Different Types of Credit Cards and Their Features

Chatur Credit Cards Information Podcast

In a world where a dizzying array of credit card types are marketed to consumers, it’s easy to become overwhelmed by the sheer number of choices. The thing is, you don’t have to learn everything about every single credit card on the market. All you need to do is figure out which type of credit card would work for your needs, then focus your mental energy on researching which of those are the right fit.

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Rewards credit cards

Rewards credit cards typically give you points or cash back based on a percentage of your spending and some even offer bonus points in popular categories like groceries, gas and dining out.

Here are some of our favorite rewards credit cards:

• Capital One VentureOne Rewards Credit Card – Best for travel rewards with no annual fee
• Chase Freedom Unlimited® – Best for your first rewards credit card
• Citi Premier® Card – Best for travel rewards on everyday purchases

Cash back credit cards

Cash back credit cards make it easy for you to earn cash back or statement credits on your spending, although how rewards are doled out varies from card to card. Some options in this niche offer a flat rate of rewards while others offer bonus points in certain categories like dining or travel.

Here are some of our favorite cash back cards:

• Citi® Double Cash Card – Best for flat rate cash back
• Discover it® Cash Back – Best for rotating cash back categories
• Blue Cash Preferred® Card from American Express – Best for cash back on groceries
• Capital One SavorOne Cash Rewards Credit Card – Best for cash back on dining

Travel credit cards

Travel credit cards offer you the opportunity to earn rewards that are geared specifically toward travel, whether that means earning flexible travel credits you can use toward any travel purchase or even points you can transfer to airline or hotel programs.

Here are some of our favorite travel credit cards:

• Capital One Venture Rewards Credit Card – Best for flexible travel rewards
• Chase Sapphire Preferred® Card – Best beginner travel card
• American Express® Gold Card – Best for travel rewards on dining
• Discover it® Miles – Best for first-year miles bonus

Balance transfer credit cards

If you have some high-interest credit card debt on your hands, you may be considering using a balance transfer credit card to help manage and pay down that debt.

Here are some of our favorite balance transfer credit cards:

• Bank of America® Customized Cash Rewards credit card – Best balance transfer card with flexible rewards categories
• *Wells Fargo Cash Wise Visa® card (This card is no longer available)– Best balance transfer card for digital wallet users
• Citi Rewards+® Card – Best balance transfer card with rewards on small purchases.

And Many more.