Top 5 Credit card in USA 2020
No single credit card is the best option for every family, every purchase or every budget. Your credit history, the composition of your family, how much you spend and on what, whether you travel abroad and whether you are comfortable having multiple cards could all affect the best card for you.
In short, the best credit card for an affluent single who splurges on foreign travel and eating out may be different than the best for a cost-conscious family that goes camping for vacation and mostly shops at Target.
For this reason, Forbes Advisor has chosen the best credit cards of 2020 in a way designed to be the most helpful to the widest variety of readers. Rather than simply selecting the “best rewards card” or “best cash back card,’’ we’ve attempted, with this list, to highlight the best cards for a variety of situations.
Keep in mind that most Americans have more than one credit card—according to Experian, Millennials have an average of 2.5 credit cards each, and Baby Boomers average 3.5 each. With that in mind, you can choose a card that rewards your spending in certain categories such as groceries or dining, then a flat rate rewards card to compliment it.
- Citi® Double Cash CardUp to 2% Reward RateFirst, you earn 1% unlimited cash back on every purchase you make.Welcome BonusNoneAnnual Fee$0Regular APR13.99% - 23.99% (Variable)Credit ScoreExcellent (750 - 850)
The Citi Double Cash card tops the Forbes list of the best cash back credit cards, and with good reason. It offers an unbeatable cashback rate on all purchases, plus a long-lasting 0% intro APR offer, all without an annual fee.
2. Best Cash Back Card
Blue Cash Preferred® Card from American ExpressUp to 6% Reward RateEarn 6% cash back at U.S. supermarkets, on up to $6,000 per year in purchasesWelcome Bonus$250 backAnnual Fee$95Regular APR13.99%-23.99% VariableCredit ScoreExcellent, Good (700 - 749)
Big spenders at US supermarkets and road warriors who frequently spend on gas or taxis, rideshares or transit can rack up impressive cash back rewards.
3. Hilton Honors Aspire Card from American Express *Up to 14X Reward RateEarn 14X Hilton Honors Bonus Points on eligible purchases at participating hotels or resortsWelcome Bonus150,000 pointsAnnual Fee$450Regular APR15.74% - 24.74% Variable APR on purchasesCredit ScoreGood/Excellent (700 - 749)
The flagship card from Hilton, the Hilton Honors Aspire Card from American Express comes with a price tag to match its top-tier status and perks. It's a perfect fit for big spenders who haunt Hilton properties enough to leverage the rich suite of benefits that come with the complimentary Diamond status.
4. Amazon Prime Rewards Visa Signature Card *Up to 5% Reward RateEarn 5% Back at Amazon.com and Whole Foods Market; Earn 2% Back at restaurants, gasWelcome Bonus$70 Amazon.com Gift CardAnnual Fee$0Regular APR14.24% - 22.24% Variable APR on purchases and balance transfersCredit ScoreGood/Excellent (700 - 749)
For existing Prime members who frequently shop at Amazon and Whole Foods, the 5% rewards rate is stellar. To further sweeten the deal, the Amazon Prime Rewards Visa Signature Card offers a 2% rewards category plus Visa Signature benefits.Welcome BonusAnnual Fee$0Regular APR22.90% Variable APR on purchasesCredit ScoreGood/Excellent (700 - 749)
If you shop frequently at Target and pay off your balance every month, you can't beat getting a 5% discount on Target purchases with this $0 annual fee store card.