Here are 6 credit cards I’d NEVER apply for if I wanted to earn the best rewards for travel or cash back. Learn the reasons why so you can avoid these (and similar ones) too. Click “Show More” to see Ad Disclosure.
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00:00 – Intro
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We all know how tempting those flashy credit card advertisements can be, but not all that glitters is gold. In this video, I’ll be discussing 6 popular credit cards that I personally would never apply for going forward, and I’ll explain why they fall short. From limited rewards to uncompetitive rates, let’s break down the details.
1. Amex Cash Magnet Card
The Amex Cash Magnet Card might seem appealing with its $0 annual fee, but it offers only a flat 1.5% cashback on all purchases. While this is straightforward, simple, and better than nothing, other cards offer higher cashback rates (like 2% cash back on all purchases) or additional perks that make them more worthwhile.
2. Amex EveryDay Credit Card
The Amex EveryDay Credit Card is marketed for its unique points-earning potential, but the rewards rate is underwhelming. You get 2x points on Groceries at U.S. supermarkets (up to $6,000 annually, then 1x beyond that) and 1x points on other purchases. With many other cards offering higher points in more categories, this card doesn’t offer the best return for your spending. And if you want to earn cash back, then you should avoid American Express credit cards that earn Membership Rewards points as those are much better for travel.
3. The Majority of All Store Credit Cards
Store credit cards often lure customers with high initial discounts and special financing offers, especially upfront on a one-time basis. However, their high APR and limited rewards structure confined to a single retailer make them less appealing for long-term use. You can find better rewards cards that offer more flexibility and better rates. Think about it: would you rather earn rewards redeemable at a single / limited location, or rewards that can be used for a lot of things?
4. Mastercard Gold Card
The Mastercard Gold Card comes with a hefty annual fee (currently $995!) but doesn’t deliver value for the cost. The rewards are modest, and the redemption options aren’t anything special. Plus, the flashy gold design and metal construction isn’t enough to justify the exorbitant fee compared to other premium cards offering more comprehensive benefits.
5. Premier Credit Card
The Premier Credit Card is another example where the cons outweigh the pros. It has a high APR, limited rewards, very few perks, and has TONS of fees! For those looking to build credit or earn rewards, there are much better options available that offer more benefits without the high cost. For example, consider getting a secured credit card if you want to build or rebuild credit.
6. Disney Premier Visa Card
Unless you’re a frequent visitor to Disney parks, other travel or cashback cards will offer better rewards and flexibility. I’m rarely a fan of credit cards that earn rewards in a store-specific currency. In this case, this card earns Disney Rewards Dollars that are only good for Disney merchandise and flights.
Choosing the right credit card can significantly impact your financial health and lifestyle. While these six cards are popular among some people, they don’t offer the best value or flexibility compared to other options on the market. Always do your research and consider what benefits align best with your spending habits and financial goals.
Disclosure: The thoughts, opinions, and information presented are those of the creator. This site is part of an affiliate sales network and receives compensation for sending traffic to partner sites, such as CreditCards.com, YourBestCreditCards.com, Biltrewards.com and others. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. Mark Reese is not a financial advisor.
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