NerdWallet’s Top 10 Credit Cards, Spring 2012 Edition

Choosing the top 10 credit cards wasn’t easy, but we’ve assembled a list we feel satisfied calling complete. No single credit card is perfect for every consumer. People have different spending habits, different needs and different credit scores. A universal credit card simply does not exist. Our top-10 does include a couple cards that most people can enjoy, but the others are specified by category and consumer profile. Obviously, a student will likely require a different card than a business owner. A person with impeccable credit will have more options than someone who just went through bankruptcy. Scroll through the categories to see which apply to you!

For all-around awesomeness: Capital One® VentureSM Rewards Credit Card

Whether you consider yourself a salty traveler or a casual vacationer, the Capital One® VentureSM Rewards Credit Card is your first stop for excellent travel rewards. A very popular card within Team NerdWallet, the Venture is simple and exceptionally rewarding. All purchases, from futons to fireworks, earn 2% rewards. Rewards are issued in the form of No Hassle Miles, redeemable at their greatest value against travel expenses. Use miles for stays at any hotel, flights on any airline or car rentals with any service. As is the case with all Capital One cards and all topnotch travel cards, the Venture charges no foreign transaction fee, saving you an extra 3% on every international purchase. The annual fee is $59, is waived the first year and is easily demolished by the plethora of potential rewards. Considering its clear terms and indomitable rewards program, the Venture stands strong as NerdWallet’s favorite travel credit card.

For everyone: Capital One Cash

The Capital One Cash is one of the simplest, most fee-free cards out there. You earn 1.5% cash back on all of your purchases (1% back, plus a 50% points dividend at the end of the year), and the card has no annual fee or foreign transaction fee. It pays out in cash, of course, which is pretty much the easiest form of rewards to redeem, and it comes with a 0% intro APR period on transfers and purchases through May 2013. Oh, and it has a bonus. The card has a signup bonus of $100 cash back for new accounts..

For suburbanites: AmEx Blue Cash

If you’re like most folks, your big expenses tend to be the boring, everyday stuff–gas, groceries, etc. The AmEx Blue Cash Preferred aims to curb the cost of daily necessities. You earn accelerated rewards in common day-to-day categories. You earn 3% at department stores (including Amazon.com and gas stations, 6% at grocery stores and 1% everywhere else. Earnings come to you as cash, redeemable in $25 increments. The annual fee is a tad high at $75, but spending $25 at the grocery store every week provides enough rewards to cover the cost. Currently, the signing bonus is $150 when you charge $1,000 within the first 3 months. The Blue Cash grants reprieve from the constant strain of daily living expenses.

For low interest and balance transfers: Citi Simplicity

Using a credit card to alleviate debt may seem counter-intuitive,  but the Citi Simplicity does just that. The purchase and balance transfer APRs sit at 0% for the first 18 months after your signing. It is the longest 0% intro period we’ve come across. During those 18 months, you can pay down debt without incurring further interest. It provides an interest-free period of time in which to get your finances in order. Keep in mind, however, if you intend to transfer your debts over to the Citi Simplicity, you will have to pay a 3% balance transfer fee. That’s better than the standard 5% and will often save you money in the long run, but it is one caveat you should be aware of. When the intro period is over and the ongoing APR finally kicks in, the interest remains fairly low. There are no rewards associated with this card, but the Simplicity allows you to press pause and take a moment to catch your breath.

For travelers: Chase Sapphire Preferred

Above, we admitted our infatuation with the Venture. The Venture is an astounding  card for general travel rewards, but the Chase Sapphire Preferred is may be the most beneficial for hardcore globetrotters. Check out this signing bonus. If you spend $3,000 within the first 3 months, you’ll be awarded a sum of 50,000 Ultimate Rewards point. Because booking travel through Chase makes your points worth 25% more, the bonus is potentially worth $625 in travel. Travel and dining earn rewards at 2%, while everything else earns at the always predictable (but nonetheless satisfying) 1% rate. The Sapphire waives its foreign transaction fee, meaning it’s not only useful domestically, but abroad as well. One of the Sapphire’s more unique perks is the 7% rewards dividend. Every year, you receive a sum of bonus points equivalent to 7% of the total points accumulated over the past 12 months. Now, the Sapphire does have a $95 annual fee, but it’s waived the first year, and you should have no trouble recouping the cost if you do a bit of traveling.

For hotel guests: Starwood American Express

The Starwood American Express is the granddaddy of hotel credit cards. It first appears unassuming, offering 5 points per dollar spent at  SPG  hotels and 1 point per dollar spent elsewhere. BUT the value of Starpoints is considerably greater than that of most other point systems. While you generally expect to value points at a penny apiece, Starpoints average 2.3 points each. Impressive. Right now, the Starwood is offering a 25,000-point signing bonus, enough for 6 free nights in a category 1 or 2 hotel. You receive 10,000 points after your first purchase and another 15,000 when you spend $5,000 in the first 6 months. Because of the high value of Starpoints, the bonus is worth about $575. The Starwood will be most useful to travelers who like a little luxury on the road. SPG hotels tend to be somewhat high-end, and discount motel frequenters won’t benefit.  Waived the first year, the Starwood’s $65 annual fee  is offset by a wide array of supplemental benefits. Every third night spent at a Sheraton is free, you receive a 5-night elite status credit and, if you spend $30,000 in a year, you’re eligible for a gold-status upgrade. With its high rewards rate and dazzling display of perks, the Starwood is the most advantageous hotel credit cards we’ve yet to find.

For bad credit: Orchard Bank

Building or rebuilding credit can be tricky. Bad credit oft comes hand-in-hand with high APRs and excruciating annual fees. The Orchard Bank credit card breaks the mold as a fair and affordable option for folks looking to boost their credit score. When you apply, you’ll first be consider for an unsecured card. If you don’t quite qualify, they’ll automatically fit you with a secured card. The unsecured card charges a $59 annual fee ($29 the first year) and a very reasonable APR. Unfortunately, it does charge a $39 processing fee but nonetheless remains one of the best options for bad credit out there. The secured option has a $35 annual fee (waived entirely the first year) and no processing fee. As is the case with any secured card, you’ll have put down a security deposit. The minimum is $200. The deposit is refunded when you eventually qualify for a better card and close your account. Clearly, it’s not a card you want to hold onto forever. But considering cards for similar credit scores (including prepaid debit) can easily exceed $100 in fees every year, the Orchard is a valuable stepping-stone on the path to better options.

For fair credit: Capital One® Cash Rewards – Average Credit

For people who don’t quite have impeccable credit but aren’t at the bottom of the totem pole, the Capital One® Cash Rewards – Average Credit can help elevate you to the next echelon of credit. The $39 annual fee and purchase APR are pretty basic, but the rewards program is what makes the CapOne cash worth your time. All purchases earn a simple but satisfying 1% back. There are no expirations and no reward caps. Redeeming your cash couldn’t be easier. You can choose to receive rewards in the form of account credits, checks or gift cards. Capital One puts you in charge of your own personalized redemption calendar. You can choose whether you want to redeem when you reach a specified earning threshold, at a set time each calendar year or upon request. If you’re credit is somewhere between good and not-so-good, the CapOne Cash is a worthy median.

For businesses: Chase Ink

The Chase Ink can do a lot for business owners–especially those just getting established. It grants a 0% transfer and purchase APR for an entire 12 months, so investments can be paid off interest-free for a full year. The rewards program is perhaps most beneficial to fledgling businesses, but those with ongoing travel expenses will also find it useful.  You earn rewards at a 5% rate on the first $25,000 spent annually on office supplies, wireless services, landline communication and cable services; plus an extra 2% on gas and lodging up to $25k in purchases. All other purchases qualify for 1% back without caps or limitations. Rewards come in the form of cash, allowing you to redistribute your earnings as needed.

For students: Citi Forward for College Students

Credit cards can be scary for first-timers. Who hasn’t heard horror stories about college gets racking up disturbing sums of debts due to inexperience or irresponsibility? And even if you’re fiscally savvy and confident you can avoid such pitfalls, where do you begin? The Citi Forward for College Students provides an excellent launchpad for initiating students into the credit card world. The rewards program was developed with students in mind. You earn 5 ThankYou points for every dollar spent on entertainment and dining out and 1 point per dollar everywhere else. The introductory purchase APR is 0% for 7 months, meaning you have a little time to get accustomed to credit card use before incurring penalties. The intro period is also handy in making big back-to-school and textbook purchases that might take a month or 2 to pay off. The Forward also rewards students for maintaining responsible spending habits. If you stay under your spending limit and pay your bills on time, you’ll be eligible for up to 1,200 bonus points and a 2% APR reduction. Right now, the Forward is offering a 10,000-point signup bonus when you charge $650 and sign up for paperless statements. Considering the simple, equitable terms and wide array of student-specific benefits, the Citi Forward is a premier card for the college lifestyle.