What are the Best Credit Cards of 2017?

As an English credit card expert, I am happy to provide a detailed answer to the question of "What are the Best Credit Cards of 2017?" based on current information and trends. In this article, we'll cover the topcredit cardsof 2017, their benefits, and potential drawbacks, as well as tips for maximizing their value and avoiding common pitfalls.

Best Credit Cards of 2017

1. Chase Sapphire Reserve: This card offers a generousrewards program, including 3x points on travel and dining, access to airport lounges, and a $300 annual travel credit. However, it comes with a hefty $450 annual fee and requires excellent credit to qualify.

2. American Express Platinum: With a $550 annual fee, this card offers similar benefits to the Chase Sapphire Reserve, such as airport lounge access and a $200 airline fee credit. It also offers 5x points on flights booked directly with airlines and hotels booked through Amex Travel.

3. Citi Double Cash: This card offers 2%cash backon all purchases, with no annual fee. It's an excellent choice for those who prefer cash back over travel rewards and don't want to pay an annual fee.

4. Discover it Cashback Match: This card offers rotating bonus categories and 5% cash back on up to $1,500 in purchases each quarter. It also matches all cash back earned in the first year and has no annual fee.

Benefits and Drawbacks

While these cards offer excellent rewards and benefits, they also come with potential drawbacks. For example, the Chase Sapphire Reserve and Amex Platinum both have high annual fees, and the Citi Double Cash and Discover it Cashback Match are both limited to cash back rewards. Additionally, all of these cards require good to excellent credit, which may exclude some consumers.

Maximizing Card Value

To get the most value out of your credit card, it's important to read the terms and conditions carefully and take advantage of all available benefits. For example, with the Chase Sapphire Reserve, you'll want to use the $300 annual travel credit and take advantage of the 3x points on travel and dining. With the Amex Platinum, you'll want to use the $200 airline fee credit and take advantage of the 5x points on flights booked directly with airlines.

Avoiding Pitfalls

To avoid common credit card pitfalls, always pay your balance in full and on time each month to avoid interest charges and late fees. Be aware of your credit limit and avoid maxing out your card, as this can negatively impact your credit score. Finally, monitor your account regularly for any fraudulent activity and report any suspicious charges immediately.

Conclusion

Overall, the best credit card of 2017 will depend on your individual needs and preferences. Whether you prefer cash back or travel rewards, there are many excellent options available. By understanding the benefits and potential drawbacks of each card, and by following best practices for credit card use, you can maximize your rewards and minimize your costs.