Welcome to the third installment of The Best Credit Cards in America. In this edition, I’m giving awards for the Best Airline Miles Credit Card and the Best Low Interest Credit Card in America.
The category winner is the card that scores the highest number of points based on a unique, 41-factor formula that I designed. The formula gives each card a “benefits/rewards score” and then subtracts the “costs score.”
Since the holidays are almost here, I decided it’s the perfect time to look at credit cards that offer airline miles. I know that many folks will be jetting off to see family and friends. And I know some of you travel for a living so earning miles is very important. So for all of you frequent fliers out there, I’ve reviewed dozens (and dozens) of credit cards that let you redeem airline miles for flights.
I looked at cards that had annual fees below $100 (although I looked at one card that had a $175 fee just to make sure I didn’t miss a steal). The elite cards do have some amazing perks but they charge steep annual fees as well. I wanted to keep this affordable for the average consumer.
The upcoming holidays and the still-rocky economy got me thinking about low interest credit cards. I always tell folks that it’s a good idea to have a low-interest card on hand for cash-flow emergencies. You can have a rewards card to earn points, cash back, or miles, but you don’t ever want to carry a balance with a rewards card because the interest rates are usually on the high side.
So I also took a look at credit cards with the lowest ongoing interest rates (also known as the APR). If you have to carry a balance, a low interest rate credit card is a nice thing to have in your back pocket.
Okay, so let’s take a look at the winners and find out what makes them so amazing.