The best credit card for large purchases is Chase Freedom Unlimited® because it offers credit limits of $500 - $5,000+ and gives new cardholders 0% for 15 months to go along with 1.5 - 5% cash back on purchases. Plus, you earn a bonus of $200 for spending $500 within 3 months of opening an account.
But other cards offer higher minimum credit limits or longer 0% intro periods if you decide to focus on one or the other. The best credit card for a large purchase depends a lot on how long it will take you to pay off your large purchase. The longer it will take, the more you should focus on low interest rates, as opposed to rewards. And you need a card with a credit limit at least as big as your purchase amount. Ideally, it will be a lot bigger, as maxing out your card is bad for your credit.
Either way, there are lots of cards to choose from that can help you save.
Best credit cards for a large purchase
The Citi Simplicity® Card - No Late Fees Ever and the U.S. Bank Visa® Platinum Card are worth highlighting as contenders for best credit card for large purchases because their long 0% intro APR periods can help you save a lot on interest. On the other hand, the Capital One Venture Rewards Credit Card offers a bonus worth $600 in travel for spending $3,000 in the first 3 months.
It’s also important to point out that any time you make a big purchase with a credit card, you risk hurting your credit score due to high credit utilization. But there are ways to avoid that. You could overpay your bill in advance of your purchase to get a negative balance and more spending power with your card. After the purchase, you could also pay your bill before your monthly statement gets generated to reduce the balance used to calculate credit utilization.
Those strategies are especially important for people with less-than-good credit, who aren’t likely to qualify for credit cards with high limits or low interest rates.