The Ultimate Guide to Credit Cards
Wednesday, July 8, 2020
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Best Credit Cards of 2020

Below are ratings of 2020's best credit card offers in the US based on interest rates, rewards deals, and approval rate. Compare top credit card reviews and apply for a new card online.

Average APR
17.04%
Average Annual Fee
$28.80
Rate Trend
0.05%
since last month
All Cards | Air | Cash Back | 0% Intro | 0% Bal Transfer | Points | Business | Secured | Student | Fair Credit | Limited / No Credit
Advertiser Disclosure

2020's Best Credit Card

Chase Freedom Unlimited®

  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • Earn unlimited 1.5% cash back on all purchases.
  • 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
  • No annual fee
  • No minimum to redeem for cash back
  • Cash Back rewards do not expire as long as your account is open
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% 15 Months
N/A
14.99%–23.74% Variable
$0
Good/Excellent

#1 in "Air Miles"

Chase Sapphire Preferred® Card

AIR MILES RATING

★★★★★

4.8

OVERALL RATING

4.8/5.0
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Earn 5X points on Lyft rides through March 2022. That's 3X points in addition to the 2X points you already earn on travel.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
15.99% - 22.99% Variable
$95
Good/Excellent

#1 in "Cash Back"

Chase Freedom Unlimited®

CASH BACK RATING

★★★★★

5.0

OVERALL RATING

5.0/5.0
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • Earn unlimited 1.5% cash back on all purchases.
  • 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
  • No annual fee
  • No minimum to redeem for cash back
  • Cash Back rewards do not expire as long as your account is open
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% 15 Months
N/A
14.99%–23.74% Variable
$0
Good/Excellent

#1 in "0% Intro APR"

Chase Freedom Unlimited®

0% INTRO APR RATING

★★★★★

4.9

OVERALL RATING

5.0/5.0
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • Earn unlimited 1.5% cash back on all purchases.
  • 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
  • No annual fee
  • No minimum to redeem for cash back
  • Cash Back rewards do not expire as long as your account is open
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% 15 Months
N/A
14.99%–23.74% Variable
$0
Good/Excellent

#1 in "0% Balance Transfer"

Citi® Diamond Preferred® Credit Card

0% BALANCE TRANSFER RATING

★★★★★

4.9

OVERALL RATING

4.6/5.0
  • 0% Intro APR on balance transfers for 21 months from date of first transfer. After that, the variable APR will be 13.74% - 23.74%, based on your creditworthiness. All transfers must be completed in first 4 months.
  • 0% Intro APR on purchases for 12 months from date of account opening. After that, the variable APR will be 13.74% - 23.74%, based on your creditworthiness.
  • If you transfer a balance with this offer, after your 0% Intro purchase APR expires, both new purchases and unpaid purchase balances will automatically accrue interest until all balances, including your transferred balance, are paid in full.
  • There is a balance transfer fee of either $5 or 5% of the amount of each transfer, whichever is greater
  • Get free access to your FICO® score online.
  • With Citi Entertainment℠, get special access to purchase tickets to thousands of events, including concerts, sporting events, dining experiences and more.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
0% for 12 months
0% for 21 months
13.74% - 23.74% (Variable)
$0
Excellent/Good

#1 in "Points & Gifts"

Chase Sapphire Preferred® Card

POINTS & GIFTS RATING

★★★★★

4.9

OVERALL RATING

4.8/5.0
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $750 toward travel when you redeem through Chase Ultimate Rewards®
  • 2X points on travel and dining at restaurants worldwide & 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards. For example, 60,000 points are worth $750 toward travel
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on orders over $12 for a minimum of one year on qualifying food purchases with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Earn 5X points on Lyft rides through March 2022. That's 3X points in addition to the 2X points you already earn on travel.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
15.99% - 22.99% Variable
$95
Good/Excellent

#1 in "Business"

Ink Business Preferred® Credit Card

BUSINESS CARD RATING

★★★★★

4.9

OVERALL RATING

4.8/5.0
  • New Offer! Earn 100k bonus points after you spend $15,000 on purchases in the first 3 months from account opening. That's $1,250 toward travel when redeemed through Chase Ultimate Rewards®
  • Earn 3 points per $1 on the first $150,000 spent on travel and select business categories each account anniversary year
  • Earn 1 point per $1 on all other purchases - with no limit to the amount you can earn
  • Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
  • Redeem points for travel, cash back, gift cards and more - your points don't expire as long as your account is open
  • No foreign transaction fees
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
15.99% - 20.99% Variable
$95
Good/Excellent

#1 in "Secured"

OpenSky® Secured Visa® Credit Card

OpenSky® Secured Visa® Credit Card Review

at Capital Bank'ssecure website

SECURED RATING

★★★★

4.0

OVERALL RATING

2.9/5.0
  • No credit check necessary to apply. OpenSky believes in giving an opportunity to everyone.
  • The refundable* deposit you provide becomes your credit line limit on your Visa card. Choose it yourself, from as low as $200.
  • Build credit quickly. OpenSky reports to all 3 major credit bureaus.
  • 99% of our customers who started without a credit score earned a credit score record with the credit bureaus in as little as 6 months.
  • We have a Facebook community of people just like you; there is a forum for shared experiences, and insights from others on our Facebook Fan page. (Search “OpenSky Card” in Facebook.)
  • OpenSky provides credit tips and a dedicated credit education page on our website to support you along the way.
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
N/A
N/A
17.39% (variable)
$35
Poor

#1 in "Fair Credit"

Surge Mastercard®

Surge Mastercard® Review

at Celtic Bank'ssecure website

FAIR CREDIT RATING

★★★★★

4.7

OVERALL RATING

4.1/5.0
  • All credit types welcome to apply!
  • Free access to your Vantage 3.0 score From TransUnion* (When you sign up for e-statements)
  • Monthly reporting to the three major credit bureaus
  • See if you’re Pre-Qualified without impacting your credit score
  • Fast and easy application process; results in seconds
  • Free online account access 24/7
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
See website for Details
N/A
25.90% - 29.99%
See website for Details
Bad, Poor Credit

#1 in "No/Limited Credit"

Surge Mastercard®

Surge Mastercard® Review

at Celtic Bank'ssecure website

NO/LIMITED CREDIT RATING

★★★★★

4.7

OVERALL RATING

4.1/5.0
  • All credit types welcome to apply!
  • Free access to your Vantage 3.0 score From TransUnion* (When you sign up for e-statements)
  • Monthly reporting to the three major credit bureaus
  • See if you’re Pre-Qualified without impacting your credit score
  • Fast and easy application process; results in seconds
  • Free online account access 24/7
Intro (Purchases)
Intro (Transfers)
Regular APR
Annual Fee
Credit Needed
See website for Details
N/A
25.90% - 29.99%
See website for Details
Bad, Poor Credit

Advertiser Disclosure

The credit card offers that appear on this site are from credit card companies from which CardRates.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CardRates.com does not include all credit card companies or all available credit card offers.

Review Breakdown: Best Credit Cards

What is the best credit card to have for 2020? Below is a simple summary of our top credit card reviews, along with current features for each offer. Simply click the card name to visit the issuer's official site and apply for the card that's right for you.

Here are the best credit cards of 2020:

Best Credit Cards 2020
Best ForCard NameFeatureExpert Rating
Best OverallChase Freedom Unlimited®1.5% cash back ★★★★★ 5.0
Air MilesChase Sapphire Preferred® Card2X points ★★★★★ 4.8
Cash BackChase Freedom Unlimited®1.5% cash back ★★★★★ 5.0
0% Intro APRChase Freedom Unlimited®0% Intro APR for 15 months ★★★★★ 4.9
0% Balance TransferCiti® Diamond Preferred® Credit CardFor 12 months ★★★★★ 4.9
Points & GiftsChase Sapphire Preferred® Card2X points ★★★★★ 4.9
BusinessInk Business Preferred® Credit Card3 points per $1 ★★★★★ 4.9
SecuredOpenSky® Secured Visa® Credit CardSecured ★★★★ 4.0
Fair CreditSurge Mastercard®Fair Credit ★★★★★ 4.7
No/Limited CreditSurge Mastercard®No/Limited Credit ★★★★★ 4.7

4 Tips for Choosing the Best Credit Card

Brittney Mayer
By: Brittney Mayer
Finance Contributor
Updated:
4 Tips for Choosing the Best Credit Card
CardRates.com Guide: Best Credit Cards

With literally hundreds of credit cards available on the market today — thousands if you include local credit unions and community bank cards — it may be hard to decide which piece of plastic is right for your wallet. When it comes time to select your next credit card, use these tips to help you choose the one — or more — for your needs.

1. Determine Your Goals

It’s important to know what you want out of a credit card. Do you want to score free flights? Are you interested in earning cash back? Are you looking more for a safety net when cash is low? Or perhaps you want to consolidate high-interest debt from other cards?

Depending on your goals — and, particularly, whether you plan to carry a balance — your needs will be very different. Rewards cards tend to have higher interest rates than non-rewards cards, making them less-than-ideal for carrying balances from month to month.

If you are only interested in transferring a balance or plan to carry a large balance, you may be better off applying for a card without rewards or an annual fee. In exchange for rewards, these cards offer low interest rates, making them the preferred choice if you know you’ll roll a balance over from time to time.

Better, choose a card with an introductory 0% APR offer to get interest-free financing for 12 months or more.

2.  Decide Which Kind of Rewards You Want

If you’ve decided to go with a rewards card, you have several options.

There are cash back credit cards, where you earn a percentage of your spending back in cash. There are points credit cards, where you earn points based on the dollar amount you spent. These can usually be redeemed for cash back, gift cards, travel, merchandise, events and more. Then there are air miles credit cards, where your rewards are free flights or hotel stays.

Credit Card Rewards Comparison Chart

You'll need to examine your lifestyle and personal spending habits to determine which type of rewards card will be the best for you. To maximize your earnings, select a card that offers bonus rewards for those purchases. For instance, if groceries are one of your biggest expenses, choose a card that offers a high rewards rate for those purchases.

No matter which type of rewards card you select, make sure you never charge more than you can afford to repay. Carrying a balance from month to month will result in interest fees — unless you have an active 0% APR offer — which will almost always be more expensive than the rewards you earn.

3. Consider Introductory Offers

While you can easily avoid paying interest charges on your credit card purchases by paying your balance in full each billing cycle, some purchases simply take longer to repay than others. In these cases, credit cards that offer introductory 0% APR offers can be extremely valuable. Thanks to the Credit CARD Act of 2009, these introductory offers must be at least six months long, with some of the best offers providing interest-free financing for 12 months or more.

Most intro-APR deals are good on new purchases, though many will also apply to balance transfers. If you already have credit card debt and want to reduce your interest fees, transferring the balance to a card with a 0% APR deal can create instant savings, helping you pay down your debt faster.

Chart of Potential Balance Transfer Savings

Keep in mind that many cards will charge a balance transfer fee, so read the terms and conditions carefully to know if you’ll be charged a fee.

4. Figure Out the Fees

It’s important to determine which credit card fees will be worth it for you. It is common for rewards cards to have annual fees, though most issuers now have two tiers of cards: one card with no annual fee and lesser rewards or a low APR and one card with an annual fee (often close to $100 or more) but with better rewards.

Before you get a card with an annual fee, do the math to make sure the rewards and benefits will add up enough that the fee is worth it. If you won’t be able to earn enough rewards to cover the cost of the annual fee, it isn’t worth it.

Required Spend to Make Up Annual Fee with 1% Rate Differential

For example, you may find a credit card with no annual fee that offers 3% cash back on dining purchases, and then another tier with a $95 annual fee that offers 4% cash back on dining purchases. If you spend enough on dining each year that the higher rewards rate will earn you a better net return, then the annual fee may be worth paying.

Of course, annual fees aren’t the only credit card feeds you may need to pay. Interest fees are a part of credit card life, so a low APR is a big boon if you may carry a balance. Additionally, certain transaction types, like cash advances and balance transfers, also tend to come with fees on most cards.

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

The information on this page was reviewed for accuracy on .

About the Author

Brittney Mayer Brittney Mayer Finance Contributor

Brittney is a Credit Strategist and Finance Expert who has spent years honing her knowledge of the credit industry both personally and professionally. Brittney applies her more than a decade of research experience to crafting in-depth consumer guides designed to help CardRates readers make better, more informed financial decisions.

Advertiser Disclosure: The credit card offers that appear on this site are from credit card companies from which CardRates.com receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). CardRates.com does not include all credit card companies or all available credit card offers. See the credit card issuer's website for specific terms and conditions of each card.