Best Credit Cards in 2020

By HonestFinance | Updated November. 5, 2019

Best Credit Cards in 2020

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What Defines the Best Credit Card?

Credit cards can provide significant financial benefits when used correctly. The truth is, the best credit card is the one that you will use responsibly.

If you never had a credit card before, we highly suggest reading our Credit Cards 101 page before applying for a card.

For those responsible, we have compiled the best credit cards in 2020 across different categories to help you pick and choose the right cards that fit your profile.

So what type of features do consumers look for in a credit card? The best credit cards usually provide competitive offerings in areas listed below:

Here are our recommendations for the best credit cards in 2020:

Best Credit Card Overall in 2020

Chase Sapphire Preferred® Credit Card

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The Chase Sapphire Preferred® Credit Card takes the title for The Best Credit Card Overall in 2020 due to its competitive features and benefits across multiple categories.

You can rack up points very quickly by earning 2 points per each dollar spent on travel & dining and 1 point per dollar spent on all other purchases. Plus, if you redeem points through Chase's Ultimate Rewards® Program, your points are worth an extra 25%. With the ability to earn 2.5 points per dollar spent, you're getting tremendous value.

Chase Sapphire Preferred® also provides one of the largest selection of rewards via Chase Ultimate Rewards®. Through this program, you can redeem points towards travel, gift cards, cash back, experiences, and much more. Additionally, if you want to use your points towards other popular travel rewards programs instead, it can be transferred at 1:1 value.

This card also offers one of the biggest sign‐up bonus in the market. You can earn up to $625 in rewards by:

Overall, Chase Sapphire Preferred® is an excellent choice for anyone looking to rapidly earn points while having the flexibility to use those points across multiple reward categories. Combined with the large sign‐up bonus and the highlights below, Chase Sapphire Preferred® takes our top spot as our best credit card in 2020.

Highlights

Best Credit Card for Cash Back Rewards

Discover it® Cashback Match™ Credit Card

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Discover was recently ranked as the top-rated card for customer satisfaction by J.D. Power® 2016 credit card satisfaction study. Equally, we agree that Discover has been stepping up their game across all of their credit card categories, and one of its award‐winning credit card is the famous Discover it® Cashback Match™ Credit Card.

Across the internet, you will find this card as one of the top recommended credit cards for cash back reward cards. With its industry‐leading cash back offer and premium features, Discover it® Cashback Match™ also tops our list in this category.

This card offers 5% cash back on specific purchase categories that change every quarter. Some of the rotating categories eligible for 5% cash back include restaurants, amazon.com, department stores, wholesale clubs, gas stations, and transportation. While you do have to sign up for the 5% cash back each quarter, Discover will send you automatic reminder e-mails to sign up and keep you on track. For all other purchases, you still earn 1% cash back.

Addtionally, the cash back that you earn within the first year counts as double! (But please be careful, this is their strategy to make you overspend in the first year and put you in debt) For example, you will receive $1,000 from Discover if you earned $500 cash back within the first year.

Putting everything together, Discover it® Cashback Match™ is an excellent choice for those looking to maximize cash back rewards and benefit from the other exceptional features listed in the highlights below.

Highlights

Best Credit Card for Travel and Rewards Programs

Capital One® Venture® Rewards Credit Card

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If you're looking for a flexible travel rewards credit card where you don't have to worry about purchase types and limited reward choices, the Capital One® Venture® Rewards Credit Card might be the perfect card for you.

Regardless of what you buy, you will always earn 2X miles for every dollar spent without any daily limits. This makes life easy for those who just want to use a single card for everyday purchases without making any compromise on earning maximum amount of miles and points.

Plus, this card really shines when it comes to using your rewards for travel. You can book travel on any website or with any agent without vendor restrictions. Simply use your Capital One® Venture® Rewards Credit Card to book travel, and use your rewards towards statement credit.

Capital One® Venture® Rewards card also boasts a hefty sign up bonus where you can earn 40,000 bonus miles or $400 for travel if you spend $3,000 on purchases within 3 months of signing up - a great deal for new applicants.

Highlights

Best Credit Card for Balance Transfers

Chase Slate® Credit Card

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Chase Slate® tops our list for the best Balance Transfer Credit Card with its generous 15-month 0% APR period (on balance transfer & purchases) and zero transfer fees. It's perfect for those looking to consolidate their high-interest credit card balances and put a temporary stop on accruing monthly interest fees.

While Chase Slate® does not offer the longest 0% APR introductory period on balance transfers and purchases compared to other cards, we like Chase Slate® because it provides a line up of tools and features that are geared to help consumers get out of debt, not increase it.

For example, APR increase from late payments can be detrimental to people who are already working hard to pay off their debt. Fortunately, Chase Slate® offers a "No Penalty Feature" that will not increase your APR due to late payments. With this great benefit, you could save a lot of money in the long run and get out of debt faster.

In addition, Chase Slate® provides monthly FICO® Scores and a credit dashboard to help you gauge, monitor, and improve your credit. Their online platform also includes additional dashboards and unique tools to help you track your spending habits in detail and implement payment plans on large purchases.

Overall, Chase Slate® tops the list for balance transfer cards due to its holistic benefits and tech savvy features geared towards helping people reduce their debt and improve their finances in the long run.

Highlights

Best Credit Card for Students

Discover it® for Students Credit Card

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Discover it® for Students Credit Cardit is an ideal pick for students due to its friendly perks and features that cater to "first" time card holders.

First, this card has zero annual fees - a huge upside for students. But that doesn't mean it lacks the punch in other features. You can get 5% cash back on specific purchase categories that rotate every quarter and earn 1% cash back on all other purchases. The rotating categories eligible for 5% cash back include restaurants, amazon.com, department stores, wholesale clubs, gas stations, transportation, and much more. While you do have to sign up for the 5% cash back each quarter, Discover will send you automatic reminder e-mails to sign up and keep you on track.

Also, the amount of cash back earned in the first year is automatically doubled. For example, Discover will automatically double your $300 cash back earned in the first year to $600 - an enormous benefit for cash‐strapped students.

Other highlights include $20 cash back every school year with a GPA of 3.0 or higher (Up to 5 years max).

This card also provides free monthly FICO® Credit Score which is crucial to students who are beginning monitor and build up their credit.

Including all the benefits and additional features highlighted below, Discover it® for Students is an excellent "first" credit card for students who need all the help they can get as they get through school.

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