The post Best Mastercard Credit Cards by Alison Plaut appeared first on Benzinga. Visit Benzinga to get more great content like this.
Mastercard is one of the most widely-used interbank networks globally, with service in 210 countries. Whether you’re looking for a card with great rewards or no annual fee, you can find a Mastercard to fit your needs. Read on for the best Mastercard credit cards.
Quick Look: Best Mastercard Credit Cards
- Best for Beginners: Firstcard
- Best for Simple Cash Rewards: Capital One QuicksilverOne Cash Rewards
- Best for Bonus Categories: Chase Freedom Flex
- Best for Automated Rewards: Citi Custom Cash Card
- Best for Small Businesses: Bank of America Business Advantage Travel Rewards World Mastercard
- Best for Introductory 0% APR: BankAmericard Credit Card
- Best for Travel Rewards: Citi Premier Card
- Best for CashBack: Citi Double Cash Card
- Best for Cash Signup Bonus: Capital One SavorOne Cash Rewards Credit Card
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What Are the Best Mastercard Credit Cards?
Many different types of credit cards with amazing rewards exist. From generous signup bonuses to travel rewards large enough to get a roundtrip ticket. Here are the best picks for this year.
1. Best for Beginners: Firstcard
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Navigating financial decisions as a college student can be a hassle — whether it’s budgeting for textbooks, handling living expenses or planning for the occasional treat. The challenges arise from a mix of limited resources, varied expenses and the need to balance it all while still focusing on your academics. Typically, you might consider some of the various conventional bank loan products to ease the burden. But here’s the catch: most traditional bank loan products are not tailored for college students with no salary and credit history.
What if you had access to a financial institution tailored for the college experience? Imagine you could minimize your student debt, learn smart financial habits for the future and take complete control of your financial situation as a student. Firstcard is your trusted ally on the path to efficient financial management throughout your college journey. This innovative student credit card comes with no fees, minimum balance or credit history requirements and offers multiple cashback rewards.
Firstcard was founded in 2020 by Kenji Niwa, a visiting Stanford scholar. The fintech aims to provide student-accessible banking solutions to college students and streamline their banking experience. Could Firstcard be the perfect solution to navigating your financial situation in college? Find out from Benzinga’s comprehensive review of this fintech.
Best For
- Firstcard is designed to meet college students’ unique financial needs and challenges
- Budget-conscious students seeking a credit card without annual fees and minimum balance requirements
- Those trying to build a credit history for the first time
- Shopping from local retailers within the Stanford and UC Berkeley campus or nearby
- You can also rack up cashback rewards by using the Firstcard
- Charges no annual, signup or overdraft fees on credit card
- Requires no account minimum and credit history to open an account
- Multiple generous cashback offerings — (15% merchant, 10% random and 1% unlimited cashback)
- Impressive interest earnings on your deposits (1.25% APY with Firstcard and 4.25% APY with Firstcard+) 29,000+ partners across the country
- Facilitate hassle-free credit score building
- Fast account setup or registration without hard credit inquiries
- Instant access to your virtual card upon account approval
- Accept international students without an SSN
- Not an unsecured credit card
Firstcard offers financial flexibility unlike any other. With no fees, no minimum deposit and no minimum credit score requirement, you can add money to this card and use it to improve your financial standing, along with cashback rewards (15% merchant, 10% random and 1% unlimited cashback).
You get a strong APY on the cash sitting in the account, and it can be used to manage all your expenses, from the cost of being a student to getting your finances back in order.
Pros
- Build your credit without the need for a card ”approval”
- No minimums
- Virtual card access makes online shopping easier
Cons
- You may not have access to the merchant partners at Berkeley or Stanford
- Regular deposits are required
2. Best for Simple Cash Rewards: Capital One QuicksilverOne Cash Rewards
Capital One QuicksilverOne Cash Rewards Credit Card
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What makes the Capital One QuicksilverOne Cash Rewards so unique is that it offers 1.5% cash back on purchases and higher-quality services while remaining relatively attainable for lower credit scores. The card works with fair or limited credit. For example, the credit card offers beneficial tools such as CreditWise, which allows you to keep track of your credit score for free. The credit card provides fraud coverage and automatic credit line reviews to more quickly increase credit lines and allow for larger purchases. The credit card includes a higher-than-usual APR. The credit card also charges annual fees and a 3% cash advance fee, but not less than $3.
- Best For:
An Unsecured Card
- Provides automatic credit line reviews
- No foreign transaction fees
- Fraud coverage
- A $39 annual fee
- Penalty late fee of up to $40
- Includes higher APRs
If you’ve got fair to average credit, consider the Capital One QuicksilverOne Cash card. You’ll get a credit card with no annual fee, simple cash rewards and the possibility to access a higher line of credit.
Pros
- Unlimited 1.5% cash back on all purchases
- 5% back on hotels and rental cars when you book through Capital One Travel
- Automatically considered for a higher credit line within six months
Cons
- No boost reward categories
- $39 annual fee
3. Best for Bonus Categories: Chase Freedom Flex
If you want to earn as much as 5% back on certain categories that change quarterly or consistently higher cash back on restaurants and drug stores, consider Chase Freedom Flex. You’ll earn $200 cash after spending $500 on purchases in the first three months of account opening.
Pros
- Earn a $200 signup bonus
- Earn 5% cash back in bonus categories
- Consistent 3% cash back at restaurants and drugstores
- 1% on all other purchases
- Gas stations are included in bonus categories for two quarters per year
Cons
- Have to opt into the bonus categories
- Automatically considered for a higher credit line within six months
4. Best for Automated Rewards: Citi Custom Cash Card
Citi Custom Cash℠ Card
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The Citi Custom Cash℠ Card helps big gas spenders earn up to 5% cash back on all their highest eligible spend category every billing cycle up to the first $500 spent, then 1% cash back thereafter. Plus, there’s no annual fee and you can complete balance transfers if you want to use the card to manage your debts.
- Best For:
Best for Big Gas Spenders
- No annual fee
- Low balance transfer fee
- Up to 5% cash back rewards
- Good for those with fair credit
- No welcome bonus
The Citi Custom Cash card offers no annual fee option with the possibility to earn 5% automated rewards based on your spending. You don’t have to click any activation button, making it easier to earn more.
Pros
- Earn 5% cash back in your highest spend category
- Earn 1% cash back in all other categories
- No annual fee
Cons
- Monthly cap on 5% cash back in $500
- 1% on other purchases isn’t the most competitive option
5. Best for Small Businesses: Bank of America Business Advantage Travel Rewards World Mastercard
If you’re a small business owner who travels, the Bank of America Business Advantage Travel Rewards World Mastercard could be the right choice for you. You can earn 30,000 bonus points after making at least $3,000 in purchases within 90 days of account opening. You’ll also get a 0% APR for the first nine months. In addition, earn 1.5 points for every $1 spent.
Pros
- Unlimited rewards
- Signup bonus equal to a cash equivalent of about $300
- 0% APR for the first nine months
- Contactless card
Cons
- Not the highest rewards offer for a business credit card
6. Best for Introductory 0% APR: BankAmericard Credit Card
BankAmericard
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BankAmericard competes with other balance transfer credit cards by offering a 0% introductory APR rate on balance transfers and the opportunity for customers to gain $100 credit if they spend over $1,000 in purchases. The card has mobile banking to improve accessibility but does not provide a clear credit limit minimum. Keep in mind that the balance transfer fee of 3% or $10 has the potential to add up over time. There is no annual fee, which helps speed up the payment of balance transfers. This credit card is recommended for individuals with strong credit. It has an attractive welcome bonus that could incentivize potential customers.
- Best For:
Welcome Bonus
- No annual fee
- Overdraft protection
- 3% fee or a minimum of $10 per balance transfer
If you’re looking for an option to save on interest while paying off debt, consider the BankAmericard for a 0% introductory APR. There’s also no penalty APR, so your rate won’t increase with a late payment. Great for people needing time to gather finances or pay off debt.
Pros
- Get 0% APR for the first 18 months
- 0% APR on any balance transfers within 60 days of account opening
- $0 annual fee
Cons
- 0% APR on any balance transfers within 60 days of account opening
- $0 annual fee
7. Best for Travel Rewards: Citi Premier Card
Citi Premier® Card
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The Citi Premier® Card is an excellent option for travelers who want to make the most of each purchase. You earn rewards on a range of qualifying purchases, and there’s even a hotel credit every year. While you pay an annual fee, you can easily pay for that fee and much more if you use the card frequently.
- Best For:
Everyday rewards options
- Annual hotel savings benefits
- Generous travel rewards
- Easy reward redemption
- You must pay an annual fee
If you’re looking for a card to earn more rewards, consider the Citi Premier Card. You’ll earn three points for every $1 spent. You’ll get 60,000 points as a signup bonus when you meet the minimum spend.
Pros
- Choose from many travel redemption options
- No foreign transaction fees
- Add an authorized user without additional cost
Cons
- No travel or purchase protection
- Higher APR
- $95 annual fee
8. Best for Cash Back: Citi Double Cash Card
Citi® Double Cash Card
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The card charges no APR for the first 18 months on balance transfers. Cash back by Citi Double Cash is not allowed for balance transfers, but the card can be used on additional purchases that can earn cash back. To earn cash back, pay at least the minimum amount due on time. Card includes cash back for purchases while protecting against fraud. The credit limit is determined by a cardholder’s credit strength, which in turn determines the amount a person can balance transfer to the card. Keep in mind that interest will be charged on both balance transfers and purchases unless the credit card balance is fully paid by the due date. This card is an ideal option for cash back on purchases while also allowing balance transfers. Citi Flex Plans are offered at Citi’s discretion.
- Best For:
Cash Back
- Fraud protection on unauthorized purchases
- Citi Entertainment to gain access to events and concerts
- Good for those with fair credit
- Foreign transaction fee of 3%
If you want the option to earn 2% cash back on all purchases, plus a $200 signup bonus, consider the Citi Double Cash Card. It has no annual fee and a 0% intro APR on all balance transfers, making it a solid choice for anyone looking to get more cash back or pay off debt.
Pros
- Earn 2% cash back, with incentives to pay off the card
- There’s no cashback limit
- No annual fee
- 0% introductory APR period for balance transfers
Cons
- High balance transfer fees
- Foreign transaction fees
- No introductory 0% APR on purchases (only balance transfers)
9. Best for Cash Signup Bonus: Capital One SavorOne Rewards Credit Card
Capital One SavorOne Cash Rewards Credit Card
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- 0% APR on balance transfers for the first 15 months, plus a 3% fee. After that, the APR is 19.99% – 29.99% (variable)
- Cash advance fee is 3%
- 3% cash back on groceries (excluding superstores like Walmart® and Target®), dining, entertainment and streaming services
- 5% cash back on hotels and rental cars booked through Capital One Travel (Terms Apply)
- Best For:
Points Never Expire
- A sign-up bonus that equals almost half the required expenditure
- No annual fee
- Can’t use rewards to book travel
For those who love dining out and splurging on entertainment, the Capital One Savor card gives you cash back on your social life. Get 4% cashback on dining and entertainment, including streaming, plus 3% cashback at the grocery store.
Pros
- 4% cash back on eligible categories
- Get the most in entertainment rewards
- No foreign transaction fees
- Unlimited earnings
Cons
- Annual fee
- High APR
- No introductory 0% APR
What is a Mastercard Credit Card?
A Mastercard credit card is a type of card processing company. Mastercard, Visa and American Express are the three largest credit card processors in the world. While the service is similar, their revenue models differ. Mastercard earns revenue by charging card-issuing institutions based on their percentage of global dollar volume.
What Are the Different Types of Mastercards?
Mastercard credit cards have different benefits. You can choose from standard, world or world elite Mastercards. All come with consumer protection. Here’s how each one stacks up.
Standard Mastercard
A standard Mastercard is an option for daily purchases. A standard Mastercard will provide global service and emergency assistance in any language. You’re also not responsible for unauthorized charges made on your card. It also offers ID theft protection.
World Mastercard
A world mastercard includes worldwide acceptance and comes with stronger benefits. Many are travel-focused, but you can also get discounts on Instacart, Peacock, ShopRunner and more. In terms of travel, users can get car, air, cruise and vacation packages; airport concierge; the best hotel rates; and more.
World Elite Mastercard
As the highest tier of Mastercard, this tier includes all other tier benefits, plus access to a dedicated concierge service that can help you make travel bookings, shop and more.
The Pros and Cons of Owning a Mastercard
You gain numerous advantages to a Mastercard and few disadvantages. The advantages are:
- Build a positive credit history with responsible use
- EMI deferred payment options
- Possible interest-free period
- Purchase protection in case of unauthorized charges
- Get rewards, perks and premium services
- Worldwide acceptance
The disadvantages are similar to other credit cards:
- Risk of taking on too much debt
- High interest rates
- The risk of credit card fraud
Key Differences between Mastercard and Visa Cards
The difference between Mastercard and Visa cards is minimal. How they earn revenue differs. While Visa charges a per-transaction fee or charges based on the card volume, MasterCard charges the card-issuing institution based on its percentage of total global volume.
Besides that behind-the-scenes difference, the only real differences are the rewards and features of individual cards, which vary across Visa and Mastercard. In terms of similarities, both Visa and Mastercard offer three tiers of credit cards and are accepted in most locations where credit cards are accepted.
Choosing the Best Mastercard for You
The best Mastercard for you depends on your spending habits and lifestyle goals. If you love to travel, choose one that maximizes signup bonuses and extra rewards earned. If you prefer simplicity, a card that rewards you 2% cash back on all purchases or up to 5% in your highest spend category can be a simple way to save more each month.
How many credit cards should you have? That depends on your lifestyle and spending habits. You could have one or several but remember not to apply for too many at once to avoid harming your credit score. Looking for more? Find the best credit cards or tips for upgrading your credit cards here.
Frequently Asked Questions
What is the best Mastercard to have?
Some of the best Mastercards to have include the Citi Rewards+ card, Citi Double Cash card, and the Capital One QuicksilverOne Cash Rewards Credit Card
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Is a World Elite Mastercard hard to get?
Considering that 60% of consumers have a credit score of 700 or more, the World Elite Mastercard isn’t difficult to get. Usually, World Elite Mastercard requires a credit score of 670 and up, which makes it accessible to many consumers.
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Is Mastercard widely accepted?
Yes, Mastercard is widely accepted worldwide.
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Is it safe to use Mastercards?
Yes, it is safe to use Mastercards. Mastercard is one of the world’s major credit card processors.
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The post Best Mastercard Credit Cards by Alison Plaut appeared first on Benzinga. Visit Benzinga to get more great content like this.