Ranking of the 16 Best Credit Cards | Lightning Money Loans

Submitting a request for a credit card can be a big step, and it’s easy for many companies to take advantage. Lighting Money Loans is here to help you make sense of your loan options and understand how to make good decisions when it comes to finding and using a credit card.

We’ll review some basics and provide a credit card tier list of good choices for first-time credit card holders.

How do Credit Cards Work?

A credit card works as a type of revolving credit. Once a credit card company issues you a credit card it’ll mean that you are pre-approved for a certain amount of money you can borrow. This is usually referred to as your credit limit. You aren’t immediately given that entire sum of money. You borrow from that total amount every time you use your credit card to make a purchase or request a cash advance loan. You can continue to charge or borrow from that money if you make payments on the amount you’ve already spent or until you reach the total amount the credit card company agreed to let you charge.

Like any other type of loan, you will be charged interest and often extra fees for using this money. This interest is charged monthly on whatever money you have borrowed and any balance you carry over.

Each month, you will receive a bill that tells you how much money you borrowed that month and how much you have to pay back in full. It will also tell you how much interest they are charging you and give you a minimum payment you will need to make by the bill due date. That minimum is very low and usually doesn’t cover much more than the interest charges.

It’s always best to pay off your charges each month in full. If not, then try to pay off as much as you can afford to avoid carrying the same loan debt from month to month and being stuck with ever increasing interest charges.

What Does it Take to Get a Credit Card?

You can easily submit your request for a credit card online, by mail, or by phone. You will need to provide some personal information like your name, address, phone number, and social security number, as well as information about your income and any bank accounts and loans. You may need proof of the information you’ve given, so it’s a good idea to have it on hand.

Once you complete the application, you’ll also be asked to read the credit card terms and conditions and any other information they provide. It may seem like a lot of information to read through, but be sure to focus on fees and policies for late payments and other situations you may encounter.

Many online credit card applications are processed within minutes of completion. Others may take days or even weeks to give you an answer. Your credit card will then be mailed to you if you are approved.

What Are the Different Types of Credit Cards?

Along with having multiple credit issuers, different types of credit cards are specifically designed for the most common spending situations. You will run across reward and cash-back cards, business credit cards, travel cards, store credit cards, and student credit cards. If any of these situations apply to you, looking into cards that fit your specific needs is worth your time.

Credit Card Tier List

Here is a list of some of the top credit cards currently available. No single credit card will be perfect for everyone, but these are some of the top choices for general consumers. Be sure to verify all information and offers with the company, as these details can change often.

1. Chase Sapphire Preferred Card
2. Chase Freedom Unlimited
3. Discover it® Cash Back
4. Citi Double Cash Card
5. Wells Fargo Active Cash® Card
6. Blue Cash Preferred American Express
7. Capital One SavorOne
8. Capital One Venture Rewards
9. Citi Simplicity® Card
10. Bank of America® Unlimited Cash Rewards

Consider the following cards for first-time credit users or those looking to build or repair their credit.

1. Chime Secured Credit Builder Visa® Credit Card
2. Self Secured Visa® Credit Card
3. Capital One Quicksilver Secured Cash Rewards Credit Card
4. Mission Lane Visa® Credit Card
5. Discover it® Secured Credit Card
6. Discover it® Student Chrome

How to Choose a Credit Card

When you are looking for a credit card, there are a few things you will want to consider. Some of these considerations are more important than others, but they can still be important factors when deciding.

Keep track of the following information for each card you are considering:

• Welcome Bonus
• Annual Fee
• Interest Rate
• Rewards and Redemption Options
• Additional Benefits

It’s most important to know if and when the card might charge you an annual fee for the privilege of using it and what interest rates it offers. But you’ll also want to know if there are any special deals for signing up with a particular company, what kind of reward they offer, how their reward program works, and any additional benefits they might offer, such as additional memberships, discounts, or purchase protection.

Check Out Lightning Money Loans Alternative

If you’re looking for a source of funding to get you through an emergency or other immediate need quickly, Lightning Money Loans may be able to help by helping you find a lender that may be able to issue you a loan as quickly as the next business day. One short information form allows us to contact multiple lenders with different available loan options to find one that may satisfy your needs.

Submit your loan request with LightningMoneyLoans and get a response within minutes and loan as quickly as tomorrow.