Save With Credit Cards, Yes Save

4:45 AM, Jan 16, 2013   |    comments
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Greensboro, NC -- It's easy to spend money with a credit card, but it's also easy to shop around to get the best deals for you to save money.

CBS Money Watch released it's list of best credit cards for the year after turning to CardHub. They revealed their list of seven best cards for people with high credit scores in no particular order.

Chase Sapphire Preferred gives 40,000 points if you spend at least $3,000 in the first three months of owning it.
You can redeem points for a $400 statement credit. But it does have an annual fee of $95 after the first year and more than a 15% interest rate.

Blue Cash Preferred by American Express offers a $150 reward after you spend the first $1,000. It has a $75 annual fee and a tiered points system for different purchases. 

CardHub also suggests Capital One Venture Rewards. It offers bonus miles equal to $100 if you spend at least $1,000  in the first three months. They've got a simple reward formula and it's easy to redeem your rewards. There's a $59 annual fee after the first year.

PenFed's Premium Travel Rewards card will give you about $200  if you spend $2,500 within the first three months. It has a rewards program, 10% interest rate and no annual fee.
Then there's PenFed's Platinum Rewards. It has the same reward system as its last card we just mentioned but no bonus points. There's no annual fee but a 10% interest rate. CardHub says this is great if you spend a lot at the gas station.

Slate from Chase doesn't have a balance transfer fee and zero interest for the first 15 months. But no annual fee interest is based on your credit history.

CardHub also recommends Citi Diamond Preferred if you are making a major purchase. The card offers a year and a half of zero interest. But if you transfer a balance to the card there is a 3% balance transfer fee.

WFMY News 2/CBS Money Watch