Best Credit Cards in 2023: How to Choose and Apply?

When it comes to credit cards, there are a lot of options out there. Each card comes with its own set of benefits, rewards, fees, and interest rates.

Choosing the best credit card for your needs can be overwhelming, but by understanding your spending habits and financial goals, you can narrow down the options and find a card that works for you.

Best credit cards 2023

In this article, we will explore some of the best credit cards available in the market today.

Chase Sapphire Preferred® Card

This card is a favorite among travel enthusiasts due to its valuable rewards program. The card offers 2X points on travel and dining purchases and 1X point on all other purchases.

Cardholders can redeem their points for travel through the Chase Ultimate Rewards program, where each point is worth 1.25 cents.

Additionally, the card offers trip cancellation insurance, baggage delay insurance, and other travel-related benefits.

Citi® Double Cash Card

This card is a great option for those looking for a straightforward rewards program. The card offers 2% cashback on all purchases – 1% when you make the purchase and another 1% when you pay it off.

There are no category restrictions or limits on how much cashback you can earn. Additionally, the card has no annual fee.

This card is an excellent option for those looking to maximize their cashback rewards. The card offers 5% cashback on rotating categories each quarter (up to $1,500 in purchases) and 1% cashback on all other purchases.

Categories have included gas stations, grocery stores, restaurants, and more. Discover also matches all the cashback earned in the first year for new cardholders.

American Express® Gold Card

This card is a great option for those who frequently dine out or travel. The card offers 4X points on dining and grocery purchases, 3X points on flights booked directly with airlines or through amextravel.com, and 1X point on all other purchases.

Additionally, the card offers a $120 annual dining credit and a $100 airline fee credit.

Capital One® Venture® Rewards Credit Card

This card is a great option for those who want a flexible rewards program. The card offers 2X miles on all purchases, and miles can be redeemed for travel, gift cards, or cashback.

The card also offers a sign-up bonus of 60,000 miles (worth $600 in travel) after spending $3,000 in the first three months.

When choosing a credit card, it’s important to consider your spending habits, financial goals, and any associated fees and interest rates. By doing your research and selecting a card that aligns with your needs, you can maximize your rewards and benefits while avoiding unnecessary costs.

The most popular credit cards are those with a grace period, also called a grace period. This option, thanks to which the bank begins to accrue interest on the debt not immediately, but after a certain time: a month, 50 or 100 days.

It is quite possible to meet the return of money during the grace period and not pay a single penny extra.

Then the loan will be virtually free for the client, except for the money that the bank takes for servicing the card itself. Just in this way, they advise using credit cards – not to bring to the accrual of interest, which is more than on classic loans.

How to apply for credit cards?

Applying for a credit card can be a straightforward process if you have the necessary information and follow the right steps. Here is a general guide on how to apply for a credit card:

Check your credit score: Before applying for a credit card, it’s important to check your credit score to determine your creditworthiness. Your credit score will affect the type of credit card you qualify for, the interest rate, and the credit limit. You can obtain a free credit report from any of the major credit bureaus (Equifax, Experian, or TransUnion) once a year.
Research credit cards: Do some research to find the credit card that best suits your needs. Consider factors such as rewards, fees, interest rates, and other benefits.
Gather information: To apply for a credit card, you will need to provide personal information such as your name, address, Social Security number, and employment status. You may also be asked to provide financial information such as your income and expenses.
Fill out the application: Once you have chosen a credit card and gathered all the necessary information, fill out the application either online, by phone, or by mail. Be sure to read the terms and conditions carefully before submitting the application.
Wait for a decision: After submitting your application, you will need to wait for a decision from the credit card issuer. This may take a few minutes, or it may take several days. If you are approved, you will receive your credit card in the mail within a few business days.
Activate your card: Once you receive your credit card, you will need to activate it before you can use it. This can typically be done online or by phone.

It’s important to remember that applying for a credit card will result in a hard inquiry on your credit report, which can temporarily lower your credit score.

It’s also important to use your credit card responsibly by paying your balance in full and on time each month to avoid accumulating debt and incurring interest charges.

How to choose a credit card without interest?

Choosing a credit card without interest, also known as a 0% APR credit card, can be a great way to save money on interest charges if you need to make a large purchase or transfer a balance from another card.

Here are some steps to follow when choosing a credit card without interest:

Determine your needs

Before selecting a credit card, determine your financial needs and goals. Consider factors such as your current credit card balance, the amount of time you need to pay off the balance, and the type of purchase you plan to make.

Research 0% APR credit cards

Look for credit cards that offer a 0% introductory APR for purchases or balance transfers. These cards typically offer a 0% interest rate for a limited period, usually ranging from 6 to 18 months.

Compare cards

Compare the features and benefits of several 0% APR credit cards, including the length of the introductory period, the ongoing interest rate, any fees associated with the card, and any rewards or perks offered.

Check for balance transfer fees

If you plan to transfer a balance from another credit card to your new 0% APR credit card, make sure to check for any balance transfer fees. These fees can be a percentage of the balance transferred, so it’s important to factor in these costs when comparing cards.

Consider credit score requirements

Keep in mind that some 0% APR credit cards may require a good or excellent credit score to qualify. If your credit score is lower, you may want to consider improving your credit score before applying for a credit card.

Read the terms and conditions

Before applying for a 0% APR credit card, make sure to read the terms and conditions carefully to understand the details of the introductory offer, the ongoing interest rate, any fees associated with the card, and any other important information.

Choosing a credit card without interest can be a great way to save money on interest charges, but it’s important to use the card responsibly and pay off the balance before the introductory period ends to avoid incurring high interest charges.

Keep track of your credit history

Offers of banks even within the same credit card for different customers may vary. First of all, credit limit. But other conditions may change, including the length of the grace period.

So we can say with confidence that it is profitable to be a reliable borrower. But breaking deadlines, accumulating debts and not getting in touch with the bank is the right way to the most modest conditions. And when the card expires, the bank will probably simply not approve the issue of a new one for such a client.

Choose your cashback

As with debit cards, banks also offer cashback programs for credit cards. That is, they are ready to return the money spent from the card.

But, as a rule, these are not absolutely all operations, but in some categories: travel, beauty, entertainment. So here you need to carefully study the available offers and choose what will be more profitable for you.

Earn income by spending credit card money

There is a relatively simple life hack on how to make money with a credit card with a long grace period.

After receiving a salary, put it in a savings account or keep it on a card that accrues interest on the balance.

Instead of spending your paycheck, pay in stores with a credit card. This can be done for a month, or two, or three – as long as the credit limit and the interest-free period are enough. And when it comes to an end, just close the debt on the card with a deferred salary.

As a result, you did not overpay on a credit card and received income from money that was simply in the account.

There are several subtle points in this scheme. First, remember how much money you have left from your paycheck so you don’t overspend. And secondly, for many credit cards, the interest-free period is valid only for the first purchase. And for all subsequent interest will begin to accrue from the first day.

If you have just such a card, do not worry, there is a way too – just more complicated.

When it’s time for a big purchase, whether it’s appliances, gadgets, travel packages or anything else, pay with a credit card. And put the money that you planned to spend for these purposes into the same savings account.

When the grace period has passed, the debt on the card can be repaid with this money, and you can keep the profit from the interest.

This also works for several products, even a whole cart of food from the supermarket, as long as there is one check.

What are the best credit cards for travel rewards?

The best credit cards for travel rewards typically offer rewards points or miles for every dollar spent on travel-related purchases, such as airline tickets or hotel bookings. Look for cards with generous sign-up bonuses, low or no foreign transaction fees, and flexible redemption options.

What are the best credit cards for balance transfers?

The best credit cards for balance transfers typically offer a 0% introductory APR on balance transfers for a certain period of time, allowing you to transfer high-interest debt from other cards and pay it off interest-free. Look for cards with low balance transfer fees and a long introductory period.

How do I find the best credit card for my needs?

To find the best credit card for your needs, consider factors such as your credit score, spending habits, and financial goals. Look for cards that offer rewards or perks that align with your lifestyle, and compare interest rates and fees to ensure you’re getting the best deal.

What are the best credit cards for building credit?

The best credit cards for building credit are typically secured credit cards or credit builder cards, which require a security deposit or have low credit limits. Look for cards with low fees, no annual fee, and a reporting system that reports to all three credit bureaus.

What are the best credit cards for cashback rewards?

The best credit cards for cashback rewards offer cash back on every purchase you make. Look for cards with a high cashback rate on the types of purchases you make most often, such as groceries or gas, and compare fees and interest rates to find the best deal.