Are Consumer Reports “Best Credit Cards” Really the... - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Are Consumer Reports “Best Credit Cards” Really the Best?

Are Consumer Reports “Best Credit Cards” Really the Best?

This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

In the upcoming issue of Consumer Reports magazine, they name their picks for best credit cards of 2012 in three categories: cash back, travel rewards, and balance transfers. The cards were selected from 53 mass-market consumer credit cards and tested by Consumer Reports Money Lab using criteria based on total money spent, fees, and rewards earned.

Are the Consumer Reports choices really the best? Here’s what Credit-Land.com editors thought of the chosen cards.

Consumer Reports Best Credit Cards of 2012

  • Best cash back credit card:

This card is one of the best values out there for families looking for cash back rewards, hands down. With six percent cash back on groceries, three percent back on gas, and one percent back on all other purchases, it easily earns back its $75 annual fee.

Credit-Land.com take: This really is the highest-value cash rewards card on the market today; however, customers have to have extremely good credit to be approved, making it an inaccessible choice for many customers. The Discover More gives five percent cash back in rotating categories, has no annual fee, and is a credit card that a much higher percentage of customers can be approved for.

  • Best travel rewards credit card: Chase Sapphire Preferred

The Chase Sapphire Preferred card benefits from being part of the Chase Ultimate Rewards program, which lets cardholders use their rewards points toward flights on virtually any airline, as well as at hotels, car rental agencies and on cruises or trains. With a $95 annual fee that’s waived the first year, it’s easy to see why Consumer Reports named this card the best in travel.

Credit-Land.com take: The flexibility of the Chase Ultimate Rewards program really is fantastic, but the transferability of Ultimate Reward points is a fairly recent perk that Chase adopted in order to compete with the American Express Membership Rewards program. If people are looking for a good no-annual fee, high-value travel rewards card, they should check out the American Express Blue Sky card.

  • Best balance transfer credit card: Chase Slate

Consumer Reports is a fan of this card because it has no balance transfer fee – something that used to be relatively easy to find, but is now very rare among balance transfer credit cards. With a 15-month zero percent APR introductory period on balance transfers, there’s no doubt that the Chase Slate is a good option for customers looking to transfer a balance, but is it the best?

Credit-Land.com take: Customers who apply for a Chase Slate card should be aware of two things: first, they have to transfer their balance within the first 60 days of opening the account, or else a three percent balance transfer fee kicks in, and second, they should be prepared to pay off their balance within 15 months, before the APR goes up to between 11.99 and 21.99 percent. The second-choice card, Citi Diamond Preferred, gives an 18-month zero percent APR period, so you have a little more time to pay off your balance without accruing interest – although it does have a three percent balance transfer fee right off the bat.

Finding the right card for you

Readers shouldn’t rely on “best-of” lists alone, which can be a good jumping-off point when searching for a credit card, but may not reflect their particular circumstances and needs. A tool like Credit-Land.com’s Credit Card Navigator lets credit card shoppers enter their credit score (or general credit history, from poor to excellent) and desired rewards, along with how they intend to use their new credit card, and get personalized recommendations.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

Catch Free Football with Barclaycard and DIRECTV
Catch Free Football with Barclaycard and DIRECTV

Posted: July 31, 2012

Football fans who subscribe to DIRECTV can catch all the football they want, for free, when they are approved for a Barclaycard and spend $750 on the card before the end of the year. The approach of autumn doesn’t just mean... Continue reading
Barclaycard Arrival World MasterCard Gets an Upgrade
Barclaycard Arrival World MasterCard Gets an Upgrade

Posted: May 16, 2014

A new name is only the first of the changes the Barclaycard Arrival World MasterCard introduced on the one-year anniversary of its launch. Now called the Barclaycard Arrival Plus World Elite MasterCard, the popular travel rewards credit... Continue reading
Credit Card Use Rises Along with On-Time Payments
Credit Card Use Rises Along with On-Time Payments

Posted: August 15, 2012

New data from TransUnion suggests that even as Americans charge more purchases to their credit cards, they are making payments on time and handling their debt responsibly, as the rate of credit card delinquencies remains close to last... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
Our application is quick and easy with instant pre-qualification available
For Fair / Good Credit