Best Rewards and No Gimmicks
The Plastic Tool
Credit cards can be a powerful tool. As it is explained in getting2zero - Debt Free with a College Degree, credit cards can add value to your life if used correctly. If managed correctly, they will actually put more money in your pocket than they'll take out. Through the simple g2z process, you can own a credit card without ever paying interest and make money through the cash back offerings.
So what is the best card to get?
After diligently shopping around for a solid credit card, there were multiple factors to take into consideration:
- Annual or Monthly Fees: If there were any fees in attaining a credit card, those were immediately thrown out of the bag. We shouldn't be charged for spending our own money and we definitely shouldn't be charge if we don't spend at all. The only way credit cards should make money on consumers is through interest, but if you're a ZERO, you shouldn't worry about that because you'll never accrue it.
- Interest Rate: This one is listed simply because it is irrelevant. I speak of it, because the rate can be 1% or 99%. Being a ZERO, you that these numbers will never affect you. Check out the book for more insights.
- Points or Cash Back: This is the biggest driver. Many cards out there offer different rates and different incentives to get you to use their card. These should be one of the biggest areas to look at when deciding what card is best for you. Make sure to not fall for the 'rotating' offerings. These are where they give you the points for only a certain window.
- Customer Service: This one is more for potential issues that you may come across. Are you an individual that constantly call customer service or are you a 'thanks I got it, now I don't need you' person. Depending on which you are, customer service may be something to look into. See if you can find ratings online from others who have dealt with them.
The winner? The best card that we found was offered by a credit union that was primarily catered to Military Personnel and their families, but lately they have been promoting their services on TV and stating that it is now open to anyone. Pentagon Federal Credit Union is the winner for best card.
The winner was their Platinum Rewards Visa Signature Card.
This card offers 5% on GAS, 3% on GROCERIES and 1% on EVERYTHING ELSE.
These were the major purchases that we use on a daily basis, so it made sense to get this card. No frills and no hassles.
The only negative that we found with this card is the initial setup due to higher than normal security measures taken by the credit union. Not necessarily a bad thing, but it was annoying at some points. Better safe than sorry, I guess.
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