These credit cards could help you save money, earn rewards in 2023
STATEN ISLAND, N.Y. – Record-high inflation, job loss and holiday spending have put added pressure…
STATEN ISLAND, N.Y. – Record-high inflation, job loss and holiday spending have put added pressure on some people’s wallets. But even if you’re not struggling, who isn’t looking for more ways to save money?
Credit cards aren’t always the first thing that come to mind when consumers think about saving money — but not all credit cards are created equal.
According to personal finance website WalletHub, the best credit cards can save cardholders between $300 and $650 per year, if not more, depending on the card and the rewards program.
“The key to finding the best credit card is to determine which features are most important to you, then compare offers in search of the best deal,” WalletHub recommends.
Still, those looking to sign up for a new credit card — whether or not it’s your first — should be mindful of spending habits.
According to data from TransUnion and the Federal Reserve and Bureau of Labor Statistics, the average household increased its credit card debt from $8,699 in 2021 to $9,260 in 2022 — an increase of 6.4%.
Here’s WalletHub’s list of the best credit cards of 2023:
BEST CREDIT CARD – Chase Freedom Unlimited
In addition to no annual fee, new Chase Freedom Unlimited card holders get 5% back on travel, 3% back at restaurants and drugstores, and 1.5% back on all purchases, in addition to 0% APR for 15 months on new purchases and balance transfers, according to WalletHub.
CASH BACK REWARDS – Wells Fargo Active Cash Card
According to WalletHub, the Wells Fargo Active Cash Card is one of the best, because it offers 2% cash rewards on all purchases — which is slightly more than the average 1% cash back with other cards. There’s also no annual fee.
BAD CREDIT – Discover it Secured Credit Card
According to WalletHub, the Discover it Secured Credit Card is the best card for those looking to build their credit, because there’s no annual fee and it offers 1% to 2% cashback on purchases. However, there is a security deposit of at least $200 — and whatever you put down is your spending limit.
0% INTRO APR – Wells Fargo Reflect Card
New card members get an introductory APR of 0% for up to 21 months on qualifying balance transfers, and there’s no annual fee, according to WalletHub.
FAIR CREDIT OR NO CREDIT – Capital One QuicksilverOne Cash Rewards Credit Card
Cardholders can expect 1.5% cash back for all purchases made with the Capital One QuicksilverOne card, however, there is an annual fee of $39, according to the report.
TRAVEL – Chase Sapphire Reserve
If you spend $4,000 in the first three months, the Chase Sapphire Reserve card will give you a bonus of 60,000 bonus points, according to WalletHub. Being a cardholder also gets you access to more than 1,300 airport lounges and you can earn up to $300 in annual travel credits.
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