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Small Business Insight

The Three Most Commonly Used Credit Cards

2018_Three_Most_Commonly_Used_Credit_Cards 
Do you love to travel? Do you carry a huge balance? Do you enjoy earning cash back on everything you purchase? There's a credit card for that. Actually, many, many, many of them. If you have a mailing address, you're well aware that you have options galore when choosing the right credit card for you. Out of all the credit cards out there, here are the three most commonly used credit cards in the United States, based on consumers' search patterns and the number of applications.

1. Chase Freedom Card.
One thing that every consumer can use more of is cash. It's only natural, then, that the Chase Freedom card tops the list as the most used credit card. Users automatically earn an unlimited 1% cash back on every purchase with this no-annual-fee card. Additionally, they earn 5% cash back on up to $1,500 in combined purchases made in "bonus categories" that change each quarter. New users can also earn a $150 bonus if they make $500 in purchases on the card during the first 3 months of their account opening.

2. Chase Sapphire Preferred Card.
The next best thing to earning cash? Earning huge discounts on travel expenses. Users of this card earn one point per dollar spent, and 2 points per dollar spent on travel and dining. When these points are redeemed through Chase's Ultimate Rewards portal for airfare, hotels, car rentals, and cruises, they are worth 25% more then if they are redeemed elsewhere.

3. Capital One Platinum Card.
Every journey begins with the first step - including the journey toward earning a great credit score. This is one of the most popular cards because it's designed for new credit card users. You will not earn cash back, points, or any rewards with this no-annual-fee credit card. You will be able to strengthen your credit score and history if you prove you're a responsible user of credit. And, if you make your first five payments on time, you'll gain access to a higher credit limit.

The fact that something is popular doesn't necessarily mean it's the best. Still, popularity does tend to mean someone or something is doing something right. If you're in the market for a credit card, these three options are definitely worth checking out. There's a reason you'll find them in so many people's wallets!

We can't talk about credit cards without talking about credit card processing. At Velocity Merchant Services, your success is our passion. We want you to be able to envision where you want to be in the future, and then help you get there.

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