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Getting the Most From Your Introductory Offer

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When it comes time to choose a new credit card, take time to find the card with the best introductory offer. This can give you some great benefits and help you save money.  An introductory offer may include interest-free purchases, balance transfers, or cash-back rewards.  Here is a comparison of some of the best introductory offers.

Consider the Introductory Offer Length

The best introductory offers are usually the longest ones.  A good introductory offer enables you to keep a balance on the card interest-free—whether it is from new purchases or balance transfers.  To take full savings advantage of this, be sure to pay it off before the introductory offer period.

Most introductory offers extend for 12 or 15 months.  A few, such as the BankAmericard® credit card, have an introductory period that lasts for 18 months.  One card that does it even better is the Wells Fargo Reflect® Card.  The Reflect® Card will give you 18 interest-free months on new purchases, but if you make all your minimum monthly payments on time during the 18 months,Wells Fargo will extend the interest-free period to 21 months. Balance transfers enjoy the same benefit. Both NerdWallet and TheAscent—a service of Motley Fool—have named this card the best for its introductory offer.

Some credit cards split the introductory offer period by offering two different time frames: one for purchases and one for balance transfers.

Two cards currently do this, although more may be coming.  Although the introductory offer period for new purchases is only 12 months, these credit cards offer 21 months of zero interest on balance transfers. If you have credit card debt you want to reduce, one of these could be ideal for you. They are the Citi® Diamond Preferred® Card and the Citi Simplicity® Card. Neither card has an annual fee.

Think about the Rewards

Cash-back reward cards are plentiful. The best ones offer larger upfront benefits—usually after meeting a minimum amount of purchases within the first three months—and a higher rate of percentage points on your purchases.

Here are some cash-back credit cards that you will want to look at before making a decision.

If you enjoy entertainment, you may want the Capital One SavorOne Cash Rewards Credit Card. It offers 8 percent cash back on Capital One Entertainment purchases and tickets at Vivid Seats. You will also enjoy a $200 cash bonus after spending $500 on the card within the first three months. Other cash back rewards include 5 percent on hotels and rental cars; 3 percent on dining, entertainment, and grocery stores; and 1 percent on all other purchases.

The Chase Sapphire Preferred® Card offers many benefits for members and it is available to those with good to excellent credit.  This card will give you 80,000 points after you spend $4,000 within the first three months. The bonus points were recently upgraded (although this upgrade may be temporary) from 60,000 points.  Cardholders also receive 5X points for staying in hotels; 3X points on online grocery purchases, restaurants and takeout, and on select streaming services. It offers 2X for other travel purchases, and 1X on money spent on anything else. Every year you keep the account open, you will also earn an additional 10 percent in bonus points. The credit card has an annual fee of $95.

When it comes to introductory offers, the American Express Platinum Card® is the best travel credit card. It is available for those with good to excellent credit. The card offers 125,000 bonus points after cardholders spend $6,000 in the first six months. You will earn 5X the points on flights and prepaid hotels and 1X points on all other purchases. The card also rewards a $200 annual credit on hotel purchases and incidental travel fees, $20 back each month for digital entertainment, a $155 Walmart credit, $20 cash back for Uber and dining, and a $25 statement credit each month for membership at Equinox—for digital fitness. There is a $695 annual fee, but the rewards should make this amount insignificant.

If you often stay in hotels—particularly Marriott hotels—you will want the Marriott Bonvoy Boundless® Credit Card. It is the best of the better hotel cards when it comes to points.  The introductory bonus includes three free nights (worth 50,000 points for each night) at the hotel chain after you spend $3,000 in purchases on the card. The card offers up to 17X points on Marriott stays; a new benefit of 3X your purchases spent on groceries, gas, and dining; and 2X points on everything else. You will also receive one free night annually. It has an annual fee of $95.

Long Term:  Annual Fees and Interest

Credit card companies may charge an annual fee after the introductory period ends. You will want to be aware of this if you plan to keep the card long term. In many cases, credit cards offer bonuses that will make them worthwhile despite the annual fee.

Interest rates may rise after the introductory period as well.  Of course, paying off your balance in full each month will keep you from incurring interest charges.

The Epoch Times Copyright © 2022 The views and opinions expressed are only those of the authors. They are meant for general informational purposes only and should not be construed or interpreted as a recommendation or solicitation. The Epoch Times does not provide investment, tax, legal, financial planning, estate planning, or any other personal finance advice. The Epoch Times holds no liability for the accuracy or timeliness of the information provided.



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