I AM READY FOR FINANCIAL DOMINATION
Your Rich BFF’s Advice on Credit Cards
This is by far one of the most common questions that I get. Like most things in personal finance, there is no straightforward answer. The trick is finding something that fits your lifestyle and overall financial goals. Some people stick with a few solid staples, whereas some diversify with 4-5 cards.
🚫 RICH PEOPLE DON’T GET CARDS JUST BECAUSE THEY LOOK COOL. One common credit card mistake is signing up for something that doesn't suit your needs or spending level. Rich people don’t sign up for cards just for the status symbols— They pick based on what cards actually work for them and their lifestyle. Then return to this post to get the actual rundown of how these credit cards stack up in reality.
✅ RICH PEOPLE DO GET THE CARD THAT SUITS THEIR GOALS. Your Rich BFF recommends taking Smart Asset’s Quiz to Find the Right Credit Card For You. This quiz will help you recognize what things you want and care about regarding credit cards. Return to this page once you’re done to get the real rundown. The only way to successfully game the credit card system is by only spending what you can afford. Think critically about how you spend (everyday vs. travel), your income (consider annual fees & APRs), and what you want to establish (build credit vs. accrue debt).
Your Rich BFF’s Favorite Credit Cards
All that being said, it’s known that certain credit cards are better for building wealth than others. As Your Rich BFF, I have compiled a list of credit cards that I highly recommend to all of my friends and family members. If you want to know what credit cards I actually use as a millennial millionaire, jump to the What’s in Vivian’s Wallet section below.
Vivian’s Wallet: Which Credit Cards I Have
Citi Double Cash
Recommended Credit Score: Average 650 - Excellent 850
Rewards: Unlimited 2% cashback on all purchases. For every dollar that you spend on this card, you can earn 1% of it back. On top of that, you can earn an extra 1% for every dollar you pay off. The cashback potential is unlimited. Plus, enjoy a 0% APR on Balance Transfers for the first 18 months of opening a credit card! 👀
Annual Fee: $0
APR: 19.24%-29.24% variable APR.
Why I have this: I consider this card my everyday cash-back card because I know I’ll earn a ‘lil something on anything I spend it on. It rewards you for only spending what you can afford— which I’ve learned that this is the best practice to help you maintain healthy credit & debt ratios.
Cons: This is more of a beginner card to incentivize good spending & paying off your balance. However, this credit card only offers cash back as its primary reward type.
Recommended Credit Score: Average 650 - Excellent 850
Rewards: Earn 3x dining & drug stores and 5x on Lyfts. Points can be redeemable for cash back AND travel (through Chase Travel) which makes it a great starter card to pool up points.
Annual Fee: $0
APR: 20.49% - 29.24%% variable APR
Why I like this: I got this card in college because it offers fraud protection, travel insurance, and emergency assistance. It’s great when coupled with the other Chase cards because it helps you collect reward points faster.
Cons: Introductory travel card so you still have to deal with foreign transaction fees :(
Recommended Credit Score: Average 650 - Excellent 850.
Rewards: Get up to 10x on travel booked through Chase & 3x on all other purchases.
Annual Fee: $550
APR: 22.49% - 29.49% variable APR
Why I like this: This card offers luxurious perks such as airport lounge access and credits towards Global Entry, TSA Pre-Check and NEXUS. Additionally, you can enjoy member benefits through their partnerships with Instacart, Doordash, Lyft, and many others.
Cons: This is one of the more premium cards that Chase offers — there are cards such as the Sapphire Preferred (covered below) which comes with a lower fee. It comes with a hefty $550 annual fee, but it easily pays off by offering over $1200 in partnership reward value.
Recommended Credit Score: Average 650 - Excellent 850. Great for credit building! No hard pulls.
Rewards: You can pick your reward categories based on what your spending! Tweeak it twice a year.
Annual Fee: $0
Why I like this: It’s great for business and personal use because there are no fees and great rewards. I got this card because it specifically benefits those who are self-employed and working in digital content creation such as camera equipment, merchandising, ad spending, more. It allows for flexible spending limits & easy business expensing.
Cons: It most highly benefits people who are in content creation & digital media.
Recommended Credit Score: Good 690 - Excellent 850
Rewards: 5X points on up to $500,000 per calendar year spent on directly booked airfare, flights and prepaid hotels through American Express Travel. Earn 1x on every dollar spent.
Annual Fee: $695 — the most expensive one here.
APR: 21.24% - 29.24% variable APR
Pros: Though it has a big annual fee, monthly credits and perks may outweigh the price tag. It comes with tons of luxury perks for traveling, eating out, and shopping. You will have access to the Amex Centurion Lounge at worldwide airports. As an AMEX member, you could also benefit advance concert and event tickets, plus lounges at stadiums and festivals across the country.
Cons: The $695 fee is a hard pill to swallow for anyone, but the perks are worth $1,500 in value. Plus, you can earn up to 150,000 points if you reach the introductory spending offer.
Other Cards that I Recommend:
Recommended for those who are building credit
Req. Credit Score: No minimum score required. Average holders are around 300-690.
Rewards: Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter, automatically. Plus earn unlimited 1% cash back on all other purchases.
APR: 28.24% Variable APR
Pros: This is an amazing option for people who are looking to build credit. You’ll be able to get cash back. Discover will automatically review your account within 7 months to see if they can help transition you onto cards with better rates and rewards.
Cons: This card requires a minimum security deposit and has a higher APR rate than other cards.
Recommended Credit Score: Good 690 - Excellent 850. Recommended for dining perks.
Rewards: Recommended for dining perks. Earn up to 60,000 points in your intro offer. Earn 5x rewards when booking travel, 3x for dining (food delivery included) and 2x on other travel purchases.
APR: 21.24% to 29.24% variable APR.†
Annual Fee: $250 per year
Pros: The Amex Gold comes with benefits such as dining reservation and exclusive member events around major cities in the US. It also features other perks, such as baggage insurance, no foreign transaction fees and access to The Hotel Collection by American Express. You’ll also get $120 Uber credits, which can be used for either Uber rides or Uber Eats
Cons: Unlike the Amex Platinum, carrying this card does not allow you into airport lounges. I recommend considering your highest-spend purchase categories, credit score, travel plans, and existing credit cards before opening this card. Knowing how to use AmEx points is also important and can greatly affect how you benefit from this card.
Recommended Credit Score: Excellent Credit 720 - Excellent 850
Rewards: Earn 2x for every dollar spent. When you book travel with Capital One, you can earn up to 5x miles and 10x miles on hotels & car rentals.
APR: 19.99% - 29.99% Variable APR
Annual Fee $395
Pros: The Capital One Venture X Rewards Credit Card has an excellent rewards rate, access to airport lounges and hundreds of dollars worth of travel credits that can make up for the fee. High reward rates and flexible redemption rules. No foreign transaction fees. Unlimited complimentary airport lounge access for you and two guests to 1,300+ lounges.
Cons: Capital One lacks a major U.S. carrier as a travel partner. It may be pricey for those who do not travel frequently. The best way to maximize these rewards is booking travel through Capital One.
Recommended Credit Score: Good 690 - Excellent 850
Rewards: Earn up to 60,000 points in your intro offer. Earn 5x rewards when booking travel,
3x for restaurants (food delivery included). 2x on other travel purchases.APR: 21.49%–28.49% variable APR.†
Pros: This is my recommendation if you want to start working your way into racking up travel points, but don’t want to deal a huge annual fee. There are TONS of resources to teach you how to maximize the rewards. You get all of the member benefits from Chase (Doordash, Instacart, Lyft credit). There are no foreign transaction fees. Plus, you can get travel insurance coverage, credit towards Global Entry/TSA Pre-Check, and more.
Cons: There is a $95 annual fee, but no lounge access. This is good for people just starting to venture into credit cards to gain travel perks and member fees.
Other Cards that are good for Business Expenses:
American Express Platinum for Business: Like the Amex Platinum Card, the Business card offers a lot of similar premium benefits. The Business Platinum bonus is worth more at $2,400 because it comes with a steeper $15k intro bonus spend. You get exclusive business-related perks for Indeed, Adobe, Dell, and other business expenses.
American Express Blue Business Cash™ Card: For $0 Annual Fees, you can use this card to help you earn cashback for all of your spending. It goes great with other Business Amex cards. Earn up to 3% for purchases. It has a lower APR, but does not allow team member cards.
American Express Business Green Rewards Card: For a $95 fee, this Amex card is a step up from the Blue Business Card. The earning rates and benefits will be most attractive to young professionals and millennials who travel for work, pleasure, or both. The card earns 3 Membership Rewards points per dollar on travel, restaurants, and transit, so you'll want to consider this card if a large chunk of your budget goes toward these categories. You can get cards for other team members.
What’s in Vivian’s Wallet? Credit Cards I Actually Have
Personally, I have several in my wallet — all for different things.
Chase Freedom Unlimited: I still have my Chase Freedom Unlimited because it was the first credit card I got post-college. I closed my very first credit card ever (the one I opened at the start of college) and it dropped my credit score by 60 points. I learned my lesson so I’m keeping my Chase Freedom Unlimited open!
Chase Sapphire Reserve: This card was the first one I opened after I started earning money at my corporate job. It serves as a great supplementary card to the Chase Unlimited, as it gives you travel rewards and lots of airline points.
Citi Double Cash: I consider this card my everyday cash-back card because it rewards good behavior. Not only do I earn points on every dollar I spend, I earn just as much as by paying it off. I’ve learned that this is the best practice when opening credit cards in order to keep financial and credit health, while also maintaining your debt!
Amex Platinum: I rely on this card for business-related expenses and travel credits. I find that the monthly rewards outweigh the costs quite easily. For example, I enjoy the credits they offer on Uber, Uber Eats, WalMart, and Equinox. I love the Centurion Lounges & the fact that I get global dining access on Resy as well!
Karat Card for Creators: Since becoming a full-time creator, I have loved the Karat card because it makes it easy to track and manage my expenses. There are perks for those in the Creator business based on your socials, spending, and community. Even if you aren’t a creator, this is a sign to explore business cards that offer unique benefits for whatever industry you’re in.
