Best New Credit Cards of 2021

The Next Millennium credit card is a store card that can only be used at MyUniqueOutlet.com, which sells electronics, furniture, office supplies, health and beauty products, clothing, accessories and more. The Next Millennium card advertises guaranteed credit lines of $1,000, with no credit check when you apply and no interest on purchases. But there is a $29.95 signup fee, unless you choose a $500 credit line. There's also a $19.95 monthly fee just to use the card. And the Next Millennium credit card does not report to the credit bureaus, so it won't help with credit-building.

So the main customer base would be people who shop frequently on My Unique Outlet and have bad credit. But the card is incredibly expensive, costing around $240 per year for little in return. Plus, don't think no interest means no payment. There's a $10 late fee for anyone who doesn't make the minimum monthly payment: $25 or 15% of the balance, whichever is higher (or the entire balance if it's below $25).

Info on the Next Millennium Credit Card:

• Where it can be used: MyUniqueOutlet.com only.
• Credit required: There is no credit check, so even people with very bad credit can qualify.
• APR: 0% on all purchases permanently.
• Application fee: $29.95 for a $1,000 credit line, $0 for a $500 credit line.
• Monthly fee: $19.95
• Late payment fee: $10
• Returned payment fee: $30
• Perks: 24/7 roadside assistance, legal assistance phone line, discounts on My Unique Outlet items.
• Credit reporting: Does not report to any credit bureaus.

Even people who are frequent customers of MyUniqueOutlet.com and have bad credit probably shouldn't consider the Next Millennium Credit Card. There's no reason to pay almost $240 per year for a store card that doesn't give rewards and won't help you build credit. There are much better options.

For example, the Discover it Secured card is available to people with bad credit, has a $0 annual fee and gives 1%-2% cash back on purchases. For people worried about approval odds, the OpenSky Secured Visa doesn't do a credit check (but does report to the credit bureaus monthly). It has a $35 annual fee.

A credit score of 700 or higher is needed for a Marriott credit card, which means applicants need at least good credit to be approved. The higher your credit score is, the better your approval odds will be for a Marriott credit card.

Credit Score Needed for a Marriott Credit Card

• Marriott Bonvoy Boundless® Credit Card: Good credit
• Marriott Bonvoy Bold® Credit Card: Good credit
• Marriott Bonvoy Brilliant™ American Express® Card: Good credit
• Marriott Bonvoy Business™ American Express® Card: Good credit

It is worth noting, though, that your credit score isn't the only thing that the issuer will take into account while considering your application. Several other factors like your credit history, your income and any potential debt you might have will ultimately determine your creditworthiness. But the higher your credit score is above 700, the better your Marriott credit card approval odds will be.

Yes, Bank of America has a new credit card, the BankAmericard® credit card, which launched in January 2021. The new BankAmericard® credit card offers an intro APR of 0% for 18 billing cycles on purchases and 0% for 18 billing cycles for any balance transfers made in the first 60 days. The annual fee is $0, and you need excellent credit to get it.

The newest BofA card prior to that was the Bank of America® Customized Cash Rewards Secured Credit Card, which launched in May 2020. It offers 3% back in the category of your choice for the first $2,500 in combined quarterly purchases. Plus, it gives 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. The annual fee is $0.

Bank of America's newest credit cards include:

• BankAmericard® credit card: Launched January 2021
• Bank of America® Customized Cash Rewards Secured Credit Card: Launched May 2021
• Air France KLM Credit Card: Launched October 2018.
• Bank of America® Premium Rewards® credit card: Launched September 2017.
• Allegiant Credit Card: Launched September 2016.
• Amtrak Credit Card: Launched September 2015.

People who need a new Bank of America credit card because their card was lost, damaged or stolen can request a replacement online. Just sign in, go to “Information & Services,” and find the option to request a replacement card. The card will arrive in 7-10 calendar days. But there may be an option to overnight it for free. Another way to request a replacement card is to call customer service at (800) 732-9194.

The newest Discover credit cards are the Discover it® Cash Back, Discover it® chrome and Discover it® Miles credit cards. They all come with $0 annual fees and 0% foreign transaction fees, as well as with satisfactory rewards.

Here are the new Discover credit cards:

• Discover it® Cash Back: Discover will match all the cash back you've earned at the end of your first year, automatically. You also get 5% cash back on everyday purchases at different places each quarter like grocery stores, restaurants, gas stations, and online shopping, up to the quarterly maximum ($1,500) when you activate. You earn unlimited 1% cash back on all other purchases. Rewards never expire and you can use them at Amazon.com checkout, too.
• Discover it® chrome: All the cash back you've earned will be matched at the end of your first year, automatically. You also earn 2% cash back at gas stations and restaurants on up to $1,000 in combined purchases each quarter. Plus, you earn unlimited 1% cash back on all other purchases. Cash rewards never expire.
• Discover it® Miles: Discover will match all the miles you've earned at the end of your first year, automatically. For example, if you earn 35,000 miles, you get 70,000 miles. You also earn unlimited 1.5 miles per $1 spent on all purchases. Moreover, there are no blackout dates.

New Discover card designs are added from time to time, too. To get a custom Discover card design, log into the Account Center and select a new design. There's no application to fill out or financial information to provide and it is absolutely free. Expect your new card to arrive in 4–6 business days.

Yes, opening a credit card will temporarily lower your credit score due to the “hard pull” or inquiry into your credit report required by most credit card companies to determine your creditworthiness. Most people will see a minor drop in their credit score after one hard pull, which can affect a score for up to 12 months. Multiple hard pulls within a short period of time can have a compounding negative effect on your credit score, depending on your credit standing to start with.

Opening a credit card can also reduce the age of your credit history, as far as your credit score is concerned. That makes up roughly 15% of your score. If you're fairly new to credit already, you're more likely to see your score drop after opening a new credit card.

Another big reason your creditworthiness might take a hit after you open a new credit card account is that you'll have less money available to afford another new account should you apply again. The less money you have for bill payments, the riskier you are from a new lender's perspective.

Uncertainty also plays a role in the temporary drop credit scores usually experience after opening a new account. Lenders never really know how a new cardholder will handle their new credit line, and a temporary credit score dip is like a warning sign that you're still in the feeling-things-out period.

All of this is why it's best not to apply for a new credit card in the months leading up to a mortgage or car loan application, or any other event where a slightly lower credit score can cost you a lot of money. If you're concerned about how a new credit card will affect your score, WalletHub's Credit Score Simulator can help you estimate the damage before you apply. You can find it in the Credit Analysis tab in your free WalletHub account.

In the long term, however, the initially negative impact of opening a new credit card account will turn into credit-score gains if you pay the bills on time and don't use too much of your credit line. This will show that you can be trusted to handle the added borrowing power without abusing the privilege.

New Amex cards that have launched or been overhauled in recent years include the American Express Cash Magnet® Card (launched June 2018), the Blue Cash Preferred® Card from American Express (re-launched May 2019), and the American Express® Gold Card (re-launched October 2018).

The newest Amex card is the American Express® Green Card, which became available in October 2019. This is a travel and restaurant rewards card. It comes with 45,000 points as an initial bonus, after you spend $2,000 on purchases in your first 6 months. You also earn 1 - 3 points per $1 on travel-related purchases and at restaurants worldwide. The American Express® Green Card has a $150 annual fee.

Three months before that, Amex had launched the American Express Blue Business Cash™ Card. It's aimed at small business owners and offers 2% cash back on the first $50,000 spent annually, along with 1% cash back on all other purchases.

You should consider getting one of Amex's new credit cards if you have good or excellent credit, want to earn rewards, and there's an offer that suits your spending habits. All the latest Amex cards require at least good credit, and come with a variety of bonuses and ongoing rewards.

The American Express Cash Magnet® Card is also one of American Express's newest consumer credit cards, and it's a good one. It starts with a $200 signup bonus for spending $2,000 in 6 months, plus an introductory APR of 0% for 15 months on purchases. The ongoing rewards are way above average, too: unlimited 1.5% cash back on all purchases, with no categories to worry about or register for. This card's annual fee rings in at $0.

Amex also revamped the rewards on its Blue Cash Preferred® Card from American Express in May 2019, extending its generous 6% cash back rewards rate to streaming subscriptions like Netflix and Hulu. And its 3% cash back category now includes tolls and parking, plus a wide range of transit, such as trains, taxis and rideshares. This card's annual fee is: $0 intro 1st yr, $95 after.

Similarly, Amex relaunched its Premier Rewards Gold Card from American Express (or PRG) card in the fall of 2018, renaming it simply as the American Express® Gold Card. The relaunch increased dining and grocery rewards to 4 points per $1, and increased the annual fee to $250.

Yes, there is a new Chase credit card; the Chase Freedom Flex℠ card, which was introduced in September 2020. It offers 5% cash back on grocery store purchases for the first year (up to $12,000 spent), 5% cash back on up to $1,500 spent per quarter in bonus categories (which change every quarter and require activation), 5% cash back on travel through Chase, 3% back at restaurants and drugstores, and 1% back on all other purchases.

In addition to these, Chase Freedom Flex℠ comes with a $200 bonus for spending $500 in the first 3 months. This new Chase credit card has a $0 annual fee.

Capital One's new credit card, the Capital One SavorOne Cash Rewards Credit Card, is very good for dining and entertainment enthusiasts. Launched in August 2018, this card has a $0 annual fee, and it gives 3% cash back on dining and entertainment purchases. Cardholders also earn 3% cash back at grocery stores and on select streaming services, and 1% back on all other purchases. Plus, there's a $200 bonus for spending $500 in the first 3 months. There's an introductory APR of 0% for 15 months for purchases, too.

At the same time as SavorOne's release, Capital One also revamped the Capital One® Savor® Cash Rewards Credit Card. Originally launched in October 2017, the Capital One® Savor® Cash Rewards Credit Card has similar terms to its sibling card. But it one-ups this card with 4% cash back on dining, entertainment and streaming services. And it offers a $300 bonus for spending $3,000 in the first 3 months. The extra incentives do come with a $95 annual fee.

The new Amex Gold Card—previously called the Premier Rewards Gold Card—was launched in fall 2018. With the relaunch came increased rewards and a higher annual fee. The new Amex Gold Card offers 60,000 points for spending $4,000 in 6 months, worth roughly $460, depending on how you redeem. That's a 10,000-point increase from the old Premier Rewards Gold Card's bonus. The new Amex Gold card's $250 annual fee is $55 more than the older version charged and over 13 times the average for a credit card. Unlike the old version, the new Amex Gold card doesn't waive its annual fee the first year, either.

The new Amex Gold card also has significantly higher ongoing earning rates in some spending categories than the old version. The card now gives 4 points per $1 spent at restaurants rather than 2 points per $1 spent at U.S. restaurants. And it gives 4 points per $1 on $25,000 spent annually at U.S. supermarkets, instead of the previous 2 points per $1.

Airfare rewards remained unchanged, at 3 points per $1 spent on airfare booked through an airline—though booking through American Express is now an option. The old Premier Rewards Gold card gave 3 points per $1 spent at gas stations, but the new Gold card doesn't list gas as a bonus category, meaning it earns the standard 1 point per $1 base rate.

If you use all the rewards it gives, the new Amex Gold card could be worth it. That's especially true for foodies. In addition to 4X points on dining, the new Gold card offers up to $10 in statement credits monthly when you use the card at Grubhub, Seamless, The Cheesecake Factory, Ruth's Chris Steakhouse, Boxed, and participating Shake Shack locations. That's a nice addition to the new Gold card that didn't come with the old one.

Frequent travelers will also enjoy the benefits that come with the new Amex Gold card, some of which are new or improved relative to the older model. For example, the new card offers $100 for spa trips and meals at select hotels, compared to the old PRG card's $75.

Like the old Amex PRG card, the new Amex Gold card is a nontraditional charge card, in that you're generally required to pay the balance off every month, but purchases of over $100 may qualify for a Pay Over Time option.

It takes 30 to 60 days for a new credit card to show up on your credit report. In most cases, a new credit card account will show up on your report sometime after the end of the first billing cycle – roughly a month after you activate the card. The credit card company won't have anything to report until you make a payment (or miss a payment). Once the card issuer reports your first payment, the new card will be on your credit report. It will then start affecting the average age of your credit accounts as well as your credit utilization and payment history.

If this is your first credit card and you don't yet have a credit score, the information on your reports may not be used to calculate a credit score until your account has been open for 3-6 months. But it's worth noting that you can also build credit with rent payments, student loans, and authorized user arrangements. So even if this is your first credit card, you may stay still have a credit score.

In the long run, just be sure to make your payments on time so the issuer sends positive reports to the credit bureaus. Lenders generally report account information to the credit bureaus on a monthly basis, on the closing date of the billing cycle. For a more exact estimate, you can give your card's issuer a call to find out on which day of the month they report to the credit bureaus. The number is on the back of your card. And for more ways to build or maintain your credit score, you can sign up for WalletHub's free personalized credit analysis.