point for each dollar spent on any other purchases. The APR of the Citi Forward Card for College Students is also reduced gradually if the cardholder uses his or her credit wisely. Citi also rewards cardholders with a 100 ThankYou point bonus each billing statement that is paid on time.

Best Bad Credit Credit Card

I believe that the Capital One Secured MasterCard is the best credit card for bad credit currently available. With the Capital One Secured MasterCard, your credit usage is reported to the three major credit bureaus, so using your card wisely will help you repair your credit. In addition, you can qualify for additional increases in your credit limit down the line without having to put any more of a secured deposit down. Finally, the Capital One Secured MasterCard also enrolls cardholders in the online credit monitoring service CreditInform for free. With CreditInform, cardholders can monitor their credit and watch it increase over time with responsible credit usage…

Read More: lenpenzo.com

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