The October issue of Money Magazine has named their picks for the best credit cards of 2015-2016, and cards from Citi, and Barclaycard have taken top honors in the cash back, shopping, and travel categories.
Fourteen cards were deemed best-in-class, in categories like cash back cards, frequent flyer card, hotel rewards cards, best card for carrying a balance, best card for students, and best business credit cards. They considered factors like intro and ongoing interest rates, sign-up bonuses, fees, and reward offerings.
Here’s the rundown on Money’s choices, along with key features of each:
• Citi Double Cash Card – best cash back card, with 0% introductory APR on purchases, no annual fee, and 2% cash back on all purchases.
• American Express Blue Cash Preferred – best for maximizing cash back, with 0% APR on purchases and balance transfers for 15 months, a $75 annual fee, and 6% cash back on up to $6,000 in grocery store purchases.
• Barclaycard Arrival World – best travel rewards card, with no annual fee and two miles for every dollar spent on travel and dining. Also offers a sign-up bonus of 20,000 miles when cardholders spend $1,000 in the first 90 days they have the card.
• Chase Sapphire Preferredand Barclaycard Arrival Plus World Elite – tied for best frequent flyer card, these cards have annual fees of $95 (Chase) and $89 (Barclaycard), both waived for the first year. Chase offers a sign-up bonus of 40,000 points after spending $4,000 in the first three months, and Barclaycard offers a bonus of 40,000 miles after spending $3,000 in the first three months.
• Starwood Preferred Guest – best hotel rewards card, with an annual fee of $95 and a sign-up bonus of 25,000 points after spending $3,000 in the first 90 days.
• Northwest FCU FirstCard – best student card, with no annual fee, an ongoing APR of 10%, and a fixed credit limit of $1,000 designed to keep students from getting too deep into debt.
• Digital Credit Union Visa Platinum – best card for carrying a balance, with an APR starting at 8.5% and no balance transfer fee.
• Chase Slate – best for balance transfers, with 0% on transfers for the first 15 months and no fee for transfers in the first two months.
• Citi Simplicity – best card for big purchases, with a 0% APR on purchases for 21 months and no annual fee.
• Capital One Spark Cash Select for Business – best card for small businesses, with no annual fee and 1.5% cash back on all purchases.