Top Credit Card Picks for 2020: How to Make the Right Choice
Explore the top credit cards of 2020 with this comprehensive guide. Discover options tailored for cashback, travel rewards, balance transfers, and low interest rates. Learn key tips to select the best card based on your spending habits and financial goals. Make informed decisions with expert insights into popular credit cards and their benefits to maximize your rewards and minimize costs.
Top Credit Card Options of 2020: A Buyer’s Guide
With numerous credit cards available offering cashback, reward points, air miles, hotel points, low interest rates, 0% balance transfer periods, and more, selecting the right one can be challenging. No single card excels in all features; some are tailored for specific needs and preferences. Below are key insights into some of the most popular credit cards of 2020 to help you make an informed decision.
- Capital One® Quicksilver® – Best for cashback rewards
- Capital One® Venture® – Ideal for double travel points
- Wells Fargo Propel American Express® – Best for overall rewards
- Chase Sapphire Preferred® – Top for sign-up bonuses
- Discover it® – Best for balance transfers
- Citi Simplicity® – Excellent for balance transfer offers
Before applying for any of these cards, consider these essential factors.
Travel Rewards
If you frequently travel, opt for a credit card that offers substantial travel benefits. Cards that give 2x points on travel and allow flexible point transfer to hotel or airline loyalty programs are ideal.
Cashback Offerings
Choose cards providing attractive cashback on various purchases, especially those with no expiration on rewards. Many cards feature rotating categories, earning cashback on gas, groceries, and other expenses in different months.
Balance Transfer Options
If high interest fees burden you, look for credit cards offering 0% balance transfer periods. Verify that there are no or low transfer fees; charges of 3-5% can be costly, especially with large balances. Conduct balance transfers within the interest-free window and follow a disciplined repayment plan to settle the balance interest-free.
Low-Interest Credit Cards
For those seeking lower interest rates and willing to sacrifice some rewards, opt for low-APR cards. These often come with higher interest but can be useful for balance transfers or carrying balances at a reduced cost. Your credit score influences the APR you qualify for, and introductory offers may provide low rates for initial periods.
Determine your primary needs—whether large balance management, rewards, or low interest—and choose a credit card accordingly. Assess your spending habits and payment history to select the best card for your financial goals.
