What Are the Best Working Credit Cards of 2016?

As an expert in credit cards, I have analyzed the best working credit cards of 2016. There are several credit cards that stand out in terms of rewards,cash back, andbenefits.

Chase Sapphire Preferred

The Chase Sapphire Preferred card is a top choice for travelers. It offers a signup bonus of 50,000 points after spending $4,000 within the first three months. These points can be redeemed for travel, cashback, or gift cards. The card also provides 2x points on travel and dining purchases and has no foreign transaction fees.

Capital One Venture Rewards

Another great option for travelers is the Capital One Venture Rewards card. It offers a signup bonus of 50,000 miles after spending $3,000 within the first three months. These miles can be redeemed for travel, hotel stays, or car rentals. The card also offers 2x miles on all purchases and has no foreign transaction fees.

Discover it Cashback Match

For those who prefer cashback, the Discover it Cashback Match card is an excellent choice. It offers a unique cashback program where all cashback earned in the first year is matched at the end of the year. The card provides 5% cashback on rotating categories and 1% cashback on all other purchases.

Citi Double Cash

The Citi Double Cash card is ideal for those who want a straightforward cashback program. It offers 2% cashback on all purchases, with 1% cashback earned at the time of purchase and an additional 1% cashback earned when the balance is paid off.

American Express Blue Cash Preferred

The American Express Blue Cash Preferred card is perfect for families or individuals who spend a lot on groceries and gas. It offers 6% cashback on up to $6,000 spent annually at US supermarkets and 3% cashback on gas purchases. The card also provides a signup bonus of $250 after spending $1,000 within the first three months.

Tips for Applying for a Credit Card

When applying for a credit card, it is essential to have a good credit score. A score of 700 or above is considered good, and anything above 750 is excellent. It is also vital to read the terms and conditions carefully, including the APR, annual fees, and rewards program. To avoid any missed payments, it is recommended to set up automatic payments or reminders.

Saving Money with Credit Cards

One way to save money with credit cards is to take advantage of cashback or rewards programs. By using a credit card for everyday purchases, you can earn cashback or points that can be redeemed for travel, gift cards, or statement credits. It is also important to pay off the balance in full each month to avoid accruing interest.

Annual Fees and Risk Mitigation

Some credit cards come with annual fees, which can range from $50 to $500. It is essential to weigh the benefits of these cards against the cost of the annual fee. Additionally, it is crucial to monitor the account for any fraudulent activity and report any suspicious charges immediately.

Recommended Credit Card Companies

Some of the top credit card companies include Chase, Capital One, Discover, Citi, and American Express. These companies offer a wide range of credit cards with varying benefits and rewards programs. It is important to research and compare different credit cards before applying to find the best one for your needs.