Credit card bonuses are one of the subtle ways that even people with average credit ratings can wind up ahead of the curve these days. Most of these bonuses are activated when you signup for a card and it’s not just those with good credit who can take advantage of them; though it certainly helps in some cases. Nevertheless, even those without excellent credit can save thousands in travel expenses, earn cashback rewards, and improve their overall credit score by taking advantage of these credit card signup bonuses.
There are many signup bonuses available out there and they range from, low introductory interest rates and frequent flyer miles to balance transfers of higher interest credit card balances, extended warranty protection, and straight-up cash. There are also plenty of ways to earn cashback for specific or online purchases as well.
To help you out, we have collected five of the best credit card sign-on bonuses on the market today!
Bank of America Cash Rewards Credit Card
The first card on this list, the Bank of America Cash Rewards credit card, offers new account holders a substantial cash bonus for spending only $500 in the first 90 days. With a zero percent introductory interest rate on purchases for 12 months and a $150 cash bonus for spending money you’d likely already be spending, it’s no wonder the Cash Rewards card is so sought after.
Have other, high-interest credit card balances already? You can transfer them over to the Bank of America Cash Rewards Credit card within the first 60 days of opening the account. You can also transfer those high-interest credit card balances within 60 days of opening your account. As if those weren’t enough incentives, you can also get three percent cashback each time you use your card to buy something in a specific category. That’s in addition to getting two percent back on all purchases at grocery stores and wholesale clubs.
Citi Simplicity Credit Card
The Citi Simplicity credit card almost sounds too good to be true. It offers a zero percent interest rate on all purchases within the first 12 months; an insane deal for anyone who is looking to build their credit without taking on an absurd interest rate. Even after the signup APR expires, your rate will revert to a reasonable 16.24 percent, which still isn’t terrible considering you’ve had a year to beef up your credit score.
You can also transfer this balance to another card after 12 months, again with another zero percent introductory rate. This time, however, the rate lasts 21 months. Along with a very generous year-long reprieve from APR, your Citi Simplicity Credit Card comes with no annual fee, no late fees, no interest penalties for late payments, and $0 liability on any unauthorized charges.
Capital One Venture Rewards Credit Card
Capital One has several credit card signup rewards on this list. The first card, their Venture Rewards credit card, is a great choice for those who love to travel. Consumers can earn unlimited 2x miles on every dollar they spend with the card and an amazing 10x every dollar they spend on hotel accommodations.
There are a number of other signup bonuses as well. These include the ability to earn 50,000 miles when you spend $3,000 or more in the first three months. That works out to a $500 value. Other travel perks include a travel credit of $100 for TSA Precheck or Global Entry fees and after the signup bonus, the annual fee is only $95. Not bad at all considering what you save.
Capital One Quicksilver Cash Rewards Credit Card
The other Capital One offer involves the Quicksilver Cash Rewards credit card. This card has a signup bonus that includes a zero percent introductory interest rate on both purchases and balance transfers within the first 15 months.
If you spend $500 in the first three months, you can earn a $150 cash bonus. This, coupled with no annual fees, no foreign transaction fees, unlimited cashback of 1.5 percent on ALL purchases, and extended warranty protection on a number of eligible items, makes the card well worth it.
And while there is still a three percent fee for each balance transfer, the introductory rate on purchases and balance transfers tapers off at between, 15.24 percent to 25.24 percent. Which isn’t bad at all in the grand scheme of things. You also earn a $150 bonus after you spend $500 on purchases within the first three months of opening an account.
Discover it Balance Transfer Credit Card
The last card on our list is a doozy. The Discover it Balance Transfer credit card offers some great and pretty substantial signup bonuses. It gives you five percent cash back on anything you buy at grocery stores, gas stations, restaurants, Amazon.com, and other merchants you were obviously going to shop with anyway!
That’s not even including the unlimited one percent cash back on any and all other purchases. The most interesting sign-on incentive, however, is that Discover will match your total cash-back earnings for the first year. The best news is that these are all rewards that never expire! And you can cash them in at any time!
Regardless of your credit score at signing, you will receive a zero percent APR rate for six months on purchases and a zero percent transfer fee for 18 billing cycles. Not bad at all if you ask us!
Experts warn that there is a danger in having too much credit and they’re not entirely wrong. So long as you can be fiscally responsible and spend between $500 and $1,500 a month on credit cards while also repaying the debt, you should be fine. Signup bonuses sweeten the deal and help mitigate the minor credit damage that comes with taking on new debt.
With all the fantastic offers out there, it’s important to remember that your best chance at getting the best deal is doing your do-diligence. Shopping around and comparing signup bonuses, not only helps you to find which bonuses make the most sense for you, but it also makes sound financial sense. It’s also a good practice going forward with any type of financial decisions.