My Credit Card Choice

This was a tough choice. I didn't realize how similar credit cards seem to each other... until I read the fine print. I plowed through four or five different websites and Google-ed several unfamiliar terms, only to find that the four different cards I came up with were offering basically the same thing. Great! So what's the distinction? Turns out, one extra benefit or an interest rate that is the tiniest bit lower can completely change a consumer's mind. At least that's what happened to me.

My group had to decide between four different cards - Bank of America Accelerated Rewards, Capital One Journey, Capital One Cash and Chase Freedom. First to go was the Capital One Journey card, for one main reason - it is a student card, which means interst through the roof. Plus it encourages spending while young adults are still students which is a bad, bad idea. After that, it was between three very similar cards; they all offered a $0 annual fee, cash back and intro APR rates. Now it comes down to the nitty-gritty. We compared the period of time that the intro rate was offered, the rate after the intro period, the cash back opportunities and possible bonuses for spending a certain amount. After some debate and contemplation, we found the card that stood slightly apart from the rest - Bank of America.

One major distinction between this card and the others was the into rate time period - one full year instead of 6 billing cycles. I'll take that. It also offered the lowest possible APR even after the into rate - 12.9% at the lowest. There was also no annual fee and zero liability. All three other cards offered point systems but this one was a little different  - the points were redeemable for cash, travel, and plenty of other options. The Capital One card was a close second - unlimited cash rewards with no expiration date - but they were just cash, not redeemable for anything else of value. Okay, decision made - now let's go do some Christmas shopping!