CNN Money Names Top 5 Credit Card Offers

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Twitter Credit Card Rates Balance Transfer: 12.40% Low Interest: 12.17% Cash Back: 12.49% Business Cards: 10.74% Instant Approval: 17.62% Student: 14.71% Travel: 14.17% Updated: 05-13-2009

CNN Money has just named what it believes to be the top credit card offers in five different categories. The categories include the best balance transfer deals, cash back rewards, gas rebates, and travel cards. From the Iberia Bank card to Escape by Discover, the list includes cards many have heard of before, and perhaps a few that aren’t quite so familiar. Let’s check out the list, and asses CNN Money’s list for ourselves.

Best Balance Transfer–IberiaBank Visa Classic

CNN Money named the IberiaBank Visa Classic as offering the best balance transfer deal. Given that the Iberia card is one of the few offers with no balance transfer fee, it is not a surprise to see it on the list. Add to that a regular APR ranging from 6.25% to 8.25%, and the card is a hard one to beat.

There are a couple of things to keep in mind, however. First, the balance transfer introductory rate lasts for just 6 months. There are 12 month deals that, even with a 3% balance transfer fee, might be a better offer. The Discover More Card, for example, offers a balance transfer deal for up to 12 months, and cash back rewards of up to 5% to 20%.

The other thing to keep in mind with any Iberia card is that they are very difficult to obtain. An applicant must have excellent credit and fax proof of income (pay stubs, tax returns) as part of the application process. That said, here are the current terms of the Iberia Visa Classic:

• Variable Rate APR ranging from Prime + 3% thru Prime + 5% (As low as 6.25% – 8.25%)
• Cash Advance Variable Rate APR ranging from Prime + 7% thru Prime + 9% (As low as 10.25% – 12.25%)
• No annual membership fee
• 0% Introductory APR on balance transfers for the first 6 billing cycles. Applies to balance transfers processed within three months of your account open date
• No transaction fee for balance transfers
• 25 day grace period
• Online access to credit card account information

  Apply Now!

Cash Back for Small Spenders–Schwab Bank Invest First Visa

For those that don’t put a lot on their credit cards, CNN Money recommends the Schwab Bank Invest First Visa. Cardholders earn 2% unlimited cash back on every single purchase made. Applicants must have a Schwab One brokerage account, but there are no fees to open or maintain it. Points are earned for each purchase, equaling one point for each $1 spent. Points can then be converted to cash, with 1,000 points worth $20. The cash is deposited into a linked Schwab One brokerage account.

Cash Back for Big Spenders–American Express Blue Cash

For big spenders, CNN Money recommends the Blue Cash card by American Express. With Blue Cash, cardholders who charge at least $6,500 a year will see their cash-back percentage increase form from 1% to 5% on purchases at gas stations, supermarkets, and drugstores, and from 0.5% to 1.5% on everything else. For more information, check out our review of the Amex Blue Cash card and our comparison between Blue Cash and Chase Freedom.

A good alternative to the Blue Cash card is the American Express TrueEarnings Card from Costco. For those that shop at Costco, the True Earnings card offers cash back as follows: 3% for gasoline, for annual gasoline purchases of up to $3,000 (1% thereafter), 3% for restaurants, 2% for travel, and 1% everywhere else, including Costco.

Best Gas Rebate Card–Pentagon Federal Visa Platinum

For those looking for a gas rebate card, CNN recommends the Pentagon Federal Visa Platinum. Cardholders get 5% unlimited cash back at the pump, plus 2% on supermarket purchases and 1.25% on everything else. You must join a credit union to get the card.

Best Travel Rewards–Escape by Discover Card

For best travel rewards, CNN recommends the Escape card by Discover. Cardholders earn two miles for every dollar spent, plus 1,000 bonus miles each month they make a purchase for the first 12 months. The card does come with a $60 annual fee.