Best Credit Cards of October 2022
Credit cards can be quite useful financial tools. They make it easy to track spending, manage large expenses and earn rewards.
However, not everyone needs the same credit card.
One person may want a great balance transfer credit card to help them pay down debt while another may be looking for the best rewards card.
No matter if you’re getting your first credit card or you’re well-versed in the art of maximizing rewards points, you’re sure to find a card that matches your needs below.
Best Overall Credit Card – Blue Cash Preferred® Card from American Express
There are so many credit cards available that it’s hard to select just one as the best overall card.
To make our selection, we looked for a card that offers great value, diverse benefits and low fees. We also wanted to find a card that would be beneficial to the greatest range of consumers.
After reviewing dozens of cards, we decided the Blue Cash Preferred® Card from American Express
Blue Cash Preferred® Card from American Express
The Basics: The Blue Cash Preferred® Card from American Express card is unmatched in terms of its cash back offer. It awards 6% cash back at U.S. supermarkets (up to $6,000 in purchases annually) and select U.S. streaming services, both of which are hot spending categories right now.
Plus, you’ll earn 3% at U.S. gas stations and on transit such as taxis, trains and more and 1% cash back on all other purchases. Beyond the cash back, you’ll get travel and purchase perks simply by having the card.
Comparing the Blue Cash Preferred® Card from American Express
- Using the Plan It® feature, cardholders can establish a fixed monthly payment plan to pay off qualifying purchases.
- Downside: The Blue Cash Preferred® Card from American Express
Best Balance Transfer Credit Card – Citi® Double Cash Card - 18 month BT offer
Anyone carrying a balance on a high-interest credit card should consider transferring that balance to a lower interest card.
Moving money to a card with a low or 0% intro APR could save some big bucks and shave months or years off the time it takes to repay the debt. For the top pick in this category, we looked for a card that had a great 0% intro APR offer as well as a card that could earn you some rewards long term.
Citi® Double Cash Card - 18 month BT offer
The Basics: The Citi® Double Cash Card - 18 month BT offer isn’t just a great card for balance transfers. It’s also a solid choice for cash back rewards if you plan to use it for purchases. The card gives users 1% cash back when you purchase with the card and another 1% cash back when you pay for the purchase.
Comparing the Citi® Double Cash Card - 18 month BT offer
- After the introductory period, your APR on the Double Cash Card will be 16.99% - 26.99% (Variable), depending on your credit.
- There are no caps or category restrictions on cash back earnings, and they can be redeemed for a statement credit, direct deposit or points.
- Downside: You won’t earn any cash back for your balance transfer or payments on it.
American Express Blue Business Cash™ Card
Small business owners need a credit card that gives them not only buying power but also flexibility. Some cards in this category come with significant annual fees, but they provide valuable rewards and perks in exchange. Others are low-fee cards with minimal features. For our pick for the best credit card for small business, we looked for a card that had the best of both worlds.
American Express Blue Business Cash™ Card
The Basics: The American Express Blue Business Cash™ Cardis an affordable way to earn rewards with a small business credit card. It doesn’t charge an annual fee and offers a 0% introductory APR on purchases for 12 months from account opening (then, 16.24% - 24.24% Variable
Comparing the American Express Blue Business Cash™ Card
- If you’d rather not have cash back, you could earn Membership Rewards® points with The Blue Business® Plus Credit Card from American Express
- Cardholders can spend beyond their credit limit on those occasions when they need additional spending power. This perk isn’t guaranteed or unlimited, though, and depends on factors such as your payment history and credit.
- After the introductory period, this card has a 16.24% - 24.24% Variable
- Downside: This card charges foreign transaction fees.
Best Business Credit Card for Gas Rewards – Ink Business Cash® Credit Card
Business owners may travel frequently or need to fill up multiple company vehicles. To save on those expenses, it only makes sense to look for a business credit card that offers gas rewards. We reviewed the available options to find a low-cost card that provides extra cash back on fuel purchases.
Ink Business Cash® Credit Card
The Basics: You’ll earn extra cash back in several common business categories by using the Ink Business Cash® Credit Card from Chase. This card has a generous cash back offer. The annual fee is $0
Comparing the Ink Business Cash® Credit Card
- The Ink Business Cash® Credit Card
- There is no cost for additional employee cards, and business owners can set individual spending limits on each one.
- Downside: The Ink Business Cash® Credit Card
Credit Score You Need for a Credit Card
Every card has its own criteria when it comes to the credit score needed for approval, and a few companies, such as Capital One, make it clear on their website what level of credit they’d like to see in applicants.
In general, rewards cards require higher levels of credit, and applicants may be required to have scores at or above 700. Those with very low credit scores may only be able to get a secured card while student cards are more accepting of those with limited credit history.
We have some tips to help you improve your credit before applying so check those out if you think your score could use a boost.
Credit cards and their terms are constantly evolving. Plus, everyone has different priorities. The benefits that are valuable to one person may not be as important to others. With those caveats in mind, we have worked to compile a list of credit cards that we think will appeal to the greatest number of consumers. When reviewing cards, we weighted them based on the following factors:
- Value of benefits compared to fees
- Availability of a low introductory APR
- Rate of regular APR
- Perks and benefits relating to each specific category listed
To see the rates and fees of the American Express cards in this post, please visit the following links: Blue Cash Preferred® Card from American Express (See Rates and Fees; terms apply); American Express Blue Business Cash™ Card (See Rates and Fees; terms apply)