There are often many good reasons to open another New Credit Card, even if you already have a one. Opening a new one when your credit card is already struggling is actually not a bad ideal.
It can give you the boost you need to repair your score. One of the good reasons of opening a new credit card is that, you will get to manage your high-interest debt.
New Credit Card
A new credit card can be potentially gain access to a number of benefits and savings you are not taking advantage of.
The card can also improve your credit scores. A new credit card is like credit lines or loans that you applied for that you did not have before.
Benefits Of Opening A New Credit Card
Even if you already have a credit card, opening a new credit card help to boost your need to repair your score.
Some of the best reasons to open a new credit card include:
- It offers the opportunity to build credit.
- You can earn rewards such as cash back or miles points.
- It helps to protection against credit card fraud.
- You enjoy free credit score information.
- There are no foreign transaction fees.
- Increased purchasing power.
- Not linked to checking or savings account.
- Putting a hold on a rental car or hotel room
And many more
Best New Credit Cards
Now you know the benefits to enjoy for having a new credit card, the next question is which of the new credit card are the best. Below are some of the best new credit cards so far:
Best for travel reward & perks – Capital One Venture X
The Capital One Venture X card is a reward credit card and best for surprised travel lovers. The card was introduced in November 2021.
The card has an exceptional 75,000-miles welcome bonus and some solid earning rates for travel booked through Capital One Travel.
This card come with benefits like a $300 annual travel credit. Cardholders also get 10,000 bonus miles when they renew their card on their card member anniversary.
Best for frequent flyers – Areophane Card
The Areophane card is excellent for frequent flyers because it let’s them redeem points for rewards with air Canada and partner airlines.
The annual fee is $95 and you will have 3x point on groceries, dining at restaurant and purchase made directly with Air Canada
Best New balance transfer card – Well Fargo Reflect
The Fargo Reflect card is best for debt consolidation. The card doesn’t offer any reward but it does offer one of the longest into APR offers for purchases and qualifying balance transfer on the market today.
The card was introduced October 2021. There is no annual fee, and the lengthy zero-interest introductory period makes this card ideal for consolidating debts from other credit cards.
Best for Business – Bank of America Business advantage Unlimited Cash Rewards MasterCard
This America Business Advantage Unlimited Cash Rewards MasterCard credit card was introduced in February 2022. The card has a lot of feature and benefits.
This card is best for Business as it offers welcome bonus of $300 and 1.5 percent cash back on all purchase.
This business card requires a minimum-security deposit of $1,000, but it helps small business owners to build credit with the major credit bureaus.
This card does not charge an annual fee. It comes with travel accident insurance, auto rental insurance, emergency ticket replacement, and travel emergency assistance service.
Best for building credit – Capital One Quicksilver
This is one of the secured credit cards with none welcome bonus. The rewards are 1.5 percent cash back on all eligible purchases.
This card was introduced in October 2021 and it stands out due to its rewards rate with no annual fee. There are no hidden fees with this secured card. Cardholder can qualify for an automatic credit line increase in as little as six months.
New Credit Card for Bad credit
Getting a new card when you have a bad score can be difficult. But it doesn’t have to be. Below are options you can explore if your credit is not in great shape:
Secure Credit Cards
The secured credit card backed by cash deposit. Your available card line is same as the amount of your deposit. However, they assume a lot less risk, if you fail to pay your bill, they can use your deposit.
When you have balance in your secured credit card, it will incur interest, but your balance can’t exceed your deposit. You need $200 to open the secured credit card and the annual fees usually apply is zero.
Opensky secured visa credit card
OpenSky offers a solid path to rebuilding credit, with no credit check or bank account required. However, you’ll have to come up with a minimum of $200 for the security deposit. OpenSky offers everybody an opportunity to improve their credit with an 85% average approval rate for the past 5 years Get considered for a credit line increase after 6 months, with no additional deposit required.
Tomo Credit Card
This is also good for bad credit card. There is no annual fee, no interest rate, and you earn unlimited 1% cash back in all of your purchases. There are credit check requirements, non-U.S. citizens are eligible to apply. No security deposit, no credit check or credit history required and reports to all 3 major credit bureaus.
CREDIT CARD FOR BUSINESS
When picking card for your business, you need to decide on the type of reward you want to earn. Look at the card bonus categories and look well at the annual fee. Below are best credit cards for your business:
The business platinum card from American
Rewards: earn 5 reward per dollar on flight
Welcome bonus: is 120,000
Annual Fee: $695
This card is best for Business. You will earn 5 Membership Rewards® points per dollar on flights and prepaid hotels through American Express Travel.
You also earn 1.5 points per dollar on eligible purchases at U.S. your welcome bonus is 120,000.
120, 000 is Membership Rewards® points after spending $15,000 on eligible purchases with the card within the first 3 months of card membership. The Annual Fee: $695.
America Express Blue Business credit card
Rewards:2% cash back on every purchase
Welcome bonus: $250 after making $300 for the first three months.
Annual Fee: no annual fee
America Express Blue Business card is one of the best cards for your business. Annually fee is $0 with a lot of welcome bonuses.
However, since the 2% cash back rewards are capped at $50,000 in annual spending, this card might not be the best fit for all startups and new businesses that incur high expenses annually.
Ink Business Unlimited® Credit Card
Rewards: you earn 1.5% cash back
Welcome offers: Earn $750 bonus cash back after you spend $7,500 on purchases in the first 3 months from account opening.
Annual Fee: $0
This card doesn’t charge a fee for employee cards, offers extended warranty, included purchase protection for up to 120 days.
The ability to combine “cash back” earnings with Chase Ultimate Rewards personal and business credit cards for maximized travel redemption potential.
Additionally, The Chase Ink Business Unlimited has a foreign transaction fee and doesn’t offer bonus spending categories.
CREDIT CARD APPLICATION
Getting new card can be really hard, but you can checkout this guideline for help.
Know your credit card score
Knowing your score will help issues to determine your creditworthiness. You can request one free copy if your credit score and credit report every 12 months. But if you are starting with credit and don’t have a score yet, you will want to look for a card that need no credit history. Like a secured card.
Thank About Your Needs
You need to consider some things when choosing a card. Also, you need to consider the reward you will earn from that card. You also need to look to see if the card you are interested in has annual fee and think if it worth it.
Consider whether you’ll be carrying a balance on your card or if you’ll be paying off your purchases in full.
Learn About Credit Card Terms
When applying for a new card, you need to consider the terms before going for it. Learn about the Annual fee, the APR which is the annual percentage rate.
You also need to learn about the card balance transfer, cash advance, penalty fees, rewards rate, the foreign transaction fee, and the welcome bonus to avoid going for the wrong card.
Check For Pre-Approval
Before you apply for a card, check to see if you can be preapproved. Keep in mind, however, that being preapproved does not guarantee you will get the card you are applying for.
Additionally, it is very important you note that whenever you check your own credit score or report. It is measured a soft credit inquiry.
The others things you need to Know
You need to be prepared for are you credit to be impacted when you apply. You also need to determine a repayment strategy and gather the necessary information before choosing a method to apply.