Tag: underscored money

It’s no secret that the best way to save on your next vacation is to have a stash of frequent flyer miles on hand. And if you’re looking to stock up on Delta SkyMiles, the airline is currently offering increased credit card offers that give you up to 100,000 bonus SkyMiles. But you’ll have to act quickly — this bonus ends March 29, 2023.

Delta also recently added a brand-new park to its family of credit cards that can help you stretch your SkyMiles even further. Both new and existing card holders now get a 15% discount when using miles to book award travel on Delta. This new “TakeOff 15” benefit means that if you book a Delta flight that costs 100,000 miles, it’ll only cost you 85,000 miles as a Delta credit card member.

“TakeOff 15” is now available on all Delta personal and business credit cards except for the Delta SkyMiles® Blue American Express Card. Keep in mind that the 15% discount is only for the mileage portion of the cost — it doesn’t include any taxes or fees — and for Delta-operated flights, not partner-operated flights.

If you’re interested in getting 15% off every Delta flight you book with miles, now’s a great time to get a Delta credit card. Here are the current welcome offers for the Delta personal credit cards (we’ll discuss the business card offers below).

Delta uses a dynamic pricing scheme for its award flights instead of a fixed award chart, so you can expect to get a fairly consistent value for your miles. Frequent flyer website The Points Guy values Delta SkyMiles at 1.41 cents apiece, making these increased bonuses worth between $141 and $1,269. These offers are on par with the best offers we’ve seen in the past for Delta cards, so now is an ideal time to apply for the card.

While all these cards are geared toward Delta flyers, the best Delta credit card for you depends on your spending habits and how frequently you plan to fly with the airline.

If you’re looking to earn SkyMiles on everyday spend and aren’t interested in the new “TakeOff 15” perk, then the Delta SkyMiles Blue Amex card is for you. It earns 2 miles for every dollar you spend on eligible Delta purchases and at restaurants worldwide, and 1 mile per dollar on everything else. It also features a 20% discount on in-flight purchases, access to Delta’s Pay With Miles program, no foreign transaction fees and no annual fee (see rates and fees).

Click here to earn Delta miles with no annual fee with the Delta Blue Amex card.

However, if you plan to fly Delta occasionally — even once per year — and you don’t mind paying an annual fee, you could get more value from the Delta SkyMiles Gold Amex. The card has a $0 introductory annual fee for the first year, then a $99 annual fee thereafter (see rates and fees)

Aside from a larger welcome bonus, the Delta Gold Amex comes with more perks, including your first checked bag free when flying Delta (which normally costs $30 to $60 for economy passengers), priority boarding, a $100 Delta flight credit after you spend $10,000 in eligible purchases on your card in a calendar year and the new “TakeOff 15” discount feature.

In addition to earning 2 miles per dollar at U.S. supermarkets, Delta Gold Amex card members earn 2 miles for each dollar spent at restaurants, including takeout and delivery, as well as 2 miles per dollar on eligible Delta purchases.

Save money with the Delta Gold Amex card with a free checked bag when flying Delta.

If Delta is your carrier of choice and you fly with them multiple times per year, it might make more sense to go with one of Delta’s more premium credit cards. Although the Delta SkyMiles Platinum Amex carries a $250 annual fee (see rates and fees) and the Delta SkyMiles Reserve Amex comes with a $550 fee (see rates and fees), both are loaded with elite-like benefits and shortcuts to earning elite status to go along with them.

The Delta Platinum Amex has many of the same perks as the Gold version, such as a free checked bag on Delta flights and priority boarding. You’ll also earn 3 miles for every dollar you spend at hotels and on eligible Delta purchases, as well as the same 2 miles per dollar at restaurants and U.S. supermarkets.

The card also comes with a Global Entry/TSA PreCheck fee credit worth up to $100 every four years (or four and a half years for TSA PreCheck) and a domestic main cabin round-trip companion certificate each year upon renewal of your card.

For those chasing Silver, Gold or Platinum elite status, the Delta Platinum Amex waives Delta’s Medallion Qualifying Dollars (MQD) requirement when you spend $25,000 on the card in a calendar year, which could be useful since Delta recently raised MQD thresholds for most status tiers.

Plus, flyers who are chasing Delta elite status in 2023 can take advantage of the card’s Status Boost feature. When you spend $25,000 on the Delta Platinum Amex, you’ll earn 10,000 bonus MQMs toward elite status, up to two times per year.

Earn Delta elite status faster with the Delta Platinum Amex card.

Meanwhile, the Delta SkyMiles Reserve Amex comes with even more benefits, such as complimentary access to Delta Sky Clubs and American Express Centurion Lounges when you’re flying on a Delta flight. The card also gives non-elites access to space-available complimentary upgrades on Delta flights and provides an annual domestic companion certificate.

However, this companion certificate isn’t limited to just a main cabin fare. It can also be used for domestic First Class and Comfort+ bookings.

The card earns 3 miles for every dollar you spend on eligible Delta purchases and 1 mile for every dollar you spend on everything else. And with the Delta Reserve Amex, the Status Boost feature is even better — you’ll earn 15,000 MQMs for every $30,000 spent on the card, up to four times per calendar year.

You can also waive Delta’s MQD requirement for elite status up to the Platinum level by spending $25,000 in a calendar year on the Delta Reserve Amex, or the MQD requirement for Diamond status by spending at least $250,000.

Similar to the Delta Platinum card, you’ll receive a Global Entry or TSA PreCheck fee credit of up to $100.

Access the Amex Centurion Lounge when flying Delta using the Delta Reserve Amex card.

If you own a business, you might want to consider getting one of the Delta business credit cards. These cards come with slightly different perks and higher bonuses than the personal cards. Here’s a look at the increased limited-time welcome offers currently available on the three Delta business cards.

Similar to the personal version, the Delta Gold Business Amex comes with a free checked bag and priority boarding on Delta flights, a 20% discount on eligible in-flight purchases, access to Delta’s Pay with Miles program, up to $100 in Delta flight credit after you spend $10,000 in eligible purchases on your card in a calendar year, the new “TakeOff 15” discount and no foreign transaction fees (see rates and fees).

In addition to earning 2 miles for each dollar spent on eligible Delta purchases and at restaurants (including takeout and delivery), the Delta Gold Business Amex earns 2 miles per dollar on U.S. shipping purchases and U.S. purchases for advertising in select media. Like the personal version, the business version has a $0 introductory annual fee for the first year, then $99 thereafter (see rates and fees).

Earn Delta miles for your small business with the Delta Gold Business Amex card.

The Delta Platinum Business Amex also has perks and benefits that are similar to its personal card counterpart, including the same bonus categories, the same free checked bag and priority boarding on Delta flights, the same ability to earn bonus MQMs with Status Boost, the same Global Entry or TSA PreCheck fee credit and the same $250 annual fee (see rates and fees).

However, the business version also earns 1.5 miles per dollar on single eligible purchases of $5,000 or more, which is an extra half point per dollar, up to 50,000 additional miles per year.

Get Delta elite status faster for yourself or your employees with the Delta Platinum Business Amex.

Similarly, the Delta Reserve Business Amex matches the high-end travel perks of the personal Delta Reserve card, including complimentary access to Delta Sky Clubs and American Express Centurion Lounges when you’re flying on a Delta flight and up to four Status Boosts.

You’ll also get the same access to complimentary upgrades for non-elites, an annual companion certificate that can be used for first-class travel each year upon renewal of your card, Global Entry or TSA PreCheck fee credit, 3 miles for every dollar you spend on eligible Delta purchases and a $550 annual fee (see rates and fees).

But the business version of the Delta Reserve card also has another feature: After you spend $150,000 on your card in a calendar year, you’ll earn 1.5 miles per dollar on all your eligible purchases for the rest of the year, except eligible Delta purchases, which continue to earn 3 miles per dollar.

Fly in first class with complimentary upgrades when you have the Delta Reserve Business Amex.

All four personal and three business Delta credit cards top CNN Underscored’s benchmark credit card, the Citi® Double Cash Card, on several of our criteria. They offer welcome bonuses, bonus categories and travel benefits, and they don’t charge foreign transaction fees. If you’re a regular Delta flyer, you’ll likely find value in at least one if not all of these areas.

On the flip side, aside from the Delta Blue Amex, all the Delta cards have annual fees either right off the bat or after the first year, which our benchmark card doesn’t. And since Delta SkyMiles are worth 1.41 cents apiece, according to The Points Guy, the Citi Double Cash card’s 2% return — 1% when you make a purchase, and another 1% when you pay it off — often beats the Delta cards when it comes to everyday spending. You can read more about our methodology and our benchmark credit card concept here.

For people who think they’ll utilize the Delta travel benefits on these cards, or who regularly spend a lot of money in one or more of the bonus categories, the pros of these cards likely make the annual fees worth the cost. But if you don’t find yourself on a Delta flight very often, you might want to choose a card that aligns better with your needs. In that case, check out our guide to the best credit cards for other options.

If you’re looking to add another card to your wallet, now’s a great time to consider any of Delta’s personal and business credit cards. With higher than normal bonus offers on these cards, you’ll get a jump start on that much needed vacation — plus a 15% discount when redeeming your miles for Delta flights.

For Delta personal credit cards:
Learn more about the Delta SkyMiles Blue Amex.
Learn more about the Delta SkyMiles Gold Amex.
Learn more about the Delta SkyMiles Platinum Amex.
Learn more about the Delta SkyMiles Reserve Amex.

For Delta business credit cards:
Learn more about the Delta SkyMiles Gold Business Amex.
Learn more about the Delta SkyMiles Platinum Business Amex.
Learn more about the Delta SkyMiles Reserve Business Amex.

For more credit card info, read CNN Underscored’s guide to the best travel credit cards currently available.

Get all the latest personal finance deals, news and advice at CNN Underscored Money.

Want to fly two-for-one until next February? If so, there’s a brand new sign-up offer on all three Southwest Airlines personal credit cards that might be the opportunity you’ve been waiting for.

Right now, the Southwest Rapid Rewards® Plus Credit Card, the Southwest Rapid Rewards® Premier Credit Card and the Southwest Rapid Rewards® Priority Credit Card are each offering new card holders a Southwest Companion Pass valid through February 28, 2024, plus 30,000 bonus points after spending $4,000 on the card within the first three months of opening the account. But time is running out — these offers will end soon.

If you’re asking “What’s a Southwest Companion Pass?” we promise it’s not a gimmick. It truly is a no-strings-attached pass that allows a companion to fly with you on Southwest for free (plus taxes and fees) as long as there’s at least one seat left for sale on the plane. The taxes and fees are generally minimal, and you can use the perk an unlimited number of times during the life of the pass.

Plus, since Southwest points are worth about 1.4 cents per point when you redeem them for the airline’s cheapest “Wanna Get Away” fares, the 30,000 bonus points you’ll also get with these offers are worth about $420 in travel.

The value of these entire offers depends on how much use you’ll get out of the Companion Pass. If you don’t think you’ll be traveling much in 2023, this probably isn’t the right card offer for you. But if you think you’ll find yourself flying a lot in the next year, then the value could be astronomically high — because the more you fly, the more your companion can also fly for free.

Aside from earning the Companion Pass and bonus points from the sign-up bonuses, these three credit cards also come with many other benefits for Southwest flyers. There are also two business credit cards — the Southwest® Rapid Rewards® Premier Business Credit Card and the Southwest® Rapid Rewards® Performance Business Credit Card — that come with their own set of perks (though not the current Companion Pass sign-up bonus). So if you expect to fly the airline regularly in the coming year, you may find some of them to be extremely useful.

With all of Southwest’s credit cards, you’ll get bonus points on a yearly basis, starting at your first anniversary (meaning one year from the date you originally get the card) and every year thereafter. These points help significantly offset the cost of each card’s annual fee.

With the Southwest Plus card, you’ll receive 3,000 bonus points at your anniversary, while the Southwest Premier and Southwest Premier Business cards come with 6,000 bonus points. The Southwest Priority card offers 7,500 bonus points at each account anniversary, while the Southwest Performance Business card will increase your balance the most with 9,000 bonus points each year.

With Southwest points worth approximately 1.4 cents per point when redeemed for “Wanna Get Away” fares, these 3,000, 6,000, 7,500 and 9,000 anniversary bonus points are worth $42, $84, $105 and $126 in value, respectively.

A benefit of just the Southwest Priority card is a $75 travel credit each account year (meaning you can utilize the first year’s credit any time you want after receiving the card). This travel credit can be used for essentially any Southwest purchases, including flights, taxes or even fees when using points, so long as you use your Southwest Priority card to pay for it.

Get a $75 annual travel credit with the Southwest Priority card.

Southwest has a different seat assignment policy than most other airlines — there are no assigned seats. Instead, the carrier has open seating, where you pick your preferred seat upon boarding the plane. Your boarding position — which you get when you check in for your flight — determines when you board. All passengers receive a boarding position between A1 and C60, with A1 being first to board and C60 being last.

With the Southwest Priority and Southwest Performance Business cards specifically, you get four upgraded boarding positions per year to use on Southwest flights. This means you can purchase an A1 through 15 boarding position at the gate (if available), giving you the opportunity to board the plane before most other passengers, and you’ll receive a statement credit for the amount charged.

Purchasing an upgraded boarding position normally costs between $30 and $50, so this benefit is worth $120 to $200 per year.

If you purchase the least expensive Southwest fare type, known as “Wanna Get Away” fares, you’ll need to check yourself in for your flight starting 24 hours in advance, and your check-in time will determine your boarding position. However, if you don’t want to have to worry about checking yourself in as close to 24 hours ahead as possible, Southwest allows you to purchase an add-on option called EarlyBird Check-In that automatically checks you in for your flight before the traditional 24-hour mark.

The Southwest Plus, Southwest Premier and Southwest Premier Business cards all come with two EarlyBird Check-In credits per year. EarlyBird Check-In typically costs between $15 and $25 one-way per passenger, so this benefit is worth $30 to $50 per year if you use it.

25% back on in-flight drinks and Wi-Fi

All five Southwest credit cards offer 25% back on in-flight drinks and Wi-Fi purchases. While this isn’t a huge savings, it could save you a few bucks over time.

However, if you’re a small-business owner who flies on Southwest often and typically pays for Wi-Fi on your flights, you might want to consider the Southwest Performance Business card, since you can get complimentary Wi-Fi on essentially every Southwest flight you take with that card — up to 365 statement credits per year.

Get up to 365 statement credits for in-flight Wi-Fi with the Southwest Performance Business card.

Another perk available on the Southwest Premier, Southwest Priority, Southwest Premier Business and Southwest Performance Business cards is the ability to earn 1,500 tier-qualifying points toward A-List status for every $10,000 you spend on a card. Since there’s no cap, you can theoretically earn A-List and A-List Preferred status solely by spending money on your Southwest credit card.

However, it’d be a lot of spending to make it all the way to the top without flying at all. Just to earn A-List status would require spending well over $200,000 on your credit card. That’s almost certainly not worth it unless you’re making those kind of purchases anyway, but it’s still a useful perk if you combine it with tier-qualifying points earned by doing some flying on Southwest as well.

On both the Southwest Premier Business and Southwest Performance Business cards, you can transfer Southwest points to another person and be reimbursed for up to $500 in fees for doing so each year. This can easily help you consolidate points between family members or gift Southwest points to business associates.

Southwest point transfers typically cost $5 for every 500 points transferred, so getting up to $500 in reimbursements each year means you can effectively transfer up to 50,000 points per year for free.

Like many other popular travel credit cards, the Southwest Performance Business card will reimburse you for either your Global Entry or TSA PreCheck application fee, up to $100 once every four years.

Just pay for your application using your Southwest Performance Business card, and if you’re approved, you’ll be on your way to receiving expedited access at TSA security checkpoints in the US and quicker reentry into the country with Global Entry after traveling abroad.

Even if you already have Global Entry or TSA PreCheck, you can use this benefit for a friend or family member who doesn’t have it. Just use your card to pay for their application fee — the names don’t have to match.

The best part of these offers is that all three Southwest personal credit cards (though not the business cards) come with a Southwest Companion Pass. Traditionally, you have to earn 135,000 tier-qualifying points in a calendar year to get the pass, but with these offers, you can bypass that requirement and earn the pass simply by getting approved for any of the three Southwest personal credit cards and meeting the $4,000 spending requirement in the first three months.

While the terms of the offer state that it can take up to eight weeks for the sign-up bonus to post to your Southwest account, in our experience, Southwest sign-up bonuses — including Companion Passes earned using credit card points — have typically appeared in your Southwest account within 2-5 days after the close of the credit card statement in which you meet the minimum spending requirement. So the goal is to meet the minimum spend as quickly as possible to earn the pass for as long as possible.

Now, when you earn the pass using the traditional method, it doesn’t expire until December 31 of the following calendar year. But the Companion Pass earned with these promotional offers expires on February 28, 2024, so it’s a much shorter amount of time — nearly a year, depending on when you apply and complete the spending requirement.

However, if you want to earn the pass for longer, you can still do it the traditional way, and these bonus offers can help with that too. Since the airline counts all Southwest credit card points toward the Companion Pass, the 30,000 points you earn as part of these sign-up offers will also count toward the 135,000 tier-qualifying points needed in this calendar year for a pass that lasts until the end of 2024.

Additionally, Southwest will credit your account with an additional 10,000 Companion Pass-qualifying points if you were a Southwest card holder on the first business day of the year. So if you already had a Southwest credit card on January 3, you should have 10,000 Companion Pass points already in your account. Keep in mind that if you’re just applying for your first Southwest card now, those 10,000 points won’t count towards your 2023 activity, as they won’t be awarded until January 2024, and all Companion Pass points must be earned within the same calendar year.

But even with just the 30,000 bonus points from these offers, you’d only need to earn 105,000 more points in the rest of 2023 to get a full-length pass. And there are many ways to earn those remaining Companion Pass points, such as using the Southwest shopping portal, crediting your hotel and car rentals to Southwest, ongoing usage of your Southwest credit card and simply flying Southwest on paid fares.

However, one of the easiest ways is to couple one of the personal Southwest credit cards with a Southwest business credit card. Although Southwest now limits you to having just one personal credit card at a time, there are no restrictions on having both a personal and business card.

Since you can currently earn 80,000 bonus points with the Southwest Performance Business card after spending $5,000 on the card within the first three months, if you add those 80,000 points to the 30,000 bonus points earned from any one of the three personal cards, you’ll end up with 110,000 bonus points. While this won’t immediately be enough to reach the Companion Pass threshold, you’ll only be 25,000 points shy.

And remember, points earned from meeting the minimum spend requirement also count — which is 9,000 total between the two cards — leaving you needing only 16,000 more points throughout the calendar year.

Although using this method requires paying an annual fee on two cards — and the Performance Business card is the most expensive Southwest credit card at $199 a year — the card comes with upgraded boardings, in-flight Wi-Fi credits, opportunity to earn A-List status and a Global Entry or TSA PreCheck fee credit.

You also can apply for the personal card now and hold off on applying for the business card in the future (assuming the current offer or a similar one exists by then), so you don’t have to hit the minimum spending requirements on two cards at the same time.

Apply now for the Southwest Rapid Rewards Performance Business card.

With three different Southwest personal credit cards on the table, it’s important to know which card is best for your individual needs. If your main goal is to increase your Southwest Rapid Rewards points balance and earn points toward the Southwest Companion Pass, then the Southwest Plus card is best. This card carries the lowest annual fee at just $69 per year but offers the same sign-up bonus.

Click here to earn the Companion Pass plus 30,000 bonus points with the Southwest Plus card.

The benefits of the Southwest Premier card are similar to those of the Southwest Plus card, but you’re paying a higher annual fee at $99. Although you’ll earn more bonus points on your card anniversaries, you don’t earn them until you complete your first year as a card holder and pay your second annual fee.

But you’ll earn 3 points per dollar on Southwest purchases with the Southwest Premier versus 2 points that you earn with the Southwest Plus. And the Southwest Premier also now allows you to earn more tier-qualifying points toward A-List status.

Click here to earn the Companion Pass plus 30,000 bonus points with the Southwest Premier card.

But if you fly Southwest a decent amount throughout the year and you want a card rich in benefits, then the Southwest Priority card is your best option. Although it has a significantly higher fee at $149, the benefits alone are easily worth it if you can use them.

The Southwest Priority card’s $75 travel credit brings the effective cost of the card down to just $74. On top of that, you’ll receive four upgraded boardings per year and a 25% statement credit on in-flight drinks and Wi-Fi. If you can maximize those benefits, you can easily be ahead in your first year alone. And starting with your second year, you’ll always be ahead once you add in the 7,500 bonus points at each card anniversary, which are worth $105 in Southwest flights.

Click here to earn the Companion Pass plus 30,000 bonus points with the Southwest Priority card.

Finally, if you’re looking to combine two cards to extend the life on the pass to almost a full two years, and you have a small business, you can get the Southwest Premier Business card and only pay a $99 annual fee, or get the Southwest Performance Business card with all its perks and a higher $199 annual fee. The more expensive business card probably only makes sense if you’ll be able to take advantage of all its Southwest benefits, like the upgraded boarding positions, Wi-Fi statement credits and point transfer fee credit.

Our general rule of thumb is if you’re planning on flying at least twice on Southwest in the next year, then yes, this is a great time to apply for one of the cards. Generally, one of the biggest perks of applying for a Southwest credit card is to get one step closer to earning the Companion Pass, and with this particular offer, you get it as soon as you meet the spending requirement. No hoops to jump through or extra points to earn.

However, if travel is truly not in your future in 2023, then we suggest holding off on applying for a Southwest credit card. While you’ll still earn 30,000 bonus points with these offers, the bigger draw is the Companion Pass, and it has an early 2024 expiration date tied to it.

That said, if you’re hoping to take to the skies on a regular basis over the next year and want to bring a friend or family member along for the ride, apply for a personal Southwest credit card today, and grab a Southwest Companion Pass that you can use all the way through next February.

But act quickly if you’re interested in these offers — they’re ending soon.

For personal cards:
Learn more and apply now for the Southwest Plus card.
Learn more and apply now for the Southwest Premier card.
Learn more and apply now for the Southwest Priority card.

For business cards:
Learn more and apply now for the Southwest Premier Business card.
Learn more and apply now for the Southwest Performance Business card.

Find out which cards CNN Underscored chose as its best credit cards available right now.

Get all the latest personal finance deals, news and advice at CNN Underscored Money.

If you’re on the hunt for a new rewards credit card and you want one that offers bonus cash back in several everyday categories, plus more than 1% back on regular purchases, the Chase Freedom Unlimited® could be exactly what you need, especially since it doesn’t charge an annual fee and comes with a solid suite of features.

That said, there are a few reasons you may want to pick another cash back credit card instead — potentially even the Freedom Unlimited’s sister card, the Chase Freedom Flex℠ credit card. So let’s take a look at five reasons to go with the Chase Freedom Unlimited over other cash back credit cards, along with a pair of reasons to choose a different card.

The Chase Freedom Unlimited isn’t currently offering a traditional sign-up bonus. Instead, new card holders get an additional 1.5% cash back on up to $20,000 spent on your card during the first year you have the account. That’s on top of the card’s regular cash back earning rates, which means you can earn up to an additional $300 in cash back with your card during year one.

This bonus translates into some exceptionally high earning rates in several everyday spending categories. For instance, Chase Freedom Unlimited card holders normally earn 5% cash back on travel booked through Chase, 3% cash back on dining and drugstore purchases and 1.5% back on regular purchases. But with the extra 1.5% for the first year on up to $20,000 in spending, those rates effectively increase to 6.5% cash back on travel booked through Chase, 4.5% cash back on dining and drugstore purchases and an amazing 3% back on regular purchases.

Click here for the 1.5% cash back bonus offer on the Chase Freedom Unlimited credit card.

The Chase Freedom Unlimited sweetens the pot with an introductory APR offer for its new card holders as well. Specifically, when you open a new Freedom Unlimited account, you’ll get a 0% introductory APR on both purchases and balance transfers for the first 15 months.

However, it’s important to pay off your debt in full before the end of that introductory period, because the APR increases to a variable APR of 19.24% to 27.99% thereafter. But it still means that if you need to make a large purchase and pay it off over time, you can use this card to earn rewards and make payments for more than a year without paying a dime in interest.

While quite a few cash back credit cards only let you use your rewards for statement credits or a check in the mail, Chase offers a lot more flexibility. For example, Chase Freedom Unlimited card holders can redeem rewards for cash back, statement credits, gift cards or merchandise. Chase even partners directly with Apple, Amazon and PayPal to let you purchase items directly or “pay with points” through their platforms.

The Freedom Unlimited also lets users redeem their points for travel through the Chase Ultimate Rewards portal. This makes it possible to use cash back for airfare, rental cars, hotel stays, cruises and more. But, you can make your rewards from the Chase Freedom Unlimited go even farther when booking travel, thanks to this next reason.

See if you qualify for the Chase Freedom Unlimited credit card.

If you already have a premium Chase travel credit card like the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, there’s another good reason to pick up the Chase Freedom Unlimited.

The bank lets its customers pool all their Chase Ultimate Rewards points into one account, both for convenience and better redemptions. And while the Chase Freedom Unlimited is advertised as a cash back credit card, it technically awards its cash back in the form of those same Ultimate Rewards points. While people normally redeem those points for cash back at the standard rate of 1 cent per point, if you also have one of the premium Chase credit cards, you can pool your points together and open up options to redeem for more than 1 cent per point.

For example, users get 25% more value when they use points with a Sapphire Preferred to book travel with Chase, and points in a Sapphire Reserve account are worth an even better 50% more when redeemed for travel. That means you could get as much as 1.5 cents per point if you combine your Chase Freedom Unlimited rewards with a Chase Sapphire Reserve.

Plus, having either the Chase Sapphire Preferred or Chase Sapphire Reserve unlocks the option to transfer points to Chase’s 14 airline and hotel partners, which includes airlines such as United, Southwest, British Airways and more, along with hotel chains like Marriott, Hilton and Hyatt. It takes a little more effort and flexibility to redeem points this way, but you can potentially get even more value per point when you go down this route, especially when you’re booking first or business class flights.

5. Travel and purchase protections

Finally, keep in mind that the Chase Freedom Unlimited comes with several consumer protections included. On the travel front, card holders get secondary auto rental coverage, travel and emergency assistance services and trip cancellation and interruption insurance worth up to $1,500 per person and up to $6,000 per eligible trip.

Card holders also get purchase protection against damage or theft for the first 120 days after a purchase is made with the card. This coverage is worth up to $500 per claim and up to $50,000 per account. And items charged to the Chase Freedom Unlimited that come with a manufacturer’s warranty of three years or less also receive an additional year of extended warranty protection.

Cover yourself with travel and purchase protection on the Chase Freedom Unlimited card.

Clearly, there are plenty of reasons to sign up for the Chase Freedom Unlimited, but why wouldn’t you want it? That really depends on your situation, but there are two main scenarios where a different credit card could leave you better off.

While the Chase Freedom Unlimited is currently offering an additional 1.5% cash back on up to $20,000 spent on your card the first year, this is in place of the traditional sign-up bonus that other cards typically offer. For instance, the Chase Freedom Flex credit card currently offers new customers $200 in bonus cash after spending $500 on purchases within the first three months after opening the account.

A sign-up bonus like that may be easier to earn for people who don’t spend a lot on credit cards each month. Plus, you also get the Chase Freedom Flex bonus as soon as your statement closes after reaching the minimum spending threshold, instead of in increments over the first year.

You may also want to consider a different card if you have a lot of existing credit card debt to consolidate. While the Chase Freedom Unlimited extends its introductory APR offer for the first 15 months after opening the account, some of the best balance transfer credit cards currently available offer an introductory APR on balance transfers for as long as 21 months.

Now, it’s important to note that credit cards with the longest balance transfer offers typically don’t earn rewards, so you’re giving something up in exchange for not paying interest for a limited time. But you may want to steer clear of pursuing rewards or even spending on credit cards anyway if you’re in debt. After all, introductory APR offers don’t last forever, and credit card interest rates tend to be extremely high when they do.

While everyone’s personal situation is different, if you’re looking to earn cash back on your credit card purchases with an increased earning rate for the first year, plus travel and purchase protections and an introductory APR on both your purchases and balance transfers, the Chase Freedom Unlimited can be an excellent choice.

It won’t be the perfect card for every person, but it’s especially useful for those who also want the ability to get even more value for their rewards down the line by combining them with a premium Chase travel card. So if that sounds like you, consider adding the Chase Freedom Unlimited to your wallet.

Learn more and apply now for the Chase Freedom Unlimited credit card.

Find out which cards CNN Underscored chose as our best credit cards currently available.

Get all the latest personal finance deals, news and advice at CNN Underscored Money.

If you’re a Discover credit card holder and an Amazon shopper, you might be in luck. That’s because the online retailer is currently running a promotion that can help you save money on many products sold by Amazon when you use cash back from select Discover cards.

Depending on which offer you’re targeted for, you can score as much as 40% off, up to a $20 savings at Amazon. Other card holders are seeing 30% off for up to $15 in savings, $10 off a purchase of $50, or other offers.

If you’re eligible for any of these offers, you’ll need to use Discover cash back to pay for at least a portion of your Amazon purchase at checkout to trigger the discount. You can use the offer any time before the promotion expires on Apr. 7, 2023.

But there are a number of steps you need to follow first to actually lock in the savings from any of these offers, so we’ve put together a step-by-step guide to ensure you’re getting every penny.

For starters, in order to potentially be targeted for this promotion, you must have a Discover credit card. These include the Discover it® Cash Back, the Discover it® Miles and the Discover it® Chrome.

If you have one of these cards but haven’t connected your Discover card to your Amazon account, you’ll need to link your two accounts. Log in to Amazon and add your Discover card as a payment method, then look for the option to enroll in “Shop with Points” under the “Your Account” tab (or click here to get to Shop with Points). On the next screen, click the “Enroll” button for the Discover card you just added.

Once your accounts are linked, you’ll need to click here to check if you’re eligible for an offer. Since these are targeted promotions, you might see a message saying that you’re not eligible, even if you have a Discover card connected to your Amazon account. But if you just enrolled in “Shop with Points,” you may need to wait 24 hours for Amazon’s records to refresh before being able to see an offer.

If you’re eligible, make sure to activate your offer by clicking on the “Activate promotion” button. You can then shop at Amazon as you normally would, but during the checkout process, you’ll want to select your linked Discover card as your payment method.

You’ll then need to apply at least 1 Discover cash back point to pay for your purchase to trigger the discount. Amazon might automatically default to applying points for the full purchase amount, but you can manually change it and designate the amount of cash back you want to apply toward your purchase — as little as 1 cent if you want. The rest can then be paid for with your Discover card.

Fortunately, you’ll get the same value when redeeming your Discover cash back at Amazon as you’d receive if you chose a statement credit redemption instead. Basically, $1 in cash back equals $1 at Amazon, which means you’re getting the same 1 cent per point. This is a much better value than what you’d get when using American Express or Chase points, who often run similar Amazon promotions for their own card members.

Once you’ve applied at least 1 point to your payment, you’ll see the discount added to your order, but keep in mind you’ll only see the discount on items sold directly by Amazon, not most third-party sellers.

With the 30% or 40% off offers, you’ll receive the savings on all purchases you make until you hit the maximum savings of either $15 or $20, depending on your offer. However, with the $10 off $50 offer, you’ll need to have at least $50 in eligible purchases in your Amazon shopping cart for the discount to appear.

Let’s take a look at some examples of how you can score some great discounts with these Amazon Discover offers.

CNN Underscored recently tested the best vacuums for pet hair, and our choice for the best overall robot vacuum for pet hair was the iLife V3S Pro. It’s currently available on Amazon for $129.99 after applying a $30 coupon, but add in the 40% off Discover discount as well and you’ll drop the price to just $109.99 before taxes and shipping.

Or, if you read our story on why AirTags are the ultimate travel companion this year and you want to pick up a few Apple AirTags, they’re currently available on Amazon for $29 each before taxes and shipping. But if you’re targeted for the 40% off Discover discount, you can bring that price down to just $17.40 apiece.

You can even pair this discount with Amazon’s daily deals or any of Amazon’s category-specific money-saving offers, such as saving $20 when you spend $60 on select beauty products.

While these Discover discounts don’t apply to Amazon gift cards, they do apply to many other retailer gift cards that Amazon sells. And Amazon literally has hundreds of options, including retailers that might be useful right now such as Netflix, DoorDash, Safeway and more.

So even if you don’t have anything you need at Amazon at the moment, you can buy a gift card for yourself using the discount and bank the savings for later.

If you’re not targeted for any of these particular Discover promotions, keep checking back, as sometimes previously ineligible customers are suddenly eligible. Similar offers are also currently available on credit cards from American Express, so there’s a chance you’ll be able to save with a different card.

And if you don’t have any of these credit cards, make sure you check out our guide to be sure you’re using the best credit card for Amazon purchases, even if you can’t get any discounts right now.

With Amazon being a go-to shopping site for many households nowadays, this promotion is the perfect way to save money if you’re eligible. So make sure you take a look if you’re a Discover credit card holder, and if you’re targeted, get your discount when you buy from Amazon!

Check out CNN Underscored’s list of the 28 Amazon products our readers couldn’t stop buying in 2022.

Find all the latest personal finance deals, news and advice at CNN Underscored Money.

If you have a low credit score, you may be surprised to learn that getting a new credit card could actually help. If you’re able to get approved for a new card despite having bad credit, you’ll have the chance to build better credit habits and creditworthiness with responsible use. Not only that, but adding a new card can improve your credit utilization ratio and your credit score if you’re already in debt.

Unfortunately, credit card options for people with bad credit tend to have few benefits. For instance, you generally won’t get a welcome bonus with these types of cards, and they usually charge fees, such as annual fees and foreign transaction fees. Credit cards for bad credit can also come with high interest rates, which can make carrying a balance a costly endeavor.

But with all that said, it’s important to understand that some credit cards for bad credit are considerably better than others. So let’s take a look at the types of credit cards you may be eligible for in January 2023 with poor credit, as well as how you can use them to your advantage.

Click here to see the latest list of the best credit cards for people with bad credit scores.

If you have bad credit, you’re probably already aware of it. After all, a poor credit score typically means you’ve been denied for a credit card or other loans in the past because a lender felt you were too much of a financial risk. You likely also know the reason you have poor credit to begin with, whether it’s because you let a loan or credit card fall into default, had an account go to collections or have a bankruptcy on your record.

But even if that’s the case, it never hurts to check your credit score so you know exactly where you stand. Fortunately, there are quite a few ways to check your credit score for free.

You can start by signing up for a credit monitoring service that provides a free credit score, or for a program that offers free credit tracking tools. For example, Experian Boost gives consumers a free look at their FICO credit score, and it can even help you improve your score quickly.

As you work on your credit score, you’ll probably want to pay the most attention to your FICO credit score, since it’s the most commonly used scoring model. FICO credit scores range from 300 to 850 and are broken down into the following tiers:

While truly “poor” credit is a FICO score of 580 or less, “fair” credit between 580 and 669 is still below average when compared to other US consumers. If your credit score falls in either of these categories, you should take steps to improve it as quickly as you can.

See if you qualify for one of these credit cards for people with fair credit.

If you have poor credit, there are two different types of credit cards you can qualify for — secured credit cards and unsecured credit cards.

Secured credit cards are typically the easiest to get if you have bad credit. However, secured credit cards require a cash deposit to get started. This means you may be required to put down $200, $500 or more as collateral, and you’ll typically get a low credit limit that’s equal or close to your deposit.

The biggest benefit of secured credit cards is that they’re typically reported to the major credit bureaus. This means all your on-time payments get added to your credit report, which can help boost your credit over time. And even though you have to put down a cash deposit to open a secured card, if you later close the account or upgrade in good standing and with a $0 balance, your deposit will be refunded.

Save money with these best credit card offers for people with poor credit scores.

In addition to secured credit cards, you may also be able to qualify for an unsecured credit card with bad credit. These cards tend to come with fees, low credit limits and few benefits, but they can help you build credit just the same.

Store credit cards are also a type of unsecured credit card that can be easier for people with bad credit to be approved for, since they generally can only be used at the store or chain that issues the card.

Aside from it being easier to get approved, the biggest advantage of store credit cards is that if you find yourself often shopping at a particular retailer, you might be able to save some money, whether it’s on your initial purchase or down the road on a future shopping trip. Typically, using a store credit card saves you 5% on your purchase, and store credit cards can also come with other benefits you may not have thought about.

Before you get a new credit card in 2023, you should make sure you have a clear understanding of what you hope to accomplish. While getting a credit card gives you the chance to improve your credit, you could make your credit worse if you’re not ready for the responsibility. So before you apply, ask yourself these questions:

The best credit cards for poor credit may not seem very attractive, but the goal is to use them to boost your credit score so you can qualify for better offers later on. But there are a few “gotchas” to be aware of and watch out for, including:

Compare available credit card offers for people with fair credit.

If your goal in 2023 is to get a new credit card to help rebuild your credit, you need to know and understand how your credit score is determined in the first place. Let’s take a closer look at the five factors that make up your FICO credit score:

As you look at these factors, it’s easy to see what your next steps should be. Most importantly, you should strive to pay your credit card bill — and all your other bills — on time every month. Also, you should keep your debt to a minimum since the amount you owe in relation to your credit limits makes up 30% of your FICO score, which is also known as your “credit utilization ratio.”

Since any credit card you get with bad credit will likely have a low credit limit to begin with, you’ll need to be especially careful not to max out your credit limit, and to pay off your balance as much as possible each month to keep your credit utilization ratio low.

The length of your credit history can also be boosted if you keep older credit accounts open and in good standing, and you can keep your score high in the “new credit” category by refraining from opening too many new accounts.

Your credit mix is a final category to keep in mind, but you may not have too many different types of credit — such as installment loans like a mortgage or car loan — when your credit score is fair or poor. Once you improve your credit score, you can worry more about diversifying your credit with installment loans, revolving accounts and other types of credit.

In the end, if you’re going to get a new credit card in an effort to improve your bad credit, you need to make sure that you don’t make the same mistakes that caused you to have a problem in the first place. So if you decide to apply for a new credit card, be smart about how you use it. Don’t overspend, don’t pay your bills late and avoid cards that charge high fees so you can get back on the road to good credit.

Learn more and apply now for the best credit cards you can get with a bad credit score.

Is your credit score good or excellent? Or maybe you don’t have any credit at all? CNN Underscored has you covered with our other stories in this series:

Check out CNN Underscored’s list of the best credit cards currently available.

Get all the latest personal finance deals, news and advice at CNN Underscored Money.

While many people still like to use their credit cards to earn travel points or miles that they can redeem for a once-in-a-lifetime trip, cash back credit cards became a more popular option over the last few years. And even though there’s a huge demand for travel, there are still lots of folks who prefer the ease of putting cash in their wallets.

So, why not consider a card that earns cash back almost instantly? Having money in your pocket today means you can use that cash on anything you desire — or save it for the future. Sound interesting? Then check out our list of the best cash back credit cards of January 2023 to decide which one best fits your needs.

Citi® Double Cash Card: Best overall card for cash back
Blue Cash Preferred® Card from American Express: Best for U.S. supermarkets
Chase Freedom Flex℠: Best for restaurants, including takeout and delivery
Citi Custom Cash℠ Card: Best for 5% categories
Chase Freedom Unlimited®: Best for flexibility
Costco Anywhere Visa® Card by Citi: Best for gas
Ink Business Unlimited® Credit Card: Best for small businesses
Discover it® Cash Back: Best sign-up bonus

The information for the Discover it Cash Back card has been collected independently by CNN Underscored. The card details on this page have not been reviewed or provided by the card issuer.

Why did we select these cards as our best cash back credit cards for January 2023? CNN Underscored’s comprehensive credit card methodology compares every aspect of each cash back credit card to our “benchmark credit card” to determine which cards can potentially earn you the most cash. Let’s dive into the details of each card and see how they stack up.

Best overall card for cash back

Why it’s great in one sentence: The Citi Double Cash Card is extremely simple, since you earn 2% cash back on every purchase — 1% when you buy and 1% when you pay your statement — all for no annual fee.

This card is right for: People looking for an easy and straightforward way to earn cash back without having to worry about category bonuses.

Highlights:

Sign-up bonus: None.

What we like about the Citi Double Cash: When compared to all of the other major no-annual-fee credit cards, the Citi Double Cash offers the highest ongoing flat-rate return on every single purchase. You’ll earn 2% in cash back — 1% when you buy something and another 1% when you pay it off — on every purchase you make. There’s no cap on the amount of cash back you can earn, and you don’t need to worry about tracking bonus categories.

The Citi Double Cash also offers a relatively long 18-month introductory 0% APR for balance transfers — a great way to pay off your debt (though make sure you pay it off, because the APR jumps to a variable 18.24% to 28.24% after the introductory offer ends). And you have up to four months after you open the account to make your first balance transfer and still have it qualify for the introductory offer.

Experts will enjoy pairing this card with one of the premium Citi ThankYou credit cards, such as the Citi Premier. That’s because if you also have a premium ThankYou card, you can actually use your rewards from the Citi Double Cash as Citi ThankYou points and transfer them to one of Citi’s 16 airline and hotel partners for potentially greater value.

One thing that could be better: Although the Citi Double Cash card earns the most cash back on your everyday purchases, it doesn’t have any bonus categories. This can be a downside if you routinely make a large number of purchases in a particular category.

You’ll also find that the Citi Double Cash doesn’t come with many perks, such as travel or purchase protections. This is also not the card to use for international purchases, as you’ll be charged a 3% foreign transaction fee when you’re overseas, which more than offsets the rewards you’d earn.

Why it’s our benchmark card: The ease of use and straightforward top-of-market cash back earning rate of the Citi Double Cash are why CNN Underscored currently uses the Double Cash as our “benchmark” credit card to compare the features of other credit cards and determine if they’re better or worse overall.

You can read more about our benchmark credit card concept in our credit card methodology guide or dig into our complete review of the Citi Double Cash.

Learn more and apply for the Citi Double Cash Card.

Best for U.S. supermarkets

Why it’s great in one sentence: The Blue Cash Preferred Card from American Express earns 6% cash back at U.S. supermarkets (up to $6,000 per year in purchases, then 1%), making it one of the best credit cards year after year for buying groceries.

This card is right for: People who spend a significant amount of money at U.S. supermarkets but who also want to avoid high interest rates on their purchases for their first year as a card member.

Highlights:

Welcome bonus: Earn a $250 statement credit after you spend $3,000 in purchases on your new card within the first six months after opening the account.

What we like about the Blue Cash Preferred: For many Americans, a significant portion of the monthly family budget goes to supermarket and gas station expenses. The Blue Cash Preferred card dials up the bonus cash back on those two categories, creating a go-to in your wallet for these routine purchases.

Not only will you earn extra cash back in the grocery and gas departments, but you’ll also earn a significant amount of cash back on all your U.S. streaming subscriptions. This includes over 20 different providers, such as Disney+, HBO, Netflix, Spotify and YouTube TV, among others. And as transit starts to come back, you’ll also receive a nice return there as well, with 3% cash back on those transactions.

The Blue Cash Preferred also comes with a solid return protection policy, which can come in handy. Return protection allows you to return an eligible item within 90 days from the day of purchase if the merchant won’t take it back. As long as you used your Blue Cash Preferred to pay for it, American Express will refund the full purchase price (excluding shipping and handling). Claims are capped at $300 per item, up to a maximum of $1,000 per card account per calendar year.

One thing that could be better: Many of the bonus categories on the Blue Cash Preferred are limited to purchases made within the United States. There’s also a 2.7% foreign transaction fee (see rates and fees), which doesn’t make it an ideal choice for international travel. And the card has a $95 annual fee, which is significantly higher than many other cards offering cash back.

If you’d prefer a card that has no annual fee at all and also offers a strong return at U.S. supermarkets, you might consider the Blue Cash Everyday® Card from American Express instead (see rates and fees). While the Blue Cash Everyday earns a lower 3% at U.S. supermarkets (up to $6,000 per year, then 1%), if you spend less than $3,166 in grocery purchases annually, it could be a better choice.

Where it beats our benchmark card: Welcome bonus, an introductory interest rate on purchases, return protection and car rental damage coverage.

Where our benchmark card is better: The Citi Double Cash has an introductory interest rate on balance transfers, and its cash back can be used as Citi ThankYou travel points when combined with the Citi Premier Card.

Learn more about the Blue Cash Preferred Card.

Best for restaurants, including takeout and delivery

Why it’s great in one sentence: The Chase Freedom Flex credit card offers both fixed bonus categories — including one specifically for dining — and a set of rotating bonus categories, plus cell phone protection as well.

This card is right for: People who are looking for a no-annual-fee card that earns bonus cash back at restaurants, even if they’re just getting delivery or takeout, as well as in several other categories.

Highlights:

Sign-up bonus: Earn $200 bonus cash back after you spend $500 on purchases in the first three months after opening the account.

What we like about the Chase Freedom Flex: While you might sign up for the Chase Freedom Flex for its sign-up bonus, it’ll likely become one of your long-term go-to cards, thanks to its rotating 5% bonus categories and ongoing 3% bonus cash back at restaurants and drugstores.

The Chase Freedom Flex earns 5% on travel booked through Chase Ultimate Rewards, 3% at drugstores and 3% at restaurants. And you’ll earn that increased cash back on takeout and eligible delivery orders, as well as when you’re physically dining in a restaurant.

But in addition to those three fixed bonus categories, the card offers a set of 5% bonus categories that rotate each quarter. For the current quarter from January through March 2023, the categories include Target, grocery stores (excluding Walmart), and fitness club and gym memberships purchases. The rotating categories are capped at $1,500 in purchases per quarter, so you can earn as much as $75 in bonus cash.

Aside from the bonus categories, this card also comes with many unique benefits that differ from most other Chase cards. One of our favorites is cell phone protection. As long as you use your Chase Freedom Flex to pay your monthly cell phone bill, you’ll be covered against theft or damage to your phone, up to $800 per claim and $1,000 per year, with a $50 deductible per claim and a maximum of two claims in a 12-month period. This is currently the only no-annual-fee Chase credit card that offers this highly sought-after benefit.

One thing that could be better: While there’s no maximum on how much cash back you can earn in the three fixed bonus categories, the rotating 5% cash back categories do have that $1,500 cap in purchases — after that, you’ll only earn 1% cash back in those categories for the rest of the quarter. And you’ll need to remember to activate the rotating categories each quarter in order to earn bonus cash back in them.

Where it beats our benchmark card: Bonus categories and cell phone protection.

Where our benchmark card is better: The Citi Double Cash has an introductory rate on balance transfers.

Learn more and apply for the Chase Freedom Flex.

Best for 5% categories

Why it’s great in one sentence: You don’t have to worry about chasing bonus categories with the Citi Custom Cash Card, since it automatically earns 5% cash back in the one eligible category you spend the most in each month, up to $500 in purchases.

This card is right for: People who spend a significant amount of money in one or more of the eligible categories on a regular basis and who want to earn bonus cash back in that category.

Highlights:

Sign-up bonus: Earn $200 in cash back after you spend $1,500 on purchases in the first three months after opening the account.

What we like about the Citi Custom Cash Card: The Citi Custom Cash Card is a relatively new credit card that’s intended to make life easy for those who don’t like to spend time focusing on bonus categories. The card automatically earns 5% cash back in the one eligible category you spend the most in each month, up to $500 in purchases, and then 1% cash back after that.

The great thing about this feature is that if your top spending category changes each month, the Citi Custom Cash will change along with it. And with a broad list of eligible 5% back categories, you should have no problem getting 5% cash back on at least some purchases each month. The eligible categories are:

Also, like the Citi Double Cash, if you have either a Citi Premier or Citi Prestige card, you can use the cash back earned on the Citi Custom Cash Card as ThankYou points instead, and transfer them to any of Citi’s airline partners, potentially getting even more value for them than just 1 cent per point.

Plus, new Citi Custom Cash Card holders get a 0% introductory APR on both purchases and balance transfers for the first 15 months, which can be very helpful if you need to temporarily carry some debt. Just make sure you pay it off in full by the end of the 15 months, because the rate rises to a variable APR of 18.24% to 28.24% once the introductory offer expires.

One thing that could be better: The 5% cash back bonus is restricted to only the eligible categories on the Citi Custom Cash Card, so not everything you buy can potentially earn bonus cash. Also, there’s a 5% balance transfer fee on the card, which is higher than the typical 3% fee on many other cards, including our benchmark Citi Double Cash. However, the 15-month introductory period on purchases has no fee, so it may make sense to use that feature of the card and avoid the balance transfer part.

Where it beats our benchmark card: 5% bonus category and an introductory rate on purchases for 15 months.

Where our benchmark card is better: If you’re solely looking to earn flat-rate cash back on every purchase you make, the Citi Double Cash will earn more on your everyday purchases.

Learn more and apply for the Citi Custom Cash Card.

Best for flexibility

Why it’s great in one sentence: If you want to earn bonus rewards on all your purchases but aren’t sure whether you’d prefer cash back or travel rewards, the Chase Freedom Unlimited allows you to do both when paired with the Chase Sapphire Preferred or Chase Sapphire Reserve card.

This card is right for: People who want maximum flexibility in a no-annual-fee credit card.

Highlights:

Sign-up bonus: Earn an additional 1.5% cash back on everything you buy on up to $20,000 spent in the first year.

What we like about the Chase Freedom Unlimited: If you prefer cash back now but think that a dose of adventure is in your future, the Chase Freedom Unlimited can give you the best of both worlds.

When you pair the Freedom Unlimited with a premium Chase Ultimate Rewards credit card, such as the Chase Sapphire Preferred or Chase Sapphire Reserve, you can convert your cash back to travel points at a rate of 1 cent per point. Then, you’re able to redeem those points for travel at an increased value of 1.25 to 1.5 cents apiece via the Chase travel portal.

Even better, once you’ve converted the cash back to points, you can transfer them to any of Chase’s 14 airline and hotel loyalty partners. This amazing flexibility is why frequent flyer website The Points Guy values Ultimate Rewards points at 2 cents apiece. At that rate, since you’re earning 1.5% cash back in all non-bonus categories with the Freedom Unlimited, you could effectively end up with a 3% return on your everyday purchases.

One thing that could be better: The Citi Double Cash comes with a higher cash back earning rate on everyday purchases after the first year sign-up bonus is over on the Freedom Unlimited, and you can also convert its cash back to travel points in conjunction with a premium Citi card.

But Citi’s travel partners aren’t as impressive as Chase’s, and while the Double Cash doesn’t have any bonus categories, the Freedom Unlimited has the same trio of bonus categories as the Chase Freedom Flex (though you won’t get cell phone protection with the Chase Freedom Unlimited).

Where it beats our benchmark card: Bonus categories, purchase protection, extended warranty protection and an introductory rate on purchases for 15 months.

Where our benchmark card is better: If you’re solely looking to earn flat-rate cash back on every purchase you make, the Citi Double Cash will earn more on your everyday purchases.

Learn more and apply for the Chase Freedom Unlimited.

Best for gas

Why it’s great in one sentence: The Costco Anywhere Visa Card by Citi offers big rewards on many practical purchases, such as 4% cash back on eligible gas and EV charging purchases worldwide (capped at the first $7,000 in purchases per year, then 1% thereafter), 3% cash back at restaurants and on eligible travel purchases and 2% cash back on all Costco and costco.com purchases.

This card is right for: Costco members who want strong rewards when buying at Costco and filling up their gas tank.

Highlights:

Sign-up bonus: None.

What we like about the Costco Anywhere Visa: For those looking to fill up their vehicle’s gas tank, the Costco Anywhere Visa offers the most cash back when compared to other top-earning credit cards.

Earning 4% cash back on all gas purchases worldwide for the first $7,000 per year (1% thereafter) can add up quickly and save you some serious money over the course of the year. Additionally, if you have an electric car, this is one of the few credit cards that offers bonus points for purchases at EV charging stations. And beyond the earning potential on gas, earning 3% cash back at restaurants and eligible travel purchases is on par — and many times better — than what you’ll see with other cash back credit cards.

The Costco Anywhere Visa also offers purchase protection, which is a great benefit for all purchases. You’ll be covered if your item is damaged or stolen within 120 days of purchase (90 days for New York residents). The coverage is good for up to $10,000 per item and $50,000 annually, and the purchase protection applies to items you buy anywhere, not just at Costco.

One thing that could be better: One big disadvantage of the Costco Anywhere Visa is that you have to wait a full year to receive your rewards, which are sent in the form of an annual certificate after your February billing statement closes each year. The certificate can be redeemed for Costco purchases or exchanged for cash at your local Costco store, and will expire if it’s not redeemed by December 31 of that calendar year.

Also, although this card doesn’t carry an annual fee, to be a card member, you must have a Costco membership, which starts at $60 per year.

Where it beats our benchmark card: Purchase protection and no foreign transaction fees. Also, the Costco card is a Visa credit card, which is accepted at Costco in-store and at costco.com — Mastercards like the Citi Double Cash are not accepted in-store.

Where our benchmark card is better: With the Citi Double Cash, you receive your cash back on a monthly basis instead of once a year, and you don’t have to physically go into a store to exchange your rewards for cash.

Learn more and apply for the Costco Anywhere Visa Card by Citi.

Best for small businesses

Why it’s great in one sentence: Small business owners can earn 1.5% cash back on all their purchases with the Ink Business Unlimited for no annual fee, and also have the option to convert their cash back to travel rewards down the line when combined with a premium Chase card.

This card is right for: Businesses who want flexible cash back rewards from a no-annual-fee credit card.

Highlights:

Sign-up bonus: Earn $900 bonus cash back after you spend $6,000 on purchases in the first three months after opening the account.

What we like about the Ink Business Unlimited: If your business is looking for a simple easy-to-understand cash back card, the Ink Business Unlimited is a great, straightforward option. It earns 1.5% cash back on everything your business buys with it, 365 days a year.

And if you decide down the line that you’d prefer travel rewards to cash back, you can pair the Ink Business Unlimited with the premium Ink Business Preferred (or alternately, the personal Chase Sapphire Preferred or Chase Sapphire Reserve) and convert your cash back to travel points, then redeem the points for travel or transfer them to any of Chase’s 14 airline and hotel loyalty partners.

Plus, right now is a fantastic time to get the Ink Business Unlimited. That’s because the card currently comes with the highest sign-up bonus we’ve ever seen on it. New card holders can earn $900 in bonus cash back after spending $6,000 in purchases in the first three months after opening the account. That’s an unbelievable sign-up bonus for a card that has no annual fee.

One thing that could be better: You won’t want to use the Ink Business Unlimited on overseas purchases, as it charges a 3% foreign transaction fee. And the $6,000 minimum spending requirement to earn the $900 sign-up bonus isn’t small, but it should be feasible for any small business that has regular expenses that can be charged to a credit card.

Where it beats our benchmark card: Sign-up bonus, primary rental car insurance, purchase protection, extended warranty protection and an introductory rate on purchases for 12 months.

Where our benchmark card is better: If you’re solely looking to earn flat-rate cash back on every purchase you make, the Citi Double Cash earns more on your everyday purchases.

Learn more and apply for the Ink Business Unlimited.

Best sign-up bonus

Why it’s great in one sentence: The rotating categories and cash back match bonus on the Discover it Cash Back card mean you can earn a ton of cash back in the first year you have the card.

This card is right for: People looking for a card with a great sign-up bonus and who routinely spend money on popular rotating categories — such as groceries, gas stations, restaurants, Amazon and more.

Highlights:

Sign-up bonus: Receive a match of all cash back earned at the end of your first year.

What we like about the Discover it Cash Back: Earning 5% cash back on a quarterly basis, up to $1,500 per quarter, means your money can really add up. The current quarterly categories on the Discover it Cash Back card for January through March 2023 are grocery stores, drugstores and select streaming services, while other categories we’ve seen in the past include Target, PayPal, gas stations, Amazon and digital wallets — just to name a few.

On top of that, all the cash back you earn on the Discover it Cash Back as a new card holder will be matched at the end of the first year, making this an ideal card to have if you know you’ll be spending a lot on your credit card over the next year. This means those rotating bonus categories are worth 10% in the first year, and all your purchases outside of the bonus categories earn a solid 2% return the first year.

In addition to a great cash back rewards program, new card holders can also take advantage of a 0% introductory interest on all purchases and balance transfers for the first 15 months from the date of the first transfer, though the rate increases to a variable 16.24% to 27.24% at the end of the 15-month period. There’s a 3% intro balance transfer fee until April 10, 2023, that goes up to 5% on future balance transfers (see terms)

One thing that could be better: You won’t get paid out on your sign-up bonus until you’ve had the card for an entire year, whereas many other credit card welcome offers are paid out as soon as you meet the minimum spending requirement. You also need to pay close attention to the cash back calendar and manually activate the categories on the Discover it Cash Back each quarter, online or by phone, before you make purchases in order to earn bonus cash back.

Where it beats our benchmark card: No foreign transaction fees or introductory interest on purchases, and the cash back match in the first year equals the earning rate of the Citi Double Cash for everyday purchases and significantly beats it in the bonus categories.

Where our benchmark card is better: After the first year when the cash back match bonus ends, the Citi Double Cash earns a higher return on everyday purchases.

Not everyone is familiar with how and when to use a cash back credit card, so we’ve assembled some of the more common questions and answers.

A cash back credit card is as easy as it sounds. Every time you make a purchase with your cash back credit card, you’ll earn cash in your pocket. Depending on the card and the rewards program, there are many different ways to earn your cash back. With some credit cards, you’ll automatically receive a check in the mail, while others award cash back in the form of a statement credit, and still others offer points or reward dollars, which then require you to actually “cash out” your earnings.

With so many cash back credit cards available, the main aspect you want to look at is the percentage back on each purchase you make. Many cash back credit cards also offer bonus cash in certain categories, such as grocery stores, gas stations and restaurants. Tracking your yearly spend helps determine if there are any bonus categories you should pay attention to when considering a cash back card.

You’ll also want to see if there are any additional perks that come along with your cash back credit card. Are there any statement credit opportunities, such as Amex Offers or Chase Offers? These are ways to save even more money on your cash back credit card.

You’ll also find that some cash back credit cards are part of a larger rewards program, which means that if you pair the card with a premium travel credit card from the same issuer, you can instead use your cash back for travel. If you want this type of flexibility, looking for a credit card that offers this option can give you the best of both worlds.

If you like simplicity and don’t want to have to worry about redeeming travel rewards, then yes, a cash back credit card is the way to go. With a cash back credit card, you typically have money in your pocket immediately (when your monthly statement closes), which can then be used for future purchases or saved — the choice is yours.

Looking for a credit card that earns travel rewards? Check out CNN Underscored’s list of the best travel credit cards currently available.

Get all the latest personal finance deals, news and advice at CNN Underscored Money.

Click here for rates and fees of the Blue Cash Preferred card.
Click here for rates and fees of the Blue Cash Everyday card.

While it’s important to have a credit card that earns rewards every time you swipe it, one of the best — and fastest — ways to rack up a bunch of cash back or travel points and miles right off the bat is with a lucrative credit card sign-up bonus. Accumulating rewards from a sign-up bonus is the best way to put more money in your wallet, or to jet off on a dream vacation, from flying down to Disney World to exploring the beaches of Thailand.

But offers come and go regularly, so it’s vital to know when a credit card is offering a top-notch sign-up offer that can earn you the biggest possible bonus. And since many credit card issuers these days restrict the number of cards you can get with them — or the number of times you can get a card — you’ll want to apply for a credit card when it’s offering a peak sign-up bonus.

So, how do you know which credit card sign-up bonuses are currently higher than normal? We’ve put together a list of the best credit card sign-up bonus offers available in January 2023 so you can get as many points or miles as possible when you apply. Get a new credit card with the right offer, and you’ll rack up rewards in no time.

Best for flexibility: Chase Sapphire Preferred® Card
Best for groceries: Blue Cash Preferred® Card from American Express
Best for bonus categories: Citi Premier® Card
Best for travel perks: The Platinum Card® from American Express
Best for United flights: United Quest℠ Card
Best for IHG stays: IHG® Rewards Premier Credit Card
Best for Hilton stays: Hilton Honors American Express Surpass® Card
Best business card with no annual fee: Ink Business Unlimited® Credit Card
Best for small businesses: American Express® Business Gold Card

Why did we choose these credit card sign-up bonus offers as the best for January? Dive into the details of each card with us, and see how they stack up.

If you want rewards that are flexible and easily redeemable, then the Chase Sapphire Preferred offers many options. And right now, new applicants can earn 60,000 bonus points after you spend $4,000 on purchases in the first three months after opening the account.

Although this isn’t one of the highest offers we’ve seen from this card, it’s still a great card for those getting their feet wet in points and miles and you can still get a ton of value from the sign-up bonus.

The Chase Sapphire Preferred earns Chase Ultimate Rewards points, which can be redeemed for cash back at 1 cent apiece, or for travel via the Chase travel portal at a rate of 1.25 cents each. At that rate, 60,000 bonus points would be worth $600 in cash or $750 in travel, which on its own is a great return just for getting one credit card.

But you can also transfer your points to any of Chase’s 14 airline and hotel partners and potentially get even more value for them. That’s why frequent flyer website The Points Guy values Ultimate Rewards points as high as 2 cents apiece, meaning 60,000 points can be worth up to $1,200 in travel.

Aside from the sign-up bonus, you’ll also earn 3 points for every dollar you spend on dining, select streaming services and online grocery purchases with the Chase Sapphire Preferred, 2 points per dollar on travel (or 5 total points for travel booked through Chase Ultimate Rewards) and 1 point per dollar on all other purchases. Plus, through March 2025, you’ll also earn 5 points per dollar on Lyft rides, which is a nice extra bonus.

Other money-saving benefits of the Chase Sapphire Preferred include a complimentary DoorDash DashPass membership for at least 12 months when you sign-up by Dec. 31, 2024. The card also offers many extra insurance benefits, such as purchase protection, extended warranty, trip delay/cancellation protection, trip delay protection, lost baggage protection and primary rental car coverage.

With a relatively low $95 annual fee, the Chase Sapphire Preferred is the perfect card to dip your toes in the water with travel rewards and start learning how to utilize them to get outsized value.

Now, if you prefer a luxury credit card, the Chase Sapphire Reserve® is another option. It currently offers new card holders the same 60,000 bonus points after spending $4,000 on purchases within the first three months after opening the account. Points from the card can be transferred to the same travel partners as the Chase Sapphire Preferred — at the same 1-to-1 ratio — or can be redeemed through the travel portal at a higher rate of 1.5 cents each.

While this card has a significantly higher annual fee of $550 per year, you’ll find many benefits that help offset the cost, such as $300 in annual travel credits, a Priority Pass Select membership and more.

Click here to earn 60,000 bonus points when you apply for the Chase Sapphire Preferred.
Click here to earn 60,000 bonus points when you apply for the Chase Sapphire Reserve.

If you prefer a credit card that puts cash right in your pocket, that’s where the Blue Cash Preferred Card from American Express comes into play, and right now, new card members can earn a $250 statement credit after spending $3,000 in purchases in the first six months after opening an account.

Since the card offers a $0 introductory annual fee for the first year, then $95 (see rates and fees), you’re coming out well ahead in the first year, and the $3,000 minimum spending requirement averages out to just $500 per month.

The Blue Cash Preferred is also one of the best cards to use for groceries, since you’ll earn 6% cash back as a statement credit on up to $6,000 in U.S. supermarket purchases each year (then 1%). With groceries taking up a significant portion of the average household budget, this could mean some serious cash back.

You’ll also earn 6% cash back on select U.S. streaming subscriptions with the Blue Cash Preferred, 3% cash back on transit and at U.S. gas stations and 1% on all other purchases. But if you’d prefer a card that never has an annual fee, the Blue Cash Everyday® Card from American Express might be the better choice. It offers less in cash back and has a smaller welcome offer, but it could make sense if you don’t spend that much on groceries each year.

Click here to learn more about the Blue Cash Preferred.
Click here to learn more about the Blue Cash Everyday.

While Citi credit cards don’t typically get as much attention as Chase and American Express cards, don’t overlook the Citi Premier card. And currently, new card holders can earn 60,000 bonus points after spending $4,000 on the card in the first three months after opening the account.

And even after you’ve earned the bonus, it’s easy to keep racking up points with the Citi Premier, because the card comes with a slew of bonus categories. You’ll earn 3 points for every dollar you spend at gas stations, at restaurants, at supermarkets, at hotels and on air travel, and 1 point per dollar on all your other purchases.

Once you’ve got all those points, you can redeem them for gift cards or book travel with them through Citi’s travel portal and get 1 cent per point in value. But if you’ve got some time and flexibility, you can do even better by transferring your points to any of Citi’s 16 airline and hotel partners, which now includes both Choice and Wyndham hotels.

The ability to transfer points to Citi’s airline partners is why The Points Guy values Citi ThankYou points at 1.7 cents apiece. At that rate, those 60,000 bonus points are worth as much as $1,020 in travel.

Plus, if you get the Citi Premier and like the way it works, you can dive even further into the Citi ThankYou Rewards ecosystem by pairing it with either the Citi® Double Cash Card or the Citi Custom Cash℠ Card — or both. Both cards are marketed as cash back cards, but they actually earn rewards in the form of ThankYou points, which you can then combine all together in one big pot.

So you can put all the cards in your wallet and use each one where it earns the most rewards — the Citi Premier in its bonus categories, the Citi Custom Cash in the one eligible category each month where you spend the most money and the Citi Double Cash for everything else. It’s a great strategy to quickly rack up a huge balance of travel rewards while paying only one $95 annual fee across all three cards.

Click here to earn 60,000 bonus points when you apply for the Citi Premier card.

If you expect to be flying the skies often in 2023, The Platinum Card from American Express provides many elite VIP benefits when you travel… and a few even when you aren’t.

Right now, new card members can earn 80,000 bonus points when you spend $6,000 on purchases within the first six months of card membership. Frequent flyer website The Points Guy values American Express Membership Rewards points at 2 cents each, making this offer worth as much as $1,600 in travel.

The list of benefits that come with the Amex Platinum card are endless. But with a $695 annual fee (see rates and fees), you’ll have to make sure you can use those benefits.

One of the most popular perks that comes with the card is access to more than 1,300 airport lounges around the world, including Amex Centurion Lounges, Delta Sky Clubs (when flying Delta) and Priority Pass Select lounges (enrollment required). You’ll also receive complimentary Marriott Gold and Hilton Gold elite status (enrollment required), which offers special perks such as room upgrades (when available), complimentary breakfast at participating properties, bonus points on paid rates and more.

And, if you rent cars often, you’ll also be bumped up to Avis Preferred status, National Car Rental Emerald Club Executive status and Hertz Gold Plus Rewards (enrollment required).

Then there are the annual credits. The Amex Platinum comes with up to $200 in credits each year for airline incidental fees, up to $200 in Uber Cash each year (doled out in $15 monthly portions with $35 in December), up to $240 in annual digital entertainment credits in portions of $20 per month, up to $189 in annual CLEAR® membership credits and up to $100 in credits for purchases at Saks Fifth Avenue, split into $50 increments for each half of the year (enrollment required before using these credits). Additionally, you’ll get up to $100 in credits toward a Global Entry or TSA PreCheck membership every five years you have the card.

The Amex Platinum also comes with cell phone protection, extended warranty protection, purchase protection, trip cancellation and trip insurance, trip delay insurance, car rental loss and damage insurance and no foreign transaction fees (see rates and fees).

Click here to learn more about The Platinum Card from American Express.

If you’re looking for United miles, the United Quest Card currently comes with an impressive sign-up bonus. Right now you can earn 80,000 bonus miles after you spend $5,000 in the first three months after opening the account. The Points Guy values United miles at 1.21 cents apiece, which would make 80,000 miles worth $968 in United travel.

The United Quest Card does come with a $250 annual fee, but there are a number of benefits that can help offset a good chunk of that cost, including up to $125 in statement credits for United purchases charged to your card. This is a yearly benefit — available every 12 months from the date you first open the card — and if you can use all $125 in credits each year, you’re effectively knocking off half of the $250 annual fee.

Also, starting at your first anniversary as a card holder — meaning one year after you were approved for the card — and each year thereafter, you’ll get 5,000 United miles back when you redeem your miles for a United- or United Express-operated flight, regardless of the number of miles redeemed. You can even earn this mileage rebate twice per year.

For those chasing United elite status, the United Quest Card earns 500 Premier Qualifying Points (PQP) for every $12,000 you spend on the card, up to 3,000 PQP per year. While this won’t earn you elite status on its own, if you aren’t flying as much in 2023 as you typically might, it can help push you over the threshold.

Other benefits of the United Quest Card include 3 points for every dollar you spend on United purchases (after your $125 in annual credits), 2 miles per dollar on travel, dining and select streaming services, up to $100 in Global Entry or TSA PreCheck fee credits, free first and second checked bags for you and a companion traveling on the same reservation, priority boarding, 25% back on United in-flight purchases, one year of DashPass membership (must activate by 12/31/2024) and no foreign transaction fees.

Click here to earn 80,000 bonus points when you apply for the United Quest Card.

If you’ve been contemplating getting the IHG Rewards Premier Credit Card at some point, now’s a great time to do it. New card applicants can currently earn 140,000 bonus points after spending $3,000 on the card within three months of opening the account.

While 140,000 points sounds like an earth-shattering amount, remember that not all travel points are created equal. The Points Guy values IHG points at 0.5 cents apiece, so 140,000 points are worth about $700 toward IHG hotel stays, which is still a pretty sizable haul for a low-priced credit card.

Also, starting with the second year you have the card and every year thereafter, you’ll receive a reward night certificate that can be used at any IHG property costing up to 40,000 points. And the certificate can now also be augmented with additional points so you can use it at nearly any IHG hotel in the world. The IHG chain includes Holiday Inn, InterContinental and Kimpton Hotels, among many others, making this certificate an incredibly flexible perk. Just using this benefit each year can easily offset the card’s $99 annual fee.

Plus, all IHG Premier card holders receive complimentary IHG Platinum elite status and their fourth night free when using points to book an award stay. So if you’re booking a four-night stay at a property that costs 40,000 points a night, you’ll only have to redeem 120,000 points for it.

Click here to earn 140,000 bonus points when you apply for the IHG Premier card.

The Hilton Honors American Express Surpass Card is one of the top mid-tier hotel credit cards you’ll find, and potentially the best perk that comes with the card is automatic Hilton Honors Gold elite status. Although this is a step below Hilton’s highest Diamond status level, you’ll still get space-available upgrades, complimentary continental breakfast for two guests, your fifth night free on award nights and the possibility of lounge access if you’re upgraded to the executive lounge floor.

Other Hilton Amex Surpass card member perks include a free weekend night when you spend $15,000 on your card within a calendar year, 10 free visits each year to Priority Pass airport lounges worldwide and 12 points for every dollar spent at Hilton properties.

Best of all, right now, the Hilton Amex Surpass is offering 130,000 bonus points when you spend $2,000 on purchases within three months of opening the account. While we’ve seen slightly better offers in the past, this is still a great opportunity to snag a huge number of Hilton points with one credit card offer.

Now, if you prefer to earn top-tier Hilton Diamond status right off the bat, you’ll want to instead consider the Hilton Honors American Express Aspire Card. The card comes with a slew of benefits, including automatic Diamond status without ever having to step foot in a Hilton property. That top-tier status — along with up to $250 in annual airline fee credits, an annual $250 resort credit, Priority Pass Select airport lounge membership and an annual weekend night certificate upon account renewal — can help offset the annual fee. While this card’s utility is nearly unmatched among luxury hotel credit cards, you’ll pay a pricey $450 annual fee every year you have it.

All information about the Hilton Honors American Express Aspire Card has been collected independently by CNN. The Hilton Honors American Express Aspire Card is not currently available through CNN.

Click here to learn more about the Hilton Honors American Express Surpass Card.

Chase currently has some unbelievable sign-up offers on its no-annual-fee business credit cards, including the Ink Business Unlimited. Right now, new card holders can earn $900 in bonus cash back after spending $6,000 on purchases in the first three months. You’ll be hard pressed to find an offer this high on any other credit card with no annual fee.

This card is very straightforward, as you’ll earn 1.5% cash back on all purchases, with no bonus categories to worry about or track. And if you prefer travel rewards to cash back, the Ink Business Unlimited offers potential flexibility on that front as well.

If you have a premium Chase Ultimate Rewards card, such as the Chase Sapphire Preferred, the Chase Sapphire Reserve or the Ink Business Preferred℠ Credit Card, the rewards you earn with the Ink Business Unlimited can be transferred to your premium card, and from there, redeemed for travel at a higher rate, or even transferred to one of Chase’s partner loyalty programs for potentially even more value.

Even though it’s a no-annual-fee card, you’ll still find many valuable benefits on the Ink Business Unlimited, such as purchase protection, extended warranty protection and primary car rental coverage when you rent a car for business purposes. But you’ll want to steer clear of using this card internationally, as you’ll be charged a 3% foreign transaction fee on overseas purchases.

And this isn’t the only Chase business card currently offering a top-of-the line sign-up bonus. The Ink Business Cash® Credit Card also earns $900 in bonus cash back after you spend $6,000 within the first three months after opening the account. The main difference between the two cards are the number of points you’ll earn on your everyday purchases, as the Ink Business Cash has several bonus categories but earns only 1% on all other purchases instead of the 1.5% of the Ink Business Unlimited.

Finally, the Ink Business Preferred is also offering an incredibly rich credit card sign-up bonus — 100,000 bonus points when you spend $15,000 in the first three months after opening the account. This card comes with a $95 annual fee, but additional point-earning opportunities and even more benefits.

Click here to earn 90,000 bonus points when you apply for the Ink Business Unlimited.
Click here to earn 90,000 bonus points when you apply for the Ink Business Cash.
Click here to earn 100,000 bonus points when you apply for the Ink Business Preferred.

The American Express Business Gold Card is an intriguing card for small businesses who don’t have expenses the fall into easy-to-predict categories each month, and the card currently comes with a rich welcome offer of 70,000 bonus points after you spend $10,000 on eligible purchases within the first three months after opening the account.

With the Amex Business Gold, you’ll earn 4 points per dollar on the two select categories where your business spends the most each month, and those categories will automatically change each month to match where you’ve spent the most. There’s a $150,000 annual cap for earning bonus points in these select categories, but you’ll still earn 1 point per dollar even after you reach the cap.

The select categories eligible to earn bonus points are:

The Amex Business Gold card does have a $295 annual fee (see rates and fees), but when you use your points to book flights through American Express Travel, you’ll get 25% of your points back (up to 250,000 points per calendar year) for flights booked with one airline that you choose annually, or on any airline when you book business or first class flights.

Learn more about the American Express Business Gold Card.

Need help getting rid of credit card debt? Find out which cards CNN Underscored chose as our best balance transfer credit cards available right now.

Get all the latest personal finance deals, news and advice at CNN Underscored Money.

Click here for rates and fees of the Blue Cash Preferred card.
Click here for rates and fees of the Blue Cash Everyday card.
Click here for rates and fees of the American Express Platinum card.
Click here for rates and fees of the American Express Business Gold card.

American Express cell phone protection, extended warranty, purchase protection, trip cancellation and interruption insurance, trip delay insurance, and car rental loss and damage insurance eligibility and benefit levels vary by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for more details. Purchase protection, extended warranty and car rental loss and damage coverage underwritten by AMEX Assurance Company. Trip delay, trip cancellation and interruption insurance and cell phone protection underwritten by New Hampshire Insurance Company, an AIG Company. Car rental loss and damage coverage offered through American Express Travel Related Services Company, Inc.

Many people want to shrink their household expenses, and one obvious way to cut costs is to get a no-annual-fee credit card. Fortunately, eliminating the annual fee on your credit card is easier than ever, as competition on the no-annual-fee card front has intensified, and right now there’s a plethora of fee-free cards out there that offer compelling rewards and even sign-up bonuses.

CNN Underscored’s comprehensive credit card methodology compares every aspect of each no-annual-fee credit card to our “benchmark credit card” — the Citi® Double Cash Card — to determine which cards can potentially bring you maximum value in addition to lowering your balances. So check out our list of the best credit cards with no annual fee for January to decide which one will best fit your needs.

Citi Double Cash Card: Best for flat-rate cash back
Blue Cash Everyday® Card from American Express: Best for groceries
Chase Freedom Flex℠: Best for dining
Citi Rewards+® Card: Best for small purchases
Chase Freedom Unlimited®: Best for flexible rewards
Bilt Mastercard®: Best for renters
U.S. Bank Visa® Platinum Card: Best for 0% interest on purchases
Discover it® Cash Back: Best sign-up bonus
Capital One® VentureOne® Rewards Credit Card: Best no-annual-fee travel card

Why did we select these cards as our best no-annual-fee credit cards for January 2023? Dive into the details of each card with us, and see how they stack up.

Why it’s great in one sentence: A quick glance at the features of the Citi Double Cash Card makes it clear why it’s our benchmark card. It has no annual fee, so it doesn’t cost you money each year just for the privilege of having it, and it earns 2% cash back on everything — 1% when you make the purchase and another 1% as you pay it off.

This card is right for: People who want a best-in-class return from a no-annual-fee card, with no hoops to jump through or bonus categories to remember.

Highlights:

Sign-up bonus: None.

What we like about the Citi Double Cash: On top of having no annual fee, the Citi Double Cash has one of the best and most straightforward earning rates across all credit cards. You’ll earn 2% in cash back — 1% when you buy something, and another 1% when you pay it off — on every single purchase you make, with no caps of any kind.

For people who don’t spend a lot of money in a specific bonus category such as dining, groceries or travel, earning flat-rate cash back probably makes the most sense, and there’s really no other major credit card available today that offers as high of an ongoing flat-rate return on every single purchase without an annual fee.

New Citi Double Cash card holders can also take advantage of a 0% introductory APR on balance transfers for 18 months. It’s important to note that after the introductory APR expires, you’ll pay a variable 18.24%-28.24% (depending on your creditworthiness) on the remaining balance, so you’ll want to be sure to either pay off your debt in full or transfer it to another card before the 18 months end.

For most people, using the Citi Double Cash to earn and redeem cash back will be as far as they need to go. But since the cash back you earn with the card comes in the form of Citi ThankYou points — with $1 in cash back equal to 100 ThankYou points — advanced credit card users who also have the Citi Premier card can use those points for travel instead of cash back. That opens up a wider range of redemption possibilities, including transferring them to any of Citi’s airline and hotel transfer partners, that can mean getting even more value for them.

One thing that could be better: You won’t find any bonus categories on the Citi Double Cash, and that’s the downside of simplicity. So if you routinely make a large number of purchases in a particular category, you may find another credit card that offers a bonus for those purchases is a better choice for you.

Why it’s our “benchmark” credit card: The ease of use and straightforward top-of-market cash-back earning rate of the Citi Double Cash are why CNN Underscored currently considers the Double Cash as our “benchmark” credit card. We use it as our benchmark card to compare the features of other credit cards and determine if they’re better or worse overall.

You can read more about our benchmark credit card concept in our credit card methodology guide, or dig into our complete review of the Citi Double Cash.

Learn more and apply now for the Citi Double Cash Card.

Why it’s great in one sentence: The Blue Cash Everyday card offers a generous introductory interest rate on purchases and balances for 15 months while also earning 3% cash back at US supermarkets (up to $6,000 annually, then 1%), US online retail stores (up to $6,000 annually, then 1%) and US gas stations, all with no annual fee (see rates and fees).

This card is right for: People who want to temporarily avoid high interest rates on their purchases and balance transfers, but who also spend a significant amount of their budget at US supermarkets, online retail stores and gas stations.

Highlights:

Welcome bonus: Earn up to a $250 bonus — $100 back in the form of a statement credit after you spend $2,000 within the first six months after opening the account, plus 20% back as a statement credit when you use your card to check out with PayPal at merchants in the first six months (up to $150 back).

What we like about the Blue Cash Everyday: For many Americans, a significant portion of the monthly family budget goes to supermarket, online shopping and gas station expenses. The no-annual-fee Blue Cash Everyday card dials up the bonus cash back in these categories, creating a go-to in your wallet for three routine purchases.

The card also pairs its bonus categories with an introductory 0% APR on purchases and balance transfers for the first 15 months after you open the account, making it a solid choice if you’re trying to make ends meet. But you’ll want to make sure your debt is paid off by the end of the intro period, as the APR jumps to a variable 18.24% to 29.24% afterward.

You’ll also find a nice welcome bonus with a relatively small minimum spending requirement on the Blue Cash Everyday, and even car rental loss and damage insurance. The card also offers up to $264 in statement credits per year — up to $84 toward The Disney Bundle and up to $180 towards Home Chef purchases, to top off a fairly complete package (enrollment is required before using these benefits).

One thing that could be better: Bonus cash back isn’t earned on purchases outside of the US with the Blue Cash Everyday, and there’s a 3% foreign transaction fee on top of that (see rates and fees), so if you expect to travel internationally in 2023, you might want to consider other options.

You can also earn twice as much cash back at US supermarkets if you’re willing to forgo a few months of the introductory offer on purchases by getting the Blue Cash Preferred® Card from American Express instead of the Blue Cash Everyday.

Although the Blue Cash Preferred comes with a $95 annual fee ($0 intro fee for the first year, see rates and fees), it earns 6% cash back at U.S. supermarkets on up to $6,000 per year (then 1%). The downside is that its introductory offer on purchases runs for only 12 months instead of 15 months.

Where it beats our benchmark card: Introductory interest rate on purchases, car rental damage coverage.

Where our benchmark card is better: The Citi Double Cash has an introductory interest rate on balance transfers, and its rewards can be transferred to Citi’s airline and hotel partners when combined with the Citi Premier card.

Learn more about the Blue Cash Everyday Card.

Why it’s great in one sentence: Along with a trio of permanent bonus categories that includes an impressive 3% cash back on dining and eligible food delivery services, the no-annual-fee Chase Freedom Flex card earns 5% cash back on up to $1,500 in combined purchases in rotating bonus categories each quarter.

This card is right for: People who want a card that earns bonus cash back both for dining and in rotating categories.

Highlights:

Sign-up bonus: Earn $200 bonus cash back after you spend $500 on purchases in your first three months after opening the account.

What we like about the Chase Freedom Flex: While you might get the Chase Freedom Flex for its sign-up bonus, it’ll likely become a staple in your purse or wallet thanks to its permanent bonus categories that includes 3% cash back on dining and food delivery services, and its perpetual rotating 5% bonus categories on useful purchases like groceries and gas.

The Chase Freedom Flex bonus categories for January through March 2023 are Target, grocery stores (excluding Walmart), fitness club and gym memberships. That means you could earn as much as $75 in bonus cash back from many regular purchases, especially since you can purchase third-party merchant gift cards at Target and grocery stores.

Plus, the Chase Freedom Flex grows with you. If you apply for a Chase Sapphire Preferred or Chase Sapphire Reserve® card down the road, you can convert the cash back you earn with the Chase Freedom into Ultimate Rewards points, which can be redeemed for travel at the Chase travel portal, or transferred to Chase’s airline and hotel partners to extract potentially even more value from them.

One thing that could be better: It’s hard to gripe about the Chase Freedom Flex, but you should be mindful of its pesky 3% foreign transaction fee, and the fact that you must remember to activate the bonus categories each quarter in order to earn 5% cash back on them.

Where it beats our benchmark card: Introductory rate on purchases for 15 months.

Where our benchmark card is better: The Citi Double Cash has a longer introductory rate on balance transfers.

Learn more and apply now for the Chase Freedom Flex.

Why it’s great in one sentence: If you use your credit card for a lot of small purchases — meaning under $10 — then the “round-up” feature of the Citi Rewards+ will earn you extra rewards, and its introductory offer on new purchases can lower your costs if you have to carry debt.

This card is right for: People looking to earn more points for small purchases, while also needing to pay for some expenses over time.

Highlights:

Sign-up bonus: Earn 20,000 bonus points after you spend $1,500 in purchases in your first three months.

What we like about the Citi Rewards+: There are three features of the Citi Rewards+ that make it worthy of consideration. First, the rewards you earn for every purchase made with the card round up to the nearest 10 points. That won’t make a huge difference on expensive items, but a $2 pack of gum earns 10 points instead of 2 points, a 400% improvement. Lots of these little transactions can add up quickly.

Second, when you redeem points, you’ll get 10% of your points back on up to 100,000 points every year. That means if you use 2,500 points to redeem for a $25 gift card, you’ll soon see 250 points back in your account to redeem again down the line. Since you can get up to 10,000 points back each year, that’s effectively up to an extra $100 in points to spend on gift cards.

And third, although the Citi Rewards+ earns points that can be redeemed for gift cards, cash back or through Citi’s Shop with Points program, if you also have a Citi Premier card, you can move your points to it and open up a whole new world of options, including redeeming points for travel down the line or transferring them to Citi’s airline and hotel partners.

One thing that could be better: If you’re not pairing the Citi Rewards+ with one of the premium Citi ThankYou cards, the most value you can get for your points is 1 cent apiece when redeeming for gift cards. If you redeem points for cash back, the value is only 0.5 cents per point, in which case you’d be better off with the flat-rate cash back of our benchmark Citi Double Cash card or one of the other no-annual-fee cards on our list.

Where it beats our benchmark card: Valuable sign-up bonus, 10% points back on redemptions up to 100,000 points per year, 15-month introductory offer on purchases.

Where our benchmark card is better: The Citi Double Cash has a longer introductory interest rate period of 18 months on balance transfers.

Learn more and apply now for the Citi Rewards+ Card.

Why it’s great in one sentence: If you’re on the fence about whether you’d prefer to rack up cash back or travel points, the Chase Freedom Unlimited allows you to do both when paired with the Chase Sapphire Preferred or Chase Sapphire Reserve card.

This card is right for: People who want maximum flexibility in a no-annual-fee credit card.

Highlights:

Sign-up bonus: Earn an additional 1.5% cash back on everything you buy on up to $20,000 in purchases in the first year after opening the account.

What we like about the Chase Freedom Unlimited: If you prefer cash back now but think that a dose of adventure is in your future, the Chase Freedom Unlimited can give you the best of both worlds.

When you pair the Chase Freedom Unlimited with a premium Ultimate Rewards card such as the Chase Sapphire Preferred or Chase Sapphire Reserve, you can convert your cash back to travel points at a rate of 1 cent per point. Then you’re able to redeem those points for travel at an increased value of 1.25 to 1.5 cents apiece via the Chase travel portal.

Even better, once you’ve converted the cash back to points, you can transfer them to any of Chase’s 14 airline and hotel loyalty partners. This amazing flexibility is why frequent flyer website The Points Guy values Ultimate Rewards points at 2 cents apiece. At that rate, since you’re earning 1.5% cash back on the Freedom Unlimited, you could effectively end up with a 3% return on your purchases.

Chase Freedom Unlimited card holders also earn 5% cash back on travel purchases made via Chase Ultimate Rewards, 3% cash back on dining — including takeout and delivery — and 3% cash back at drugstores, along with 1.5% cash back on all other purchases. Other benefits of the card include purchase protection and extended warranty protection.

One thing that could be better: The 1.5% flat earning rate of the Chase Freedom Unlimited falls short of some other no-annual-fee cards, which top out at 2%. However, the ability to potentially transfer cash back to points might be worth the tradeoff, especially since Chase Ultimate Rewards is one of the better flexible rewards programs, and the bonus categories are icing on the cake.

Where it beats our benchmark card: Purchase protections, introductory rate on purchases for 15 months.

Where our benchmark card is better: The Citi Double Cash offers a higher overall cash back rate and a longer introductory rate on balance transfers.

Learn more and apply now for the Chase Freedom Unlimited.

Why it’s great in one sentence: You can pay your rent without being charged a fee with the Bilt Mastercard and earn rewards for doing it, plus you’ll have access to lots of perks such as cell phone insurance, purchase protection and even Mastercard World Elite benefits, all for no annual fee.

This card is right for: People who want to use a credit card to pay their rent.

Highlights:

Sign-up bonus: None.

What we like about the Bilt Mastercard: Rent is one of the biggest expenses for many Americans, and the Bilt Mastercard, which is issued by Wells Fargo, is one of the only ways to pay your rent with a credit card without getting charged a fee for it.

When you use the Bilt card to pay rent through the Bilt app, the company will submit your rent to your landlord on your behalf, even if it requires sending a check through the mail if your landlord doesn’t normally accept electronic payments.

The Bilt Mastercard also earns rewards for the purchases you make — including rent — in the form of Bilt Rewards points, which can be easily redeemed for a discount on your next rent payment or transferred to one of Bilt’s 14 travel partners. The company has put together an impressive roster of airline and hotel loyalty programs, including domestic carriers such as United Airlines and American Airlines, the latter of which doesn’t currently transfer from any other credit card program.

You’ll also find an impressive list of benefits on the Bilt Mastercard, including perks that don’t typically come with cards that have no annual fee. One of the best is complimentary cell phone protection — pay your monthly cell phone bill with your Bilt Mastercard, and the card will cover the cost of repairing or replacing your phone if it gets damaged or stolen, up to $800 per claim and up to two claims per year.

One thing that could be better: It’s important to keep in mind that you must make at least five transactions with the Bilt card each month in order to earn any rewards — if you don’t, you’ll only earn 250 Bilt points for paying your rent that month, regardless of how much you’ve spent on the card. That shouldn’t be a big deal if you’re using the Bilt Mastercard as your primary credit card, but it’s something to consider if you’re hoping to only use the Bilt card for your rent and nothing else.

Where it beats our benchmark card: Ability to pay rent with the card without a fee, cell phone protection, purchase protection, Mastercard World Elite benefits, no foreign transaction fees.

Where our benchmark card is better: The Citi Double Cash has an introductory rate on balance transfers.

Learn more about the Bilt Mastercard.

Why it’s great in one sentence: For those who’d rather pay no interest on purchases for as long as possible instead of earning cash back or travel rewards, the U.S. Bank Visa Platinum Card offers a 0% APR on all purchases for the first 18 billing cycles you have the card. (The APR rises to a variable 18.74% to 28.74% after the introductory period ends.)

This card is right for: People who need a lengthy period of paying no interest on their purchases.

Highlights:

Sign-up bonus: None.

What we like about the U.S. Bank Visa Platinum: If you need extra time to pay your current bills, 18 billing cycles without interest is exceptional compared with other credit cards, and that long runway enables a peace of mind that you can weather a storm without a looming interest rate hike.

This card also pairs that great introductory interest rate on purchases with an identical offer on balance transfers, so long as they’re made within the first 60 days after you open the card. That means with a high enough credit limit, you can use the U.S. Bank Visa Platinum to consolidate all your debt if you need to.

There’s also an added perk on this card: ongoing cell phone protection. When you pay your cell phone bill with the U.S. Bank Visa Platinum, you’ll be covered for damage or theft to your cell phone up to $600, with a $25 deductible, for up to two claims per 12-month period.

One thing that could be better: The U.S. Bank Visa Platinum isn’t a long-term credit card. It doesn’t earn any rewards at all, doesn’t come with a sign-up bonus and doesn’t have any other significant perks. It has no annual fee but charges a 3% foreign transaction fee, so you definitely won’t want to use it overseas.

In other words, you might consider using it on an ongoing basis to pay your cell phone bill to get the included cell phone protection, but its utility beyond that is limited to the introductory rate period.

Where it beats our benchmark card: An introductory interest rate on purchases and cell phone protection.

Where our benchmark card is better: The Citi Double Cash earns easy-to-redeem cash back on all purchases and has a longer four-month period to complete any introductory balance transfers.

Learn more and apply now for the U.S. Bank Visa Platinum.

Why it’s great in one sentence: The cash back match bonus and rotating categories on the Discover it Cash Back card mean you can earn a ton of cash back in the first year you have the card.

This card is right for: People who routinely spend money on groceries, gas stations, wholesale clubs, restaurants, Amazon.com, Walmart.com and Target.com. All of those (and more!) are included in Discover’s rotating bonus categories, enabling you to maximize earnings if you’re strategic about when you spend.

Highlights:

Sign-up bonus: Receive a match of all cash back earned at the end of your first year.

What we like about the Discover it Cash Back: Discover’s rotating cash-back categories are quite useful, and if you don’t mind setting reminders of when to use it (and on what categories), the earnings can really pile up.

The 5% cash back categories for January through March of 2023 are grocery stores, drugstores and select streaming services. That should make it easy to earn the $75 maximum in bonus cash back in this quarter, and you’ll earn 1% cash back on all other purchases as well.

On top of that, all the cash back you earn on the Discover it Cash Back is matched at the end of the first year for new card holders, making this an ideal card to have if you know you’ll be spending a lot on your credit card over the next year. This means those rotating bonus categories are effectively worth 10% in the first year, and all your purchases outside of the bonus categories earn a solid 2% return the first year.

One thing that could be better: You need to manually activate the categories on the Discover it Cash Back each quarter online or by phone before you make purchases in order to earn the bonus cash back. The card also has no travel insurance coverage and no cell phone protection.

Where it beats our benchmark card: No foreign transaction fees and the cash back match in the first year equals the earning rate of the Citi Double Cash for everyday purchases, and beats it in the bonus categories.

Where our benchmark card is better: After the first year when the cash back match bonus ends, the Citi Double Cash earns a higher return on everyday purchases.

Why it’s great in one sentence: One of the few no-annual-fee credit cards with both transfer partners and easy-to-redeem direct redemptions already built in, the Capital One VentureOne features a lower earning rate than its more expensive brother but offers the same solid redemption options.

This card is right for: People who like the features of the Capital One Venture, but are willing to exchange a lower everyday earning rate for no annual fee.

Highlights:

Sign-up bonus: Earn 20,000 bonus miles after spending $500 on purchases in the first three months after opening the account.

What we like about the Capital One VentureOne: Usually when there are two versions of the same credit card — one with an annual fee and another without — you can expect the one with no cost to be a fairly stripped-down offering. But that’s not necessarily the case with the Capital One VentureOne.

Most of the features of the more expensive Capital One Venture remain intact on the VentureOne, including the same 1 cent per mile redemption value when using the card’s “Purchase Eraser” to wipe out any travel charge. The card also has access to the same airline and hotel transfer partners at the same transfer ratios, the same travel and purchase protections, and even the same no foreign transaction fees.

The main two downsides of the VentureOne are a reduced 1.25 miles earned for every dollar you spend (instead of the 2 miles you get on the Venture) and only a 20,000-mile sign-up bonus, albeit with a lower minimum spending requirement of just $500 in purchases in the first three months you have the account. Depending on how much value you can get from these two features, you could consider the VentureOne with no annual fee and most of the best perks.

One thing that could be better: Unless you’re going to take advantage of Capital One’s transfer partners, you’d be better off with our benchmark Citi Double Cash card over the VentureOne. That’s because you’re only earning 1.25 miles per dollar with the Capital One VentureOne, and you only get 1 cent per mile when redeeming them using the “Purchase Eraser,” meaning you’re effectively getting a return of 1.25 cents per dollar spent, while the Citi Double Cash earns 2 cents per dollar spent.

That equation changes if you can utilize the transfer partners, since you can score a higher redemption rate than just 1 cent per mile if you do your homework. But if you’re ready for that more advanced step, you’re probably better off starting with the more powerful Capital One Venture card anyway, since it comes with a bigger sign-up bonus.

Where it beats our benchmark card: Purchase protections, travel protections.

Where our benchmark card is better: The Citi Double Cash offers a higher overall cash back rate and a longer introductory rate on balance transfers.

Not everyone is familiar with how and when to use a credit card with no annual fee, so we’ve assembled some of the more common questions and answers.

As the name suggests, a no-annual-fee credit card is one that doesn’t charge a fee just for having it. This means there’s no cost to hold and use the card on an annual basis, though keep in mind there can be other fees related to the card, such as a fee for making transactions in foreign currencies or for transferring a balance to the card.

And yet, despite not charging an annual fee, many no-annual-fee credit cards still earn rewards and come with varying benefits, so it’s worth taking at look at the no-annual-fee options when considering a new credit card.

One of the most important features to consider with a no-annual-fee credit card is whether or not the card earns rewards. While you’ll find that most no-annual-fee credit cards primarily earn cash back, there are a handful that earn travel rewards, either on their own or when paired with a premium credit card.

Other features to consider include travel and purchase protection benefits, as well as introductory offers on new purchases and balance transfers. You’ll also want to see whether or not your no-annual-fee credit card offers any type of statement credits, such as access to Amex Offers.

There are many reasons to get a no-annual-fee credit card, and the answer depends on your personal situation. If you’re just getting your feet wet with credit card rewards, then a no-annual-fee credit card could be the perfect starter card. Or, if you’re finding that the perks and benefits you’re currently getting on your credit card with an annual fee aren’t paying off, then a no-annual-fee credit card might serve you well. Many people also don’t want to have to worry about utilizing travel credits and “free” benefits that come with expensive cards in order to offset the annual fee.

You’ll also find that many credit cards catered toward students, people with bad credit or no credit, those in need of an introductory balance transfer or folks looking for a card with a 0% APR on purchases typically come with no annual fee. If you fall into one of these buckets, then a no-annual-fee credit card is a great way to help with your specific financial needs.

Click here for rates and fees of the Blue Cash Everyday card.
Click here for rates and fees of the Blue Cash Preferred card.

Car rental loss or damage coverage eligibility and benefit level varies by card. Terms, conditions and limitations apply. Visit americanexpress.com/benefitsguide for more details. Car rental loss and damage coverage underwritten by AMEX Assurance Company and offered through American Express Travel Related Services Company, Inc.

Looking for a new credit card but don’t mind paying an annual fee? Check out CNN Underscored’s list of the best credit cards to consider right now.

Get all the latest personal finance deals, news and advice at CNN Underscored Money.

If you’ve lost your job or you’re having trouble finding enough money to pay your vital expenses, one temporary low-cost solution is to get a zero interest credit card. You can use one of these credit cards with a 0% introductory interest rate on purchases to temporarily cover your everyday expenses, or even make a major purchase — such as a refrigerator or engagement ring — and pay it off over time without paying interest.

Some 0% interest credit cards come with long introductory periods, while others offer cash back or travel rewards on the items you buy. But with so many options, which card should you choose? Our list of the best zero interest credit cards for January 2023 can help you decide which one best fits your needs.

U.S. Bank Visa® Platinum Card: 0% APR for 18 billing cycles (then 18.74%-28.74% variable)
Blue Cash Everyday® Card from American Express: 0% APR for 15 months (then 18.24%-29.24% variable, see rates and fees)
Chase Freedom Unlimited®: 0% APR for 15 months (then 18.74%-27.49% variable)
Citi Rewards+℠ Card: 0% APR for 15 months (then 17.74%-27.74% variable)
Capital One® SavorOne® Cash Rewards Credit Card: 0% APR for 15 months (then 19.24-29.24% variable)

CNN Underscored’s comprehensive credit card methodology compares every aspect of credit cards that offer introductory APRs on purchases against our “benchmark credit card” — the Citi® Double Cash Card — to determine which cards can potentially bring you maximum value in addition to lowering your interest rate. So dive into the details of each card with us, and see how they stack up.

18 billing cycles at the introductory rate for both purchases and balance transfers

Why it’s great in one sentence: If your top priority is to pay no interest on purchases for as long as possible, the U.S. Bank Visa Platinum Card offers a 0% APR on all purchases for the first 18 billing cycles you have the card. (The APR rises to a variable APR of 18.74% to 28.74% after the introductory period ends.)

This card is right for: People who need a lengthy period of paying no interest on their purchases and would like a card that covers their cell phone in case of damage.

Highlights:

Sign-up bonus: None.

What we like most about the U.S. Bank Visa Platinum: If you need extra time to pay your current bills, 18 billing cycles without interest is exceptional compared to other credit cards, and that long runway enables a peace of mind that you can weather a storm without a looming interest rate hike.

This card also pairs that great introductory interest rate on purchases with an identical offer on balance transfers, so long as they’re made within the first 60 days after you open the card. That means with a high enough credit limit, you can use the U.S. Bank Visa Platinum to consolidate all your credit card debt if you need to.

Ongoing cell phone protection is also an added perk on this card. When you pay your cell phone bill with the U.S. Bank Visa Platinum, you’ll be covered for damage or theft to your cell phone up to $600, with a $25 deductible, for up to two claims per 12-month period.

One thing that could be better: The U.S. Bank Visa Platinum isn’t a long-term credit card. It doesn’t earn any rewards at all, doesn’t come with a sign-up bonus and doesn’t have any other significant perks. It has no annual fee but charges a 3% foreign transaction fee, so you definitely won’t want to use it overseas.

In other words, its utility is limited beyond the introductory rate period, although you might consider using it on an ongoing basis to pay your cell phone bill to get the included cell phone protection.

Where it beats our benchmark card: An introductory interest rate on purchases cell phone protection.

Where our benchmark card is better: The Citi Double Cash earns easy-to-redeem cash back on all purchases and has a longer four-month period to complete any introductory balance transfers.

Learn more and apply now for the U.S. Bank Visa Platinum.

15-month introductory rate, plus rewards at U.S. supermarkets

Why it’s great in one sentence: The Blue Cash Everyday card offers a generous introductory interest rate on purchases and balances for 15 months while also earning 3% cash back as a statement credit at U.S. supermarkets (up to $6,000 annually, then 1%), U.S. online retail (up to $6,000 annually, then 1%) and U.S. gas stations, all with no annual fee.

This card is right for: People who want to temporarily avoid high interest rates on their purchases, but who also spend a significant amount of their budget at U.S. supermarkets, online retail stores and gas stations.

Highlights:

Welcome bonus: Earn up to a $250 bonus in the form of a statement credit — earn $100 back after you spend $2,000 in purchases on your new card within the first six months, plus 20% back when you use your card to check out with PayPal at merchants in the first six months (up to $150 back).

What we like most about the Blue Cash Everyday: For many Americans, a significant portion of the monthly family budget goes to supermarket, online shopping and gas station expenses. The Blue Cash Everyday card dials up the bonus cash back on these categories, creating a go-to in your wallet for three routine purchases.

The card also pairs its bonus categories with an introductory 0% APR on purchases and balances for the first 15 months, making it a solid choice if you’re trying to make ends meet right now. But you’ll want to make sure your debt is paid off by the end of the intro period, as the rate jumps to a variable APR of 18.24% to 29.24% afterward. (Most credit card APR’s like this one are “variable” because they’re tied to the prime rate, so the card’s rate rises or falls whenever the prime rate itself changes.)

You’ll also find a nice — although not as straightforward — welcome bonus on the Blue Cash Everyday where you can earn up to a $250 bonus in the form of a statement credit. The bonus is broken down into two parts: You’ll earn $100 back after you spend $2,000 in purchases on your new card within the first six months, plus another 20% back when you use your card to check out with PayPal at merchants in the first six months (up to $150 back).

Despite being a no-annual-fee card, you’ll also have the opportunity to earn statement credits. With the Blue Cash Everyday, you can earn up to $15 per month with Home Chef (for a maximum of $180 per year) and up to $7 per month with the $13.99 subscription plan for The Disney Bundle (with a maximum of $84 per year). Enrollment is required for both of these benefits. And the card even has car rental loss and damage insurance, to top off a fairly complete package.

One thing that could be better: Bonus cash back isn’t earned on purchases outside of the US with the Blue Cash Everyday, and there’s a 2.7% foreign transaction fee on top of that (see rates and fees). However, you can earn twice as much cash back at U.S. supermarkets if you’re willing to forgo a few months of the introductory offer on purchases by getting the Blue Cash Preferred® Card from American Express instead of the Blue Cash Everyday.

Although the Blue Cash Preferred normally has a $95 annual fee, it’s currently offering a $0 intro annual fee for the first year (see rates and fees). The card also earns 6% cash back at U.S. supermarkets on up to $6,000 per year (then 1%). The downside is that its introductory offer on purchases runs for only 12 months instead of 15 months.

Where it beats our benchmark card: Introductory interest rate on purchases and car rental damage coverage.

Where our benchmark card is better: The Citi Double Cash has an introductory interest rate on balance transfers, and its cash back can be used as Citi ThankYou travel points when combined with the Citi Premier℠ Card or the (now discontinued) Citi Prestige® Card.

Learn more about the Blue Cash Everyday card.

15-month introductory rate, plus earn 1.5% cash back on all purchases

Why it’s great in one sentence: Beyond the generous introductory interest rate on purchases, the Chase Freedom Unlimited comes with three bonus categories and also earns 1.5% cash back on everything else you buy, plus your cash back can be converted to Ultimate Rewards travel points when combined with certain premium Chase credit cards.

This card is right for: People who want a card that earns bonus cash back along with having an introductory interest rate on purchases, but who also want the option to convert their cash back to travel rewards down the line.

Highlights:

Sign-up bonus: Earn an additional 1.5% cash back on everything you buy on up to $20,000 spent in the first year after opening the account.

What we like most about the Chase Freedom Unlimited: This is a card that’s beneficial for 2023, but also for the long haul. While you may sign up because of the Chase Freedom Unlimited’s introductory interest rate on purchases, it’ll likely become a staple in your purse or wallet thanks to its 1.5% cash back on everything you buy.

Even better, the Chase Freedom Unlimited comes with three permanent bonus categories. Both new and existing card holders earn 5% cash back on travel purchases made via Chase Ultimate Rewards, 3% cash back on dining — including takeout and delivery — and 3% cash back at drugstores.

Plus, the Chase Freedom Unlimited grows with you. If you apply for a Chase Sapphire Preferred or Chase Sapphire Reserve® card down the road, you can convert the cash back you earn with the Chase Freedom into Ultimate Rewards points, which can be redeemed for travel at the Chase travel portal, or transferred to Chase’s airline and hotel partners to extract potentially even more value from them.

One thing that could be better: It’s hard to gripe about the Chase Freedom Unlimited, but you should be mindful of its pesky 3% foreign transaction fee. Also, the card’s 1.5% flat earning rate falls short of some other no-annual-fee credit cards, which top out at 2%.

However, the ability to potentially transfer cash back to points might be worth the tradeoff, especially since Chase Ultimate Rewards is one of the better flexible rewards programs, and the bonus categories further increase the card’s value.

Where it beats our benchmark card: Purchase protections and introductory rate on purchases for 15 months.

Where our benchmark card is better: The Citi Double Cash offers a higher overall cash back rate and a longer 18-month introductory interest rate on balance transfers.

Learn more and apply for the Chase Freedom Unlimited.

15-month introductory rate, plus rewards round up to the nearest 10 points on each purchase

Why it’s great in one sentence: If you use your credit card for a lot of small purchases — meaning under $10 — then the “round up” feature of the Citi Rewards+ will earn you extra rewards, and its introductory offer on new purchases can lower your costs if you have to carry debt.

This card is right for: People looking to earn more points for small purchases while also needing to pay for some expenses over time.

Highlights:

Welcome bonus: Earn 20,000 bonus points after you spend $1,500 in purchases in your first three months.

What we like most about the Citi Rewards+: There are three features of the Citi Rewards+ that make it worthy of consideration. First, the rewards you earn for every purchase made with the card round up to the nearest 10 points. That won’t make a huge difference on expensive items, but a $2 pack of gum earns 10 points instead of 2 points, a 400% improvement. Lots of these little transactions can add up quickly.

Second, when you redeem points, you’ll get 10% of your points back on up to 100,000 points every year. That means if you use 2,500 points to redeem for a $25 gift card, you’ll soon see 250 points back in your account to redeem again down the line. Since you can get up to 10,000 points back each year, that’s effectively up to an extra $100 in points to spend on gift cards.

And third, although the Citi Rewards+ earns points that can be redeemed for gift cards, cash back or through Citi’s Shop with Points program, if you also have a Citi Premier card, you can move your points to your other card and open up a whole new world of options, including redeeming points for travel down the line or transferring them to Citi’s airline and hotel partners.

One thing that could be better: If you’re not pairing the Citi Rewards+ with one of the premium Citi ThankYou cards, the most value you can get for your points is 1 cent apiece when redeeming for gift cards. If you redeem points for cash back, the value is only 0.5 cents per point, in which case you’d be better off with the flat-rate cash back of our benchmark Citi Double Cash card or one of the other 0% interest cards on our list.

Where it beats our benchmark card: Valuable sign-up bonus, 10% points back on redemptions up to 100,000 points per year and 15-month introductory offer on purchases.

Where our benchmark card is better: The Citi Double Cash has a longer introductory interest rate period of 18 months on balance transfers.

Learn more and apply for the Citi Rewards+ Card.

15-month introductory rate, plus earn 3% cash back on food delivery

Why it’s great in one sentence: The no-annual-fee Capital One SavorOne card offers an introductory interest rate on purchases and balance transfers for 15 months, plus an outstanding 3% cash back on several everyday categories.

This card is right for: People who spend a significant amount on entertainment and dining — including food delivery services — but who also need a long introductory interest period on their purchases.

Highlights:

Sign-up bonus: Earn a $200 cash bonus after you spend $500 on purchases within the first three months after opening the account.

What we like most about the Capital One SavorOne: Even after you’ve taken advantage of its introductory interest rate period, having a card that earns 3% back on four highly important categories — dining, entertainment, popular streaming services and grocery stores — means that it will remain a useful part of your card arsenal.

But more importantly, if you’ve gotten used to having food delivered in the last few years, most food delivery services also code as “dining” on the Capital One SavorOne, meaning if you order from a service like Grubhub or Seamless, in most cases you should get the same 3% cash back that you would if you were physically dining at the restaurant.

One thing that could be better: There’s no cell phone insurance on the Capital One SavorOne card, which is becoming a common feature even on some no-annual-fee credit cards. You can also find cards with somewhat longer introductory periods if you need extra time to carry debt.

Where it beats our benchmark card: Introductory rate on purchases for 15 months and no foreign transaction fee.

Where our benchmark card is better: The Citi Double Cash has a longer introductory interest rate period of 18 months on balance transfers.

Not everyone is familiar with how and when to use a zero interest credit card, so we’ve assembled some of the more common questions and answers about the process.

Many credit cards offer new applicants a 0% introductory interest rate for a set period of time after opening the account — typically for 12 to 18 months, depending on the card. This means you won’t have to pay any interest charges during the introductory period if you aren’t able to pay your monthly bill in full.

For example, let’s say you have to make $2,000 worth of repairs to your car, but you don’t have the cash to do it. If you use a normal credit card and don’t pay the balance in full when you get your credit card bill, you’ll be charged interest on the remaining balance, typically at an exceedingly high rate. Even worse, interest is compounded, which means in future months you’re charged interest on the interest. With a high APR card, your debt can quickly spiral out of control.

But if you have a card that offers a 0% APR on purchases, you won’t be charged interest on your unpaid balance until the introductory time period is up. This can save you a significant amount of cash over the long haul.

The most important feature when applying for a 0% interest credit card is the length of the introductory interest period. If you want or need more time to pay off your purchases, you’ll want a card that offers a longer time period. After that, the APR jumps significantly and you’ll be hit with large interest charges.

But also, like any other credit card, you’ll want to consider the card’s rewards program, perks and benefits. For example, does the card earn travel rewards or cash back? You might want to consider one card over another based on your earning preference. You’ll also want to see if there are any features such as travel or purchase protections — benefits that can come in handy.

Finally, if you already have substantial debt, you might want to consider if there’s also an introductory offer for balance transfers on the card, which could allow you to reduce the interest charges on your existing debt in addition to your new purchases.

Unfortunately, not paying your credit card bill in full and carrying a balance can hurt your credit score. Even if you recently applied for a 0% introductory APR credit card and don’t have to worry about high interest charges right away, the Consumer Financial Protection Bureau (CFPB) says that “paying off your entire balance is best and keeps the ratio low, strengthening your credit score.”

That said, life is life, and sometimes sudden expenses are unavoidable. While a zero interest credit card can help you get through tough times, it’s a great idea to plan for future contingencies by building an emergency fund for life’s unexpected turns.

If you have a large purchase that you absolutely have to make in 2023 and you know you won’t be able to pay for it in full right away, applying for a credit card offering 0% interest on purchases will help you make that purchase without being killed by hefty interest charges. However, make sure you’re aware of the terms, because once the 0% APR introductory period is over, the interest rates can be quite high. So have a plan to pay for your purchase in full before you start getting hit with tons of interest.

Looking for a new credit card, but don’t need 0% interest on purchases? Check out CNN Underscored’s list of the best credit cards currently available.

Get all the latest personal finance deals, news and advice at CNN Underscored Money.

Click here for rates and fees of the Blue Cash Everyday card.
Click here for rates and fees of the Blue Cash Preferred card.

American Express car rental loss and damage insurance eligibility and benefit levels vary by card. Terms, conditions and limitations apply. Please visit americanexpress.com/benefitsguide for more details. Car rental loss and damage coverage underwritten by AMEX Assurance Company and offered through American Express Travel Related Services Company, Inc.

If you’re like other Americans, you may have racked up a sizable amount of debt in the last few years. Even now, you may be finding it hard to keep up with your monthly credit card payments. But rather than falling further behind, you should consider consolidating your debt with a balance transfer credit card.

Balance transfer credit cards offer an introductory 0% annual percentage rate (APR) on existing balances that you transfer over from other credit cards. This introductory rate applies to the transferred debt for anywhere from 12 to as many as 21 months from when you first open the card. That means if you transfer your balance now, you could pay no interest on your debt until 2024.

Some balance transfer credit cards also offer great rewards on your everyday purchases, and a few even have useful perks such as cell phone protection or travel insurance. So if you need to get your credit card debt under control, check out our list of the best balance transfer credit cards to decide which one best fits your needs.

Citi® Diamond Preferred® Card: Best overall for balance transfers
U.S. Bank Visa® Platinum Card: Best for long balance transfers
Citi® Double Cash Card: Best for flat-rate cash back
Chase Freedom Flex℠: Best for rotating bonus categories
Citi Rewards+® Card: Best for small purchases

Why did we select these cards as our best balance transfer credit cards for January 2023? CNN Underscored’s comprehensive credit card methodology compares every aspect of each balance transfer credit card to our “benchmark credit card” to determine which cards can potentially bring you maximum value. So dive into the details of each card with us, and see how they stack up.

Why it’s great in one sentence: If your main focus is to lower your interest payments, the Citi Diamond Preferred offers a 0% APR for a full 21 months on balance transfers completed in the first four months after you open the card (the interest rate rises to a variable 17.24% to 27.99% after the introductory period ends).

This card is right for: People who want an extended time frame to consolidate their debt, with 21 months at the introductory rate as well as a lengthy period to complete any balance transfers and still get the introductory offer.

Highlights:

Sign-up bonus: For a limited time, earn a $150 statement credit after you spend $500 on your card within the first three months of opening the account.

What we like about the Citi Diamond Preferred: This is a great card if you need an extended amount of time to get your finances in order. It offers a lengthy introductory rate on balance transfers, which means you may be able to simplify your life by consolidating all your debt onto one credit card and then paying down what you owe through 2023 and even into 2024.

You have a four-month period after you first open the Citi Diamond Preferred to make any balance transfers and still have them qualify for the introductory APR offer. Just keep in mind that the 21-month clock starts from the date of your first transfer, so if you have more than one transfer, it’s best to get them all done at roughly the same time.

The Citi Diamond Preferred card also comes with a free FICO credit score online and allows you to choose your payment due date, which is extremely helpful for those who pay their credit card bills around their paycheck schedule and need maximum flexibility.

One thing that could be better: Unfortunately, the Citi Diamond Preferred doesn’t offer any rewards. This means you won’t earn any ThankYou Rewards points for travel or cash back on purchases. This is a missed opportunity, as there are many credit cards that earn cash back on everything you spend, which you can then apply toward your credit card balance.

You’ll also pay a 5% fee (with a $5 minimum) on any balance transfers made to the Citi Diamond Preferred, which is higher than average for a balance transfer fee. However, the extra time you’ll get with no interest on your balance transfers may make the higher fee worth it.

Where it beats our benchmark card: An introductory interest rate on balance transfers for a longer 21 months and an introductory interest rate on purchases for 12 months.

Where our benchmark card is better: The Citi Double Cash earns easy-to-redeem cash back on all purchases.

Learn more and apply now for the Citi Diamond Preferred.

Why it’s great in one sentence: The U.S. Bank Visa Platinum has a long introductory balance transfer period of 18 billing cycles and is one of the few balance transfer cards that comes with cell phone insurance as one of its benefits.

This card is right for: People looking for cell phone protection along with extra time to pay off their balance transfers.

Highlights:

Sign-up bonus: None.

What we like about the U.S. Bank Visa Platinum: One of the best benefits of the U.S. Bank Visa Platinum is that it comes with cell phone protection. This means if you use your card to pay your cell phone bill, you’ll be protected against damage to or theft of your phone, up to $600 per claim with a $25 deductible, and up to two claims in a 12-month period.

This card also offers a 0% APR for 18 billing cycles on balance transfers, which is one of the longer introductory offers currently available (though the rate jumps to a variable 18.74% to 28.74% when the introductory offer ends). That’ll give you extra time to pay down your debt without incurring interest, saving you money, especially since the card also has no annual fee.

Even better, the introductory interest rate on the U.S. Bank Visa Platinum also extends to purchases made on the card in the first 18 billing cycles, which could be useful if you’re planning a large purchase that you’d like to finance.

One thing that could be better: There’s no sign-up offer or rewards program attached to the U.S. Bank Visa Platinum, which means you won’t earn anything by using it as a regular credit card. As a result, your primary uses for this card should be the introductory balance transfer and purchase offers, and the cell phone protection.

Also, you only have 60 days from when you first open the account to transfer balances from other cards and receive the introductory interest rate. That’s shorter than some other cards on our list, though not ridiculously short. And you’ll pay a 3% fee (with a $5 minimum) on any balance transfers made to the U.S. Bank Visa Platinum, which is typical when it comes to balance transfer offers.

Where it beats our benchmark card: An introductory interest rate on purchases and cell phone protection.

Where our benchmark card is better: The Citi Double Cash earns easy-to-redeem cash back on all purchases and has a longer four-month period to complete any introductory balance transfers.

Learn more and apply now for the U.S. Bank Visa Platinum card.

Why it’s great in one sentence: The Citi Double Cash card is extremely simple, since you earn 2% cash back on every purchase — 1% when you buy, 1% when you pay your statement — all for no annual fee.

This card is right for: People who want a balance transfer option along with the ability to earn cash back without having to worry about bonus categories or travel rewards programs.

Highlights:

Sign-up bonus: None.

What we like about the Citi Double Cash Card: The Citi Double Cash is easy. You don’t need to keep track of bonus categories and determine which credit card to use at which merchant. Instead, you get the same 2% cash back — 1% when you buy, 1% when you pay it off — on all purchases, regardless of where you shop.

The Citi Double Cash also offers a relatively long 18-month introductory 0% APR for balance transfers (18.24% to 28.24% variable afterward) — a great way to pay off your debt. And you have up to four months after you open the account to make your first balance transfer and still have it qualify for the introductory offer.

But this is also a great card to pair with one of the premium Citi ThankYou credit cards, such as the Citi Premier Card. That’s because if you also have a premium ThankYou card, you can actually use your rewards from the Citi Double Cash as Citi ThankYou points and transfer them to one of Citi’s airline partners to potentially get even more value for them.

One thing that could be better: The Citi Double Cash doesn’t come with too many perks, such as travel or purchase protections. You’re also charged a 3% fee for balance transfers with a $5 minimum, although that’s similar to many other cards. And this isn’t the card to use for international purchases, as you’ll be charged a 3% foreign transaction fee when you’re overseas, which more than offsets any rewards you’d earn.

Why it’s our “benchmark” credit card: The ease of use and straightforward top-of-market cash back earning rate of the Citi Double Cash are why CNN Underscored currently considers the Double Cash our “benchmark” credit card. We use it as our benchmark card to compare the features of other credit cards and determine if they’re better or worse overall.

You can read more about our benchmark credit card concept in our credit card methodology guide, or dig into our complete review of the Citi Double Cash.

Learn more and apply now for the Citi Double Cash Card.

Why it’s great in one sentence: The Chase Freedom Flex comes with a solid balance transfer offer and also allows you to earn cash back that can be converted into travel rewards when paired with the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®.

This card is right for: People who want to earn flexible rewards on their purchases while also getting their debt under control.

Highlights:

Sign-up bonus: Earn $200 in bonus cash back after you spend $500 on purchases in your first three months after opening the account.

What we like about the Chase Freedom Flex: If you prefer cash back now but think that a dose of adventure is in your future, the Chase Freedom Flex can give you the best of both worlds.

First, when it comes to debt consolidation, the Chase Freedom Flex comes with a 0% introductory APR on both purchases and balance transfers for the first 15 months after you open the account. The rate rises to a variable 18.74% to 27.49% afterward, so you’ll want to make sure you pay down your debt before the intro offer expires.

But the Chase Freedom Flex also earns cash back in three permanent bonus categories: 5% cash back on travel purchases made via Chase Ultimate Rewards, 3% cash back on dining — including takeout and delivery — and 3% cash back at drugstores.

Then you’ll also earn 5% cash back on up to $1,500 in purchases in bonus categories that rotate each quarter. The categories for January through March are Target, grocery stores (excluding Walmart), and fitness club and gym memberships, but each quarter’s categories are different.

That’s already a pretty great package for a cash back credit card. But when you pair the Chase Freedom Flex with the Chase Sapphire Preferred or Chase Sapphire Reserve, you can convert your cash back to points at a rate of 1 cent per point. Then you’re able to redeem those points for travel at an increased value of 1.25 to 1.5 cents apiece via the Chase travel portal, or transfer them to any of Chase Ultimate Rewards’ 14 airline and hotel loyalty partners for potentially even more value.

What could be better: While the permanent bonus categories are uncapped, you can only earn bonus cash back on up to $1,500 each quarter in the rotating bonus categories. After that, you’re only getting a 1% return, so it’s important to keep track of how much you’ve spent in those categories over the quarter.

Also, you must remember to activate the rotating bonus categories each quarter in order to earn 5% cash back on them. While you can activate them almost anytime throughout the quarter and still get the bonus cash back retroactively on purchases you’ve already made, it’s important not to miss the deadline or you’ll lose out on an important feature of the card.

Where it beats our benchmark card: Sign-up bonus, cell phone and purchase protections, and introductory rate on purchases for 15 months.

Where our benchmark card is better: The Citi Double Cash offers a higher overall cash back rate.

Learn more and apply now for the Chase Freedom Flex.

Why it’s great in one sentence: The “round-up” feature of the Citi Rewards+ earns extra rewards, which is ideal if you use your credit card for a lot of small purchases, and its introductory balance transfer offer can lower the interest on your existing debt at the same time.

This card is right for: People looking to earn more points for small purchases while also needing to consolidate credit card debt.

Highlights:

Sign-up bonus: Earn 20,000 bonus points after you spend $1,500 in purchases in your first three months.

What we like about the Citi Rewards+: There are three features of the Citi Rewards+ that make it worthy of consideration. First, the rewards you earn for everything you buy with the card round up to the nearest 10 points. That won’t make a huge difference on expensive items, but a $2 pack of gum earns 10 points instead of 2 points, a 400% improvement. Lots of these little transactions can add up quickly.

Second, when you redeem points, you’ll get 10% of your points back on up to 100,000 points every year. That means if you use 2,500 points to redeem for a $25 gift card, you’ll soon see 250 points back in your account to redeem again down the line. Since you can get up to 10,000 points back each year, that’s effectively up to an extra $100 in points to spend on gift cards.

The Citi Rewards+ is also the only card on our list with a sign-up bonus, and the 20,000 bonus points you’ll earn upon meeting the minimum spending requirement can go toward gift cards that you can use at retailers, or even redeemed for straight cash back.

But even though the Citi Rewards+ earns points that can be redeemed for gift cards, cash back or through Citi’s Shop with Points program, if you also have a Citi Premier card, you can move your points to your other card and open up a whole new world of options, including redeeming points for travel down the line or transferring them to Citi’s travel partners.

One thing that could be better: The Citi Rewards+ only has a 15-month introductory interest rate on balance transfers, which is on the lower end of cards on our list. But the trade-off is that you’re earning rewards on your purchases with this card, which isn’t necessarily the case with many balance transfer cards.

However, if you’re not pairing the card with one of the premium Citi ThankYou cards, the most value you can get for your points is 1 cent apiece when redeeming for gift cards. If you redeem points for cash back, the value is only 0.5 cents per point, in which case you’d be better off with the flat-rate cash back of our benchmark Citi Double Cash card.

Where it beats our benchmark card: Sign-up bonus, 10% points back on redemptions up to 100,000 points per year and 15-month introductory offer on purchases.

Where our benchmark card is better: The Citi Double Cash has a longer introductory interest rate period of 18 months on balance transfers.

Learn more and apply for the Citi Rewards+ Card.

Not everyone is familiar with how and when to use a balance transfer credit card, so we’ve assembled some of the more common questions and answers about the process.

When you get approved for a credit card with an introductory balance transfer offer, you’ll have a set time period — usually somewhere between 60 days and four months — to transfer any existing debt from another credit card that you already have. By transferring the balance in the specified time frame, you can take advantage of the lower interest rate provided by the introductory offer, thereby lowering your monthly credit card payment.

The most important feature of a balance transfer credit card is the length of the introductory interest period. The longer it is, the more time you’ll have before the interest rate jumps to a rate that’s more typical for credit cards.

You’ll also want to keep an eye out for the fee charged for balance transfers. Balance transfer fees are typically 3% of the balance with a $5 minimum, but some cards can have higher or lower fees.

Other aspects of a balance transfer credit card to look for include whether the card earns rewards, such as cash back or travel points, whether the card has any extra protections and whether the card also offers an introductory offer for new purchases along with balance transfers.

Typically, once you submit a balance transfer (which is usually best done online) it can take up to a week for your debt to be transferred from your old credit card to your new one. So it’s important to continue to make the minimum monthly payment on your old card until the debt has officially been transferred so that you don’t get charged a late fee.

Even though you won’t be paying interest on your transferred debt at first, eventually the introductory period ends, and it’s vital to either have your debt entirely paid off by then or be ready to move it to another credit card with a new introductory balance transfer offer. Otherwise you’ll be stuck paying extremely high interest rates on your remaining debt.

Also, don’t forget to continue making the minimum monthly payment due on the card each month even while you’re in the middle of your introductory balance transfer period. If you miss a payment, you could lose the remaining time on your offer and your interest rate could jump immediately, costing you future interest savings.

Finally, keep in mind that you generally cannot transfer the balance from an existing credit card at the same bank to another credit card at that bank. So, as an example, if you have a balance on one of your Wells Fargo cards that you want to transfer in order to get a lower rate, don’t choose a Wells Fargo balance transfer offer, as you won’t be able to move that balance from one Wells Fargo card to another.

Transferring debt from one credit card to another won’t hurt your credit score at all. In fact, you could potentially improve your credit score by opening a new credit card with a balance transfer offer. That’s because one important factor when calculating credit scores is how much debt you have versus how much credit you have, which is known as your “credit utilization ratio.”

When you open a new credit card, you’re increasing your overall credit, yet you’re not increasing your overall debt just by transferring it from one card to another. As long as you don’t add more debt after transferring your balance, your credit utilization ratio should improve and will continue to improve over time since you’ll be accumulating less interest, thanks to the introductory APR on your new card.

While balance transfer credit cards are an excellent tool for reducing the amount of interest you’re paying on your debt so you can start making a dent in it, another option is a personal loan. Personal loans are generally easier to qualify for, though they also come with higher interest rates than balance transfer credit cards. But if you can’t get approved for a balance transfer credit card, you can read our guide on how to get a personal loan to see if it might be a good option for you.

If you’re paying an exorbitant amount of interest on your credit card debt or having trouble making your monthly credit card payments, a balance transfer credit card could make sense for you by helping you get your debt under control.

However, you’ll need to have a decent credit score to qualify for a new credit card, and even if you’re approved for a balance transfer credit card, it’s not guaranteed that the credit limit on your new card will be large enough to transfer all your existing debt.

Looking for a new credit card but don’t need a balance transfer? Check out CNN Underscored’s list of the best credit cards currently available.

Get all the latest personal finance deals, news and advice at CNN Underscored Money.

If you’re like other Americans, you may have racked up a sizable amount of debt in the last few years. Even now, you may be finding it hard to keep up with your monthly credit card payments. But rather than falling further behind, you should consider consolidating your debt with a balance transfer credit card.

Balance transfer credit cards offer an introductory 0% annual percentage rate (APR) on existing balances that you transfer over from other credit cards. This introductory rate applies to the transferred debt for anywhere from 12 to as many as 21 months from when you first open the card. That means if you transfer your balance now, you could pay no interest on your debt until 2024.

Some balance transfer credit cards also offer great rewards on your everyday purchases, and a few even have useful perks such as cell phone protection or travel insurance. So if you need to get your credit card debt under control, check out our list of the best balance transfer credit cards to decide which one best fits your needs.

Citi® Diamond Preferred® Card: Best overall for balance transfers
U.S. Bank Visa® Platinum Card: Best for long balance transfers
Citi® Double Cash Card: Best for flat-rate cash back
Chase Freedom Flex℠: Best for rotating bonus categories
Citi Rewards+® Card: Best for small purchases

Why did we select these cards as our best balance transfer credit cards for January 2023? CNN Underscored’s comprehensive credit card methodology compares every aspect of each balance transfer credit card to our “benchmark credit card” to determine which cards can potentially bring you maximum value. So dive into the details of each card with us, and see how they stack up.

Why it’s great in one sentence: If your main focus is to lower your interest payments, the Citi Diamond Preferred offers a 0% APR for a full 21 months on balance transfers completed in the first four months after you open the card (the interest rate rises to a variable 17.24% to 27.99% after the introductory period ends).

This card is right for: People who want an extended time frame to consolidate their debt, with 21 months at the introductory rate as well as a lengthy period to complete any balance transfers and still get the introductory offer.

Highlights:

Sign-up bonus: For a limited time, earn a $150 statement credit after you spend $500 on your card within the first three months of opening the account.

What we like about the Citi Diamond Preferred: This is a great card if you need an extended amount of time to get your finances in order. It offers a lengthy introductory rate on balance transfers, which means you may be able to simplify your life by consolidating all your debt onto one credit card and then paying down what you owe through 2023 and even into 2024.

You have a four-month period after you first open the Citi Diamond Preferred to make any balance transfers and still have them qualify for the introductory APR offer. Just keep in mind that the 21-month clock starts from the date of your first transfer, so if you have more than one transfer, it’s best to get them all done at roughly the same time.

The Citi Diamond Preferred card also comes with a free FICO credit score online and allows you to choose your payment due date, which is extremely helpful for those who pay their credit card bills around their paycheck schedule and need maximum flexibility.

One thing that could be better: Unfortunately, the Citi Diamond Preferred doesn’t offer any rewards. This means you won’t earn any ThankYou Rewards points for travel or cash back on purchases. This is a missed opportunity, as there are many credit cards that earn cash back on everything you spend, which you can then apply toward your credit card balance.

You’ll also pay a 5% fee (with a $5 minimum) on any balance transfers made to the Citi Diamond Preferred, which is higher than average for a balance transfer fee. However, the extra time you’ll get with no interest on your balance transfers may make the higher fee worth it.

Where it beats our benchmark card: An introductory interest rate on balance transfers for a longer 21 months and an introductory interest rate on purchases for 12 months.

Where our benchmark card is better: The Citi Double Cash earns easy-to-redeem cash back on all purchases.

Learn more and apply now for the Citi Diamond Preferred.

Why it’s great in one sentence: The U.S. Bank Visa Platinum has a long introductory balance transfer period of 18 billing cycles and is one of the few balance transfer cards that comes with cell phone insurance as one of its benefits.

This card is right for: People looking for cell phone protection along with extra time to pay off their balance transfers.

Highlights:

Sign-up bonus: None.

What we like about the U.S. Bank Visa Platinum: One of the best benefits of the U.S. Bank Visa Platinum is that it comes with cell phone protection. This means if you use your card to pay your cell phone bill, you’ll be protected against damage to or theft of your phone, up to $600 per claim with a $25 deductible, and up to two claims in a 12-month period.

This card also offers a 0% APR for 18 billing cycles on balance transfers, which is one of the longer introductory offers currently available (though the rate jumps to a variable 18.74% to 28.74% when the introductory offer ends). That’ll give you extra time to pay down your debt without incurring interest, saving you money, especially since the card also has no annual fee.

Even better, the introductory interest rate on the U.S. Bank Visa Platinum also extends to purchases made on the card in the first 18 billing cycles, which could be useful if you’re planning a large purchase that you’d like to finance.

One thing that could be better: There’s no sign-up offer or rewards program attached to the U.S. Bank Visa Platinum, which means you won’t earn anything by using it as a regular credit card. As a result, your primary uses for this card should be the introductory balance transfer and purchase offers, and the cell phone protection.

Also, you only have 60 days from when you first open the account to transfer balances from other cards and receive the introductory interest rate. That’s shorter than some other cards on our list, though not ridiculously short. And you’ll pay a 3% fee (with a $5 minimum) on any balance transfers made to the U.S. Bank Visa Platinum, which is typical when it comes to balance transfer offers.

Where it beats our benchmark card: An introductory interest rate on purchases and cell phone protection.

Where our benchmark card is better: The Citi Double Cash earns easy-to-redeem cash back on all purchases and has a longer four-month period to complete any introductory balance transfers.

Learn more and apply now for the U.S. Bank Visa Platinum card.

Why it’s great in one sentence: The Citi Double Cash card is extremely simple, since you earn 2% cash back on every purchase — 1% when you buy, 1% when you pay your statement — all for no annual fee.

This card is right for: People who want a balance transfer option along with the ability to earn cash back without having to worry about bonus categories or travel rewards programs.

Highlights:

Sign-up bonus: None.

What we like about the Citi Double Cash Card: The Citi Double Cash is easy. You don’t need to keep track of bonus categories and determine which credit card to use at which merchant. Instead, you get the same 2% cash back — 1% when you buy, 1% when you pay it off — on all purchases, regardless of where you shop.

The Citi Double Cash also offers a relatively long 18-month introductory 0% APR for balance transfers (18.24% to 28.24% variable afterward) — a great way to pay off your debt. And you have up to four months after you open the account to make your first balance transfer and still have it qualify for the introductory offer.

But this is also a great card to pair with one of the premium Citi ThankYou credit cards, such as the Citi Premier Card. That’s because if you also have a premium ThankYou card, you can actually use your rewards from the Citi Double Cash as Citi ThankYou points and transfer them to one of Citi’s airline partners to potentially get even more value for them.

One thing that could be better: The Citi Double Cash doesn’t come with too many perks, such as travel or purchase protections. You’re also charged a 3% fee for balance transfers with a $5 minimum, although that’s similar to many other cards. And this isn’t the card to use for international purchases, as you’ll be charged a 3% foreign transaction fee when you’re overseas, which more than offsets any rewards you’d earn.

Why it’s our “benchmark” credit card: The ease of use and straightforward top-of-market cash back earning rate of the Citi Double Cash are why CNN Underscored currently considers the Double Cash our “benchmark” credit card. We use it as our benchmark card to compare the features of other credit cards and determine if they’re better or worse overall.

You can read more about our benchmark credit card concept in our credit card methodology guide, or dig into our complete review of the Citi Double Cash.

Learn more and apply now for the Citi Double Cash Card.

Why it’s great in one sentence: The Chase Freedom Flex comes with a solid balance transfer offer and also allows you to earn cash back that can be converted into travel rewards when paired with the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®.

This card is right for: People who want to earn flexible rewards on their purchases while also getting their debt under control.

Highlights:

Sign-up bonus: Earn $200 in bonus cash back after you spend $500 on purchases in your first three months after opening the account.

What we like about the Chase Freedom Flex: If you prefer cash back now but think that a dose of adventure is in your future, the Chase Freedom Flex can give you the best of both worlds.

First, when it comes to debt consolidation, the Chase Freedom Flex comes with a 0% introductory APR on both purchases and balance transfers for the first 15 months after you open the account. The rate rises to a variable 18.74% to 27.49% afterward, so you’ll want to make sure you pay down your debt before the intro offer expires.

But the Chase Freedom Flex also earns cash back in three permanent bonus categories: 5% cash back on travel purchases made via Chase Ultimate Rewards, 3% cash back on dining — including takeout and delivery — and 3% cash back at drugstores.

Then you’ll also earn 5% cash back on up to $1,500 in purchases in bonus categories that rotate each quarter. The categories for January through March are Target, grocery stores (excluding Walmart), and fitness club and gym memberships, but each quarter’s categories are different.

That’s already a pretty great package for a cash back credit card. But when you pair the Chase Freedom Flex with the Chase Sapphire Preferred or Chase Sapphire Reserve, you can convert your cash back to points at a rate of 1 cent per point. Then you’re able to redeem those points for travel at an increased value of 1.25 to 1.5 cents apiece via the Chase travel portal, or transfer them to any of Chase Ultimate Rewards’ 14 airline and hotel loyalty partners for potentially even more value.

What could be better: While the permanent bonus categories are uncapped, you can only earn bonus cash back on up to $1,500 each quarter in the rotating bonus categories. After that, you’re only getting a 1% return, so it’s important to keep track of how much you’ve spent in those categories over the quarter.

Also, you must remember to activate the rotating bonus categories each quarter in order to earn 5% cash back on them. While you can activate them almost anytime throughout the quarter and still get the bonus cash back retroactively on purchases you’ve already made, it’s important not to miss the deadline or you’ll lose out on an important feature of the card.

Where it beats our benchmark card: Sign-up bonus, cell phone and purchase protections, and introductory rate on purchases for 15 months.

Where our benchmark card is better: The Citi Double Cash offers a higher overall cash back rate.

Learn more and apply now for the Chase Freedom Flex.

Why it’s great in one sentence: The “round-up” feature of the Citi Rewards+ earns extra rewards, which is ideal if you use your credit card for a lot of small purchases, and its introductory balance transfer offer can lower the interest on your existing debt at the same time.

This card is right for: People looking to earn more points for small purchases while also needing to consolidate credit card debt.

Highlights:

Sign-up bonus: Earn 20,000 bonus points after you spend $1,500 in purchases in your first three months.

What we like about the Citi Rewards+: There are three features of the Citi Rewards+ that make it worthy of consideration. First, the rewards you earn for everything you buy with the card round up to the nearest 10 points. That won’t make a huge difference on expensive items, but a $2 pack of gum earns 10 points instead of 2 points, a 400% improvement. Lots of these little transactions can add up quickly.

Second, when you redeem points, you’ll get 10% of your points back on up to 100,000 points every year. That means if you use 2,500 points to redeem for a $25 gift card, you’ll soon see 250 points back in your account to redeem again down the line. Since you can get up to 10,000 points back each year, that’s effectively up to an extra $100 in points to spend on gift cards.

The Citi Rewards+ is also the only card on our list with a sign-up bonus, and the 20,000 bonus points you’ll earn upon meeting the minimum spending requirement can go toward gift cards that you can use at retailers, or even redeemed for straight cash back.

But even though the Citi Rewards+ earns points that can be redeemed for gift cards, cash back or through Citi’s Shop with Points program, if you also have a Citi Premier card, you can move your points to your other card and open up a whole new world of options, including redeeming points for travel down the line or transferring them to Citi’s travel partners.

One thing that could be better: The Citi Rewards+ only has a 15-month introductory interest rate on balance transfers, which is on the lower end of cards on our list. But the trade-off is that you’re earning rewards on your purchases with this card, which isn’t necessarily the case with many balance transfer cards.

However, if you’re not pairing the card with one of the premium Citi ThankYou cards, the most value you can get for your points is 1 cent apiece when redeeming for gift cards. If you redeem points for cash back, the value is only 0.5 cents per point, in which case you’d be better off with the flat-rate cash back of our benchmark Citi Double Cash card.

Where it beats our benchmark card: Sign-up bonus, 10% points back on redemptions up to 100,000 points per year and 15-month introductory offer on purchases.

Where our benchmark card is better: The Citi Double Cash has a longer introductory interest rate period of 18 months on balance transfers.

Learn more and apply for the Citi Rewards+ Card.

Not everyone is familiar with how and when to use a balance transfer credit card, so we’ve assembled some of the more common questions and answers about the process.

When you get approved for a credit card with an introductory balance transfer offer, you’ll have a set time period — usually somewhere between 60 days and four months — to transfer any existing debt from another credit card that you already have. By transferring the balance in the specified time frame, you can take advantage of the lower interest rate provided by the introductory offer, thereby lowering your monthly credit card payment.

The most important feature of a balance transfer credit card is the length of the introductory interest period. The longer it is, the more time you’ll have before the interest rate jumps to a rate that’s more typical for credit cards.

You’ll also want to keep an eye out for the fee charged for balance transfers. Balance transfer fees are typically 3% of the balance with a $5 minimum, but some cards can have higher or lower fees.

Other aspects of a balance transfer credit card to look for include whether the card earns rewards, such as cash back or travel points, whether the card has any extra protections and whether the card also offers an introductory offer for new purchases along with balance transfers.

Typically, once you submit a balance transfer (which is usually best done online) it can take up to a week for your debt to be transferred from your old credit card to your new one. So it’s important to continue to make the minimum monthly payment on your old card until the debt has officially been transferred so that you don’t get charged a late fee.

Even though you won’t be paying interest on your transferred debt at first, eventually the introductory period ends, and it’s vital to either have your debt entirely paid off by then or be ready to move it to another credit card with a new introductory balance transfer offer. Otherwise you’ll be stuck paying extremely high interest rates on your remaining debt.

Also, don’t forget to continue making the minimum monthly payment due on the card each month even while you’re in the middle of your introductory balance transfer period. If you miss a payment, you could lose the remaining time on your offer and your interest rate could jump immediately, costing you future interest savings.

Finally, keep in mind that you generally cannot transfer the balance from an existing credit card at the same bank to another credit card at that bank. So, as an example, if you have a balance on one of your Wells Fargo cards that you want to transfer in order to get a lower rate, don’t choose a Wells Fargo balance transfer offer, as you won’t be able to move that balance from one Wells Fargo card to another.

Transferring debt from one credit card to another won’t hurt your credit score at all. In fact, you could potentially improve your credit score by opening a new credit card with a balance transfer offer. That’s because one important factor when calculating credit scores is how much debt you have versus how much credit you have, which is known as your “credit utilization ratio.”

When you open a new credit card, you’re increasing your overall credit, yet you’re not increasing your overall debt just by transferring it from one card to another. As long as you don’t add more debt after transferring your balance, your credit utilization ratio should improve and will continue to improve over time since you’ll be accumulating less interest, thanks to the introductory APR on your new card.

While balance transfer credit cards are an excellent tool for reducing the amount of interest you’re paying on your debt so you can start making a dent in it, another option is a personal loan. Personal loans are generally easier to qualify for, though they also come with higher interest rates than balance transfer credit cards. But if you can’t get approved for a balance transfer credit card, you can read our guide on how to get a personal loan to see if it might be a good option for you.

If you’re paying an exorbitant amount of interest on your credit card debt or having trouble making your monthly credit card payments, a balance transfer credit card could make sense for you by helping you get your debt under control.

However, you’ll need to have a decent credit score to qualify for a new credit card, and even if you’re approved for a balance transfer credit card, it’s not guaranteed that the credit limit on your new card will be large enough to transfer all your existing debt.

Looking for a new credit card but don’t need a balance transfer? Check out CNN Underscored’s list of the best credit cards currently available.

Get all the latest personal finance deals, news and advice at CNN Underscored Money.