Best Credit Cards for July 2022 – CNET

Today’s credit cards offer a bevy of perks — welcome offers, cash back, and extra rewards for spending on certain categories like gas stations, grocery stores and restaurants are only a peek at the benefits that the best credit cards can provide. 

Selecting the best credit card for you requires assessing your financial situation and determining your goals. Do you want a long 0% intro APR period, no annual fee or special travel benefits like priority boarding, flight vouchers and rental car insurance? 

Whether you’re looking for rewards, low rates or unique bonuses, discover our top picks for the best major credit cards for June below. We’ll update this list of our best partner offers periodically.

Best cash-back rewards card

Intro OfferIntro Offer: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) – worth up to $300 cash back!

APR15.74% – 24.49% Variable

Intro Purchase APR0% Intro APR on Purchases for 15 months

Recommended Credit Excellent/Good

Reward Rates

  • Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more;
  • 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service
  • 1.5% on all other purchases

Annual Fee$0

Intro Balance Transfer APR0% Intro APR on Balance Transfers for 15 months

Balance Transfer APR15.74% to 24.49% Variable

Balance Transfer Fee Either $5 or 5% of the amount of each transfer, whichever is greater.

Foreign Transaction Fees 3% of each transaction in U.S. dollars

Penalty APR Up to 29.99%

  • Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more;
  • 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service
  • 1.5% on all other purchases

Our Take

The Chase Freedom Unlimited credit card offers a wide array of benefits, but its cash-back rewards are particularly impressive. You can earn 5% cash back on travel booked through Chase Ultimate Rewards, 3% on drugstore purchases, restaurants and dining, and a flat rate of 1.5% on all other purchases. You can earn an additional 1.5% cash back on up to $20,000 in purchases for the first year via the welcome bonus, and through March 2025, you can also earn 5% cash back on Lyft rides. 

This Chase credit card also offers no annual fee and a 0% introductory APR on purchases and balance transfers for 15 months (15.74% to 24.49% variable APR thereafter), making it well-rounded. We’ve also evaluated several other cash-back rewards credit cards, as some readers may be looking for different types of reward categories.

Intro OfferN/A

APR15.99% – 25.99% (Variable)

Intro Purchase APR0% for 20 billing cycles on purchases

Recommended Credit Good/Excellent

Reward RatesN/A

Annual Fee$0

Intro Balance Transfer APR0% for 20 billing cycles on balance transfers

Balance Transfer APR15.99% – 25.99% (Variable)

Balance Transfer Fee Either 3% of the amount of each transfer or $5 minimum, whichever is greater

Foreign Transaction Fees 2% of each foreign purchase transaction or foreign ATM advance transaction in U.S. Dollars. 3% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency

Our Take

The U.S. Bank Visa Platinum Card offers a whopping 20 billing cycles at 0% introductory APR for purchases and balance transfers (15.99% to 25.99% variable APR thereafter), crushing the competition. Though there is no sign-up bonus or rewards program, there is also no annual fee, making this a low-maintenance option. 

Not only is this a great card if you’re making a large purchase or want to prolong your interest-free payments, but it’s an excellent emergency credit card in case you need to cover a large expense unexpectedly. With other 0% APR credit cards for purchases and balance transfers, you will have a shorter period of time with the 0% introductory rate, but you may receive other benefits and rewards.

Check out our full review of the U.S. Bank Visa Platinum Card for more information.

Travel rewards card

Intro OfferEarn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That’s $750 when you redeem through Chase Ultimate Rewards®.

APR16.74% – 23.74% Variable

Intro Purchase APRN/A

Recommended Credit Excellent/Good

Reward Rates

  • 5x on travel purchased through Chase Ultimate Rewards®
  • 3x on dining.
  • 2x on all other travel purchases, plus more.

Annual Fee$95

Balance Transfer APR16.74% – 23.74% Variable

Balance Transfer Fee Either $5 or 5% of the amount of each transfer, whichever is greater.

Foreign Transaction Fees $0

Penalty APR Up to 29.99%

  • 5x on travel purchased through Chase Ultimate Rewards®
  • 3x on dining.
  • 2x on all other travel purchases, plus more.

Our Take

The Chase Sapphire Preferred® Card is arguably the best travel card on the market. It’s hard to rival its rewards program — it expands to everyday categories and has competitive rates on travel. Points are worth $0.01 when redeemed for statement credit, but you get a 25% boost in redemption value if you redeem your points for travel through Chase Ultimate Rewards. The welcome bonus — 60,000 points when you spend $4,000 in purchases within the first three months of account opening — is worth $750 toward travel booked through Chase Ultimate Rewards, as well. 

You also get a slew of travel-related perks. There are no foreign transaction fees, a one-to-one point transfer with airline and hotel partners, baggage delay insurance, trip delay insurance and trip cancellation/interruption insurance. In combination, this is a standout offer for a $95 annual fee. 

Read more details in our full review of the Chase Sapphire Preferred.

Unlimited Cashback Match at the end of your first year

Intro OfferIntro Offer: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year. There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.

APR13.49% – 24.49% Variable

Intro Purchase APR0% for 15 months

Recommended Credit Good/Excellent

Reward Rates

  • Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
  • Earn 1% unlimited cash back on all other purchases – automatically.

Annual Fee$0

Intro Balance Transfer APR0% for 15 months

Balance Transfer APR13.49% – 24.49% Variable

Balance Transfer Fee 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*

Late Payment Fee None the first time you pay late. After that, up to $41.

Foreign Transaction Fees None

  • Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
  • Earn 1% unlimited cash back on all other purchases – automatically.

Our Take

Discover it® Cash Back* offers a unique sign-on bonus: an unlimited cash-back match at the end of your first year. You don’t even have to reach a minimum spending threshold, like with most other sign-up bonuses — but you can outearn other credit cards with such bonuses if you spend enough. 

You will enjoy 5% cash back up to the quarterly maximums (then 1%) on rotating quarterly categories as you activate them. Some of these quarterly categories include purchases from Amazon.com, grocery stores or gas stations. Discover will also give you 1% cash back on all other purchases. We’ve also collected a few other credit cards with generous sign-on bonuses.

Check out more details in our full review of the Discover it Cash Back.

Student credit card

Intro OfferIntro Offer: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.

APR14.49% – 23.49% Variable

Intro Purchase APR0% for 6 months

Recommended Credit Fair/New to Credit

Reward Rates

  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter.
  • Earn 1% unlimited cash back on all other purchases – automatically.

Annual Fee$0

Intro Balance Transfer APR10.99% for 6 months

Balance Transfer APR14.49% – 23.49% Variable

Balance Transfer Fee 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*

Late Payment Fee None the first time you pay late. After that, up to $41.

Foreign Transaction Fees None

  • Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter.
  • Earn 1% unlimited cash back on all other purchases – automatically.

Our Take

The Discover it® Student chrome* offers a winning combination of incentives as well as lenient terms for first-time credit card holders. You’ll earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter, then 1%. You’ll also earn an unlimited 1% cash back on other purchases.

Discover will then double your cash back: New cardholders will receive a cash-back match from Discover at the conclusion of their first year. On top of that, an introductory 0% APR on purchases for six months (14.49% to 23.49% variable APR after that) will give you a little wiggle room. You may decide that you like one of our other top picks for student credit cards, also.

FAQs

How should I choose a credit card?

Ultimately, the right credit card is individual to each person and their goals and preferences. Decide what features you’re looking for: maximized rewards, spaced-out payments on a large purchase, credit building, an emergency credit card or other benefits. From there, you can decide the type of card you’re looking for. You can then use online reviews like those at CNET to further narrow down what terms will work best for you.

How do I qualify for a credit card?

The better the benefits, the more hoops you’ll need to jump through to be eligible for certain credit cards. Credit cards with attractive rewards programs or cash-back rewards require better credit than more basic credit card varieties.

If you have poor or fair credit, you might only qualify for credit builder or secured credit cards. If you have good to excellent credit, you may easily qualify for any credit card you want. But if you don’t have the right score, you can always work to improve your credit for better odds of approval.

What’s the best credit card to get for first-time users?

The best credit card for beginners is one that will help you build credit, so make sure to get a card that reports to the three credit bureaus. You’ll also want to determine how you plan to use a credit card. Are you expecting to carry a balance from month to month, or can you reliably pay the credit issuer off? Are you a student who needs to finance a bunch of back-to-school purchases? Depending on what you need, one credit card might be better than another.

Our methodology

CNET reviews credit cards by exhaustively comparing them across set criteria developed for each major category, including cash back, welcome bonus, travel rewards and balance transfer. We take into consideration the typical spending behavior of a range of consumer profiles — with the understanding that everyone’s financial situation is different — and the designated function of a card. 

For cash-back credit cards, for example, key factors include the annual fee, the “welcome bonus” and the cash-back rate (or rates, if they differ by spending category). For rewards and miles cards, we calculate and weigh the net monetary value of a card’s respective perks. And with balance transfer credit cards, we analyze specs such as the duration of the introductory 0% APR period and the balance transfer fee, while acknowledging secondary factors such as the standard APR and the length of time you have to make a balance transfer after you open the account.

*All information about the Discover it Student chrome, and Discover it Cash Back has been collected independently by CNET and has not been reviewed by the issuer.

The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.