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The 5 best credit cards you can (and should) keep forever
If you're trying to build a strong credit history that will last a lifetime, a credit card can be a valuable tool. Used regularly and wisely, credit cards can help you establish your credit profile, raise your credit score, and earn rewards in the process.
It's important, however, to note how your FICO credit score may change over time. Your credit score can fluctuate based on the number of cards you sign up for and how long you keep them. Here are the major factors that determine your FICO credit score:
- Payment history: 35%
- Amounts owed: 30%
- Length of credit history: 15%
- Credit mix: 10%
- New credit: 10%
As you can see, the number of new accounts and the length of your credit history play a role in the health of your credit score. If you sign up for too many new accounts during a short period of time, your score can take a hit. Likewise, canceling your oldest cards will shorten your credit history and decrease your score.
Because of the way your FICO score is calculated, one of the best moves you can make is to get a credit card you can keep for the long haul -- maybe even forever. While you may want to get other credit cards throughout the years, this one "forever card" can serve as an anchor for your credit history.
A card like this should come without an annual fee but with enough perks to make it worth holding onto. Here are five cards that could definitely be the "forever card" in your wallet:
- Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate.
- Plus, earn unlimited 1% cash back on all other purchases - automatically.
- Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate.
- Plus, earn unlimited 1% cash back on all other purchases - automatically.
Because it doesn't charge an annual fee, the Discover it® Cash Back card could also be a permanent fixture in your wallet. The Discover it® Cash Back card offers 5% cashback (up to $1,500 spent annually, then 1%) in bonus categories that rotate quarterly. This card also lets you track your recent FICO credit score for free, and you'll never pay an over-the-limit fee or foreign transactions fee for overseas purchases.
Discover it® Cash Back
- Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases).
- Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases).
- Earn unlimited 1% on all other purchases.
- Earn 3% cash back in the category of your choice (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases).
- Earn automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases).
- Earn unlimited 1% on all other purchases.
The Bank of America® Customized Cash Rewards credit card gives cardholders more control over their rewards than most cards, allowing you to choose one 3% cash back category to earn in, as well as earn 2% cash back at grocery stores and wholesale clubs (rewards are limited to the first $2,500 in combined purchases each quarter for the 3% and 2% categories, then earn 1%).
This credit card is perfect for the long haul because it never charges an annual fee and offers quite a bit in terms of earning potential. You can earn unlimited rewards all year long if you want, or simply keep this card for emergencies. But you'll never pay a penny for the privilege and your reward will never expire.
Bank of America® Customized Cash Rewards credit card
- 3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%.
- 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.
- 3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%.
- 1% Cash Back on other purchases
- 3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%.
- 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.
- 3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%.
- 1% Cash Back on other purchases
The Blue Cash Everyday® Card from American Express is perfect for moderate spenders who want a "forever card" that helps them earn rewards. With this card, you'll earn 3% back on your first $6,000 in US supermarkets, US gas stations and US online retail purchases spending each year (then 1%), and 1% cashback on all other purchases.
What makes this offer good for the long haul is that this card comes without an annual fee and rewards cardholders for purchases they'll be making for years to come.
Blue Cash Everyday® Card from American Express
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Earn unlimited 1.5% cash back on every purchase, every day
- Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
- Earn unlimited 1.5% cash back on every purchase, every day
The Capital One Quicksilver Cash Rewards Credit Card offers an unlimited 1.5% cashback for every dollar you spend. Your cashback will never expire, and you can redeem it in any increment of your choosing as often as you like. It's a simple, rewarding card that doesn't come with an annual fee. If you're looking for an uncomplicated yet rewarding card experience, you've found it.
Capital One Quicksilver Cash Rewards Credit Card
What is the best credit card to keep forever?
Credit card | Welcome bonus | Rewards program | Annual Fee |
Discover it® Cash Back | Unlimited Cashback Match: Discover will automatically match all the cash back earned at the end of the first year. No minimum spending or maximum rewards. Turn $150 cash back into $300. | 5% cashback (on the first $1,500 spent each quarter, then 1%) for grocery stores, fitness clubs and gym memberships, gas stations, Target purchases and online shopping. 1% cashback automatically on all other purchases with no limit. | $0 |
Bank of America® Customized Cash Rewards | 0% intro APR for the first 18 billing cycles for purchases, and balance transfers made in the first 60 days of opening an account (then 17.99% to 27.99% variable APR). Also online $200 cash rewards bonus after making at least $1,000 in purchases in the first 90 days of account opening. | 3% cashback in the category of your choice, 2% cash back at grocery stores and wholesale clubs and 1% cash back on all other purchases. | $0 |
Blue Cash Everyday® Card from American Express | $200 statement credit after you spend $2,000 in purchases on a new card within the first six months. | 3% cash back at US supermarkets, online retail and gas stations on up to $6,000 per year in purchases, then 1%. Also, 1% cash back on other purchases. | $0 |
Capital One Quicksilver Cash Rewards Credit Card | A one-time $200 cash bonus once you spend $500 on purchases within three months from opening an account. 0% intro APR for 15 months on purchases and balance transfers (then 19.74% to 29.74% variable APR). | Unlimited 1.5% cash back on every purchase, every day. | $0 |
How did we choose these cards?
These cards were chosen based on their APRs, rewards, special offers, and perks. Many credit cards have high APRs, unnecessary fees, and one-time promotions meant to hook consumers but that don't necessarily hold long-term value. But these cards offer healthy cashback rewards and perks, no annual fee, and have flexible terms that make it easier to build credit history and are worth holding on to for a long time.
[This article was first published on The Simple Dollar in 2020. It was updated in August 2022.]