Our 2023 top credit card picks for savers were dominated by our long time favorites Citi Double Cash Mastercard and Fidelity Rewards Visa Signature Card. Each card continues to give us a straightforward 2% cash back reward year after year.
HIT’s 2023 Credit Card Rankings
Before I dive into our recommended credit card details it’s worth mentioning that these credit card recommendations are for Savers. Savers live within their means, never carry a credit card balance, and use credit cards as a safe and convenient payment tool.
HIT’s Top Credit Card Features
The credit card features we highlight and rank against are simplicity (straightforward and without gimmicks), fees (or lack of), proven (we are not interested in churning) and rewards (cash).
Simplicity
We prefer cards that are straightforward and without gimmicks. Many reward cards like to game us in ways that are difficult to understand. For instance, 11 years ago I learned the 5% cash back I thought I was receiving on gas payments was actually 1%. The card overview stated I would receive 5% on gas, 3% on dining and 1% on everything else. I then learned, according to the card issuer, the gas stations I used were categorized as convenient stores or not categorized at all thus no longer being eligible for 5% cash back. Another example Kristin ran into was that her rotating category card had minimums and maximums before triggering the advertised 5% cash back. All of our top cards are straightforward and give us a straight 2% cash back on everything (except cash purchases like gift cards).
Fees
We look to minimize and if possible eliminate fees on almost everything we do and credit cards are no different. Our 2023 top credit cards do not charge an annual fee. They do have some miscellaneous fees to watch out for like foreign transaction fees ranging from 1-3% and some we ignore due to our saver status like balance transfers, late fees, and interest charges.
Proven
We value our time and the headache of switching credit cards. Credit cards with a track record are ranked higher than new cards with similar benefits. For example, I have been using the Fidelity Rewards card for 10 years and Kristin the Citi Double Cash Card for 5 and they are ranked higher than the new Wells Fargo Active Cash Card.
Rewards
We are interested in straightforward and easily monetized rewards like cash. Our top card issuers do not have the capability to change their rewards value like an airline changes its miles worth.
Top Ranked Credit Cards For Savers
- Fidelity Rewards Visa Signature Card – Stephen’s favorite includes 2% cashback on everything, and no annual fees. Primary drawback is it requires a Fidelity account to distribute the cashback.
- Citi Double Cash MasterCard – Kristin’s favorite includes 2% cashback on everything and no annual fee. Primary drawback is it charges a 3% foreign transaction fee.
Honorable Mention
- Wells Fargo Active Cash Visa Signature Card – 2% cash back on everything, no limits, no annual fees, and $200 cash rewards after spending your first $500. Primary drawback is that this card is new and unproven. My personal view is Wells Fargo is not known to be a straightforward and low cost provider and thus they rank below our top two cards while having similar reward, fee, and simplicity rankings.
It’s Our Little Secret
Our top two cards pay the majority of their merchant fee earnings back to us and do not typically spend on advertising or referral fees. We can see this through the fact that my decade old card and our top pick is not featured on a single of our friends 2023 credit card ranking writeups: Forbes, CNBC, The Points Guy, Nerdwallet, Mr. Money Mustache, Bankrate, Card Ratings, US News. (A few sites do include the Citi Double Cash card)
Is 2% Material? You Decide.
In the past 3 months my wife and I received $260 from our Fidelity Rewards Visa Signature Card. To make your own estimate, multiply 2% or .02 by your current credit card bill to see how much cash you’d receive. If you want to change but don’t qualify yet, it’s only a matter of time, just keep living the saver’s lifestyle and it will come.
If you want to keep saving check out:
Online Retailers Give Cash Back Too
Deals, Deals, Deals – Stephen’s Favorite Deal Hunting Site
2019’s Lifestyle Altering Bike vs. Ride Challenge
DIY Investing Is The New Norm And Here’s 10 Reasons Why
Hurricane Harvey Mental Model Case Study With Regards to Purchases
Excellent review!!!!! My little investment (and money management) seminar for the interns and new hires had a similar segment, but this is much more complete.
Hope y’all still doing well. Life is good here in the 4-corners!
Cheers,
Bill
Awesome! I just checked my rewards after forgetting about it for a long time….I have $3K!
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