Choosing the right credit card can be crucial to your finances, but with so many options out there, finding the perfect one can be an overwhelming task. That's where we come in to help. Welcome to our monthly roundup of the best credit cards on the market.
First Progress Platinum Select Mastercard® Secured Credit Card - Best Credit Card for No history/Poor Credit of May 2024
The First Progress Platinum Select Mastercard® Secured credit card helps cardholders build credit, with no credit check or minimum credit score required to apply.
With the First Progress Platinum Select Mastercard® Secured credit card, users earn 1% Cash Back on payments made to the First Progress Secured credit card account.
The card has an interest rate of 19.24% (variable for purchases).
In addition, the First Progress Platinum Select Mastercard® has an annual fee of $39. There is an additional 3% foreign transaction fee.
Capital One Walmart Rewards® Mastercard® - Best Credit Card for Fair Credit of May 2024
The Walmart Rewards® Card is designed for those who frequently shop at Walmart and provides them with a number of benefits and rewards. With a variable APR rate from 19.48% - 29.99%, it provides flexibility depending on individual financial circumstances.
Notably, for the first 12 months of using Walmart Pay, cardholders can receive 5% Cash Back on in-store purchases, allowing them to save on essentials. In addition, the card extends its rewards program to online purchases on Walmart.com, including convenient pickup and delivery options where users can also earn 5% Cash Back.
Outside of Walmart, the rewards program continues: 2% Cash Back is earned at Walmart stores, as well as at restaurants and on travel expenses, providing additional benefits for various spending categories. For all other purchases made where Mastercard is accepted, cardholders still receive 1% Cash Back.
An attractive feature of the Walmart Rewards® Card is the absence of annual fees and foreign transaction fees, allowing users to enjoy its benefits without worrying about additional expenses, whether at home or abroad.
Chase Freedom Unlimited® - Best Credit Card for Good Credit of May 2024
The Chase Freedom Unlimited® Card offers a great flat rate on all purchases and also accrues cashback in several other bonus categories. You'll get unlimited 1.5% cash back on every dollar spent, as well as 5% on travel purchases made through Chase Ultimate Rewards, 3% on drugstore and restaurant purchases (including home delivery and eligible delivery services). New cardholders get a $200 sign-up bonus after spending $500 in the first 3 months after account opening.
This is also a budget-friendly card as it has no annual fee and a favorable 0% APR offer on purchases and balance transfers for 15 months. After the introductory period ends, there is a variable APR rate of 20.49% - 29.24%.
Upgrade Cash Rewards Visa® - Best Credit Card for Excellent Credit of May 2024
Introducing the Upgrade Cash Rewards Visa® card, where you can earn 1.5% Cash Back on every payment. And that's not all: when you open a Rewards Checking Plus account and make three debit card transactions, you'll receive a fantastic $200 bonus. As for the card's interest rate, it ranges from 14.99% - 29.99% (regular interest rate), giving you flexibility and transparency in managing your finances.
Important Factors When Choosing a Credit Card in May 2024
- Interest Rates (APR). Look for cards with a competitive APR for both purchases and balance transfers to minimize interest costs.
- Rewards Programs. Evaluate rewards opportunities such as cash back, points or miles to suit your habits and preferences.
- Fees. Be mindful of various fees, including annual fees, late fees, foreign transaction fees, and favor cards with manageable or avoidable fees.
- Credit Limit. Make sure the credit limit provided meets your spending requirements and matches your creditworthiness.
- Introductory Offers. Take advantage of cards that offer a 0% APR introductory period on purchases or balance transfers for potential savings.
- Credit Score Requirements. Make sure you meet the eligibility criteria based on your credit score before applying for a card.
- Cardholder Benefits. Look for extras such as travel insurance, extended warranties, and concierge services.
- Security Features. Prioritize cards with advanced security measures like EMV chips and fraud protection.
- Payment Flexibility. Assess payment options, including grace periods and online management ease.
- Network Acceptance. Ensure the card is widely accepted domestically and internationally for convenience during transactions and travel.
- Customer Service. Research the issuer's customer service reputation for efficient support.
Conclusion
Thus, the process of choosing the perfect credit card is crucial to enhancing your financial health and lifestyle. Our review of the best credit cards of the month highlights a variety of benefits that cater to different habits and preferences. Whether your focus is on travel perks, cashback incentives, or low APR rates, there's a card that will meet your specific needs.