Best Credit Cards of October 2024

Benzinga's top pick for the best credit card overall for this month is the Chase Freedom Unlimited. Enjoy no annual fee and earn 1.5% cash back rewards on your purchases. Plus, a welcome offer of $200.

Choosing the right credit card is crucial for maximizing rewards and optimizing your financial benefits. A well-suited credit card can enhance your spending experience by offering unique perks such as travel insurance, cashback offers, and rental car coverage. However, it’s important to recognize that not all credit cards deliver the same advantages; some may carry high annual fees that can negate potential rewards, while others may impose restrictions on usage or provide limited earning opportunities. To help you narrow down your options, Benzinga reviewed some of the best credit cards for this month. Compare features and offers of each to find the perfect card for your needs.

Quick Look at the Best Credit Cards of 2024:

• Best for Overall: Chase Freedom Unlimited
• Best for Dining Perks and Rewards: Capital One SavorOne Cash Rewards Credit Card
• Best for Standard 2% Cash Back: Wells Fargo Active Cash Card
• Best for Higher Rewards on Everyday Spending Categories: Blue Cash Everyday Card from American Express
• Best for 21-month 0% APR on Balance Transfers: Citi Diamond Preferred Card
• Best for First Credit Card: Discover it Student Cash Back
• Best for Fair Credit: Citi Custom Cash Card
• Best for Amazon Prime Members: Prime Visa
• Best for Travel Rewards: Chase Sapphire Preferred Card
• Best for Secured Credit Card: Discover it Secured Credit Card

The Best Credit Cards

Here’s a look at the best credit cards for this month. Compare options, benefits and rewards to find the perfect card that suits your financial goals.

1. Best Overall: Chase Freedom Unlimited

When you want an all-around good credit card, you turn to Chase Freedom Unlimited. It has no annual fee, earns a minimum of 1.5% cash back with many categories that earn above that, no minimums to redeem cash back, and an intro offer of 0% annual percentage rate (APR) for 15 months. Your cash back never expires as long as the card is open. The credit card is also great for travel rewards at 5% when you buy through Chase Travel. You’ll also get 3% cash back on drugstore purchases and 3% on dining at restaurants including takeout and eligible delivery services. Get access to Chase Credit Journey to monitor your credit and alerts to ensure your financial well-being. The cards has 3% foreign transaction fee, though. You must have good to excellent credit to qualify (670-850).

Bonus Offer: Receive $200 bonus after spending $500 on purchases within the first three months of card membership.

Why We Picked It: Enjoy higher than average standard rewards with no annual fee. The easy rewards redemption is a plus, allowing users to redeem using a statement credit, bank deposit, gift card, etc.

2. Best for Dining Perks and Rewards: Capital One SavorOne Cash Rewards

For those who hate cooking at home, the Capital One SavorOne Cash Rewards card offers perks to help you get the most out of that habit. This includes 8% cash back on Capital One Entertainment purchases. You’ll also enjoy 3% cash back on dining, other entertainment purchases, grocery stores, and eligible streaming services. This Capital One card has no fee and a 0% interest rate for 15 months.

Bonus Offer: Spend at least $500 within the first three months and earn a $200 reward bonus.

Why We Picked It: The credit card offers large cash-back categories without the need to sign up or activate them monthly, quarterly or annually like some cards. Enjoy unlimited rewards potential for no fee.

3. Best for Standard 2% Cash Back: Wells Fargo Active Cash Card

All those variable cash-back categories take time to keep track of. When you want to earn rewards without choosing which card to pull from your wallet to maximize those rewards, get the Wells Fargo Active Cash Card for 2% rewards on everything. While you won’t have massive categories where you can earn 5% or more, the flat rate might balance out or come close to balancing out for you without all the extra work that some variable cash-back cards present. It is a very transparent card, which is ideal for those who don’t have time for fine print. However, the only redemption option for rewards is cash.

Bonus Offer: Spend at least $500 within the first three months and earn a $200 cash rewards.

Why We Picked It: The flat rate of 2% cash back on everything makes it easy to earn rewards. Plus, no spending caps on earning rewards and no minimum cash back is required to redeem.

4. Best for Higher Rewards on Everyday Spending Categories: Blue Cash Everyday Card from American Express

When you want a credit card that earns rewards on practical, everyday expenses, you’ll find it with Blue Cash Everyday Card from American Express. Earn 3% cash back on supermarkets, online retail purchases and gas stations. Grocery, gas and online retail cashback is only on the first $6,000 you spend in each category, then 1% on all additional purchases. Those credit card rewards can be redeemed for a statement credit or applied directly through your Amazon account on purchases. Enjoy extra perks on your Disney+, Hulu and ESPN bundle by getting a $7 monthly statement credit when you spend $9.99 or more each month on your subscription. And if you subscribe to Home Chef, you can earn another $15 per month back with this American Express card.

Bonus Offer: Spend $2,000 on the credit card in the first six months and earn an extra $200 in the form of statement credit.

Why We Picked It: You can earn larger rewards on everyday purchases, including groceries, gas and online retail. Plus, extra perks when you subscribe to certain subscription services.

5. Best for 21-month 0% APR on Balance Transfers: Citi Diamond Preferred Card

If you’ve found yourself in credit card debt and need a way to get out or quickly pay it down, this card with a 21-month 0% intro APR on balance transfers can help. You’ll need to complete the balance transfer within four months of opening the new card to get access to the offer, but the chance to pay down debt without accruing additional credit card interest can be life-changing. With no additional fee, you can also benefit from the ID Theft Protection program offered by Mastercard. The most significant setback to this card is that it does not earn rewards on purchases.

Bonus Offer: For the first 12 months after opening your Citi Diamond Preferred Card account, you can enjoy 0% APR on new purchases.. Plus, you will receive a 21-month zero interest balance transfer.

Why We Picked It: In addition to the no annual fee and generous welcome offer, the credit card allows users to select a due date that aligns better with their personal financial cycles. By customizing the due date, cardholders can potentially avoid late fees and mismanagement of their cash flow.

6. Best for First Credit Card: Discover it Student Cash Back

Start building your credit with the Discover it Student Cash Back. The card has no annual fee and does not require a credit score to apply, though you’ll still need to meet specific creditworthiness criteria to be approved. View your FICO score in your Discover account each month to see your credit grow and the largest impacts on your credit score. You can earn 5% cash back on quarterly bonus categories, max out at $1,500 in purchases. You must activate bonus cash-back categories or you’ll get the standard 1%. Additionally, Discover provides a unique feature where they match all the cash back earned in the first year, doubling the benefit for new users. Reward redemption options include PayPal, gift cards, Amazon and retail gift cards. Refer your friends to earn additional rewards for you and your friend to increase your cash back.

Bonus Offer: Unlimited cash back match for your first year. 

Why We Picked It: With no required credit score, this makes this Discover card accessible to students and young adults who may not have established credit history yet.

7. Best for Fair Credit Card: Citi Custom Cash Card

Applicants with fair credit score might qualify for the Citi Custom Cash Card. Eligible applicants can get approved for this card with a credit score as low as 580 if they meet other underwriting criteria. The card has a 15-month 0% intro APR on balance transfers and new purchases. Earn 5% cash back on your top eligible spend category each billing cycle, capped at $500 in purchases per month.

Bonus Offer: Earn $200 in cash back when you spend $1,500 using the card within six months of opening the account.

Why We Picked It: The ease of approval for individuals with fair credit score makes it an accessible choice for many seeking to build their financial standing.

8. Best for Amazon Prime Members: Prime Visa

Amazon Prime members can earn 5% cash back on their purchases with the Prime Visa. This includes Amazon Fresh and Whole Foods Market. Plus, you can earn 5% back on Chase Travel purchases. You’ll also earn 2% on gas stations, restaurants and transit. Earn a flat rate of 1% on everything else. One unique perk is that your cash back is added the next day after your purchase, allowing you to redeem it sooner without waiting for the next billing period. Prime Visa also offers built-in benefits including purchase protection, extended warranty protection, travel accident insurance and baggage delay insurance.

Bonus Offer: Amazon Prime members get a $150 Amazon gift card upon opening the account.

Why We Picked It: With no annual fee and the convenience of managing purchases through Amazon, the Prime Visa complements the benefits of being an Amazon Prime member.

9. Best for Travel Rewards: Chase Sapphire Preferred Card

When you want a travel credit card without being tied to only staying with specific hotel chains or flying one airline, go with the Chase Sapphire Preferred Card. You can redeem your rewards dollar for dollar with travel partners or enjoy an additional 25% in value when you use Chase Travel. Additionally, the credit card offers extensive travel insurance benefits, such as trip cancellation and delay coverage, making it a reliable choice for frequent travelers Although the card has a $95 annual fee, it comes with $50 in statement credits for your Chase Travel bookings.

Bonus Offer: Bonus 60,000 points if you spend $4,000 in the first three months of opening the account.

Why We Picked It: This credit card is highly recommended for travel rewards due to its generous points system, flexible redemption options and valuable travel protections.

10. Best for Secured Credit Card: Discover it Secured Credit Card

You can build or rebuild your credit using a secured credit card when you have no or abysmal credit. You’ll have as much credit as the money you put down as collateral. But then you can start earning rewards on your purchases while focusing on credit improvements and growth. Many secured credit cards offer minimal or no cash-back rewards, making this a unique opportunity. Once you reach a certain point with your credit, Discover will review your account to see if it can return your security deposit to you. The minimum line of credit you can open is $200 and the maximum is $2,500.

Bonus Offer: Unlimited cash back match for your first year. 

Why We Picked It: With no annual fee and the potential for a credit limit increase after demonstrating responsible use, the Discover it Secured Credit Card not only helps users establish a positive credit history but also rewards them for their spending

How Do Credit Cards Work?

Having a credit card can make it simpler to complete both in-person and online purchases. You’ll use the card at checkout and, depending on the card you select, receive perks and potentially cash-back rewards. You’ll need to make the minimum payment on the card to avoid paying interest on your purchases, which can be as much as 29.99%.

How Do Credit Card Rewards Work?

Credit card rewards come in many types, but the basic idea is to spend and earn more. This gives you a higher incentive to spend while expecting to rack up returns. 

Types of Rewards

• Cash Back: You earn a percentage of your spending back in cash, which you can redeem as a statement credit, direct deposit, or even a check.
• Travel Miles: These cards offer points or miles redeemable for flights, hotels and other travel expenses. Frequent travelers can accumulate points for dream vacations or upgrades.
• Points: These cards offer points that can be redeemed for various rewards, including travel, merchandise, gift cards, or even statement credits. Flexibility is the key here and you must research to ensure that the points can be redeemed for things that fit your lifestyle.

Tracking Credit Card Rewards

There are several ways to keep track of your credit card rewards. Most issuers can track and see on their mobile app or dashboard. Otherwise, manually viewing it in your balance and recent activity is a way, too. It becomes pretty tedious if that’s the case. Still, all credit card companies have customer service through chat or a call that can give you your exact reward status (especially if you’re tracking your credit card bonus points!) Regardless of your chosen method, understand your program's details, such as earning and redeeming points for the best value.

How Is Credit Card Interest Calculated?

Interest rates are calculated after a “grace period” on your statement. You won't be charged interest if you pay your statement balance in full monthly. However, if you carry anything over from your previous month’s statement, you'll be charged interest based on your card's annual interest rate, which is applied daily.

The interest rate is listed on your statement. For example, a 24% APR is about 0.066% per day on the remaining statement balance. At the end of each billing cycle, your issuer calculates the interest you owe based on your daily balances and adds this to your next month's minimum payment. Note that credit card interest does compound, but it doesn't get added to your daily balance until the first day of the next billing cycle, so you must keep a close eye.

Major Types of Credit Cards — Which Is Best For You?

Rewards Credit Cards

Most people apply for credit cards that cater to their lifestyles. Our round-up of the best rewards credit cards guides you through the most currency bonus offers and various credit score requirements. 

• Best Cash Back Credit Cards
• Best Airline Credit Cards
• Best Credit Cards for Travel
• Best Hotel Credit Cards

Balance Transfer Credit Cards

Balance Transfer Credit Cards are considered quick fixes to debt as these cards offer a 0% intro APR on transferred balances. This enables you to save on credit card interest and pay down debt faster. The fees and interest rates aren’t low forever; with limited time, you have to make a financial plan to make sure not only to pay the minimum balance monthly but also to complete the whole balance before the 0% APR intro period is over. An important tip: avoid using the same card for any ongoing or new purchases, as this can lead to forgetting the initial balance transfer amount.

Low-interest and 0% APR Credit Cards

Most big credit card companies do not offer low-interest or 0% annual percentage rate (unless balance transfer) cards. Low-interest cards usually do not have a 0% period like some very high-interest rate cards do. If you desire an actual low-interest card, your best option is to explore offerings from smaller banks or credit unions. You can check out our top picks for 0% APR credit cards in 2024 to find the best one.

Business Credit Cards

Business credit cards are great for small business owners or entrepreneurs looking to maximize their spending rewards. They offer specific benefits tailored to business owners' needs, such as higher credit limits, expense tracking tools for multiple employee cards, and niche rewards.

Credit Cards for Building Credit or Student Credit Cards

Receiving offers for good credit cards can be challenging, particularly for younger individuals with no credit history. Two types of credit cards are beneficial for establishing a solid credit score when lacking a credit history.

• Credit-Builder Cards: These cards are perfect for beginners with no credit history. They often have lower limits and may require a security deposit, but responsible use builds a favorable credit profile.

• Student Credit Cards are ideal for students with limited credit history. They offer features like rewards programs and reports to credit bureaus, helping you build credit while managing everyday expenses.

Depending on spending habits, these options are suitable for building credit!

How to Choose the Best Credit Card for You

1. Be financially self-aware: Look at your credit history and score to determine which credit card falls within your recommended range. Remember that each hard credit check affects your score, so make sure to only apply for credit cards you are preapproved for or have a high chance of being approved.
2. Consider your spending habits: Since opening credit cards will decrease your average credit card history, you want to ensure every card is opened with a purpose. Compare credit card features to hone in on specific usages for rewards, balance transfers or building credit.
3. Take fees into consideration: Credit card companies use heavy fees to keep people in debt. Reading the fine print to ensure you are aware of credit card annual fees, late fees and balance transfer fees is very important before making decisions. Consider the fees as monthly expenses to see if they are affordable.

How to Apply for a Credit Card

Applying for credit cards can be done in four easy steps:

1. Review credit score and check offers: Review your credit score to establish a baseline, and check your banking apps for any prequalified offers.
2. Research & compare: Using your credit score, research cards that fit into that range and compare their rewards, usage, and fees to pick the best choice for your spending habit.
3. Apply on card company site: Preapproval is preferred; if not, apply to the credit card of choice and wait for the review process.
4. Activate & monitor: When the card arrives, activate it following the card instructions, and monitor spending to avoid incurring extra fees or accruing interest.

What's the Difference Between Visa and Mastercard?

While accepted worldwide, Visa and Mastercard have some essential differences that you should consider but might be optional. Mastercard has more international acceptance but more Visa credit cards are in circulation domestically and internationally. 

Both offer standard cards with similar features, but these perks can differ depending on the issuing bank. This means you can find cards with no annual fees, boosted rewards in specific categories, or even lower interest rates. While both are global payment giants, it is worth checking the details before choosing which card is right for you. Traditional Visas usually include roadside assistance, a nice perk, but you may also find it in a specific branded Mastercard.

What's the Best Credit Card Company?

The best credit card company will depend on your spending categories and habits. However, Visa and Mastercard are the most widely accepted credit card types and are readily available with various reward options and features to match your needs.

How Many Credit Cards Should You Have?

The number of credit cards you should have is based on your spending habits and ability to manage them. Having many credit cards means you should use only some of them. Too few also affect your credit score if you spend too much on just one. Read more about the advantages and disadvantages of having too many credit cards. 

Getting the Most from Everyday Purchases

Signing up for the best credit card offers can ensure you get the most benefit from your everyday purchases. Great perks include purchase protection, added insurance on purchases, and more. Review the best options and apply for the one that best matches your financial situation and creditworthiness