A breakdown of the best credit cards in 2020

Shopping is a favorite pastime for most people but did you know that you can have fun and still reap some benefits. Yes, you got that right, swiping your credit card can earn you some points which you can redeem for other rewards.

Most credit companies have built a reputation for the exorbitant interest rates they charge and low reward systems for clients but this doesn’t have to be the case. Here are the best retail credit cards that offer the highest rewards to help make your shopping experience even better.

1. Costco Anywhere Visa Card by Citi

Costco is one of the leading stores in the US. The Costco credit card by Citi is one of the best credit cards for 2020
The Costco credit card by Citi is one of the best credit cards in 2020

Costco ended its partnership with American Express to partner with Visa. This saw Costco launch a Costco Anywhere Visa, which is one of the best credit cards in the market.

When you use your card to pay for gas, you get a 4% cashback on your purchase from anywhere including Costco. However, the cashback is limited to the first $7,000 you spend on gas. Moreover, you also receive a 3% on restaurant and purchases globally, while purchases at Costco will see you receive a 2% cashback. This is not a bad deal considering prices at Costco are already low. for all other purchases, you’re eligible to receive a 1% cashback.

Also, the card has 0% APR on new purchases for the first seven months after which you’ll pay a 15.9% APR. With a Costco membership, there are no annual fees. What’s more, you can use the card in any part of the world.

2. Target RedCard

You can use the card to pay for a variety of goods and services including groceries, electronics, clothes, and pets.

The main advantage of Target RedCard is the discount. The card gives you an average of 5% off on all purchases excluding gifts. You also enjoy free shipping when you shop on Target.com and an additional 30 days for returns.

There are also no annual fees.

3. Lowe’s Consumer Retail Credit Card

In addition to being great hardware, it’s also a good place to shop for electronics home appliances, gardening supplies, and decorations.

With a Lowe credit card, you receive a 5% discount or you can settle for a different promotional financing offers. For purchases of $299 or more, you receive six months of deferred financing with no interest as long as you clear it within six months.

You can also choose 36, 68, or 84 months of special project financing where you pay interest rates of 3.99, 5.99, or 7.99 % respectively.

There’s no annual fee to use the card but it can only be used in Lowe stores or Lowe.com website.

4. Kohl’s Charge Card

Kohl’s is a departmental store and unlike other stores that give you a 10% off on your first purchases, Kohl gives you a whopping 25% off.

If you receive your card via mail, you receive an additional 15% discount and another 12 additional offers. If you spend $600 per year, you attain a reward known as the most valued customer that allows you among other things to receive at least 18 discounts per year.

5. Best Buy Reward Zone MasterCard

Best Buy is one of the largest electronics stores. The Reward Zone MasterCard gives you 5% back on purchases that you can collect as reward points or a promotional financing offer.

The card also gives you a six-month deferred payment for purchases of $149 or more, 18 months for purchases over $ 429 or 24 months on all HDTVs.

Customers also get free shipping for purchases over $35, exclusive discounts, and invitations to members-only company events.

There are no annual fees and you can use your card anywhere that MasterCard is accepted.

What are the Alternatives to Best Retail Credit Cards?

An all purpose credit is a suitable alternative to the best credit cards
If you’re not loyal to a particular store, you can opt for an all-purpose credit card

Store credit cards are recommended for customers who are loyal to a particular store. If you’re not that type of person, an all-purpose credit card may work best for you because you’ll receive rewards when you shop wherever you want.

The most effective way of finding the best credit card for your needs is knowing your credit score. If you don’t already, you can use an online tool to identify your credit score.

What to Consider When Searching for the Best Credit Cards

Retail credit cards help save money, especially on your first purchases. Here are a few things you need to watch out for

  • Make sure your credit insurer will contact the credit bureaus especially if you want to improve your credit score
  • Find out if the retail retain card is co-branded with a network such as Visa and Mastercard. If it is, you’ll be able to use it where such retailers are accepted worldwide.
  • The type of rewards and how regular they are. Some cards offer discounts for the first few purchases. You should look for a card that offers rewards regularly. You should also lookout for the type of rewards such as deferred payments which allow you to pay for the commodities at a later date.

You may also be interested in reading What Do the Numbers On a Credit Card Mean?

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