Author: Artem Hihach
What’s the best credit card?
We ranked the best credit cards for people of lower income. Experts are confident that the new credit cards will allow millions of Americans to property redistribute cash and recover faster after the coronavirus pandemic and the economic crisis. We analyzed the most profitable credit cards and check general detail of the potholes that banks often include in their offers in order to dramatically increase the number of customers.
1. Bank of America (BOA)
Customized Cash Rewards.
The main highlight of this card is the ability to independently configure the cashback function, which is an impressive 3%. For example, if you constantly order goods via the Internet, then the maximum cashback can be adjusted to the Online Shopping category.
Customized Cash Rewards also offers a $200 bonus if the cardholder spends at least $1,000 in the first three months after opening the card. Moreover, the credit card holder will receive a very low-interest rate or no interest at all for a period of up to 15 months. The last significant argument in favor of opening a card is the absence of an annual service fee.
2. Citi Bank (Citi)
Citi rarely issues credit cards, but last year the financial giant delighted its customers with a real bestseller called Custom Cash.
First of all, the interest-free period of this credit card (0% Intro APR) is 15 months. Previously, such promotional terms were the norm, but in post-crisis times, many banks do not offer 0% Intro APR to their cards at all or reduce them to 9 – 12 months. Other benefits of Custom Cash include a $200 bonus after spending $750 in the first three months, and a very lucrative Balance Transfer ($5 or 5% on a high-interest credit card). There is no Annual Fee for Custom Cash, which makes this card almost perfect.
3. Discover Bank is an online institution within a financial services company offering various banking products, including credit cards, personal loans, and student loans.
Discover it Balance Transfer credit card offers 0% Intro APR for six months, cashback from 1% to 5% on various categories of goods and services, as well as doubling cashback (regular use of the credit card can quickly bring $150, which will increase to $300 as part of the promotion).
The highlight of the card is the balance transfer mentioned in the title for 18 months at a fee of 3%. So, one Reddit user, one of the owners of a credit card wrote that he had accumulated a debt of $12,000 on five credit cards with an average rate of 19.99% per annum. The limit on Discover it Balance Transfer was $15,000, and the debtor repaid all unprofitable credit cards due to a profitable transfer. Now he has a year and a half to pay off the debt on a new card. During this time, he’ll not pay a single cent in the form of interest.
We’ve discussed a lot of credit cards, but the choice is still up to you. Think carefully about all the information you have read and draw your own conclusion. These top cards are really selected for the people who don’t want to spend a lot of money on card maintenance.