The Best Credit Cards In Their Class

Aleksandra Todorova from Smart Money magazine put together a list of the top credit cards for students, rewards programs, cash or gas rebates, financial rewards, and low rates.  He provides a thorough comparison of the cards considered and explains the benefits of each card recommended. Here are the highlights:

Student Cards
The Citi mtvU Platinum Select Visa Card for College Students offers bonus points for a good GPA, staying current on your bill, staying within your credit limit, and money spent on textbooks.
 
Rewards Programs
American Express Membership Rewards - “the oldest and remains one of the most comprehensive programs around.”

Citi ThankYou Network – “offers innovative ways of accumulating points and nearly all of Citibank’s rewards cards are fee-free.”

Cash or Gas Rebates
American Express Blue Cash for aggressive spenders – “5% cash back on purchases at gas stations, supermarkets and drug stores and 1.5% on everything else, once you spend $6,500 in a given year”.  Am Ex Blue Cash is the card that we use for almost all our purchases.

The Platinum Discover Gas card is the runner-up, “a favorite among lighter spenders.”
 
Financial Rewards
Fidelity Investments 529 College Rewards card – “has the most generous rebate rate — 1.5% of all purchases will be deposited into a 529 Plan”.

There were two runners up, Fidelity Investment Rewards Card, which “converts MBNA’s rewards program points into investment dollars at a generous 1.5% rate” and One from American Express, “1% of your purchases are contributed to a high-yield savings account, which currently earns 5%. The drawback: The annual $35 fee.”
 
Low Rates
For those that carry a balance it makes sense to go with the lowest rate you can on a card.  The winner was Simmons First Visa Platinum “with a 7.25% fixed APR” and the runner-up the Capital One Platinum Prestige card, “7.89% APR, reserved for people with excellent credit”.

There you have it, a card for every need.  Of course, if you can’t be responsible with a credit card you probably shouldn’t own one but used correctly a credit card can be a great financial tool.

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