Let Me Upgrade Ya

Coming out of college, I had a nonexistent credit score. Which I, of course, am incredibly thankful for.

Not having to make regular student or car loans led me to have no credibility when it came to my ability to pay off a credit card.

I had a debit card linked to my bank account but knew it was time to get my credit going. So I applied...for 3 cards...because I kept getting denied.

I was probably quite lofty in my card expectations as I was applying for pretty high-flying cards with lots of perks...but the truth was, I could barely get a minimal card. I ended up with an American Express through our bank. American Express is great for their rewards. The card sufficed my needs but after having it for a year and consistently paying my bill on the exact day payment came due, I have established a good credit score and determined it was time to move on and, as Beyonce says, Upgrade U *to a new card.*

But how to choose? I am breaking down a few different cards to hopefully help streamline someone's hunt for the perfect card!

To begin, let's start with the basics of credit cards and what sets them apart.

• APR. The rate that is charged to an outstanding balance if you carry month to month. Riskier borrowers will be charged higher rates. The easier it is to get the card, generally the higher the APR will be.
• Fees. Some cards are free. Others, possibly that have more rewards or more personalized service etc. may charge an annual fee for the card which gets billed to your statement.
• Rewards. Some cards are cash back, meaning for every dollar you spend, you get x amount back in cash. A card based in points would mean for every dollar you spend, you get x number of reward points that you can use for a variety of things.
• WHAT you're rewarded for. Different cards give varying amounts of points for certain items. Living in NYC, I do not have a car, therefore a card that offers double points for gas stations is not relevant for me. This is a big item to check for when determining which card suits your life.
  

Bear in mind your credit score. You can check this for free on the FICO credit site. The more perks the card offers, the higher your credit score generally needs to be in order to obtain the card. Also keep in mind, applying for lots of cards WILL hurt your credit score.

No/Low Credit

Capital One Quicksilver Cash Rewards
Rewards: 1.5% cash back
APR: 24.99%
Annual Fee: $39
Minimum Credit: limited history

The Overspender

Capital One Secured MasterCard
-A secured card hedges your willpower. If you are worried you will overspend, hence destroying your credit score for years to come, stick with a secured card. Much like a debit card, you can only spend the amount you put up in collateral.
APR: 24.99%
Annual Fee: $0
Minimum Credit: no/low credit

Cash Back

American Express Cash Back
Rewards: 1-3% cash back (based on the purchase)
APR: 13.99%-24.99% (based on credit score)
Annual Fee: $0
Minimum Credit: Good (700-750)

Citi Double Cash
Rewards: earn cash back twice, 1% on purchases, 1% when you pay for purchases
APR: 14.49%-24.49%
Annual Fee: $0
Minimum Credit: Good (700-750)

Points, Points, Points

American Express Gold Card
Rewards: 25,000 bonus points, 2-3x points/$1
APR:16.99%-23.99%
Annual Fee: $0 first year, $195 after
Minimum Credit: Good (700-750)

World Traveler

Chase Sapphire Preferred                                                  Chase Sapphire Reserve
Rewards: 50,000 bonus points & 1-2 points/$1               Rewards: 50,000 bonus points & 3x points/$1
APR: 16.99%-23.99%                                                    APR: 16.99%-23.99%
Annual Fee: $0 first year, $95 after                                 Annual Fee: $450
Minimum Credit: Excellent (750-800)                           Minimum Credit: Excellent

Why is the Reserve so expensive? Elite travel benefits and credits, higher point rewards for spending, unparalleled 24/7 customer service (a REAL human!)

You can get a credit card for specific airlines: Delta, United etc. but with the Sapphire cards, the rewards are flexible, meaning you can redeem the points on different airlines not just one.

Mack Daddy

American Express Centurion Black Card
Rewards: numerous ranging from points, to VIP airport treatment, upgrades at hotels etc.
Annual Fee: $7,500 initiation, $2,500 annual (invitation only, .1%)
Annual Spending Requirement: $250,000
Minimum Credit: Excellent. Line of credit with LOTS of 0's required.

Like mother, like daughter ;)

American Express
Citi Group
J.P. Morgan Chase
MasterCard
The Points Guy
Google Images