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Which Credit Cards Promote Financial Responsibility?

Oct. 1, 2019
Credit Cards
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Doing the right thing feels good. Financially speaking, you probably get a charge out of paying your bills on time, making a big deposit to your savings account or upping your 401(k) contribution. But did you know that there are credit cards that reward you for repaying what you’ve charged? If you’re interested in getting something more substantial than a pat on the back for paying your bill, take a look at our suggestions below.

If you want an incentive to pay your balance in full every month: Citi® Double Cash Card – 18 month BT offer

Sometimes it’s tempting to only make the minimum payment on your credit card, but with the Citi® Double Cash Card – 18 month BT offer you’ll have an extra incentive to pay in full. With this card, you’ll earn 1% cash back on all your purchases, then an additional 1% cash back when you pay them off. Of course, you could delay repaying your charges and still get the extra 1% back, but what’s the point? To rack up rewards fast, you’re better off paying your balance as soon as it comes due. There’s no limit to the rewards you can earn with the Citi® Double Cash Card – 18 month BT offer, rare among cash-back cards with a high rewards rate. Plus, it charges a $0 annual fee, and you’ll score some other fringe benefits, including:

  • Late-fee pass – your first late fee will be waived.
  • Flexible billing – you get to choose your own due date.
  • An APR of 0% on Balance Transfers for 18 months, and then the ongoing APR of 15.74% - 25.74% Variable APR.

All in all, if you’re looking for a cash back card with a high rewards rate that will give you a really good reason to pay off your balance in full every month, the Citi® Double Cash Card – 18 month BT offer is just the ticket.

MORE>> How to Pick the Best Credit Card for You: 4 Easy Steps

If you need to make a big purchase that you’ll pay off over time: BankAmericard® Better Balance Rewards™ Credit Card

Sometimes large expenses pop up that we don’t have the cash to deal with at the moment. If this sounds familiar and you’re planning to use a credit card to make the purchase, the BankAmericard® Better Balance Rewards™ credit card is a great choice. With this card, you’ll get 12 months at 0% interest on purchases and balance transfers (if you do the transfer within 60 days of opening your account). That’s a full year to pay down a big purchase without having to worry about interest being tacked on. But what’s really special about the BankAmericard® Better Balance Rewards™ credit card is that you’ll also get a quarterly $25 account credit if you pay on time and more than the minimum every month. That’s an extra $100 per year toward paying off your balance! Plus, if you’re a Bank of America checking or savings customer, you’ll get an additional $5 per quarter. That means you could score up to $120 per year in account credits if you make the right moves. The BankAmericard® Better Balance Rewards™ credit card charges no annual fee, but it does charge a 3% balance transfer fee. This is why the Nerds think this card is better for paying off a large purchase than doing a balance transfer.

If you’re a college student: Journey® Student Rewards from Capital One®

Building good credit through responsible credit card use when you’re a college student is a smart idea. But if you want extra rewards for getting into good plastic habits, you’ll need a specific card – the Journey® Student Rewards from Capital One®. With it, you’ll earn 1% cash back on all your purchases and an additional 25% if you pay your bill on time. Assuming you’re doing so, you’ll earn an effective 1.25% rewards rate with the Journey® Student Rewards from Capital One®. Plus, there’s no limit to the cash back you can earn, and rewards don’t expire. Pretty impressive! Also, after five months of on-time payments, you can get access to a higher credit line. This will make the process of creating a solid credit profile even easier. The annual fee for the Journey® Student Rewards from Capital One® is $0, but make sure that you’re making your payments on time and in full every month. The ongoing APR is 26.46% Variable APR, which could really add up fast if you carry a balance from month to month.

Doing the right thing image via Shutterstock