I Asked 4 Financial Advisors To Share Their Favorite Credit Cards — Here’s What They Said

Credit cards are great financial tools — when used properly, which is when you pay the balance in full every month. Not only do they help build credit, but they also help you accumulate rewards, miles and offer several other benefits.

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To put this in context, the total dollar value of rewards gained by cardholders was more than $40 billion in 2022, including $15.2 billion earned as cash back, $5.2 billion as airline miles and the rest as “points and other,” according to the Consumer Financial Protection Bureau.

Yet, choosing a credit card can be tricky with the seemingly endless rollouts of new ones, and finding one that’s the right fit for your lifestyle and your financial situation can be challenging.

“The best credit card is the one that fits your needs the most — so take some time to think through how you spend your financial resources and what you value most when it comes to spending money,” said Bobbi Rebell, CFP and personal finance expert at CardRates.com. “The answer can be a few cards that you use for different purposes.”

GOBankingRates talked to a few financial experts and here’s what they had to say about their preferred credit cards and the benefits they offer.

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Chase Sapphire Preferred Card — ‘Fantastic’ Flexibility

When it comes to choosing the right credit card, it really depends on individual spending habits and financial goals, but there are some standout options that Cliff Ambrose, FRC, founder and financial advisor of Apex Wealth, often recommends to his clients.

One of his personal favorites is the Chase Sapphire Preferred card, as the flexibility of the rewards program is “fantastic,” especially for people who love to travel.

“You can earn points on a wide range of everyday purchases, and the ability to transfer those points to different airline and hotel partners gives cardholders a lot of bang for their buck,” Ambrose said.

What’s more, the points are worth 25% more when you redeem them through Chase’s travel portal, which is a nice bonus, he added.

“For someone who’s looking to optimize their credit card for travel rewards, this card is a great option without the hefty annual fee you see on some of the premium cards,” he added.

Find Out: How To Use a Credit Card the Right Way, According to Money Expert Seth Godwin

Citi Double Cash Card — ‘Great for Everyday Use’

Another card that’s great for everyday use is the Citi Double Cash card, according to Ambrose.

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He said that it’s one of the simplest yet most rewarding cash-back cards because you get 1% cash back when you make a purchase and another 1% when you pay it off.

“For people who don’t want to deal with complicated rewards systems and just want straightforward cash back, this card offers solid value, especially for those focused on maximizing their returns on daily expenses without having to track specific categories,” he said. “I previously had this card and have no regrets.”

Discover it Balance Transfer — For People Looking To Manage Debt

In terms of individuals who are looking to manage debt, Ambrose said he often recommends cards such as the Discover it Balance Transfer.

“It has a generous introductory 0% APR for balance transfers, which can give cardholders some breathing room to pay off high-interest debt without incurring extra costs,” he said, adding that on top of that, it also offers decent cash-back rewards, so you’re still earning as you pay down your balance.

American Express Platinum — If Your Family Travels a Lot

CardRates’ Rebell said that her personal go-to is the American Express Platinum card, “because my husband and I have a teenager and two young adult kids all of whom travel a lot independently.”

As she explained, for an additional premium they got them their own cards and the Centurion lounge access that comes with it.

“Bonus: by putting kids on your credit card when they are young you can really boost their credit score,” she said.

She also noted that the lounges’ free food and drinks have saved her family thousands of dollars over the years, and she also likes perks such as tickets to concerts and free Uber credits.

She noted, however, that this card might not be right for everyone not only because of the very steep fee but also because it is a high-interest rate card. In turn, you should be prepared to pay off the balance every month and regularly check on the benefits to make sure you are using them correctly, as some expire if you don’t use them during a specific time.

For Michael Collins, CFA, founder and CEO of WinCap Financial, this card is also a favorite. As he noted, in addition to the airline fee credit and hotel upgrades, it also offers rewards on travel purchases and a concierge service to assist with dining reservations and event tickets.

Discover it Cash Back — Great for Maximizing Rewards

Collins noted that with rotating quarterly categories for 5% cash back, up to $1,500 in purchases, this card is great for maximizing rewards on specific spending categories such as groceries, gas, restaurants and more.

“It also has no annual fee and offers a cash-back match at the end of the first year for new cardholders,” he added.

Venture X Card by Capital One — Easy To Accumulate Rewards

For R.J. Weiss, CFP, founder and CEO of The Ways To Wealth, his go-to personal credit card is the Venture X Card by Capital One.

“It offers 2X points on all spending, which makes it easy to accumulate rewards,” said Weiss, adding that he loves the flexibility of either transferring those points to travel partners or redeeming them for statement credits for travel expenses.

“The higher annual fee is offset by a $300 annual travel credit, which I find makes the card much more affordable,” he added.

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