The Best Credit Cards of 2020

Advertiser Disclosure

Advertiser Disclosure

This website is an independent, advertising-supported comparison service. The product offers that appear on this site are from companies from which this website receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). This website does not include all card companies or all card offers available in the marketplace. This website may use other proprietary factors to impact card offer listings on the website such as consumer selection or the likelihood of the applicant’s credit approval.

 

This allows us to maintain a full-time, editorial staff and work with finance experts you know and trust. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impacts any of the editorial content on The Smart Investor. While we work hard to provide accurate and up to date information that we think you will find relevant, The Smart Investor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof.

 

Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Our opinions are our own and are not influenced by the payment we receive from our advertising partners. However, this post may contain references to products from our partners. It may impact which products and where the product appears on a page. Learn more about how we review products and read our advertiser disclosure for how we make money. All products are presented without warranty.

Credit cards may seem like just a small, thin, piece of plastic with numbers on it, but they are actually pretty powerful pieces of plastic. These cards allow cardholders access to borrowed money to pay for things.

The key here is that the borrowed money is repaid in the form of monthly payments. Also, every time a purchase is made with a credit card, interest is accrued on the amount of money borrowed.

A good thing about credit cards is that when used properly, where monthly statements are paid on time, they can actually build up your good credit history. A good credit history is almost a necessity when it comes to purchasing homes, cars, and other large purchases.

However, if you go looking for the perfect credit card, the first thing you may find is that there seems to be an endless number of cards available. Each card also offers different perks, rates, and other terms which makes choosing one hard to do. We are here to help you do just that. We have compiled a list of the top credit cards on the market today.

Here are The Smart Investor Select’s picks for the best credit cards of 2020:

Discover It Cash Back

Discover It Cash Back review

On Discover Secure Website

Discover It Cash Back

Reward details

Earn 5% cash back on everyday purchases at different places each quarter + 1% cash back on all other purchases

Current Offer

Automatically matches the cash back you’ve earned at the end of your first year

Credit Rating Needed

Good – Excellent

Annual Fee

None
  • Overview
  • Card Features
  • Pros & Cons

Discover It Cash Back was awarded the 2020 U.S. News Best Credit Card for the cashback rewards card. This card offers a very high rewards rate on some categories that rotate every few months. The card gives a 5% cashback on any purchase that is up to $1,500, which is spent each quarter on the rotating bonus category. Some of the categories include; restaurant, gas station, online shopping and many more each time you activate them. However, on all other purchases, excluding the ones in the category selected, you will only receive a 1% cashback.

This card is best for individuals who want to have a high reward rate on every purchase they made and also individuals who love a more straightforward rewards program.

 
  • Rewards Plan: Earn 5% cash back on everyday purchases at different places each quarter + 1% cash back on all other purchases
  • APR: " 11.99% – 22.99%"
  • Annual fee: None
  • Balance Transfer Fee: 5%
  • Foreign Transaction Fee: 3%
  • Sign Up bonus: Automatically matches the cash back you've earned at the end of your first year
  • 0% APR Introductory Rate period: 0% Intro APR for 14 months on purchases and balance transfers.
 
  • 14 Month 0% Intro APR Period
  • Balance Transfer Fee
  • 5% Cash Back for Select Spending Categories
  • Matches Cash Back in the First 12 Months
  • No Annual Fee
  • Less Merchant Acceptance
  • No Sign-Up Bonus or 0% APR Introductory Rate
  • Limit on Cash Back Spending Per Quarter
  • Keeping Track of Bonus Categories

U.S. Bank Cash+ Visa Signature

U.S. Bank Cash+ Visa Signature Card

On US Bank Secure Website

U.S. Bank Cash+ Visa Signature

Reward details

5% cash Back on your first $2,000 in combined eligible purchases each quarter on two categories you choose, 2% cash back on one everyday category, like gas stations, grocery stores or restaurants, 1% cash back on all other eligible purchases.

Current Offer

5 free nights after you spend $5,000 on purchases in the first 3 months

Credit Rating Needed

Good – Excellent

Annual Fee

None
  • Overview
  • Card Features
  • Pros & Cons

U.S. Bank Cash+ Visa Signature Card is a Visa credit card issued through one of the largest US lending institutions, U.S. Bank.

With the U.S. Bank Cash+ Visa Signature Card you can earn 5% cash Back on your first $2,000 in combined eligible purchases each quarter on two categories you choose, 2% cash back on one everyday category, like gas stations, grocery stores or restaurants, 1% cash back on all other eligible purchases..

This card also has a generous sign-up bonus and an 12 months introductory 0% rate on balance transfers, and the card has no annual fee. U.S. Bank Cash+ Visa Signature card offers a $200 rewards bonus after you apply online and spend $500 in eligible purchases within the first 90 days of account opening.

 

  • APR: 13.99% - 23.99%
  • Annual fee: None
  • Balance Transfer Fee: $5 or 3%
  • Foreign Transaction Fee: 2-3%
  • Rewards Plan: 5% cash Back on your first $2,000 in combined eligible purchases each quarter on two categories you choose, 2% cash back on one everyday category, like gas stations, grocery stores or restaurants, 1% cash back on all other eligible purchases.
  • Sign Up bonus: $200 rewards bonus after you apply online and spend $500 in eligible purchases within the first 90 days of account opening.
  • 0% APR Introductory Rate period: None
  • Cashback Sign-Up Bonus
  • 5%,%2, %1 Cash Back
  • 0% APR Introductory Rate on Balance Transfers
  • No Minimums for Redemption
  • Choose Spending Categories
  • Visa Signature Card
  • Restriction on Cash Bonuses
  • 2%-3% Foreign Transaction Fee
  • Balance Transfer Fee
  • Opt in Every Quarter
  • 0% Introductory Rate Applies Only to Balance Transfers
  • Visa Signature Card

American Express Blue Cash

On AMEX Secure Website

American Express Blue Cash Preffered

Reward details

Earn 6% cash back at U.S. supermarkets and selected U.S. streaming subscriptions, 3% cash back on transit and gas stations, 1% cash back on other purchases

Current Offer

$250 Cash Back Sign-Up Bonus

Credit Rating Needed

Good – Excellent

Annual Fee

$95
  • Overview
  • Card Features
  • Pros & Cons

This card offers an outstanding 6% cashback rewards for streaming services, and spending’s at the supermarkets, an amazing 3% rate on transit purchases and gas, making it a suitable choice for commuters and a 2.7 % fee on foreign transactions.

However, warehouse clubs and superstores are not included. The American Blue Cash Preferred Card charges an annual fee of $91, but you can justify this if you can spend $31 a week on groceries alone. This makes the card suitable for individuals that buy or purchase their groceries at traditional supermarkets. New cardmembers can earn up to $300 statement credit after making a purchase of $3000 or more within the first six months of being a member.

 
  • Rewards Plan: Earn 6% cash back at U.S. supermarkets and selected U.S. streaming subscriptions, 3% cash back on transit and gas stations, 1% cash back on other purchases
  • APR: 13.99% to 23.99%
  • Annual Fee: $95
  • Balance Transfer Fee: $5 or 3%
  • Foreign Transaction Fee: 2.70%
  • Sign Up bonus: $250 back in the form of a statement credit -after you spend $1,000 in purchases in the first 3 months
  • 0% APR Introductory Rate Months: 12 months
  • Sign-up cash back bonus: $250
 
  • $250 Cash Back Sign-Up Bonus
  • 6% Cash Back at Supermarkets, 3% at Gas Stations
  • 3% at Selected Department Stores, 1% on All Other Purchases
  • 0% APR on Balance Transfers and Purchases in the First 12 Months
  • Redeeming Options
  • Extended Warranty on Purchases
  • $95 Annual Fee
  • High APR
  • Short Introductory Rates
  • Balance Transfer Fee
  • Foreign Transaction Fee
  • Minimum Redemption Amounts
  • Not as Widely Accepted as Other Cards

Chase Sapphire Preferred

Chase Sapphire Preferred review

On Chase Secure Website

Chase Sapphire Preferred

Reward details

Earn 2 points on travel and dining at restaurants, 1 point per dollar spent on all other purchases

Current Offer

60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening

Credit Rating Needed

Good – Excellent

Annual Fee

$95
  • Overview
  • Card Features
  • Pros & Cons

The Chase Sapphire Preferred card is a travel rewards card issued by Chase Bank. This is a very popular travel rewards card because it offers a large sign-up bonus and the card is built around traveling. Many travel rewards cards have higher annual fees for the same kind of rewards.

This card is on our top spot in regards to the best traveling and dining cards as they offer you 2X more points compared to other cards. In addition, Chase Bank offers a 25% point’s bonus, whenever you redeem the points for travel.

The card offers a sign-up bonus of 60,000 points when you spend more than $4,000 on any purchases in the first 90 days. This is equivalent to $750 in travel costs when you redeem your travel rewards.You shall also earn 2x points while traveling and dining at a variety of restaurants around the world and one point on the dollar on any other purchases.

 
  • Rewards Plan: Earn 2 points on travel and dining at restaurants, 1 point per dollar spent on all other purchases
  • APR: 15.99%–22.99%
  • Annual fee: $95
  • Balance Transfer Fee: 5%
  • Foreign Transaction Fee: None
  • Sign Up bonus: 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening
  • 0% APR Introductory Rate: None
  • 60,000 Point Sign-Up Bonus
  • Bonus Points
  • No Blackout Dates
  • 25% More through Ultimate Chase Rewards
  • No Foreign Transaction Fee
  • $95 Annual Fee
  • Low Merchandise Rewards
  • High APR
  • No Introductory 0% on APR Balance Transfer
  • 5% Balance Transfer Fee

Citi Double Cash

Citi Double Cash Credit Card Review

On Citi one Secure Website

Citi Double Cash

Reward details

Earn cash back twice on every purchase with unlimited 1% cash back when you buy + 1% as you pay for those purchases.

Current Offer

None

Credit Rating Needed

Good – Excellent

Annual Fee

None
  • Overview
  • Card Features
  • Pros & Cons

Looking for a credit card issuer that offers an unrivaled flat-rate cash back rewards on all your purchases with no annual fee and a straightforward reward structure, then look nowhere else; Citi Double Cash is the best for you. You can get up to 1% cashback when you use the card plus an additional 1% whenever you make a payment. The flexible redemption options of this card make it a potentially lucrative option for its users. Some of the benefits you can get from using this card include an outstanding cashback on unlimited purchases and generous intro APR on balance transfers. However, this card does not provide a one-time offer.

Citi ranked 6th out of 11 card issuers with a score of 799, according to the 2019 J.D. Power Credit Card Customer Satisfaction Study.

 
  • Rewards Plan: Earn cash back twice on every purchase with unlimited 1% cash back when you buy + 1% as you pay for those purchases.
  • APR: 13.99% - 23.99% 
  • Annual fee: None
  • Balance Transfer Fee: $5 or 3%
  • Foreign Transaction Fee: 3%
  • Sign Up bonus: None
  • 0% APR Introductory Rate period: 0% introductory APR for 18 months from date of first transfer when transfers are completed within 4 months from date of account opening
  • Simple and Generous Rewards System
  • Competitive Balance-Transfer Policy
  • Fee Waiver on First Late Payment
  • No Annual Fee
  • No Sign-Up Bonus
  • No Intro 0% APR on Purchases
  • Balance Transfer Fee
  • Foreign Transaction Fee

Wells Fargo Propel American Express

Wells Fargo Propel American Express Card review

On Wells Fargo Secure Website

Wells Fargo Propel American Express

Reward details

Earn 3 points per $1 spent on selected gas stations, rideshares, transit, Flights, hotels, homestays, car rentals and popular streaming services. 1 point per $1 spent on other purchases

Current Offer

20,000 bonus points when you spend $1,000 in purchases in the first 3 months – a $200 cash redemption value1

Credit Rating Needed

Good – Excellent

Annual Fee

None
  • Overview
  • Card Features
  • Pros & Cons

The Wells Fargo Propel card does not charge any annual fee and stands out by it offers. For example, in the popular spending category, including restaurants, travel, gas and some very popular streaming services, the Well Fargo Propel American Express gives a 3 point dollar, making it outstanding. They also offer a decent bonus for a card with no annual fee and an introductory 0% APR with a cash bonus.

For individuals who do not have any insurance on their cell phone, this card may be the best for them because it extends a $600 coverage on your cell phone, only if you pay your cell phone bill with the Well Fargo. Wells Fargo ranked 9th out of 12 companies that issue cards with a score of 783 according to the J.D. Power Credit Card Customer Satisfaction Survey in 2019.

 
  • Rewards Plan: Earn 3 points per $1 spent on selected gas stations, rideshares, transit, Flights, hotels, homestays, car rentals and popular streaming services. 1 point per $1 spent on other purchases
  • APR: 14.49% - 24.99%
  • Annual fee: None
  • Balance Transfer Fee: $5 or 5%
  • Foreign Transaction Fee: None
  • Sign Up bonus: 20,000 bonus points when you spend $1,000 in purchases in the first 3 months - a $200 cash redemption value1
  • 0% APR Introductory Rate period: 0% introductory APR on purchases and balance transfers for the first 15 months
  • 20,000 Points Sign-Up Bonus
  • Higher Points on Certain Categories Including Streaming Services
  • No Foreign Transaction Fee
  • Points on All Other Categories
  • No Annual Fee
  • 0% APR on Balance Transfers and Purchases
  • Minimum Redemption Amounts
  • Longer Introductory Rates
  • Not as Widely Accepted as Others
  • Balance Transfer Fee
  • High APR

HSBC Cash Rewards Mastercard

HSBC Cash Rewards Mastercard_registered_ credit card review

On HSBC Secure Website

HSBC Cash Rewards Mastercard

Reward details

Unliimited 1.5 cash rewards on every $1 you spend

Current Offer

3% intro cash back on all purchases in the first 12 months from Account opening, up to the first $10,000

Credit Rating Needed

Good – Excellent

Annual Fee

None
  • Overview
  • Card Features
  • Pros & Cons

HSBC Cash Rewards Mastercard is a straight forward cash back rewards card for those looking simplify their rewards. This Mastercard is offered though HSBC which a larger multinational bank based out of Britain.

This card has a generous 3% cash back on all spending in the first year and a competitive 1.50% cash back on all other spendings. Also, the HSBC Cash Rewards does not have an annual fee.

One of the top notch benefits is the 0% Introductory APR on purchases and balance transfers for the first 12 months months from Account opening. The ongoing APR for the HSBC Cash Rewards Mastercard is a 13.99% – 23.99%. 

 
  • APR: 13.99% - 23.99%
  • Annual fee: None
  • Balance Transfer Fee: $10 or 4%
  • Foreign Transaction Fee: None
  • Rewards Plan: Unliimited 1.5 cash rewards on every $1 you spend
  • Sign Up bonus: 3% intro cash back on all purchases in the first 12 months from Account opening, up to the first $10,000
  • 0% APR Introductory Rate period: 0% introductory APR on purchases and balance transfers for the first 12 months
  • Introductory Bonus
  • Cashback on Purchases
  • No Annual Fee
  • 0% APR Introductory Rate on Balance Transfers and Purchases
  • Anniversary Bonus
  • No Foreign Transaction Fee
  • Balance Transfer Fee
  • Cap on Rewards
  • Redemption Minimum
  • Longer Introductory Rates, Better Pure Cashback Cards
  • High APR

Capital One Savor Rewards

Capital One Savor Card Review

On Capital one Secure Website

Capital One Savor Rewards

Reward details

Unlimited 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases

Current Offer

$300 if you spend $3,000 in first 3 months

Credit Rating Needed

Good – Excellent

Annual Fee

$95
  • Overview
  • Card Features
  • Pros & Cons

The Capital One credit card is the Savor card, which offers an increased 4% rate on dining and entertainment, 2% at grocery stores and 1% on all other purchases. Rewards don’t expire for the life of the account, and you can redeem cash back for any amount.

In addition, there is a significant sign up bonus of one-time $300 if you spend $3,000 in first 3 months cash bonus once you spend $3,000 on purchases within 3 months, as well as $0 intro fee for the first year and no foreign transaction fee.

However, if you don’t spend enough on these types of activities then you won’t get ahead much on the rewards due to the annual $95 fee. 

 
  • Rewards Plan: Unlimited 4% cash back on dining and entertainment, 2% at grocery stores and 1% on all other purchases
  • APR: 15.99-24.99%
  • Annual fee: $95
  • Balance Transfer Fee: 3% 
  • Foreign Transaction Fee: None
  • Sign Up bonus: $300 if you spend $3,000 in first 3 months
  • 0% APR Introductory Rate period: None
  • $300 Sign Up Bonus
  • Unlimited 4% Cash Back
  • No Rotating Categories
  • $95 Annual Fee
  • Approval Can Be Strict