How Fox Money rates credit cards
Fox Money's expert credit card scoring system ranks cards on a 100-point scale across key factors like rewards, fees, and benefits to determine the best card options.
At Fox Money, our mission is to provide in-depth, objective analysis to help you make better decisions about your money — which includes credit cards.
The best card for you depends on your personal situation and lifestyle — which is why we developed a rigorous, data-backed methodology for how we review and rate credit cards.
Why you can trust us
Every credit card review we publish has gone through a rigorous editorial process to ensure accuracy and objectivity:
- Our credit card experts dive deep into the rates, fees, rewards, and benefits, so we can provide you with the details you need to know.
- We show our work, including actual calculations of reward rates and bonus values, so you can see exactly how we arrived at our estimates.
- No credit card company is allowed to see our review of their card before it's published or influence our content in any way. Our expert reviews are always independent.
- We regularly re-review cards to keep our information up-to-date. When card details change, we clearly label the review with the date of the most recent update.
Simply put, we're credit card geeks who want to share our passion for finding the best cards with you. Our expertise has been honed over years of experience studying and writing about the credit card industry as journalists and analysts. We pour that knowledge into every review and work to present it in a clear, digestible way.
Our credit card scoring system
We rate all credit cards on a 100-point system. We assess each card across six key factors, weighted based on what our research shows matters most to readers like you.
Definition: Earnings from spending, like points or cash back
We consider the earning rates across various spending categories, as well as the value of the points, miles, or cash back you can earn. Our analysis includes comparing the rewards you could earn based on different spending profiles to determine which cards offer the most value.
Why it matters:
Rewards are the primary reason many people use credit cards, as they allow you to earn valuable points, miles, or cash back on your everyday spending.
Definition: Ease and variety of using rewards
We look at the variety of redemption options available, including statement credits, travel bookings, gift cards, merchandise, and transfers to travel partners. We also consider the minimum redemption thresholds and whether there are any restrictions or expiration dates on rewards.
Why it matters:
What good are rewards if they're a hassle to redeem? Flexible redemption options allow you to use your rewards in the way that best suits you, whether that's offsetting your bill with statement credits or booking a dream vacation.
Definition: Additional perks beyond rewards
Credit cards aren’t always just about the rewards. We also evaluate the breadth and depth of benefits each card offers, from travel perks like lounge access and TSA PreCheck credits to shopping protections like extended warranties and purchase protection. We based our score on both the monetary value and the practical usefulness of the benefits.
Why it matters:
Credit card benefits can provide significant value and make your life easier, from saving you money on checked bags to providing peace of mind with travel insurance.
Definition: Yearly cost to hold the card
We consider whether the card has an annual fee and, if so, how much it is. We look at whether the rewards, benefits, and other features of the card are valuable enough to offset the annual fee for different types of users.
Why it matters:
The annual fee is a key factor because it's a recurring cost that can eat into your rewards earnings. It's important to make sure you're getting enough value from the card to justify the fee.
Definition: Points or cash earned from initial spending
We look at the total value of each card's welcome bonus, whether it's in points, miles, or cash back. We also factor in the spending requirement to earn the bonus and how achievable it is for the average user.
Why it matters:
A lucrative welcome bonus can give your rewards a massive head start, especially in the first year, making it a great way to kickstart your earnings.
Definition: APR and other costs
This factor encompasses all the potential fees a cardholder could incur, including APR for purchases, balance transfers, and cash advances, as well as transaction fees like balance transfer fees, cash advance fees, and foreign transaction fees. We also consider whether the card offers an introductory 0% APR period on purchases or balance transfers.
Why it matters:
High interest rates and fees can quickly negate the value of any rewards you earn, so it's important to understand these costs and how to avoid them.
Within each category, we have clear evaluation criteria to ensure consistency. For example, for the Rewards category, we calculate the average value per point/mile and effective cash back rate across multiple spending profiles. For rates & fees, we consider not just the annual percentage rates (APRs) and fees but also how clearly they're disclosed.
After scoring every card in our database on a 100-point scale, we rank them by score within their card category (cash back, travel rewards, 0% APR, etc.) to help you compare your top options. We also highlight the top cards overall and for specific use cases, like the highest rewards rate or the best for luxury perks.
Balance transfer and credit-builder cards
If you’re just starting out or looking to rebuild your credit, you’re probably focused on other criteria besides rewards. Two of our card categories — balance transfer cards and credit-building cards — use a unique scoring system based on factors relevant to that category. Here’s a closer look.
Balance transfer and low-interest cards
For balance transfer and low-interest cards, our scoring system prioritizes the following factors:
Definition: Length of the 0% or low interest rate
We heavily weigh the length of the introductory APR period and the interest rate during that time. We consider how long you have to make balance transfers and pay off debt interest-free or at a reduced rate.
Why it matters:
The introductory APR offer is the most crucial factor for balance transfer cards because it determines how much you can save on interest while paying off your debt.
Definition: Perks and protections for cardholders
We evaluate additional benefits that can add value for cardholders, such as free credit score access, zero liability fraud protection, and payment flexibility. We base the score on the practical usefulness of these benefits.
Why it matters:
Additional benefits like free credit score access and zero liability protection can provide much-needed support as you work to pay off your debt.
Definition: Interest rate after the intro period
This factor looks at the ongoing APR for purchases and balance transfers after the introductory period ends. We consider how competitive the rate is compared to other cards in the market.
Why it matters:
The ongoing APR after the introductory period ends is important to consider because it affects the cost of any remaining balance or new purchases you make with the card.
Definition: Yearly cost to hold the card
We assess whether the card charges an annual fee and if so, how much. For balance transfer cards, a lower or no annual fee is preferable since the main goal is saving on interest.
Why it matters:
Annual fees can eat into the savings from a balance transfer offer, so it's important to choose a card with a low or no annual fee to maximize your debt repayment.
Definition: Cost to move a balance
This factor considers the fee charged to transfer a balance, usually a percentage of the amount transferred. We look at how this one-time cost compares to the potential interest savings from the introductory APR offer.
Why it matters:
Balance transfer fees are an upfront cost that can slightly reduce the overall savings from a 0% intro APR offer, so it's helpful to compare fees when choosing between cards.
Definition: Earnings from spending, like points or cash back
While rewards are not the primary focus for balance transfer cards, we still consider if the card offers any rewards on purchases. This can be a nice added benefit but carries less weight than factors directly related to paying off debt.
Why it matters:
While rewards are not the main focus for balance transfer cards, they can provide a small added benefit and incentive to use the card for new purchases once you've paid off your transferred balance.
Credit-building cards
Our scoring system for credit-building cards focuses on:
Definition: Likelihood of qualifying with limited/no credit
We assess the credit score and income requirements for each card, as well as any other factors that affect approval odds. We look at whether the card is secured or unsecured and if there are any special approval programs for students or others with limited credit. We also include if the card offers the ability to get preapproved or prequalified using only a soft credit pull.
Why it matters:
High approval odds are crucial for credit-builder cards because they provide access to credit for those who may have been denied by other issuers due to limited or no credit history.
Definition: Costs to open and maintain the account
This factor looks at all the fees associated with the card, including annual fees, monthly maintenance fees, application fees, and any other recurring or one-time charges. We evaluate whether the fees are reasonable and proportional to the credit-building benefits provided.
Why it matters:
Fees are an important factor for credit-builder cards because high fees can burden users who are often in the early stages of their financial journey.
Definition: Tools and resources to improve credit
We consider the specific features each card offers to help users build credit, such as regular reporting to all three credit bureaus, free credit score access, and educational resources. The score is based on how comprehensive and user-friendly these features are.
Why it matters:
These features are often the key reasons why you would consider a credit-builder card. Features like regular credit bureau reporting and free credit score access are essential for helping users understand and improve their credit over time.
Definition: Amount you can charge on the card
For secured cards, we look at the minimum and maximum security deposit amounts and how they translate to credit limits. For unsecured cards, we evaluate the typical starting credit limits and how quickly users can access higher limits with responsible use.
Why it matters:
The credit limit affects the user's ability to maintain a low credit utilization ratio, which is a key factor in building a strong credit score. For secured cards, a high security deposit could be a barrier to entry.
Definition: Interest rate charged on balances
While we encourage paying the balance in full each month to build credit, we still consider the card's APR for purchases, balance transfers, and cash advances. A lower APR can be beneficial if the user occasionally needs to carry a small balance.
Why it matters:
While it's best to pay the balance in full each month to avoid interest, a lower APR can provide some flexibility for users who may occasionally need to carry a small balance on their credit-builder card.
Definition: Extra benefits beyond credit-building
We also look at any additional benefits the card offers, such as rewards on purchases, discounts with partner merchants, or travel protections. These perks are a minor factor but can add some extra value for certain users.
Why it matters:
Additional benefits like rewards or discounts can provide extra value and incentives, which can in turn support responsible credit habits.
Affiliate relationship disclosure
We believe in transparency first. That’s why it’s important for readers to know that Fox Money has affiliate relationships with some of the credit card issuers we review. This means if you click on a link for a card on our site and are approved, we may receive a commission.
However, we never let these affiliate relationships influence which cards we review or where they rank. Our card rankings, scores, and reviews are solely based on our independent evaluation and editorial judgment, not on advertiser relationships. We review and rank many cards with no affiliate relationship at all.