It's amazing how quickly 2013 has ended. You are probably still reeling from the 2013 Christmas holiday shopping frenzy which featured consumers snatching up so many tech products that stores could barely keep up with the demand. As we head into 2014, it's time to mull over your credit, finances and whether you can afford to find the best 'magic plastic' options around. Here's what we believe will headline next year's best credit cards in 2014 offerings.
Capital One Quicksilver
The newest offering from this sub-prime lender features a nearly ridiculous 1.5% cash back on everything purchased to accompany zero fees during your first year of card membership. Another perk that card owners can enjoy entails a fat $100 bonus after $500 spent, an incredible increase from the $50 cash back offers from similar cards. It's expected that Quicksilver will dance around the competition in 2014 since it caters to below 625 FICO bearers.
Carried over from 2013 is the one Chase Financial product that offers 5% cash back in quarterly categories, and 1% on everything else purchased. The introductory rate is 0% for the first 12-18 months, depending on what's being currently offered, with special lump sum cash perks after spending $500 available. Although this particular card has great incentives, it's really no different than Chase's Slate card. FICO range for this card is around 640-700, although many individuals that have 620's have been getting this card when calling their reconsideration number.
BankAmericard Cash Rewards
BofA hit the ground running with their 1% on everyday purchases, 2% on gas and 3% on groceries offering. Although the credit score expectations are slightly higher (700 FICO), the benefits are immeasurable. $100 is given after spending $250 or $500, depending on what deal you get or find online. The perks can be automatically deposited into your BofA Checking or Savings accounts. Utilizing their member mall gives card holders additional cash back incentives that override the card's 1% standard rate.
Understanding your credit
Credit cards are a very important piece of the financial puzzle. In fact, it is almost impossible to be approved for a loan or a mortgage if you have never owned one in the past. The main reason for this is that using a credit card is one of the only ways to improve your credit rating.
Banks look at your credit rating to access your risk. They want to know that you are likely to pay back the loan in full and on time and your credit history can show them that you've done this in the past. Make sure if you do have dings that you've explained to the credit card company what happened, and what course of action you either took or intend to take to remedy the dings.
That bit of plastic that sits in your purse or your back pocket has seen some action, eh? It has certainly got around a bit. Well, if that is the case, then do you know what your credit score is like? Have you ever checked your credit rating? Perhaps 2014 is your year to really take charge of your credit rating, and the cards above should help you tremendously.