The best credit card for large purchases is Chase Freedom Unlimited® because it offers credit limits of $500 - $5,000+ and gives new cardholders an intro APR of 0% for 15 months. Plus, the card has a $0 annual fee and gives great rewards. You can earn 5% cash back on travel through Chase, 3% back at restaurants and drugstores, and 1.5% back on all other purchases (plus an additional 1.5% cash back on everything, up to $20,000 spent the first year).
4 Best Credit Cards for Large Purchases in 2023
What we like: Chase Freedom Unlimited offers an intro rate of 0% for 15 months on both new purchases and balance transfers. Plus, it comes with a $0 annual fee and offers purchase benefits such as extended warranty and purchase protection.
Chase Freedom Unlimited also rewards cardholders with 5% cash back on travel through Chase, 3% back at restaurants and drugstores, and 1.5% back on all other purchases (plus an additional 1.5% cash back on everything, up to $20,000 spent the first year).
What we don't like: Like most 0% credit cards and most elite rewards cards, Chase Freedom Unlimited has a fairly high regular APR, charging 19.49% - 28.24% (V). Plus, it has a balance transfer fee of either $5 or 3% of the amount of each transfer, whichever is greater in the first 60 days (5%, min $5 after).
Who should get it: Apply for Chase Freedom Unlimited if its ongoing rewards match up well with your spending habits and its intro APR can save you money when making a large purchase. This card is available to people with good credit or better.
What we like: The Wells Fargo Reflect is one of the best credit cards for large purchases as it offers an intro APR of 0% for up to 21 months from account opening on both purchases and qualifying balance transfers. Plus, it has a minimum credit limit of $1,000 and a $0 annual fee.
What we don't like: This card's balance transfer fee is 3% intro for 120 days, then up to 5% (min $5), and its regular APR is 17.74% - 29.74% Variable.
Who should get it: Apply for Wells Fargo Reflect if you have good credit or better and want to avoid interest for months.
What we like: The Capital One Quicksilver Card is one of the best credit cards available right now as it offers a consistently high rewards rate and an introductory APR of 0% for 15 months on both new purchases and balance transfers.
This card also offers 1.5 - 5% cash back on purchases and it has a $0 annual fee.
What we don't like: The card's regular APR is 19.24% - 29.24% (V), and it has a balance transfer fee of 3%.
Who should get it: Apply for Capital One Quicksilver if you have good credit or better and its rewards and intro rates suit your financial plans.
What we like: The BankAmericard credit card is a great option for making a large purchase that can't be paid off right away. It offers an introductory APR of 0% for 21 billing cycles on both purchases and balance transfers made in the first 60 days, and it has a $0 annual fee.
What we don't like: This card would be an even better option for people planning a large purchase if it had a lower regular interest rate and ongoing rewards. The card's regular interest rate is 15.49% - 25.49% Variable.
Who should get it: Consider applying for this card if you have excellent credit and you'll be able to pay off your balance within 21 billing cycles of account opening.
It is worth noting that the best credit card for a large purchase ultimately depends on your financial situation and the type of purchase you're planning to make. As you compare credit cards, keeping the following pointers in mind can help you get the best results.
Tips to Maximize Credit Card Benefits on a Large Purchase
- Choose a credit card that offers a 0% introductory APR on new purchases if you won't be able to pay off your large purchases by the due date. You should also use a credit card payoff calculator to make a plan to minimize interest charges.
- Select a card that offers rewards. If you already know what type of purchase you're going to make, choose a card that gives bonus rewards for that spending category. Otherwise, consider a card that gives a high earning rate on all purchases.
- Get a card that gives a high initial bonus. That way, when you use your card for a large purchase, it could help you hit the minimum spending requirement and earn the bonus.
- Apply for a card that offers purchase benefits, as they might come in handy when making large purchases. Perks to watch out for include purchase protection, extended warranty, and guaranteed returns.
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.
