Credit & Money Management
Best Cards for the Way You Spend
Here are seven of our favorite credit cards, from super low-rate cards to those that apply rewards toward your mortgage and investment accounts.
From Kiplinger's Personal Finance magazine, July 2009
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Bank of America Upromise World MasterCard
www.bankofamerica.com
800-932-2775
Deposits a 1% rebate in your Upromise account. Earn up to 10% on eligible grocery, drugstore, gas and restaurant spending.
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BP Visa
www.chase.com
Earn a 5% gas rebate, 2% for travel and dining, and 1% on everything else (double rebates for
the first 60 days).
Farm Bureau Bank Platinum MasterCard
www.farmbureaubank.com
800-307-0341
If you qualify, your interest rate can be as low as 5.24% for this no-fee card.
Fidelity Retirement Rewards American Express
www.fidelity.com
866-598-4971
Fidelity account holders earn a 2% rebate that can be deposited in any Fidelity IRA.
Schwab Bank Invest First Visa
www.schwab.com
866-724-9223
Schwab account holders earn a 2% rebate that can be deposited in a Schwab IRA or brokerage account.
Simmons First Visa Platinum Travel Rewards
www.simmonsfirst.com
It takes 22,000 points (you earn 1 point per $1 spent) for a ticket anywhere in the 48 contiguous states.
Wells Fargo Home Rebate
www.wellsfargo.com/
homerebate
866-412-5958
For every $2,500 you charge, Wells Fargo applies 1% to the principal of your Wells Fargo mortgage.
Reader Comments (12)
Posted by: brett at 06/10/2009 12:44:25 PM
what about discover open road for gas?
Posted by: Mary in Boston at 06/10/2009 04:15:57 PM
...This is basically an infomercial for getting readers to obtain additional credit cards. Why not tell your readers to set a goal to eliminate credit card debt and with the money they save in fees and interest they can pay for their own plane tickets or anything else they want, in cash. No need to worry about missing a payment or going over a credit limit. That is the goal I am actively working on. I hope to be free of the credit card loan sharks by the end of 2009.
Posted by: L E from Oregon at 06/11/2009 07:05:38 PM
We like to use credit cards for the warranty extension and they are handy but we never charge more than we can pay when the bill comes.
Posted by: Jennifer at 06/16/2009 02:27:12 PM
Just what we need, MORE credit cards? Seriously?? I am really disappointed that Kiplingers posted this. We use ALL cash and a debit card. No fees there! It is proven that you spend more with plastic than you do with cash. Try it sometime, you just might like that feeling of FREEDOM!
Posted by: Vic at 06/16/2009 05:14:31 PM
We charge everything we can to our Discover Card, and pay it off every month. Our cash back bonus is between 20 and 30 dollars. If there's one out there any better, I haven't seen it. And it's not tied in to a bank that may go belly up tomorrow.
Posted by: JERRY at 06/17/2009 10:03:18 PM
This is directed to Jennifer, I use credit to pay for just about everything and pay the bill at the end of the month. No fees and I earn interest on my cash. I have the feeling of freedom and extra money.
Posted by: Madison at 06/23/2009 03:22:04 PM
I'm absolutely on par with Jerry. I use my credit card for almost everything (still under 30% of my credit limit). I don't have to keep a record of my receipts (although I do keep all of them to make sure my credit card bill reflects the same amount) and I know exactly what I am spending my money on. I pay my bill every month on the dot and do not carry a balance. I still get points from my purchases to use on gift cards, cash, etc. I do understand where Jennifer and Mary are coming from - there are a ton of people that get in trouble with credit card debt. It's tempting!
Posted by: chuck at 08/20/2009 08:56:56 AM
Good for you Madison, Jerry & Vic. You make it sound so simplistic. Everyone would do what you do if everyone had the cash flow that you have. Can't tell if you are bragging or complaining. I don't think the latter.
Posted by: HAZEL L. at 08/20/2009 12:12:14 PM
I agree with Jennifer. For the first time in my entire life, my credit card co. claimed they did not receive my May payment. Never been so humiliated as when I tried to use my credit card to pay a paltry amount to my periodontist. Credit was denied! I even have a $20,000 limit and they claimed I was in arears under $400 (due for May). Not only was I charged an (I believe) unheard of late fee, but another fee appeared that I had not been previously charged. Now I have a letter stating there had been a system error in their office that prevented them from processing that payment! I don't NEED credit and as soon as I get that mess straightened up, I will have only merchant credit cards for convenience and pay 1st of month. What if I had been on a trip somewhere and relied on my credit card?? I honestly believe that some creditors are trying to force customers to let them debit bank accounts.
Posted by: Grama Hooch at 08/20/2009 12:51:59 PM
My husband and I use our credit card for Everything that we can-shopping, Dr. and hospital bills, drugs, utility bills taxes on our condo and vehicle gas and maint.It gets paid in full every month with NO interest.I also get points to use for things-that's extra $$ just for using the card. Jennifer and folks like her need to learn how to BUDGET their income/expenses--monthly and yearly and they could do this too. Nobody handles your $$ like you can so stop blaming the credit cards and learn simple math.
Posted by: Florence Lee at 08/20/2009 01:13:52 PM
I am a 79 year old widow that did get in over my head! I retired in 2001, and took a part-time job five years ago to try and pay my credit card off. I pay as much as I can, so they are ripping me off with interest. I sent all the invoices from Discover to our State's Attorney, and he is looking into the matter for me. I am a easy target, because I pay on time every month, and pay a little more than what they bill me for. I'll probably die before I get it all paid. I don't know what I would have done without it, after I retired. My husband was ill quite young, and lost all his benefits. I was strapped for cash!
Posted by: Tom in the Military at 09/16/2009 01:46:23 PM
I agree with Grama Hooch...I'm married with 2 kids and use only 1 credit card. I have the AMEX Gold Card. The way this card is set up, is that you don't pay any interest and you have to pay off your balance every month, can't roll it over. It's a charge card with credit card features and points. Since getting this card in Nov 08, I have been living debt FREE by using this credit carrd for everything I spend money on. It is a simple concept, "Don't buy if you don't have the money to pay it off"