A credit card is a very vital tool to keep a strong credit record forever. The key is to use it wisely and properly to earn rewards, build your credit records and improve your score over time. Also keep in mind that FICO credit score varies from time to time. Credit score is subject to fluctuations on the basis of how many cards you have and how long you carry them. Your score can rise if you register for so many accounts in a while. If you cancel your oldest cards, your score can reduce and credit history will be shortened. Choose a card without annual fee and with a lot of perks. Here are some of the best credit cards that you should hold on to –
It is well regarded as one of the best reward cards without annual fee. For every dollar, you can earn 1% as cashback and 5x points in your nearby categories. It can be used any time and frequently as you like without having to worry about annual fees. You can also redeem your points for cash back or gift cards, or simply shop at Amazon. You can also turn your points of Freedom card to Ultimate Rewards ones with Chase Sapphire Preferred card.
Bank of America Cash Rewards
This reward card comes with a lot of amazing offers for Merrill Lynch or Bank of America customers. On every purchase, you can get 1% back. In addition, you can shop at grocery stores to earn 2% back and at wholesale clubs. For spending $2500 for the first time in combined club/gas and grocery/wholesale purchases, you can get 3% back on gas each quarter. However, if you are a Bank of America customer, you can redeem your points in your savings or checking account from the same bank and get 10% as a bonus every time. The annual fee always remains the same. If you wish, you can earn endless rewards every year but you won’t have to pay anything for benefits.
Discover It Cash Back
Since there is no annual fee charged, you can keep the Discover It Cash Back credit card on your wallet. For every dollar, you can get 1% back in your wallet. All the cashback you’ve earned in a year, it will be matched at the end. Suppose you’ve earned $150 over the first 1 year, it will be matched to $300. You can also track your FICO credit score without paying any fee online and on monthly statements.
Blue Cash Everyday from American Express
It is the best choice for those who spend in moderation but still looking for a forever card to earn rewards. By spending $6000 for the first time with this card in supermarkets, you will get 3% back and then 1%, along with 2% at gas stations and select department stores in the US, and 1% back on other purchases.
Capital One Quicksilver Cash Rewards
It comes with a signup bonus after spending only $500 on the card in 3 months of opening your account, along with 1.5% unlimited cashback for each dollar spent. The cash back is valid forever.