During an interview on “Mornings with Maria” on Wednesday, NerdWallet CEO and Founder Tim Chen breaks down the assets and liabilities of the major credit cards currently available, saying that your choice of card and its interest rate correlative can significantly help consumers fight inflation.
Tim Chen: NerdWallet helps 20 million people a month make decisions like this. And, as you said, inflation is defining America right now. So there are sort of two buckets to think about here with inflation. The first is really how to make ends meet. In a recent survey, we see 26% of cardholders racking up balances just to move on to the next month. And second, it’s really about cutting costs. So get a few percent cash back can really help. Or get discounts on trips people are currently taking. So in terms of interest, you can get 0% for up to 21 months with a card like Wells Fargo reflect. And it’s great for purchases and balance transfers, so it’s a great option. Now in cashback some people like to keep it simple like me with no annual fee and 2% cash back.
You can get this on a few different cards, like Citi Double Cash or Wells Fargo active cash. And if you’re a suburban American who spends a lot on groceries and gas, you’ll want to consider Amex’s favorite blue money. 6% back on these grocery and streaming services, 3% back on gas, and 1% on everything else. Well worth the hefty annual fee. And finally, travel gets really complicated. I live near a United hub in the Bay Area. So the Chase Sapphire series is a great option for me. I can transfer these points to United Miles. But things really get personalized depending on what hotels where you stay, which airlines you are traveling, if you care about free checked baggage, etc. So, NerdWallet can definitely help you figure that out.
SMALL BUSINESSES DESERVE RELIEF FROM Booming CREDIT CARD FEES
WATCH THE FULL INTERVIEW HERE: