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Best Credit Cards – Types and Rewards

On the first day of July, credit card users invaded Google’s search engine. All they are looking for are the best credit card companies that offer the best credit card features. These features include benefits, offers, and rewards. In this post, you will find the Best Credit Cards of October 2023 and other information about credit cards. It will cover usage that will help you through the year 2023 in applying for and managing credit cards.Bad credit card

Here is a list of the best credit cards for July, August, September, October, November, and December 2020. The below current list of the best credit cards for July 2020 is credited to and, trusted credit card review sites.

List of the Best Credit Cards

  • Citi Double Cash Card—18-month BT offer—best for flat-rate cash back
  • Citi Diamond Preferred Card: Best for the Longest 0% Period for Transfers Only
  • Discover it Cash Back: Best for Bonus Rewards
  • Citi Diamond Preferred Card: Best for the Longest 0% Period for Transfers Only
  • Citi Double Cash Card: 18-month BT offer; best for long-term value: 0% period for transfers and rewards
  • Blue Cash Preferred Card from American Express: Best for Cashback—Families (groceries, gas, commuting, streaming)
  • Chase Freedom Unlimited: Best for Unlimited 1.5% cashback on all purchases
  • Chase Sapphire Preferred Card: Best for Easy-Redeem Travel Rewards and a Bonus
  • American Express Gold Card: Best for Big Rewards on Everyday Spending
  • Chase Sapphire Reserve: Best for Bonus travel rewards, high-end perks, and no foreign transaction fee credit card
  • Chase Freedom Unlimited: Best for 0% intro period and flat-rate cashback
  • The Blue Business Plus Credit Card from American Express: Best for a 0% Intro APR Period
  • American Express Blue Business CashTM Card: Best for 0% intro APR + cash-back rewards
  • Deserve EDU Mastercard for Students: Best for College Students
  • Discover it Secured: Best for Rewards Plus a Path to an Unsecured Credit
  • OpenSky Secured Visa Credit Card: Best for No Credit Check
  • Discover it Student Chrome: Best for Simplicity and Value
  • Deserve EDU Mastercard for Students: Best for No Credit History and International Students
  • Discover Student Cash Back: Best for Rewards for Good Grades
  • Delta SkyMiles Gold American Express card is the best airline miles credit card.
  • Credit One Bank Visa Credit Card: The Best Credit Card for Bad Credit
  • Citi Simplicity: Best for a Balance Transfer
  • United Explorer Card: Best for Airline Flights
  • Wells Fargo Cash Back College: Best for Students
  • CitiBusiness/AAdvantage Platinum Select® Mastercard: Best for Small Business Owners

Your Journey to the Best Credit Card Usage

This post presents all you need to know about credit cards. Especially for credit card beginners. We will start with the basics.

What is a credit card?

In a nutshell, a credit card is simply spending money you don’t have. Leading credit card issuers issue credit cards through credit card companies and banks. These issuers are Discover, Capital One, Visa, MasterCard, CitiBank, Chase, Bank of America, and American Express. There are also Wells Fargo, Synchrony Financial, U.S. Bank, Barclays US, Credit One, USAA, and PNC Bank for cardholders.

cash-back A credit card is a means of paying for goods and services purchased both online and offline. A credit card is always issued to cardholders with an agreement reached between the cardholder and the issuer. This agreement includes when to pay the amount spent or credited and the agreed-upon charge.

Credit Card Explained

A credit card is an agreement between a cardholder and a financial group. In most cases, the financial group is always banks. The intent is to issue an amount of money on a plastic card with the hope of paying it back in the future for present spending or purchases. When you apply for a credit card, the financial group lends you the money you need. As a result, they expect you to pay them back throughout the agreed-upon time with an additional fee. This fee is called an interest rate. It is applied if you do not pay your balance in full and on time each. month,Bad credit card

How do credit cards work?

Let’s say you applied for a credit card from a financial group. And you are issued one, always in the form of a plastic or metal card but with information inscribed on it. Therefore, when you want to buy something, you transmit that information to a merchant. In turn, the merchant communicates with the bank or the financial institution that issued the card to you. @creditcard #creditcard

The bank pays the merchant. So, therefore, the bank goes on to debit the current amount paid from the total amount borrowed or credited on the card during the credit card application. This is with the hope that you will pay in the future. So the bank is taking a financial risk in that situation. Because you might not pay the bank back. However, if you don’t pay on time, you attract interest.

Credit Card Rewards: Credit Card Reward Program

A lot of people are using credit cards because of their reward system. Like, who doesn’t want to be rewarded for buying things they ordinarily want to buy? Banks and credit card issuance companies made it so that credit card users earn rewards when they make purchases with their credit cards. This is great! It sends a few bucks back to your account. These bucks are redeemable over time.

To do that, they introduced two major ways of rewarding customers, or card users. There are cash-back rewards and points or miles rewards.Cash Back Rewards come in the form of a percentage credited into your credit card balance after you have made purchases. Some credit card companies pay your cashback rewards into your bank account. in you by check.

Rewards: Cash Back, Points, or Miles Credit Card Rewards

All credit card rewards programs and the system fall under cashback and points or miles rewards, mostly designed to entice customers to spend more with their credit card, such as;

  • Air Travel Miles Cash Back: Credit card companies liaise with airline companies to give card users miles in cash back, for instance, the American Express Gold Delta SkyMiles card and the Hawaiian Airlines World Elite MasterCard.
  • Cash Back on Purchases and Payments: Card users are offered a percentage of cashback when they make purchases, pay bills, or shop online with their credit card.
  • Introductory Rate Period on Purchases and Transfers: Credit card issuers collect a low introductory interest rate.  This is a certain amount paid when you exceed the agreed-upon credit card payment period. Sometimes covered by balance transfer charges.
  • Discounts or Gift Cards: Cardholders can also enjoy rewards in the form of discounts and gift cards, sometimes for selected products, services, and places.
  • Insurance on Rental Cars: Cardholders also get rewards as insurance on rented properties, including car rentals.

How to Use Credit Card Rewards

Most of the time, cashback and reward points or miles can be redeemed as a statement credit for your monthly bill, deposited into your bank account, used for online purchases, or issued as a check. Miles and travel-specific points are always redeemed for discounted flights and hotel rooms through travel booking portals or their respective partner brands for flight tickets.

Key Points

  1. Most credit card companies only give 1–3% cashback.
  2. Some reward redemptions have an applicable accrued amount. (Simply put, a certain reward amount is required before you can redeem.)
  3. Travel rewards like miles or points apply only to purchases or costs related to travel, like hotel bills, restaurants, and gasoline.

How to Keep Track of My Credit Card Rewards

You can keep track of your credit card rewards and know when you are rewarded, so you can redeem your rewards. To do that, you either check your reward account on your credit card site when you log in to your account, through the app, or your billing statement.

Note: Credit card rewards are credited according to the issuers’ terms. This simply means that some rewards don’t get credited into your reward account instantly, some get credited but don’t allow you to withdraw or use them till the end of the month, and some convert your rewards into your credit card charges and bill payments.

Key Reward Terms

Flat Rate: The flat rate is the amount of reward offered to customers for every purchase made with their credit card in the form of cashback, points, or miles. It might come as 1%, 2%, 3%, or 5%. The highlight is that it applies to every purchase.

Bonus Reward Program: In a reward bonus, a cardholder receives a cashback bonus of 1%, 2%, or 5% depending on where you shop and what you buy (products or items). Typically, a small portion of the interchange or merchant discount fees that a merchant pays to a credit card company is accepted by Cardiff, which accepts credit card deposits in one-on-two funds for these rewards. This fee can be fixed or variable and can vary based on the merchant’s negotiated agreement with an acquiring bank or credit card issuer.

How do credit card rewards programs work?

The reward process is simple: a cardholder makes purchases with his card through a merchant; your card issuer checks the eligible rewards your purchases fall into and credits your reward account. Card users redeem rewards by accessing their card account online; either the users make a withdrawal of the reward, and use it for applicable purchases in a designated store or online stores, or at an airline site, restaurant, or pump station.

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Credit Card Interest

Let’s liken a credit card to a loan. When you get a loan or borrow money from the bank, there is always an interest rate associated with your failure to pay it back in the agreed-upon month or period. Assuming you borrowed money now and agreed to pay it back in two months if by the end of those two months, you refuse to pay it back, there will be an interest rate charge, usually in percentage.

But if you pay within the agreed-upon two-month period, there won’t be interest applied. Though some banks or credit card companies give a period of grace, some people call it the “window period,” where if the agreed payment time elapses, you can still pay the exact amount borrowed with the window period; some banks might give a week, a month, or even a 3-month grace period.

When do you owe interest to a credit card company?

Most credit card issuers, if not all, don’t charge any interest on their credit cards. However, a card user accumulates interest when the period of balance payment elapses and the agreed amount for each period, either monthly or annually, goes unpaid. In other words, if you pay your balance in full each month or year, you will never owe any interest.

Types of Credit Cards

Just as everyone doesn’t exist at the same financial or spending level, so do different types of credit cards needed to satisfy the spending needs of people. Credit cards come in different types based on customers spending culture: what they buy, when they buy, where they buy, as well as their response to credit card balance payment or repayment when due.

The variety in customer spending culture necessitated the issuing of different types or forms of credit cards. We will start with the list and go ahead to say one-two and perk things about each credit card type, though we might not cover all of the whole list.

  1. Secured credit cards
  2. Hotel credit cards
  3. Airline credit cards
  4. College student credit cards
  5. Cash-back credit cards
  6. Low-interest credit cards
  7. Zero (0%) interest credit cards
  8. Balance transfer credit cards
  9. Small business credit cards
  10. Credit cards for bad credit card users or subprime credit cards
  11. Also, credit cards for fair credit
  12. Credit cards for building credit
  13. Rewards credit cards
  14. General travel credit cards
  15. Standard credit cards
  16. Charge credit cards.
  17. Prepaid Cards
  18. Limited Purpose Cards
  19. Fuel credit cards
  20. Shopping credit cards

#1: Secured Credit Card: A secured credit card is usually issued if an amount equivalent to a credit card limit is deposited, which can be refunded when the cardholder pays off their credit card balance or bill. The more deposits a customer makes, the higher the credit limit.

#2: Hotel credit card: It’s a brand of credit card issued with hotel names on the card, indicating that the card is only usable in that hotel. Most hotel credit cards offer bonuses and redeemable points.

#3: Airline Credit Cards: Similar to hotel credit cards, an airline credit card has the name of an airline company or brand on it, which simply tells card users it’s valid only at the airline. Most come with lots of reward programs, earning miles, and zero-interest, similar Decide on one-two and card-if for different uses such as free or discounted airline lounge, free checked bags, preferential boarding, seat reserve, and lots more.


#4: College student credit cards: these sets of cards are designed for only college students, knowing fully well that college students in most cases don’t have a credit history and don’t quite have a high-paying job. It also comes with rewards, discounts, and bonuses.

#5: Cash-back credit cards: as the name implies, cash-back credit cards offer cash to customers, withdrawable at banks, ATMs, and, in some cases, issued as checks.

#6: Low-Interest Credit Cards: Low-interest cards are designed for users who carry a balance over. This is mostly issued to users who don’t have stable income sources and might have needs from time to time to carry a balance over from months to months. That way, the accrued interest won’t be high.

#7: Zero Interest Credit Cards: Zero-interest cards work similarly to low-interest cards; the only difference is that cardholders aren’t billed for carrying cash over to another month. In the end, they will still be subject to only paying what they borrowed.

#8: Balance transfer credit cards: this set of cards allows balance transfers from a high-interest credit card rate to a low or zero-interest credit card and, in most cases, gives the cardholder a grace period of one year to offset the owed debt.

#9: Small Business Credit Cards: These sets of cards are issued to small business owners and startup entrepreneurs, with credit card perks for employees.

#10: Rewards credit cards: Rewards cards are designed with the user’s spending in mind; in that, they offer users a percentage of their spending, or, simply put, users earn points, miles, and bonuses on purchases made with their cards.

#11: Credit card for fair credit—these cards are designed for credit users with an average credit score.

#12: Credit card for bad credit—these sets of cards are designed for customers with poor credit scores.

#13: Credit card for building credit—these sets of cards are issued only to excellent credit card users with good credit scores.

How to Choose the Right Credit Card

In choosing a credit card, you will first need to know the type of credit card best for you, the best credit card issuers, and your qualifying power. When I say qualifying power, I mean to say criteria for applicants.

Your journey to choosing the right credit card starts with you. Decide on your card type and check your credit score to know which credit card company to apply to.

Things to Check Before Applying for a Credit Card

There are considerable factors to look out for before applying for a credit card—things that, when carefully checked, you wouldn’t regret applying for a credit card with a particular credit card issuer. Before you apply, check for:

  • Accessibility
  • Compare credit card features.
  • Rewards, perks, and incentives
  • Fees, charges, and interest rates
  • Credit limit.
  • Application process.
  • Credit score minimum and maximum criteria
  • Introductory interest rate (APR)

Credit Card Limits

The credit limit of a credit card is also one of its features. Credit card limits depend on the type of credit card held. This depends on whether it is a secured card. A situation where the credit limit is determined by how much the cardholder deposits.  A regular card, this is where the credit limit is usually determined by the cardholder’s salary, or premium cards, which usually have the highest credit limit.

The companies that issue credit cards also offer other incentives, and they view these additional incentives as credit card features. Credit cards may offer incentives such as rebates on purchases made, frequent flier miles or phone call minutes, insurance for some purchases, and travel accident insurance, amongst others.

How to Build Credit: Rebuilding Your Credit Card History and Building Up Your Credit Score

Generally, there is no FastTrack to building your credit or rebuilding your credit card score, as it took you time to damage your credit, so will it take time to rebuild it? Be it as it may, there are credit-building habits that, when adopted soon, rebuild your credit score. Habits like;

Building Credit Option #1: Paying Your Bills, which is the most time-honored way of building credit In a nutshell, the only way to get good credit from bad credit is to change behavior.

There are no quick fixes for this. It takes time and discipline to rebuild a credit history. You can’t pay for a quick fix. Often, the fix recommended is worse than just paying your bills. If you have a bad credit history and would like to rebuild it for a good one, another option to look into is seeking a secured credit card.

How to Use a Secured Credit Card to Rebuild Credit History

Using a secured credit card as the best credit rebuilding option is simply putting up the credit limit in cash upfront. If you don’t pay your credit bill, the amount secured will pay it for you. That’s the most effective means of securing yourself against not paying your credit card bill. If you pay up your booster bills, your secured amount will be refunded, which, in turn, will help rebuild your credit history.

In sum, use a secured credit card, pay your bills every month, and stick to it for a year. Pay every other payable bill, and try to settle or repay any amount that has gone to collections. All of this will help rebuild your credit card history and boost your credit score.


Another way out of a bad credit history is to get a credit card builder loanor secured loan,which primarily helps to rebuild your credit card.

How to Use a Credit Card Builder Loan to Rebuild Credit

The lender, who is typically a community bank or credit union, locks borrowed funds in an account until the borrower has paid off the loan amount. The best thing about a builder loan is that it works like an accountable savings system. Where you are held accountable for your spending. And when you offset the loan, your payment reports are sent to credit bureaus.

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That being said, you still have other options for rebuilding your credit card score, history, or bad credit. The next way to build credit is to go for a credit co-signer.

Building Credit Option #3: GO FOR CREDIT CO-SIGN

Credit co-signing is a way of bringing in a trusted third party that will pay your credit loan or unsecured credit card bill if you fail to pay it. Your co-signer can be your spouse, child, friend, or relative. One thing to remember while co-signing is that your co-signer is subject to risk.

The last option we have for you that will help build up your credit score and history and make you eligible for a credit card or loan is to gain authorized user access from people you trust and who trust you: family members and your spouse.

Building Credit Card Option #4: GET AUTHORIZED USER ACCESS

You can also rebuild your credit score when you become an authorized user with a good credit score. It makes for the fast generation of a FICO score. But, before gaining authorized user access, be sure the credit card issuer reports authorized user access spending and payments. This is made to the credit bureaus. Anything otherwise is a waste of effort and time.

You can also build a positive credit history by getting credit for bill payments.

Building Credit Option #5: APPLY FOR CREDIT FOR BILL PAYMENTThe last option we will discuss in our list today is to get credit for the bills you pay, such as rental bills, housing, cell phones, and other utility bills. Companies like LevelCredit, Rental Kharma, Rent Reporters, Rock the Score, ClearNow, PayYourRent, CreditMyRent, and others that provide rent-reporting services as well as phone and utility providers like Experian Boost (, among others, issue credit for bill payment. The reason this helps rebuild your credit is that most of these companies add your bill payment history and activities to your credit reports.

More Tips

In all we have said, remember this fact: July 2020 hasn’t changed anything, and neither will the rest of the months (August, September, October, November, and December). The change of the month and year does not suddenly introduce new ways of avoiding accumulated habits over time, nor will the new year 2021 do. Infant, let someone come up with the best ways to build credit in 2021. If there are no consistent positive habits built over time to override the bad habits you have already, no change or magic will happen to your credit score or history. Bad behavior over time is what got you bad credit. Only good behavior over time can rebuild it.

So we will leave you with new credit-building habits you will need to adopt as a backup or support to the credit-building programs and means we have discussed, habits like;

  1. Make sure you always pay your credit bill on time and pay 100% of it.
  2. Don’t ever go over (spend beyond your credit limit) your credit limit. Advisably, we would recommend keeping your credit utilization—the percentage of your credit limit used—between 25% and 30%.
  3. Don’t ever apply for several credit cards within the same time frame or period. Space up your application. The recommended application interval might be six months after your first application.
  4. Never consider closing your credit account. Though they’re exceptions, let’s do something worth closing your account. I would recommend you seek advice from credit card experts on when and for what reasons to close a credit card account.

In all this, make sure all your credit reports end with credit bureaus; a better edge is to always check your credit scores and reports.

You can check your credit scores and reports on some personal finance websites and credit card issuer sites for free. Below is a list of the best free credit scores and report-checking sites.

Sources for Free Credit Scores: Best Credit Score and Report Sites; Websites to Check Your Free Credit Scores and Reports Where to View Your Credit Scores and Reports

There are countless sites and credit issuer sites where you can check your credit scores and report for free, but we are going to be listing the best-trusted sites.

  • WalletHub
  • Credit Karma
  • Quizzle
  • Bankrate
  • Mint
  • Lending Tree
  • Compare Cards
  • Free Credit Score
  • Wise Piggy
  • Equifax
  • Credit Sesame
  • Identity Guard
  • Credit Reports and Scores
  • My Score
  • Free scores and more
  • SmartAsset 360
  • Credit ID: Protect
  • Fast 3 Credit Scores
  • AARP
  • Privacy Guard
  • Trusted ID
  • True Credit
  • TransUnion
  • Experian
  • Credit Check Total
  • MyFICO

How to Apply for a Credit Card: Credit Card Application Process

You need to be aware of the basics of the credit card processor and how it works, so that when you apply and your application is declined, you won’t take it personally. First, the credit card issuer doesn’t know who you are; they will draw their decision about who is eligible for their credit card access based on the information provided and the analysis performed on your credit history.

If it’s your first time applying for a credit card, then you don’t need to worry about the latter. However, your personal information plays a major role in whether you will be eligible or not for a credit card with a credit card issuer or company. Personal information such as your income, employment, assets, and lots more Down the line, I will share the commonly required credit card eligibility criteria for most credit card companies.

How to apply

There are various stages to a credit card application; the last stage is the approval stage, where the credit issuer approves you and mails you your credit card. The final is when you activate your credit card on the online site of the issuer because most if not all credit card issuers these days require activation before you can use your card or spend the money, though a few allow you to make mini purchases without activation but must be activated for a bigger purchase.

Here is the rundown of the application process:

  1. Choose the right credit card type and credit card issuer or company. You need to figure out the best card for your needs or spending and identify a card issuer or company that issues such a card. (Things to consider when choosing a credit card type and credit card issuer or company: card charge, the annual fee, interest rate (APR), late-fee or over-limit fee charges, and types of rewards redemption programs.)
  2. Visit the Credit Score Site and check your credit score. With your score, you will be able to identify which issuer is most likely to accept your credit card application and issue you a credit card. Credit card scores range from 300 to 900, with the best score at 900. The average score is 650, the good score is 700, and the poor score is anything below 620.
  3. Do your research on the service offerings of the credit card company or issuer. A credit card issuer might have amazing credit card offers and reward programs on the surface but have bad customer service or a backlog of challenges accessing those promised benefits, rewards, and discounts. So you need to find out from people who have used a card from such issuers, check online review sites, and carefully read the terms and conditions of the credit card company. Bad credit card issuer choices might affect your credit card history in the future, so choose well.
  4. Make available every required piece of information from the credit issuer; the next stage is to apply for the credit card online from the credit issuer’s site. But before you proceed to apply, make sure all the required information is readily available.

How to Fill Out a Credit Card Application Form Online: Apply online or via telephone. Apply in person or via mail.

Remember that most credit card issuers offer different options or ways for customers to apply for their credit card, some of which are: applying for a credit card on their online website, over the telephone, through mail, or in person.

But before you proceed with the application process, go through the company website and check for all the required information. Once you have assembled all the information, you can either apply online, by telephone, in person, or with a copy of the application that you will send via the postal service (mail).

Here are some basic personal, employment, asset, etc. information frequently asked for by a credit card issuer.


  • Driver’s license number
  • Social security number.
  • Work phone numbers
  • Previous residence
  • Referrals
  • Name
  • Email address
  • Current home address
  • Personal phone number
  • Employment status
  • Annual income
  • Monthly income
  • Bank account
  • Investments
  • Birthdate

After you’ve provided all the information required during the form-filling process, the issuer goes on analysis with your details to find your credit history, scores, reports, loan behavior, debt, and past credit applications.

After the analysis, if you meet the eligibility criteria, you will be approved with notice, and you will be mailed your new credit card along with the activation process to follow to start making use of your credit card. Most times mailed in days, depending on the terms of the credit card company.

However, if you didn’t get approved or if your application is declined, you will receive a message or a decline letter explaining why your credit card wasn’t approved. Below is the list of eligibility criteria commonly required by most credit card-issuing companies.

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Most credit card issuer eligibility criteria

Though different banks and credit card issuance companies have different eligibility criteria, they’re the most commonly seen criteria among banks and other credit card issuers. They’re as follows:

  1. People who are 18 years of age and older can apply for a credit card.
  2. The person must have a bank account in their name.
  3. The applicant is required to have a good CIBIL score of 650 and above (depending on the type of credit card the person is applying for; some rebuilder’s credit card companies accept credit card scores below 650).
  4. The income of the applicant should be regular and stable, as it ensures timely repayment.

Documents required for applying for a credit card

Here are important and non-negotiable documents a customer or credit card applicant must provide during the credit card application process:

  1. Identity proof: passport, PAN card, driving license, voter ID, etc.
  2. Residence Proof:Aadhar Card, Voter ID, Utility Bills, Bank Statement, etc.
  3. Income Documents: Salaried Individuals (Last 3 months’ salary slips, latest 6 months they get Some prefer Bank car months have months cards, bank statements showing salary credit), and self-employed individuals (Latest Income Tax Returns with the computation of income or certified financial documents, Proof of Business Existence).

Note: If you are already using a credit card, income documents are not required. Instead, you are required to provide a front copy of the credit card you are already using and the latest statement within the last 15 days.

How to get easy approval for a credit card What credit card can one easily get approved for upon application?

In the real sense, there is no fast route to getting approved by a credit card company, and there is no guarantee that the application for a credit card will be accepted.

The only guarantee one has is when the person meets almost all, if not all, of the eligible criteria, especially the most important criteria that assure a credit card company of your repayment. So, someone with an excellent credit card score, a good income without several credit cards open, or holdings has the highest qualifying power when he or she applies for a credit card.

In our recommendation, if you are looking forward to rebuilding your credit, a secured credit card would be the best fit for you. More so, if you are still struggling with your finances and don’t have an excellent credit score, you might need to go for a store credit card rather than a credit card issued by banks, as a store credit card comes with a low credit limit.

Is it good to have multiple credit cards? How do multiple credit cards contribute to my credit score?

Your holdings of multiple credit cards might ruin your chance of getting credit card approval. But if that’s the case, how many credit cards should you have? To answer that question, I would say that how many credit cards you should have depends on your credit needs and your ability to manage multiple cards effectively.

I have come across people who carry one credit card loaded with all their credit needs, and I have also come across people who have different credit cards for their different needs and purchases. It all depends on individual choices and the best of your credit card usage experiences.

Though a lot of people go for multiple cards because of the rewards programs, discounts, points, bonuses, and perks offered when you have a particular credit card for a particular need, my take-out point is that there is no set limit to the number or quantity of credit cards, and secondly, storing up multiple cards has no effect on your credit score if well managed. More so, keeping just one card is all wisdom.

Is there such a thing as too many credit cards?

If you can control your spending, then keeping multiple credit card accounts isn’t a big issue. Yes! It is not a big deal. It’s not even an issue at all, but rather a benefit. In analyzing your credit card history, scores, and reports, FICO algorithms look at different factors that contribute to poor credit. But there is no such thing as having multiple credit cards. One important fact for FICO is credit utilization.

Credit utilization (UTIL) is the ratio of what you owe on your card(s) and what your credit limit(s) are. Lower percentages are better, like we said before, between 25% and 30%. Credit utilization is calculated both on an individual card basis and also on a combined card basis. Having a large number of cards means you have a larger combined credit limit. That can only help drive your UTIL lower. Which has a positive effect on your credit?

Beneficial Reasons for Carrying Multiple Credit Cards

In the past, I have come across people who carry 4 or 5 cards. This card is for different purposes because of the accumulative benefits, discounts, and rewards it offers for specific card needs. Many people carry gas cards because they get them $0.25 off per gallon.

Also, others need a Citi card, and as a result, it gets them 2% cash back on every purchase. Some prefer to also have AmEx because it gets them 4% off dining out. To some US Bank cards, because it gets them 5% back on groceries.

People also carry specifics because of reliability, flexibility, and a higher credit limit. It also covers accessibility features like Discover Card, Capital One, and lots more.

That’s not to say there are no ups and downs with carrying multiple cards, but the basis is effective management.

Credit Card Companies: Credit Card Issuers

We have been using the term credit card issuers and companies; now let’s know who they are and what they do. Credit card companies or issuers are the financial institutions, mostly banks or credit unions, that issue credit cards to consumers. They also serve their accounts in exchange for annual bank charges and transaction fees, not excluding the interest rate that comes along with overdue repayment.

It’s very important to know the best credit card company to go with. Also, you need to know what makes them best so you know the right company with favorable credit offers for your financial needs and spending. There are vital things and differences to take note of when the subject of credit card companies comes up. Credit cards go along with an issuer and network, and most even have co-brands.

I might not go into detail about who a credit card issuer is, what they do, what a credit network is, and what they do; the same goes with co-brands. One thing to keep in mind is that credit card issuers are banks and credit unions. Their job is to issue and maintain your credit card accounts.

Credit card networks serve as a linking-up bridge for transactions, such as Visa and MasterCard. But American Express and Discover serve as issuers as well as networks. While co-brands are cooperative, stores, hotels, and restaurants that partner with an issuer The essence is to have a particular credit card for their service or product spending alone.

Furthermore, Visa and MasterCard, as earlier said, are networks that process card transactions. This simply means that in no way do they issue credit cards. Also, they are the leading credit card network globally, with 99% global acceptance.

The Best Credit Card Company

You won’t say for sure which credit card issuer or company is the best. This is because customer satisfaction differs. However, a J.D. Power study on major credit card issuers found three credit card issuers that were powerhouses in terms of customer satisfaction. They include Discover as the first best, followed by American Express, and finally, the USAA.

A table representing the J.D. Power 2018 Credit Card Customer Satisfaction Study

Credit Card Issuer

Satisfaction index

Power circle rating







American Express









Capital One



Industry Average






Bank of America



U.S. Bank



Wells Fargo






Credit One



You can make your choice of the best credit card to apply for in July 2020. Make this choice based on the statistics of the above study. If you want to know the best credit card for July 2020, you can refer to the top of this post. There, you will find a list of the best credit cards to apply for in July, August, September, October, November, and even December of 2020. You can rest assured that you are making the right application choice.


  • Christian Ehiedu

    I write for Educational, Financial, technology, and social media content producers. I am deep into doing credible research that will benefit you the reader. You can contact me on Tumblr, Chris Adam Facebook, Shopfortool Pinterest Account. I am a Technician and a woodworker. I have lots of years of experience in Technical work. I did some per time work at an electrical store. Having gathered lots of experience in the use of various tools link Mechanic Tools, Woodworking Tools, Power Tools, and Plumbing tools, I decided to put up this blog to help advise intending buyers or new biz on the right tools to buy on the market. My social Handle:

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