Great Credit Cards To Have In Your Wallet

Here is a summary of some credit cards with good rewards:

Fidelity Investment Rewards American Express Card or Fidelity Retirement Rewards American Express Card:

         Both of these AmEx credit cards receive 2% cash rewards deposited into either a Fidelity Investment Account or a Fidelity IRA account. If used correctly, you will be able to earn cash to fund your Investment or Retirement account which in return minimizes your earned income exposure to the stock market. It is a great way to turn purchases into passive income for the long haul if you have the patience. Other great features include no limits on the rewards that you can earn, no annual fees, and low interest rates assuming you have a good FICO score. 

 

PenFed Platinum Cash Rewards: 

         The PenFed Platinum Cash rewards credit card is a high reward card that offers 5% cash back in gasoline purchase and 1% cash back on all other purchases. Due to the high price of gasoline, trying to save money on a necessity such as gasoline is hard to do cheaply. BONUS: under the end of 2011, PenFed is offering no fees on balance transfers and a low 4.99% APR for 24 months for people that have balances on their credit cards. Other great features are low 13.99% variable interest rate, up to $50,000 credit limit, and no annual fees. 

 

Discover More Credit Card:

         Discover More Credit Card offers 5% cash back bonus on categories every quarter like gas and entertainment for the 1st quarter of 2012, 5-20% cash back bonus when you link to merchants through their website, 1% cash back on all other purchases, and special cash back bonuses during the year. Two special rewards that I received in the last two weeks were 2% cash back on cable and internet bill payments on the card for 2012, and 2% cash back bonus for all purchases for one day. Other great features of the Discover More Credit Card is 0% APR introductory rate for up to 15 months, standard variable APR of 10.99 to 19.99% for standard purchases, 3% introductory balance transfer fees for 6 months, and 5% balance transfer fee after the 6 months. 

 

         A few things to think about when it comes to credit card deals, look for the lowest interest rate or introductory APR if you carry a balance from month-to-month. My recommendation is to get to a point in your life where credit cards are just like cash with the full bill paid in full at the end of the month cycle. Any benefit that you may receive with rewards credit cards are not worth the additional interest payments if the bill is not paid off at the end of the bill cycle. Another recommendation is to have a variety of credit cards so that you can receive the best rewards for the purchases that you make. Another benefit to having many cards is that you are able to keep your debt to available credit low which makes up 30% of your FICO score.