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Best Credit Card:Each day we get bombarded with credit card offers in the mail asking us to sign up for a new credit card. Which ones do you apply for and which ones do you toss away with the other junk mail? Most Americans can't live without credit and so having a credit card makes sense for most purchases. The real problem with any credit card is that you never see the real money being spent until the bill comes at the end of the month telling you that you spent over $2500 last month. Most people pay the minimum because they can't afford the entire bill and they drag out payments for years on balances that average close to $7500/family. The credit card deals we see are for 0% APR, no yearly fees, cash back offers, reward travel, debt consolidation, no interest for the first 6 months, etc. How do you know which card makes the most sense for your financial situation. To begin with, if you already have 2 or 3 credit cards at or near being maxed out, take a step back and re-evaluate your financial position. Should you really be getting yourself into more debt if you are already over your head (limits). Switching your credit card allegiance does make sense if the new company is offering a lower APR or no interest on balance transfers for a year. Below we will go into the most popular credit card offers and review them for merit.
Southwest Rapid Rewards Credit Card:The Southwest Airlines Rapid Rewards VISA Card was not listed on any sites we could find except via the Southwest.com website. I used to use the United Mileage Plus VISA credit card and switched over to the Southwest Airlines during the potential bankruptcy of airlines during the 2000-2005 period. The Rapid Rewards Visa Signature Card is great for frequent flyers who don't travel long distances. Southwest Airlines now flys to more places in the United States (including Hawaii with their partners) which makes being a travel partner with them more enticing. You earn two reward dollars for every $1 you spend on Southwest Airlines and 1 reward dollar for each $1 you spend on other purchases. 1200 reward dollars gets you 1 Rapid Rewards Credit. 16 Credits within 24 consecutive months equals a roundtrip ticket award on Southwest Airlines. The card is offered through Chase Bank but you can apply online at http://www.southwest.com/rapid_rewards/visa.html.
Business Credit Card:Business travelers have always enjoyed the perks of travel by racking up bonus points either for free airline flights, free nights stay at top hotel chains, or rewards points toward shopping. America Express had dominated this market for years and the American Express Business Gold Rewards Card is the best business credit card on the market today. You get automatic enrollment in the Membership Rewards program, you can earn up to 100,000 points or more in the first year, there is no pre-set spending limit, no finance charges (must pay in full each month), and ongoing savings at AT&T, FedEx, Staples, Hertz, and more. The first year fee is free, and then each year thereafter is $125. The one drawback to this card is that there are no balance transfers allowed and the high yearly fee. Many traveling businessmen and women say the yearly fee is no big deal since their companies pay that for them leaving just the perks and rewards as the payoff. AMEX is not accepted at all retailers, but 95% of all businesses do take the card. Coming in a close 2nd and 3rd are the Advanta Platinum with Rewards and the CitiBusiness Card. Both offer balance transfers, unlike the American Express card. The Advanta Platinum is rated high by business users since you get 0% APR on balance transfers for 16 months and the fixed 7.99% APR thereafter is very reasonable. You can choose 5% Cash Back or Travel Rewards on the Advanta card and there is no annual fee. The CitiBusiness credit card offers quarterly and annual account summaries along with savings on everyday business purchases.
Credit Cards for Students:If you walk on any college campus in America you will see potentially dozens of credit card booths and tables set up to draw in new customers (most of which have no idea how to handle credit cards). College students are coming out of universities with degrees as well as $1000's in debt. With little or no training on how to handle newfound credit, young adults tend to spend too much and have no real job to pay the bills. Parents tend to pay the credit card while the student is in college, but eventually they must pay the credit card themselves. Many of these credit card deals given to college students require no co-signer and no minimum income (seems dumb to us). We suggest that any student that has no real job, go with a credit card that has a pre-set limit like $1000. That way you can start slow not get into too much debt. Discover and Citibank offers some great student credit cards with no annual fees, online account management, low introductory rates.
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