The Best Credit Cards of 2022

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How Many Credit Cards Should I Have? – Forbes Advisor
1. Chase Freedom Flex℠

The Chase Freedom Flex℠, launched with a splash in late 2020. When paired with a premium Chase Ultimate Rewards®-earning card like the Chase Sapphire Preferred® Card, Chase Sapphire Reserve® or Ink Business Preferred® Credit Card, it can earn powerful Chase Ultimate Rewards points. Even as a standalone cash back card, it’s tough to beat considering it also has no annual fee.

Rewards: 5% cash back on up to $1,500 in categories that rotate quarterly (requires activation), 5% on travel purchased through Chase Ultimate Rewards®, 3% on dining and drugstores and 1% on all other purchases

Welcome Offer: $200 bonus after spending $500 on purchases in the first 3 months from account opening

Annual Fee: $0

Other Benefits and Drawbacks: The Chase Freedom Flex℠ packs a huge punch for a card without an annual fee. The biggest downside to this card? You’ll have to remember to activate the quarterly bonus categories and track how much you’ve spent because the rotating categories have a $1,500 cap—at least if you’re planning to optimize your spending.

You can also benefit from complementary cell phone insurance protection when you pay your monthly cell phone bill with your card. Claims are limited to $800 per claim and $1,000 per year total.

This card does charge a foreign transaction fee so it is not a good choice if you plan to travel abroad.

2. Wells Fargo Active Cash® Card

In a crowded market of 2% cash reward cards, the Wells Fargo Active Cash® Card stands out because of its introductory APR offer and Visa Signature benefits.

Rewards: 2% cash rewards on purchases

Intro APR Offer: 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 17.24%, 22.24%, or 27.24% variable APR applies. Balance transfers made within 120 days qualify for the intro rate and fee of 3% then a fee of up to 5%, with a minimum of $5 applies

Welcome Offer: $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months

Annual Fee: $0

Other Benefits and Drawbacks: The Wells Fargo Active Cash® Card offers cell phone protection when you pay your cell phone bill with the card each month. It charges a  foreign transaction fee so it is not a good choice for use abroad.

To learn more about the Wells Fargo Active Cash® Card, read our full review.

3. Capital One Venture X Rewards Credit Card

The Capital One Venture X Rewards Credit Card, launched in November 2021, was a big shake-up to the travel card market. It offers benefits similar to other premium travel rewards cards with a lower annual fee—making this card a great option for even the occasional traveler.

Rewards: 2 miles per dollar on all eligible purchases, 5 miles per dollar on flights booked through Capital One Travel and 10 miles per dollar on hotels and rental cars when booking via Capital One Travel

Welcome Offer: 75,000 bonus miles after spending $4,000 on purchases within the first three months of account opening

Annual Fee: $395

Other Benefits and Drawbacks: In addition to the ability to earn solid rewards, the Capital One Venture X Rewards Credit Card offers up to $300 back annually as statement credits for bookings through Capital One Travel and 10,000 bonus miles on each card anniversary.

Cardholders receive a Priority Pass lounge membership, access to Capital One lounges and a Global Entry or TSA PreCheck application fee credit after paying for the application fee with the card.

4. Chase Sapphire Preferred® Card

If you’re wanting to get into transferable points but the annual fees of the top-tier cards scare you away, the Chase Sapphire Preferred® Card may be a good place to start.

Rewards: 5 points per dollar on travel purchased through Chase Ultimate Rewards®, 3 points per dollar on dining, select streaming services, and online grocery purchases (excluding Walmart, Target and wholesale clubs), 2 points per dollar on all other travel purchases and 1 point per dollar on all other purchases

Welcome Offer: 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening

Annual Fee: $95

Other Benefits and Drawbacks: Chase Ultimate Rewards® are both flexible and valuable, which is why the Chase Sapphire Preferred® Card makes our list if you can’t justify the Chase Sapphire Reserve®’s higher annual fee. You have the ability to transfer Ultimate Rewards to a variety of airline frequent flyer programs and hotel chains, such as United Airlines and Hyatt.

An Ultimate Rewards point from your Chase Sapphire Preferred® Card is worth 1.25 cents per point when redeemed through the Chase travel portal or when using Pay Yourself Back, but if you are going to use the travel portal we would recommend considering the higher annual fee Chase Sapphire Reserve® instead because your points will be worth 1.5 cents each in the same instances. The Chase Sapphire Preferred® Card also offers best-in-class travel protections, though they’re not quite as good as the Chase Sapphire Reserve®’s coverage.

The Chase Ultimate Rewards cards are best taken as a family: partnering a Chase Sapphire Preferred® Card with a Chase Freedom Flex℠ and an eligible Chase Ink business card allows you to earn Ultimate Rewards quickly. Rewards can also be combined between family members to really speed up the pace.

Many trips have non-refundable elements that are tied to specific dates such as hotel or prepaid tour reservations. If you are interrupted or have to cancel your trip, you could be out a tremendous amount of money.

In addition to offering the ability to earn valuable points on purchases, the Chase Sapphire Reserve® offers trip cancellation and interruption insurance for covered situations, trip delay insurance, lost baggage and baggage delay insurance, primary rental car insurance and more. All of these best-in-class protections helped this card top the list for the best travel rewards credit card.

Rewards: 5 points per dollar on air travel and 10 points per dollar on hotels and car rentals when purchasing travel through Chase Ultimate Rewards® immediately after the first $300 is spent on travel purchases annually. Earn 3 points per dollar on other travel and dining and 1 point per dollar spent on all other purchases

Welcome Offer: 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening

Annual Fee: $550

Other Benefits and Drawbacks: The high annual fee of this premium rewards card comes with $300 in travel credits that are applied automatically when you make qualifying purchases.

The Chase Sapphire Reserve® benefits include Priority Pass airport lounge membership that includes airport restaurant locations, which the American Express versions of Priority Pass do not include. This means that when you fly, you’ll be able to eat and drink at Priority Pass restaurants in addition to the over 1,200 airport lounge locations worldwide as long as you enroll, which could save your family a nice chunk of change.

Chase Ultimate Rewards points are transferable to a large number of travel partners including United Airline MileagePlus and World of Hyatt. Points are redeemable on Chase’s travel portal or using the Pay Yourself Back feature where they’re worth 1.5 cents each.

source:Forbes Advisor.com

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