The confetti has been cleaned up, resolutions have been made and a few weeks have passed since the Federal Reserve raised its target interest rate for the first time in nearly a decade. It is with that context that CardHub has released its list of the Best Credit Cards for 2016 as well as its year-end Credit Card Landscape Report, which revealed that the Federal Reserve’s decision added $1.3 billion to consumers’ collective annual debt burden.
Below you can find a brief overview of CardHub’s Best Credit Cards for 2016, which were chosen from a pool of more than 1,200 offers due to their unique ability to meet various consumer needs.
Excellent Credit
• Best for Rewards: Capital One Venture – 40,000 bonus miles for spending $3,000 in the first three months (redeemable for $400 in travel-related expenses); 2 miles per $1 spent; no first-year annual fee ($59 thereafter).
• Best for Rewards: Barclaycard Arrival Plus – 40,000 bonus miles for spending $3,000 in the first 90 days (redeemable for $400 in travel-related expenses); 2 miles per $1 spent; 5% miles redemption rebate; no first-year annual fee ($89 thereafter).
• Best for Cash Back Rewards: Citi Double Cash – 1% cash back on purchases; 1% cash back when you pay your bill; no annual fee.
• Best for Hotel Rewards: Club Carlson Premier Rewards – 85,000 bonus points for spending $2,500 in the first 90 days (redeemable for up to nine free nights); 40,000 additional bonus points each year (redeemable for up to four free nights); $75 annual fee.
• Best for Airline Rewards: Citi / AAdvantage Platinum Select – 50,000 bonus miles for spending $3,000 in the first three months (redeemable for $810 in American Airlines airfare); 2 miles per $1 spent with American Airlines; 10% redemption rebate; no first-year annual fee ($95 thereafter).
• Best for New-Purchase Financing: Citi Diamond Preferred – 0% on new purchases for 21 months; 12.24% – 22.24% regular APR; no annual fee.
• Best for Balance Transfers: Slate from Chase – 0% on transferred debt for 15 months; 12.99% – 22.99% regular APR; no transfer fee or annual fee.
Good Credit
• Best for Rewards: Capital One Quicksilver Cash Rewards – $100 initial bonus for spending $500 in the first three months; 1.5% cash back across all purchases; no annual fee.
• Best for Airline Rewards: Frontier Airlines World MasterCard – 40,000 bonus miles for spending $500 in the first 90 days (redeemable for two round-trip domestic flights); $69 annual fee.
• Best for Hotel Rewards: IHG Rewards Club Select – 60,000 bonus points for spending $1,000 in the first three months (redeemable for up to 12 free nights); 5 points per $1 spent at IHG locations; 2 points per $1 spent at gas stations, grocery stores and restaurants; 1 point per $1 spent everywhere else; no first-year annual fee ($49 thereafter).
• Best for Balance Transfers: Slate from Chase – 0% on transferred debt for 15 months; 12.99% – 22.99% regular APR; no transfer fee or annual fee; attainable with good credit.
Fair Credit
• Best for Low-Cost Credit Improvement: Barclaycard Rewards MasterCard – No annual fee; 2 points per $1 spent on gas, groceries and utilities; and 1 point per $1 on everything else.
• Best for Rewards: Capital One QuicksilverOne Cash Rewards – 1.5% cash back, 20% rebate on Uber rides through April; $39 annual fee.
Limited/No Credit
• Best for Low-Cost Credit Improvement (Non-Students): Capital One Platinum Credit Card – No first-year annual fee; catered to people with limited credit history.
• Best for Rewards (Non-Students): Capital One QuicksilverOne Cash Rewards – 1.5% cash back, 20% rebate on Uber rides through April; $39 annual fee; attainable with limited credit.
• Best Cash Back Rewards for Students: Capital One Journey Student Rewards — 1% cash back on all purchases; 25% rewards bonus when your monthly bill is paid on time; no annual fee.
• Best Travel Rewards for Students: BankAmericard Travel Rewards for Students – 20,000 bonus points for spending $1,000 in the first 90 days (redeemable for a $200 travel statement credit); 3 points per $1 spent on the first $6,000 in airfare booked through Bank of America each year; 1.5 points per $1 spent on everything else; no annual fee or foreign transaction fee.
• Best for Student Financing: BankAmericard Card Rewards for Students – 0% on new purchases and balance transfers for the first 12 months (3% balance transfer fee); $100 initial bonus for spending $500 in the first 90 days; 3% cash back on gas and 2% on groceries for the first $1,500 in combined purchases in those categories; 1% cash back on everything else; no annual fee.
Bad Credit
• Best Fully Secured Card: Harley Davidson Secured Credit Card — $300 minimum deposit; credit line equal to deposit amount; no annual fee.
• Best Partially Secured Card: Capital One Secured MasterCard — Minimum deposit of $49, $99, or $200, depending on credit standing; credit line may exceed deposit amount; no annual fee.
• Best Rewards Secured Card: SunTrust Secured Credit Card – 2% cash back on the first $6,000 spent each year on gas and groceries; 1% cash back on everything else; $32 annual fee.
• Best Unsecured Card For Bad Credit: Credit One Visa with Credit Line Increase Reviews – Minimum credit line of $300; $35 to $75 annual fee the first year (depending on your credit standing); $35 to $99 annual fee thereafter; 1% cash back.
