Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any credit card issuer.
Shopping for the best credit card deals can be a laborious task, especially given how many different banks and cards are currently out there. To help you shortcut this process, our team searched through hundreds of cards and hand-picked some of the top offers available to consumers at the moment. Some of these cards will give you tremendous short-term value through welcome bonuses while others are designed to save you more money over a long-term. Look through our categories below to find the credit card deal that best fits the type of benefits you're looking for.
Table of Contents
- The Best Credit Card Deals of 2020
- How to Find Credit Card Deals
ValuePenguin's Top Credit Card Deals 2020
We categorized each of the best credit card deals into different buckets that can help in your search for the right card. Here are our picks:
Best Credit Card Deal for April 2020: Discover it® Cash Back
Special Offer: INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.
On its own, the Discover it® Cash Back is a fantastic rewards card. It provides a 5% cash back rate in categories that change each quarter, up to the quarterly maximum when you sign up. For 2020, the categories include grocery stores, Walgreens and CVS (January-March), gas stations, Uber, Lyft and wholesale clubs (April-June), restaurants and PayPal (July-September), Amazon.com, Target and Walmart.com (October-December). That is a higher rewards rate that you can get with most other credit cards. The card's special offer makes this even better. During your first 12 months, you will be effectively earning anywhere between a 2% and 10% rewards rate on all your purchases.
Best Travel Credit Card Deal: Chase Sapphire Reserve®
Special Offer: $300 annual travel credit.
The Chase Sapphire Reserve® is currently one of the absolute best travel credit cards around. As of 2020, no other credit card throws as many perks at its users as this one. First of, as noted in the special offer, users get a $300 annual travel credit that can be used towards things like airfare, cab rides, hotels or any other purchases associated with travel. This credit helps offset the card's high annual fee of $550. Additionally, as a cardmember you receive access to Priority Pass airport lounges, and a TSA Pre/Global Entry fee waiver. Together, these benefits are worth hundreds of dollars. To top it all off, users get a 4.5% rewards rate on travel and dining, which is a higher reward than most credit cards can provide. You can get 3 points in travel after you use the $300 annual travel credit.
- $550 Annual Fee
- 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants & 1 point per $1 spent on all other purchases.
- Earn 50,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
Best Combo Deal: Chase Sapphire Preferred® Card + Chase Freedom®
Special Offer: Both cards offer Ultimate Rewards points that can be pooled together, which increases their value.
Both the Chase Sapphire Preferred® Card and the Chase Freedom® offer enough benefits that each could qualify for this list on their own. When combined, however, they become even more powerful. What allows these cards to work in tandem is the fact that both accumulate the same rewards currency -- Chase Ultimate Rewards (UR). These points are ordinarily worth $0.01 each. However, when you get a tier 2 Chase credit card, like the Chase Sapphire Preferred® Card, you gain the ability to use them from travel bookings, which increases the value to $0.0125. That, in turn, boosts the rewards rate on the Chase Freedom® well past its 5%/1% caps. You may also transfer your UR points to participating hotel and airline partners that have the potential to increase their value even further.
- Annual Fee on the Chase Freedom®: $0
- Chase Freedom® Rewards: Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.
- Annual Fee on the Chase Sapphire Preferred® Card: $95
- Chase Sapphire Preferred® Card Rewards: 2X points on travel and dining at restaurants & 1 point per dollar spent on all other purchases worldwide
Best Credit Card Deal for Students: Discover it® Student Cash Back
Special Offer: Discover matches all cash back you've earned at the end of your first year – automatically. Only for new card members.
The Discover it® Cash Back is one of the best credit card deals, so it only makes sense its student counterpart also makes the list. The Discover it® Student Cash Back is a lot like its non-student version. Cardholders earn 5% cash back in categories that change each quarter, up to a quarterly maximum each time you activate. For 2020, the categories include grocery stores, Walgreens and CVS (January-March), gas stations, Uber, Lyft and wholesale clubs (April-June), restaurants and PayPal (July-September), Amazon.com, Target and Walmart.com (October-December). New cardmembers also have their cash back doubled at the end of their first year. The Discover it® Student Cash Back is also currently running some student-specific promotions. Users can get $20 statement credit each school year their GPA is 3.0 or higher for up to the next 5 years. Also, you won't pay a late fee on your first late payment. This can be great for a student who is just starting out and getting used to managing a credit card.
- $0 annual fee
- $20 statement credit each school year your GPA is 3.0 or higher for up to the next 5 years
Best Credit Card Deal for Small Businesses: Ink Business Preferred℠ Credit Card
Special Offer: Earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening.
The Ink Business Preferred℠ Credit Card has one of the best sign-up bonuses currently available, which is a cherry on top of a already fantastic small business credit card. You can currently earn one of the most valuable all-around sign-up bonuses with the card: Earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening. We estimate the value of this award to be roughly around $1,250 in travel bookings. Outside of the bonus, this card offers a solid rewards rate of 3.75% on select purchases and doesn't charge its users any foreign transaction fees when used abroad.
- Earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening.
- $95 annual fee
- Points are worth 25% more when you redeem for travel through the Chase Ultimate Rewards travel portal
- Earn 3 points per $1 on the first $150,000 spent in combined purchases on travel, shipping purchases, Internet, cable and phone services, advertising purchases made with social media sites and search engines each account anniversary year. Earn 1 point per $1 on all other purchases - with no limit to the amount you can earn.
Best Credit Card Deal for Balance Transfers: Chase Slate®
Special Offer: No Annual Fee on Transfers made within 60 days of account opening. After that: Either $5 or 5% of the amount of each transfer, whichever is greater.
The Chase Slate® is one of the top balance transfer credit cards on the market right now because of its fantastic intro offer. The card has a $0 intro fee on balance transfers made within 60 days of account opening. Most other credit cards will charge their users anywhere between 3% and 5% for carrying out a transfer. On top of that, the Chase Slate® provides its users 0% APR on balance transfers for the first 15 months of card membership, allowing you to tackle your outstanding debts, interest free, for well over a year.
- No Annual Fee on Transfers made within 60 days of account opening
- 0% Intro APR on balance transfers and purchases for the first 15 billing cycles that your Account is open
- Regular Ongoing Purchase APR: 14.99% - 23.74% Variable
Best Credit Card Deal for Online Shoppers: Amazon Prime Rewards Visa Signature Card
Special Offer: Unlimited 5% back on all Amazon.com purchases.
Amazon and Chase recently rolled out the Amazon Prime Rewards Visa Signature Card and it's currently one of the best ways to shop for things through the online giant. If you are someone who has Amazon Prime membership, we can't stress enough how much of a good deal this card is. You get an unlimited 5% cash back on all your Amazon purchases -- that's better than what any other credit card can currently give you. If you don't have Amazon Prime, you can still get a good deal with the Amazon Rewards Card. The non-Prime card gives a 3% cash back rate on Amazon purchases.
- Unlimited 5% cash back on all Amazon purchases
- 2% back at gas stations, restaurants and drugstores
- Exclusively available to Amazon Prime members
The information related to the Amazon Prime Rewards Visa Signature Card has been collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.
List of the Top 8 Credit Cards For April 2020
In case you want another reminder of our top 8 credit card deals, below is a quick table that summarizes all the important details about each pick.
|INTRO OFFER: Discover will match ALL the cash back you've earned at the end of your first year, automatically. There's no signing up. And no limit to how much is matched.||Discover it® Cash Back|
|$300 annual travel credit||Chase Sapphire Reserve®|
|Use both cards to earn Ultimate Reward Points||Chase Sapphire Preferred® Card & Chase Freedom®|
|Discover doubles cash back at the end of first year for new card members||Discover it® Student Cash Back|
|Earn 100,000 bonus points after you spend $15,000 on purchases in the first 3 months from account opening.||Ink Business Preferred℠ Credit Card|
|$0 Intro Fee on Transfers made within 60 days of account opening||Chase Slate®|
|Unlimited 5% back on all Amazon.com purchases||Amazon Prime Rewards Visa Signature Card|
How To Find The Best Credit Card Deals?
If you are unsatisfied with the list of cards we presented above, you can always seek out credit card deals on your own. In certain circumstances, better offers may be available to you as we’ll explain below. Doing your own research may be an involved process and will likely require some effort on your part. This section of our guide will focus on cutting down the time you have to spend sifting through contracts, and help you get the right framework for finding card deals.
Look through e-mail and ordinary mail offers. The best credit card deals out there are not publically available to consumers. Instead, a bank may present you with a special discount or promotional offer that is only available to you. These are referred to as “targeted offers”, due to their nature. Many people have trained themselves to immediately treat such offers as spam. However, if you are on the hunt for a good credit card deal, you shouldn’t ignore these mailings.
Know what benefits you want, before you search. Credit cards can have a ton of different purposes and features that make them geared towards very specific users. While a multitude of features is great for consumers, it can also lead to a paralysis when they are presented with an overwhelming amount of options. This is why you should try to have at least a rough outline of what you want your credit card to have, in terms of benefits, before you even begin your search.
Know that the net value of rewards can outweigh an annual fee. Some people shy away from a whole world of possible credit card deals just because they come with an annual fee attached. This is a wrong mindset to have. Consumers should, instead, focus on the net value. Sometimes, one particular credit card deal may give you a better net return, even if it has an annual fee and another one doesn’t. Use credit card comparison tools, like this one, to help you figure out the best net rewards for your particular spending habits.
Shopping portals often have the best deals. Many of the major credit card issuers offer their users special discounts when they buy things through online shopping portals. These are often several magnitudes better than the promotional rewards you get from simply using the card in-store. Unfortunately, you cannot cross-compare shopping portals between different cards – they are almost always locked behind a log-in that requires you to be a cardmember. However, you should still be aware of their existence, since they are worth looking at once you apply for a certain card.
For the purposes of this article, we examined 300+ credit cards found in our card database. This database includes cards from all 10 major credit card issuers in the United States – American Express, Bank of America, Capital One, JPMorgan Chase, Discover, Barclays, Synchrony Bank, Citibank, Wells Fargo and US Bank. We use cards from these banks because they are, for the most part, available nationwide to customers. Even if there is no branch near you, you can apply for most of the cards from these banks online. For the purposes of completeness, our database also contains information on cards from major credit unions, and large regional banks such as Key Bank.
Deals were chose on a basis of their value and compared to the relative cost of each card. Therefore, a card that offers consumers a deal we estimate to be worth at most $200 would not make the list if it had an annual fee that eats up most, if not more, of that deal value.
The information related to the Chase Freedom®, Ink Business Preferred℠ Credit Card, and Chase Slate® has been independently collected by ValuePenguin and has not been reviewed or provided by the issuer of this card prior to publication.