7 Best Credit Cards To Use During Inflation

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While inflation has shown some signs of easing in the past few months, it remains much higher than its levels at the start of 2021. With prices still soaring, you might want to keep your costs under control.

There are a few things to look for if you want to fight inflation with your credit card. Your ideal card should have minimal fees and align with how you spend money. For instance, you can use a cashback credit card to get cash back on every purchase.

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While you probably won’t get 8% back on every purchase, many credit cards reward you with 3% cash back — or more in some cases. Here we’ll look at the best inflation fighters available today to help you battle rising costs.

There’s a lot to like about the Chase Freedom Unlimited, including no annual fee and unlimited 1.5% cash back. It also has 0% APR for 15 months from account opening on balance transfers and purchases, followed by a APR. It also has higher cashback rates in several categories, including 3% on dining and eligible takeout services, plus 3% back on drugstore purchases. It typically has a sign-up bonus as well.

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The Wells Fargo Active Cash Card is one of the best credit cards for everyday spending as it rewards you with unlimited 2% cash back on purchases. There is no annual fee, and this card usually has a sign-up bonus. Plus, it has 0% APR for 15 months from account opening on purchases and balance transfers, followed by a .

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Capital One Quicksilver Cash Rewards Credit Card

Like other cards on this list, the Capital One Quicksilver has no annual fee. It has unlimited 1.5% cash back on all purchases. Plus, it has 0% APR for 15 months from account opening on purchases and balance transfers, followed by a APR. It typically comes with a sign-up bonus, too.

The Citi Custom Cash is one of the strongest cards in Citi’s portfolio. Its name indicates its unique benefit: it automatically gives you 5% cash back in eligible categories, up to $500 per billing cycle.

You earn based on your spending patterns, and no activation is required. This card has no annual fee and typically has a sign-up bonus. It also has 0% APR for 15 months from account opening on purchases and balance transfers, followed by a APR. 

This Discover It Cash Back is a cashback credit card worth a look. It has no annual fee and 5% cash back on quarterly bonus categories (activation required, 1% on all other purchases). You also receive a dollar-for-dollar cashback match at the end of your first year. It also has 0% APR for 15 months from account opening, followed by a APR.

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The Bank of America Unlimited Cash Rewards card has no annual fee and has unlimited 1.5% cash back on all purchases. There is typically a sign-up bonus, and it has an introductory APR.

This card’s APR can be longer than others on this list; you get 0% APR on balance transfers for 18 billing cycles for any balance transfers made in the first 60 days, followed by a APR.

The Blue Cash Preferred Card from American Express is ideal if you spend a lot on gas, groceries, and streaming services. If you are like most Americans, you are probably nodding your head. This card does have a yearly.

Why is the annual fee potentially worthwhile? It has 6% cash back at grocery stores and 3% on gas. It also has 6% cash back on certain streaming services and 3% cash back on transportation. It also has 0% APR for 12 months from account opening on balance transfers and purchases, followed by a APR and a sign-up bonus.

Bottom Line

Costs might be soaring with rampant inflation, but the good news is that credit cards can help. Of course, you should be sure to pay them off at the end of each month, because with interest rates rising, so too are APRs on credit cards.

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If you carry a balance, credit card interest will devour any benefits you might gain from cashback credit cards. That said, if you pay your credit cards off each month, these cards will go a long will in helping you offset the effects of rising costs.

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All information about American Express card offers have been collected independently by GOBankingRates and have not been reviewed or approved by American Express. These offers are not available through GOBankingRates.

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About the Author

Bob Haegele is a personal finance writer who specializes in topics such as investing, banking and credit cards. He left his day job in 2019 to pursue his passion for helping people get out of debt and build wealth. You can find his work at outlets such as Business Insider, Forbes Advisor and SoFi.
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