New Year, New Credit Card? Discover the Best Credit Cards of 2023

As we head into the new year, this is the perfect time to reflect on your financial goals and determine if your current credit cards are in line with those goals. With so many credit card options available in 2023, it can be tough to decide which card is the best fit for you. Whether you're looking to earn more rewards, save on interest, or build your credit score, there's a credit card that can help you meet your financial goals.

 

 

 

In this blog post, we're going to break down some of the top credit card options for 2023 and go over their key features and benefits. By the end of this post, you'll have a better understanding of which credit cards can help you achieve your financial goals in the coming year. With this knowledge in hand, you'll be able to make an informed decision when it comes to selecting the right credit card for you.

Best Credit Cards of 2023

When it comes to choosing a credit card, there are many factors to consider. Some people prioritize earning rewards, while others prioritize low-interest rates or a 0% intro APR offer. Still, others are focused on building their credit score. With so many options available, it can be overwhelming to determine which card is the best fit for you. In this post, we'll take a look at some of the top credit card options for 2023 and highlight the key features and benefits of each card.

1. Best for flat-rate cash back: Citi® Double
2. Cash Card Best for beginners: Chase Sapphire Preferred®
3. Card Best for flexible rewards: Chase Freedom Flex℠
4. Best for U.S. supermarkets: Blue Cash Everyday®
5. Card from American Express Best for dining: American Express®
6. Gold Card Best for balance transfers: Citi® Diamond Preferred®
7. Card Best introductory rate on purchases: U.S. Bank Visa®
8. Platinum Card Best for small businesses: The Blue Business® Plus Credit Card from American Express
9. Best for larger businesses: Capital One® Spark® Miles for Business

 

1. Best for flat-rate cash back: Citi® Double Cash Card - The Citi Double Cash Card is a great option for those looking to earn a straightforward and consistent cash back on their spending. With this card, you'll earn 1% cash back on every purchase, and another 1% cash back when you pay off those purchases, effectively earning you 2% cash back on all purchases. The card also has no annual fee and no foreign transaction fees. This card is perfect for those who want to simply earn cash back with no complicated earning structures or redemption process.

2. Best for beginners: Chase Sapphire Preferred® Card - The Chase Sapphire Preferred Card is a great option for those who are new to the world of credit cards and looking to earn rewards. This card offers a sign-up bonus of 80,000 points after spending $4,000 on purchases within the first 3 months from account opening. Cardholders can earn 2 points per dollar spent on travel and dining, and 1 point per dollar spent on all other purchases. The card also offers many travel-related perks such as no foreign transaction fees, trip cancellation/interruption insurance, and rental car insurance. Additionally, cardholders can redeem points for travel through the Chase Ultimate Rewards program at a value of 1.25 cents per point, which is one of the higher values among rewards programs.

3. Best for flexible rewards: Chase Freedom Flex℠ - The Chase Freedom Flex is a great card for those who enjoy flexibility in their rewards program. This card offers a sign-up bonus of $200 cash back after spending $500 on purchases in the first 3 months of account opening. The card earns 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter that you activate. The categories change every quarter and can include things like gas stations, grocery stores, and online shopping. The card also earns 1% cash back on all other purchases. Additionally, the rewards can be combined with other Chase cards, giving cardholders even more redemption options.

4. Best for U.S. supermarkets: Blue Cash Everyday® Card from American Express - The Blue Cash Everyday Card from American Express is a great option for those who frequently shop at U.S. Supermarkets. With this card, cardholders can earn 3% cash back at U.S. Supermarkets (on up to $6,000 per year in purchases, then 1%). They can also earn 2% cash back at U.S. gas stations and select U.S. Department stores, and 1% cash back on all other purchases. The card also offers a sign-up bonus of $150 statement credit after spending $1,000 on purchases within the first 3 months of account opening. The card has no annual fee and no foreign transaction fees.

5. Best for dining: American Express® Gold Card - The American Express Gold Card is a great option for those who frequently dine out. With this card, cardholders can earn 4x Membership Rewards points at U.S. restaurants, as well as at U.S. Supermarkets (on up to $25,000 per calendar year in purchases, then 1x). They can also earn 3x Membership Rewards points on flights booked directly with airlines or at amextravel.com. Additionally, this card offers a variety of benefits such as $120 in annual dining credit at select restaurants, and $100 annual airline fee credit. The card has a $250 annual fee.

6. Best balance transfers: Citi® Diamond Preferred® Card - The Citi Diamond Preferred Card is a great option for those looking to transfer a balance from a high-interest credit card. This card offers a 0% intro APR on balance transfers for 18 months (then, 14.74% - 24.74% Variable) and a $0 balance transfer fee for transfers made within the first 4 months of account opening. The card also has no annual fee. Additionally, the card offers a rewards program that gives cardholders 1 point per dollar spent on purchases, and rewards points can be redeemed for cash back, a statement credit, or gift cards. This card is a great choice for those looking to pay off a large balance over time without accruing interest.

 

7. Best introductory rate on purchases: U.S. Bank Visa® Platinum Card - The U.S. Bank Visa Platinum Card is a great option for those looking for a low intro APR on purchases. The card offers a 0% intro APR on purchases for the first 20 billing cycles and has no annual fee. This card also provides benefits such as cellular telephone protection and auto rental collision damage waiver. It's ideal for individuals looking to make a big purchase and who want to finance it over time without paying interest.

8. Best for small businesses: The Blue Business® Plus Credit Card from American Express - The Blue Business Plus Credit Card is a great option for small business owners. With this card, cardholders can earn 2x Membership Rewards points on up to $50,000 in purchases per calendar year, then 1x. This card also has no annual fee, no foreign transaction fee, and also offers access to exclusive events and experiences. Plus, you can use the purchasing power to manage your account online and on your mobile device.

9. Best for larger businesses: Capital One® Spark® Miles for Business - The Capital One Spark Miles for Business card is a great option for larger businesses. The card offers a sign-up bonus of 150,000 miles (worth $1,500 in travel) when you spend $5,000 on purchases in the first 3 months of account opening. Additionally, cardholders can earn unlimited 2 miles per dollar spent on all purchases, and miles can be redeemed for travel statement credits, gift cards, or even merchandise. The card has no annual fee for the first year, then $95. And, it also offers employee cards at no additional cost, making it easy to manage expenses.

 

These are just a few examples of the many Best Credit Card options available in 2023. When choosing a card, it's important to consider your spending habits and financial goals, and carefully weigh the rewards, fees, and interest rates of each card. With the right card, you can earn valuable rewards, save on interest, or even build your credit score.

What Is the Best Credit Card?

"When it comes to credit cards, there's no one-size-fits-all answer. The best card for you will depend on your spending habits and needs. If you have a high credit score, you'll have more options to choose from. One way to start is by deciding what type of card you want - such as a rewards card that earns points, miles, or cash back. From there, you can compare which card in that category will give you the most value. And don't forget to check if there have been any complaints about the card issuer with the Consumer Financial Protection Bureau. On the other hand, if your goal is to build or rebuild credit, you may want to consider credit cards for bad credit or secured credit cards. Additionally, make sure the card reports to all three credit bureaus. Ultimately, the best credit card is the one that aligns with your financial goals and needs."

 

What Is the Easiest Credit Card to Get? 

 

 

"When it comes to getting a credit card, some options may be more accessible than others. For those with bad credit or no credit history, some of the easiest credit cards to get include secured credit cards, student credit cards, store credit cards, and alternative credit cards. These types of cards may have more lenient approval requirements, making them a good option for those just starting to establish their credit. However, it's important to note that these cards may also have higher interest rates or fees compared to traditional credit cards, so it's important to do your research before applying."

 

How does Credit Card Interest work?

When you use a credit card, you are borrowing money from the credit card issuer. If you do not pay off the balance in full each month, you will be charged interest on the outstanding balance.

Credit card interest is typically calculated based on your average daily balance, using the annual percentage rate (APR) disclosed by the credit card issuer. The APR takes into account the interest rate as well as any fees associated with the card, such as annual fees or balance transfer fees.

The credit card issuer will typically calculate interest on a daily basis, by multiplying the daily balance by the daily rate. The daily rate is determined by dividing the APR by 365 (or 366 in a leap year). The interest is then added to your balance each month.

For example, if you have a balance of $1,000 on your credit card with an APR of 18%, the daily rate would be 0.00049 (18% / 365). If you keep that balance for a month, the interest charged would be approximately $4.90 (1,000 x .00049 x 30).

It's important to note that credit card companies usually have a Minimum payment which is a set percentage of the outstanding balance plus any interest and fees. It can be as low as 2% of the outstanding balance. Paying only the minimum payment will result in very slow debt repayment and high-interest payments.

In general, it's a good practice to pay off your credit card balance in full each month to avoid interest charges and help maintain a good credit score.

 

Editorial Disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.