Navigating the world of credit cards can be overwhelming, especially with the wide variety of issuers and offerings. Some credit card companies stand out for their excellent customer service and rewards, while others should be avoided at all costs. In this guide, we’ll go over the best and worst credit card issuers, based on my personal experiences, to help you make an informed decision.
Capital One: A Tier
Capital One is an interesting issuer. It has mixed reviews, but I believe they’ve made great strides recently. They excel at offering travel rewards and cashback cards, with standout products like the Capital One Venture X, which is one of the most overpowered travel credit cards, and the Capital One SavorOne for dining and entertainment.
However, Capital One has some quirks. They tend to deny people with excellent credit and often limit credit increases, which can be frustrating. Their algorithm seems to favor newer or mid-tier credit users over those with a long history. Still, Capital One is a solid early-to-mid game issuer, perfect for those starting out or those who want to maximize travel rewards.
Citibank: B Tier
Citibank, often referred to as Citi, doesn’t quite make the top tier, but it’s still a strong contender. Known for its solid cashback and travel cards, Citi offers products like the Citi Double Cash, which provides 2% cashback on all purchases, and the Citi Premier for travel enthusiasts.
Citi’s customer service can be hit or miss, but their app and website are intuitive and easy to use. While Citi might not offer the same level of luxury or rewards as higher-tier issuers, they are reliable and worth considering, especially for cashback lovers.
Chase: S Tier
Chase is often considered one of the best issuers in the credit card world. With a broad range of products for personal and business use, Chase offers something for everyone. Their famous Chase Sapphire Reserve card is known for its travel rewards and luxury perks. Chase also offers great no-annual-fee cards, like the Chase Freedom Unlimited, making it easy for beginners and experienced users alike.
Chase’s ecosystem is designed to encourage users to stay within the brand. Their trifecta (or even quad-fecta) card setup allows users to maximize points across various categories. With consistently excellent service and competitive rewards, Chase easily earns its spot in the S Tier.
Credit One: Trash Tier
If you’ve ever received a Credit One Bank offer in the mail, do yourself a favor and throw it away. This is one of the worst issuers out there, known for poor customer service and excessive fees. In fact, Credit One even charges cancellation fees if you want to close your account, a practice that is nearly unheard of in the industry.
Credit One is primarily aimed at subprime credit holders, and the benefits are minimal. Avoid this issuer at all costs.
Bank of America: Mixed Tier
Bank of America is a bit tricky to rank. If you have significant assets with them, their Preferred Rewards Program can boost the value of their cards considerably. For example, the Bank of America Cash Rewards Card can offer up to 5.25% cashback in certain categories, which is highly competitive.
However, for the average user without substantial funds in a Bank of America account, the cards are less appealing. For the wealthy, this is an A Tier issuer; for everyone else, it’s more of a C Tier.
Apple Card: Mid Tier
The Apple Card isn’t revolutionary, but it’s a decent option for Apple users. The app is sleek and easy to use, providing clear payment reminders and insights into spending. However, the rewards structure is fairly basic, offering 3% cashback on Apple purchases and 2% on purchases made with Apple Pay. It’s a card for convenience, not maximized rewards, placing it in the middle of the pack.
U.S. Bank: B Tier
U.S. Bank is often overlooked, but they have some strong products. Their U.S. Bank Altitude Reserve card is one of the best single credit cards, especially for those who use mobile wallets, offering 3x points on mobile wallet purchases and 5x points on hotels and car rentals.
While their rewards are strong, U.S. Bank’s app and website are less user-friendly compared to competitors. This issuer has a lot of potential but falls just short of the top tier due to its cumbersome interface.
American Express: S Tier
American Express (Amex) is a fan favorite for good reason. Known for its luxury perks, Amex excels in customer service and offers a wide variety of cards for travelers, cash-back enthusiasts, and business users alike. Cards like the American Express Platinum provide premium travel benefits, including access to Centurion Lounges, statement credits for travel, and concierge services.
While Amex may require a bit more work to maximize rewards, the potential value is enormous, making it a top choice for those who appreciate luxury and superior service.
Conclusion
Choosing the right credit card issuer depends on your personal needs, but there are clear winners and losers in the space. Chase and American Express reign supreme with their extensive benefits, while issuers like Credit One should be avoided at all costs. Whether you’re looking for cashback, travel perks, or just a reliable card with good customer service, this guide should help you make a more informed decision.
