Merchant Credit Card Programs

One of the best ways to make ends meet in the midst of the economic crisis is to get several credit cards with favorable promotion terms, squeeze the maximum number of bonuses and benefits out of them, and then close the credit cards on time. In this case, you can earn extra money on cards, since the bank will not charge you a single cent, but will only grant you a few hundred / thousand dollars.

Blue Cash Everyday (American Express)

Interest rate is 0% for the first 15 months. In addition, the credit card implies a 3% cash return on the first $ 6,000 spent in malls. This means that you can earn at least $ 180 (then Cash Back drops to 1%).

Many Americans are attracted by the credit card with its exclusive Welcome Bonus. You spend $ 1,000 in the first three months and get $ 150 for it.

The Blue Cash Everyday Card has no hidden fees during the promotion period, however it is very important to close the card before the first 15 months. If you don’t, the interest rate (APR) on debt will jump to 12.99% – 23.99% per annum. Moreover, most cardholders are faced with the maximum APR.

U.S. Bank Visa Platinum (U. S. Bancorp)

This credit card has the only but unprecedented advantage – an interest-free period of 20 months. Therefore, it is very good for large and expensive purchases with a monthly payment. For example, let’s say you buy a new washer and dryer for $ 5,000 into your house, and then split the payments into a promotion period. It is better not to stretch the debt repayment for 20 months and set the task to pay off the money within 18 months (at $ 278 per month).

At the end of the promotion period, the card will become completely useless, as the APR will jump to 13.99% – 23.99%. Therefore, call the bank and close it without delay.

SavorOne Cash Rewards (Capital One)

An excellent card with zero APR for 15 months and a bunch of benefits. You get 3% Cash Back for food and entertainment purchases, 2% for purchases in grocery stores.

The card is fit for those who like to order food at home through special phone services. With SavorOne Cash Rewards, you can get hundreds of dollars back.

Other advantages include a bonus of $ 150 after spending $ 500 for three months, as well as No Foreign Transaction Fee (you can pay with a credit card in other countries and not overpay for foreign payments).

The Capital One phone app has a free Credit Wise option. This is a free credit checker. At the same time, the Credit Score on Credit Wise is updated every 7 days, which is very rare for all credit rating checking services.

The most important thing is not to get carried away with a credit card and pay off debts on time. If you don’t, the bank can level your APR up to 25.49%. This is a truly predatory interest that can plunge you into debt for a long time. The credit card is designed for that: you use it, you don’t think about anything, and then you fall into great debts. Therefore, be vigilant.

Freedom (Chase)

The famous credit card that has helped Americans survive in difficult times many times. You get zero interest for 15 months and 5% Cash Back up to $ 1,500 (refund $ 75). In addition, if a person does not use a credit card for a long time, the bank often begins to send him promotional checks for 12 – 18 months with zero APR. You write a check for anyone (including yourself) and pay only for the transfer (Transfer Fee), which is 3% – 5% of the amount on the check.

Closing Freedom after 15 months is definitely a must. Otherwise, APR could rise to 25.24%.

Overall, Chase offers unattractive terms on its credit cards. Many credit cards have an Annual Fee. However, Freedom is No Annual Fee.

Simplicity (Citi Bank)

In addition to zero APR for purchases within 12 months, the card implies a zero 21-month APR for balance transfers. This means that this credit card is good for covering other high APR credit cards. The Balance Transfer Fee is 5%.

In practice, the use of the card can be as follows.

Suppose the promotion period on a credit card from Capital One or Chase is over, and banks have increased your interest to 25.49% and 25.24%, respectively. You issue Simplicity and pay off debt on high APR cards for only 5% (transfer fee). You now have 21 months to cover your Citi card interest-free debt.

Discover it Cash Back (Discover)

Zero APR on all purchases and balance transfers within 14 months. In addition, Discover offers 5% Cash Back up to $ 1,500 on selected items once a quarter. For example, currently (April – June) maximum refunds apply to gasoline, Uber and Lyft services, and purchases at wholesale clubs.

Discover card is a whole philosophy. It takes a lot of time to explore all the benefits it offers. There are people in the US who have only been using Discover for decades and get the most out of their credit cards.

Remember, however, that Discover and American Express cards are not as popular in the world as cards connected to Visa and MasterCard payment systems. Therefore, sooner or later, you may face a situation that your card will not be accepted for payment (most often this happens outside the United States).

Finally, it is worth reminding readers that the total debt of Americans on credit cards this spring exceeded $ 1.1 trillion. Most of the debtors pay high interest, although when issuing a credit card they hoped to squeeze the maximum benefits out of it and pay off the debt before the end of the promotion period. But the goal of every bank is to get deeper into the pocket of every client.