Using credit cards to boost your finances
Having the right credit card in one’s wallet can help to execute not only your personal resolutions but your professional goals. Whether the challenge is to pay off debt, save money, take more vacations, or start a business, certain credit cards can help achieve each goal.
Julie Myhre, Editor at leading consumer resource NextAdvisor.com, offers below in her own words the best credit cards for each resolution, including unbiased reviews of each card’s features.
Best credit card for paying off debt: Slate from Chase
If you’re looking to pay off credit card debt, then Slate from Chase is the perfect card for you because it not only offers 0% APR for the first 15 months on balance transfers and purchases, but also a $0 balance transfer fee if you do the balance transfer within the first 60 days of account opening. Transferring your balance to the Slate from Chase credit card allows you to put more money to the principal balance — as opposed to the interest — and pay off your debt in a shorter amount of time.
Best credit card for saving money: BankAmericard Cash Rewards
For those looking to save money, the BankAmericard Cash Rewards is the best option because it not only allows you to earn cash back on purchases but also provides you with a 0% APR for 12 billing cycles for purchases and balance transfers. With the BankAmericard Cash Rewards credit card, you earn 1% cash back on all purchases, 2% cash back on groceries and 3% cash back on gas for the first $1500 combined gas and grocery purchases each quarter. And the best part about this credit card is that the rewards don’t expire, so you can let them build up throughout the year and cash them out all at once.
Best credit card for taking more vacations: Barclaycard Arrival World Mastercard
If your resolution is to take more vacations in 2014, then the Barclaycard Arrival World Mastercard is an excellent card for you. It allows you to earn 2% of all your spending in statement credits to spend on any travel purchases. Not only will you earn twice the miles on all your purchases, but you will also earn 10% in miles for every “pay for travel” redemption you make. This means that if you redeem 10,000 miles for a trip, you earn 1,000 miles back in rewards. On top of that, Barclaycard Arrival World Mastercard gives you40,000 bonus miles (equivalent to $400 to spend on travel) if you spend $1,000 or more within the first 90 days of opening the card, and provides you with a 0% introductory APR on purchases for the first 12 months after opening the account.
Best credit card for starting a business: Chase Ink Cash Business Card
If 2014 is the year you want to start your own business, then the Chase Ink Cash Business Card is the best credit card for you because it will allow you to earn cash on purchases that every new business needs to make, as well as save you money with a 0% APR for 6 months on purchases and balance transfers. With Chase Ink, you can earn 5% cash back on the first $25,000 spent annually at office supply stores, on cell phones, landlines, Internet and cable TV services; 2% cash back on the first $25,000 spent annually at gas stations and restaurants; and 1% cash back on all other purchases with no limit on the amount you can earn. This means that you can get all of the necessary supplies for your business while you earn cash rewards.