The Top 5 Features Americans Want in a Credit Card

Credit cards are more than just a payment method. They often have plenty of other valuable perks, such as cash back rewards and introductory offers. With good credit (a score of 670 or higher), it's possible to qualify for some of the best credit cards and have your pick of the features you want.

Wondering what you should prioritize when looking for a new card? The Motley Fool Ascent recently conducted a credit card study and surveyed Americans on the most important feature. Here are the top five, and the percentage of Americans who chose each one.

1. No annual fee (31%)

The most popular credit card perk is a simple one. Most consumers want to have a credit card they can use without paying a yearly fee. This is especially important to baby boomers -- 45% chose it as the most important feature.

Fortunately, it's easy to find credit cards with no annual fee. Whether you're looking for starter credit cards or rewards cards, there are plenty of options available.

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2. Low interest rate (28%)

Over a quarter of consumers want a credit card with a low interest rate. Now, you're most likely not going to find a card with a low ongoing APR. Credit card rates are high, and the average is a staggering 21.47%, according to the Federal Reserve.

You can, however, find cards with low introductory rates. Many cards offer a 0% intro APR. The intro APR depends on the card, but some offer a 0% APR for the first 12 to 15 months, or longer.

This type of credit card is good for paying off purchases over time. Just do your best to pay off your balance during the intro period. Once that ends, the APR will go up quite a bit.

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3. Rewards program (14%)

Rewards can be one of the most valuable credit card perks. With rewards credit cards, you earn something of value back on your purchases. The most common types of rewards cards are:

• Cash back credit cards: These cards earn a percentage back on purchases. If you make a $100 purchase on a card that earns 2% back, then you earn $2 in cash back.
• Travel credit cards: These cards earn points or miles that you can use to book travel. The exact redemption options will depend on the travel card you have.
• Store credit cards: These cards earn either rewards you can redeem with the store or cash back. They're generally not as useful as cash back or travel cards, but there are some good store cards available.

TOP PICKS: Best Rewards Credit Cards

4. High credit limit (12%)

Your credit limit is the largest balance you can have on your credit card. If your card has a $500 credit limit, then the maximum balance is $500.

A high credit limit can be useful, because you can pay all your bills without worrying about whether you'll hit your limit. It can also help your credit score. A significant credit scoring component is your credit utilization, which is the amount of your credit limit that you use. With a higher limit, your utilization will be lower.

Keep in mind that spending more than you can afford with your card can lead to expensive credit card debt. Even if your card has a high limit, only spend what you can afford to pay back.

TOP PICKS: Best High Limit Credit Cards

5. Introductory offer/welcome bonus (4%)

Introductory offers and welcome bonuses are also valuable perks. We've already covered one type of offer in 0% intro APRs. Welcome bonuses are a bonus you can earn as a new cardholder, normally by reaching a spending requirement. For example, a card may have a welcome bonus of $200 if you spend $500 in the first three months.

TOP PICKS: Best Credit Card Sign-Up Bonuses

Two other features tied for fifth with 4% of the vote: A recognized/reputable card issuer and a widely accepted card issuer. Neither is hard to find, so it makes sense to prioritize a big welcome bonus or a long 0% intro APR.

Americans overwhelmingly want a card that won't cost them too much, first and foremost. No annual fee and a low interest rate were the most popular perks, by a wide margin. After that, it's the perks that provide value and improve your experience as a cardholder, including rewards, a high credit limit, and an introductory offer.