As we know, there are a lot of credit cards out there, but how do you decide which credit card is the best for you and which one suits your wallet right now? So here we are with a comprehensive overview of the current month’s top credit cards available in the market.
To select the best credit card of the month, we used a set of criteria such as rewards and cashback offers, annual fees, interest rates, and the card’s overall usability and acceptance. And here, we also considered the credit score requirements and eligibility criteria for each card to ensure readers can apply for a card that suits their financial needs and credit history.
We hope to guide readers looking for a new credit card or who want to compare their existing one with other available options. Here you will be able to find a snapshot of the month’s top credit cards, which offers valuable insights to help readers make an informed decision.
Top 5 Credit Cards of March 2023
- Wells Fargo Active Cash Card
- Chase Freedom Unlimited
- Capital One Venture Rewards Credit Card
- Chase Sapphire Preferred Card
- Capital one SavorOne Cash Rewards Credit Card
1. Wells Fargo Active Cash Card
Annual fee $0
Rewards rate 2% Cashback
Intro offer $200
Recommended credit score 690-850 (Good-Excellent)
Within the first three months of opening an account, holders are eligible for a $200 cash rewards bonus after up to $1000 purchases.
As long as the account remains open, all the cardholders can redeem their offers, and they can earn a 2% cash rewards rate on their purchases.
This is an excellent option for those looking to transfer existing balances from high-interest cards, and here is why cardholders, there will be no intro APR for 15 months from the day you open the account.
After 15 months, there will be 19.49%, 24.49%, or 24.49% APR.
And Cardholders can enjoy the signature feature of this card, which is a Concierge service that gives you access to the world’s prestigious hotel properties.
There is cellphone protection as well. If your cellphone is damaged or stolen, they pay your monthly bill with your card. (subject to a $25 deductible).
Cons
But as potential drawbacks, there are no bonus categories for rewards.
2. Chase Freedom Unlimited Credit Card
Annual fee $0
Rewards rate 1.5%-6.5% Cashback
Intro offer $300
Recommended credit score 690-850 (Good-Excellent)
This card has special reward programs, so cardholders can earn an additional 1.5% cashback on everything they buy in the first year, up to $2000.
And also, on travel purchases, cardholders can earn 6.5% cash back, and you can redeem your rewards as cash back, travel, or gift cards.
There is another cashback offer of 4.5% for drugstore purchases and dining at restaurants; this includes takeout and eligible delivery service, and 3% on all other purchases in the first year up to $2000.
Since the cashback rewards do not expire as long as your account is open, you can redeem them whenever you want, as there is no minimum to redeem your bonus. Cardholders can receive their reward as a statement credit or direct deposit into US checking saving accounts.
And there is no Intro APR for 15 months from the account opening (on purchases and balance transfers), then converted into a variable APR of 19.49%-28.24%.
Cons
But here are some potential drawbacks all the applicants need an excellent credit score to be eligible.
However, those who qualify can enjoy high reward rates, intro offers, and a lack of annual fees.
3. Capital One Venture Rewards Credit Card
Annual fee $95
Rewards rate 2x-5x
Intro offer 75,000 Miles
Recommended credit score 690-850 (Good-Excellent)
If you’re in the market for a travel rewards credit card, the Capital One Venture Rewards Credit Card could be worth considering.
The sign-up bonus is significant among other credit cards; once you spend $4000, you can enjoy 75,000 miles within the first three months. This is equal to $750 in travel.
The other high rewards cardholders can enjoy are unlimited 2x miles on every purchase and 5x miles on hotel purchases and rental car books. Plus, the cardholder can transfer their miles to about 15 travel loyalty programs.
Cardholders can enjoy two complimentary visits per year to Capital One Lounges or 100+ Plaza Premium Longer through the partner lounge network.
Cons
- A high annual fee is a drawback for some cardholders
- Limited flexibility of rewards
- Require an excellent credit score to be eligible.
4. Chase Sapphire Preferred Card
Annual fee $95
Rewards rate 1x-5x Points
Intro offer 60,000 Points
Recommended credit score 690-850 (Good-Excellent)
Cardholders can enjoy various benefits, such as a $50 annual Ultimate Rewards Hotel Credit, 5x points on travel purchased through Chase Ultimate Rewards®, 3x points on dining, and 2x points on all other travel purchases. Additionally, points can be redeemed for 25% more value when used for airfare, hotels, car rentals, and cruises through Chase Ultimate Rewards®.
With the Chase Sapphire Preferred Card, cardholders can enjoy a variety of benefits
- $50 annual Ultimate Rewards Hotel Credit
- 5x points on travel purchased through Cash ultimate reward
- 3x points on dining
- 2x points on all other travel purchases
And here are some other offers from Chase Sapphire Preferred Card to its cardholders
- Trip cancellation/interruption insurance
- Auto rental collision damage waiver
- Lost luggage insurance
Cardholders can also access to DashPass with $0 delivery fees.
Some significant pros of this card include
- New cardholder bonus offer
- Bonus categories
- Primary rental car coverage
- Flexible reward redemption
- Transfer partners
Cons
- It comes with an annual fee
- Excellent credit score eligibility
- Rewards are complicate
5. Capital one SavorOne Cash Rewards Credit Card
Annual fee $0
Rewards rate 1%-10% Cashback
Intro offer $200
Recommended credit score 690-850 (Good-Excellent)
This card has some special reward programs, and here is why. All new cardholders are offered with $200 cash bonus for up to $500 purchases within the first three months.
Other rewards are
- 3% cash back on dining, entertainment, popular streaming services, and grocery store purchases.
- 1% on all the other assets.
- 10% cash back on purchases made through Uber Eats and Uber
- 8% cashback on Capital One Entertainment purchases
- Unlimited 5% cash back on hotels and rental cars (you have to book it through Capital One Travel)
And these cash rewards stay active for the life of the account, and there’s no limit to how much cash back you can earn.
This card has 05 intro APR for 15 months, but variable APR ranges from 19.24%-29.24% after 15 months.
Significant pros are
- No foreign transaction fees
- No annual fee
- Wide range of bonus categories
Cons
- Require excellent credit score for eligibility
Here are some tips to help you make the right decision:
Evaluate your spending habits: Look at your monthly expenses and determine where you spend the most. For example, if you spend a lot on groceries or gas, consider a credit card that offers cashback or rewards on those purchases.
Check your credit score: Your credit score can determine which credit cards you qualify for and the interest rates you’ll pay. You may be eligible for a credit card with a low-interest rate or generous rewards program if you have good credit.
Consider your financial goals: Are you looking to pay off debt or earn rewards points for travel? Your financial goals can help you decide which credit card is best for you. If you’re looking to pay off debt, a balance transfer card with a low-interest rate may be a good option. If you want to earn travel rewards, a card with a generous sign-up bonus and a points program may be more suitable.
Look at the fees: Consider the annual fees, late fees, and foreign transaction fees associated with the credit card. If you travel frequently, look for a card with no foreign transaction fees.
Read the fine print: Read the terms and conditions carefully before applying for a credit card. Look for any hidden fees or restrictions that may impact your decision.
By evaluating your spending habits, credit score, and financial goals, you can select the best credit card for your needs. Remember to research different options, compare benefits and fees, and read the fine print before making a final decision.
Summary
With “Best Credit Cards of March 2023”, we highlighted some of the month’s top credit card picks. The article focuses on credit cards with generous rewards programs and low-interest rates, which can benefit consumers looking to make the most of their credit cards. Some of the credit cards featured in the article include those cashback rewards on everyday purchases, travel rewards, and balance transfer offers with low introductory interest rates. The report emphasizes the importance of carefully evaluating credit card options based on personal spending habits, credit scores, and financial goals. By selecting the right credit card for their needs and using it responsibly, consumers can enjoy the benefits of credit cards while avoiding debt and financial stress.
Other References:
Consumer Financial Protection Bureau
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