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We’re all faced with the social and economic impact of the coronavirus outbreak — that much is clear. But the challenges will be different for each of us depending on how we live and how we make a living. That’s why we’ve combed through current credit card offers to find the best in each category — cash back, small business and travel rewards — and, yes, we are optimistic that someday life will return to normal and those rewards will be useful!
Capital One Quicksilver Cash Rewards
Why we like it: This card is a super straightforward offer for people looking to save on all purchases — whether you’re ordering delivery of a lifetime supply of beans or a Mother’s Day gift. Its terms are very competitive with those of the Chase Freedom card (below), with an introductory cash bonus of $150 after spending an initial $500 in the first three months of opening the account. It has other cash-back features, but there are no rotating categories to keep track of.
- 1.5% cash back on every purchase — no limit
- Pay 0% APR on purchases for an introductory period of 15 months.
- Pay 0% APR on balance transfers for the 15-month introductory period. (Note: An initial 3% fee applies to balance transfers.)
- No annual fee or foreign transaction fees
Why we like it: This card offers an uncomplicated way for frugal shoppers to save some money. First, it offers an introductory bonus of $150 after you spend $500 within the first three months of having the card.
But there’s more:
- Each quarter, get 5% cash back on up to $1,500 worth of combined purchases in bonus categories, with new categories each quarter. Until the end of March, the categories are good ones if you’re practicing “social distancing”: internet services, select streaming services, cable and phone services and gas stations. (After April 1, categories switch to fitness club/gym memberships and grocery stores.)
- Rack up 1% cash back on all other purchases, unlimited, for the life of the account.
- 0% introductory APR on purchases and balance transfers for the first 15 months.
- No annual fee
Why we like it: If you are a business owner who would rather convert your expenses into savings, check out this cash-back card, which offers you a $500 cash bonus when you spend $3,000 within the first three months of opening the account. It doesn’t take long — even for most small businesses — to run up that much in expenses on essentials.
- Get 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on phone service, cable and internet each year.
- Get 2% cash back on the first $25,000 spent in combined purchases at restaurants and gas stations each year, and get 1% cash back on all other card purchases with no limit on the amount you can earn.
- Pay 0% APR on purchases for the first 12 months.
- No annual fee
Why we like it: This card rakes in a whopping 60,000 points as a welcome bonus (worth $750 on purchases through Chase Ultimate Rewards) after you spend $4,000 within the first three months of opening the account. This is really a great deal — even after the card’s annual fee — assuming this level of spending is within your budget and you pay off the balance each month. If you like to travel — even if you’re not hitting the road during the coronavirus crisis — you can start piling up points for free travel down the road.
- Earn 2 points for each dollar spent on travel and dining, and 1 point per dollar on all other purchases with this card.
- No foreign transaction fees
Combine your Chase card rewards: Between the introductory bonus and double points for your travel and dining expenses worldwide, this card can take you far on your adventures. And if you have a Chase Freedom card, you go even farther — by transferring the rewards points earned on that card to this one.
Note: This card has a $95 annual fee.