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Battery Backup vs. Generator: Which Backup Power Source Is Best for You?
Battery Backup vs. Generator: Which Backup Power Source Is Best for You?
When you live somewhere with extreme weather or regular power outages, it's a good idea to have a backup power source for your home. There are various types of backup power systems on the market, but each serves the same primary purpose: keeping your lights and appliances on when the power goes out.
It might be a good year to look into backup power: Much of North America is at an elevated risk of blackout this summer thanks to an ongoing drought and expected higher than average temperatures, the North American Electric Reliability Corporation said Wednesday. Parts of the United States, from Michigan down to the Gulf Coast, are at a high risk making blackouts even more likely.
The SaveOnEnergy marketplace helps you search, compare, sign up and save on the right energy fit for your home — all for free. If you're interested in solar, answer a few questions to get an exact price quote from our solar advisors.
In the past, fuel-powered standby generators (also known as whole house generators) have dominated the backup power supply market, but reports of risk of carbon monoxide poisoning have led many to search for alternatives. Battery backups have emerged as a more eco-friendly and potentially safer option to conventional generators.
Despite performing the same function, battery backups and generators are different devices. Each one has a particular set of advantages and disadvantages, which we'll cover in the following comparison guide. Keep reading to find out about the main differences between battery backups and generators and decide which option is right for you.
Cynthia R Matonhodze/Bloomberg/Getty Images
Battery backups
Home battery backup systems, such as the Tesla Powerwall or the LG Chem RESU, store energy, which you can use to power your house during an outage. Battery backups run on electricity, either from your home solar system or the electrical grid. As a result, they're much better for the environment than fuel-powered generators. They're also better for your wallet.
Separately, if you have a time-of-use utility plan, you can use a battery backup system to save money on your energy bills. Instead of paying high electricity rates during peak usage hours, you can use energy from your battery backup to power your home. In off-peak hours, you can use your electricity as normal -- but at a cheaper rate.
LifestyleVisuals/Getty Images
Generators
On the other hand, standby generators connect to your home's electrical panel and kick on automatically when the power goes out. Generators run on fuel to keep your electricity on during an outage -- typically natural gas, liquid propane or diesel. Other generators have a "dual fuel" feature, meaning that they can run on either natural gas or liquid propane.
Certain natural gas and propane generators can connect to your home's gas line or propane tank, so there's no need to refill them manually. Diesel generators, however, will need to be topped up in order to keep running.
Battery backup vs. generator: How do they compare?
Pricing
In terms of cost, battery backups are the pricier option upfront. But generators need fuel to run, which means that you'll spend more over time to maintain a steady fuel supply.
With battery backups, you'll need to pay for the backup battery system upfront, as well as installation costs (each of which are in the thousands). Exact pricing will vary based on which battery model you choose and how many of them you need to power your home. However, it's common for an average-sized home battery backup system to run between $10,000 and $20,000.
For generators, the upfront costs are slightly lower. On average, the price of purchasing and installing a standby generator can range from $7,000 to $15,000. However, remember that generators require fuel to run, which will increase your operating expenses. The specific costs will depend on a few factors, including the size of your generator, which type of fuel it uses and the amount of fuel used to run it.
Installation
Battery backups earn a slight edge in this category since they can be mounted to the wall or floor, whereas generator installations require a bit of additional work. Regardless, you'll need to hire a professional for either type of installation, both of which will require a full day of work and may cost several thousand dollars.
Aside from setting up the device itself, installing a generator also requires pouring a concrete slab, connecting the generator to a dedicated fuel source and installing a transfer switch.
Maintenance
Battery backups are the clear winner in this category. They're quiet, run independently, don't produce any emissions and don't require any ongoing maintenance.
On the other hand, generators can be quite noisy and disruptive when they're in use. They also emit exhaust or fumes, depending on which type of fuel they use to run -- which may irritate you or your neighbors.
Keeping your home powered
As far as how long they can keep your home powered, standby generators easily outperform battery backups. As long as you have enough fuel, generators can run continuously for up to three weeks at a time (if necessary).
That's simply not the case with battery backups. Let's use the Tesla Powerwall as an example. It has 13.5 kilowatt-hours of storage capacity, which can provide power for a few hours on its own. You can get extra power out of them if they're part of a solar panel system or if you use multiple batteries in a single system.
Expected lifespan and warranty
In most cases, battery backups come with longer warranties than standby generators. However, these warranties are measured in different ways.
Over time, battery backup systems lose the ability to hold a charge, much like phones and laptops. For that reason, battery backups include an end-of-warranty capacity rating, which measures how effective a battery will hold a charge by the end of its warranty period. In Tesla's case, the company guarantees that the Powerwall battery should retain 70% of its capacity by the end of its 10-year warranty.
Some backup battery manufacturers also offer a "throughput" warranty. This is the number of cycles, hours or energy output (known as "throughput") that a company guarantees on its battery.
With standby generators, it's easier to estimate lifespan. Good-quality generators can run for 3,000 hours, as long as they're well maintained. Therefore, if you run your generator for 150 hours per year, then it should last about 20 years.
Which one is right for you?
Across most categories, battery backup systems come out on top. In short, they're better for the environment, easier to install and cheaper to run long-term. Plus, they have longer warranties than standby generators.
With that said, traditional generators can be a good option in some cases. Unlike battery backups, you only need a single generator to restore power in an outage, which brings down the upfront costs. Plus, standby generators can last longer than battery backup systems in a single session. As a result, they'll be a safer bet if the power is out for days at a time.
How to Pick Your First Credit Card to Start Building Credit
How to Pick Your First Credit Card to Start Building Credit
Applying for your first credit card can involve a considerable learning curve. With hundreds of card options, lots of jargon and navigating the complexity of the US credit system, there's a lot to learn at once. And once you understand it, it can seem counterintuitive. For example, how are you supposed to build credit to get a credit card if nobody will issue you a card without credit history? It can be dizzying, to say the least.
Still, there are many reasons to want a credit card, chief among them is the ability to build credit history and improve your credit score. Your credit score, a three digit-number that represents your creditworthiness, can affect everything from whether you are approved for an apartment, your interest rates for auto loans and a mortgage and how many financial options you will have in the future.
Below, we review everything you need to know before applying for a credit card: the basics of how credit cards work, how to pick the right card for you, how to apply and how to use your card to build credit.
Read more: Best Debit Cards for College Students
The basics: How credit cards work
First, credit cards are not free money, sadly. What they are is a financial tool that, when used responsibly, lets you space out payments for purchases, build credit history and, in some cases, earn rewards like cash-back or airline miles. But credit cards can be extremely easy to misuse if you accidentally charge more than you can afford to pay back by the end of your billing statement. And if you miss payments, you risk crashing your credit and racking up interest charges.
The best way to avoid these pitfalls is to understand how credit cards work. Credit card issuers, typically a bank or credit union, will lend you a certain amount of money called credit, which you agree to repay. Payment processing networks, like Mastercard or Visa, act as the middleman and help facilitate payments and benefits.
Every card has a credit limit, which is the highest amount of money you can borrow in total. Your credit limit is usually determined by your credit score, income and the credit card issuer. So if you're applying for your first card and don't have a long credit history, you will probably be given a lower credit limit. Once you show responsible card use (paying balances on time and/or in full), you can request a credit limit increase.
At the end of the billing cycle -- which usually lasts about a month -- the credit card company will send you a bill that lists all your purchases made with the card. You can pay either the minimum payment that's due or pay off the bill in full. While paying the minimum payment will keep your account in good standing, the remaining unpaid balance will carry over to the next month, and you'll likely start accruing interest charges on any unpaid balance. Every card has its own annual percentage rate (APR), which is the total amount of interest and fees it charges on unpaid balances.
If you miss the payment due date, you may incur late fees, adding even more dollars to your debt. It's in your best interest to avoid this scenario by only charging what you can afford and paying your bill in full each month. Fees and interest charges can add up quickly and prevent you from paying off your debt as quickly.
How to pick the right credit card
With hundreds of credit cards available, picking the right credit card for you will depend on your current financial status, your future financial goals and your lifestyle. Many credit cards come with rewards like welcome bonuses, cash-back offers, discounts on certain purchases and travel points or airline miles. Cards with rewards typically come along with annual fees -- a yearly expense you pay to own the card -- though some do not.
The right card for you depends on your financial situation and goals. If you're just starting out, building credit with a student or secured credit card -- one that requires a security deposit that acts as your credit limit -- can help you build credit. If you're looking to earn rewards, look for a card with the most relevant perks for your spending habits and an annual fee you can recoup from your rewards.
Some credit card companies will solicit you directly or allow you to see if you are preapproved for a card. Since card companies run a hard check on your credit when you apply for a card, a move that can temporarily cause your credit score to dip, preapproval lets you see if you're likely to be approved before you apply. Preapproval doesn't guarantee you'll be approved -- it just means the credit card company thinks you're a good applicant for a particular card.
For those currently in school, there are specific credit cards made for students. These cards usually have a smaller credit limit, and may have a scaled-down combination of benefits and fees compared to traditional credit cards. Student cards usually have relaxed credit requirements, since many students don't have a significant credit history, thus making it easier to get approved.
A secured card is another option for those with no or low credit, looking to boost their credit score. Secured credit cards require a security deposit that acts as your credit limit. It is also a form of collateral, ensuring that the card balance will be paid even if you miss payments.
How to apply for your first credit card
Once you determine which card is best for you, you can begin the application process. While every credit card company has its own application, you will probably be asked to provide similar personal and financial information, like your name, age, employer, annual income and housing payment. With this information, the credit card issuer will run a credit check on you to decide if you fit the criteria for card approval.
After you apply, you will either be approved and granted a card or denied. CNET outlines steps to take to figure out why you're denied for a credit card in the worst case scenario.
How to build credit with your card
Your credit score reflects how good or bad you are at managing debt. It shows lenders your creditworthiness, or how much risk is involved when lending you money. Your credit score is determined by a few factors, including your payment history, amount of debt owed, the length of credit history, how much new credit you've taken on, and your credit utilization ratio, which we'll explain below.
Here are some common blunders to avoid to keep your credit score healthy:
Not paying your minimum payment on time. In addition to being penalized with late fees and interest charges, late payments reported to credit bureaus indicate to future lenders that you are an unreliable borrower. Over time, consistently paying on time will build a strong credit history that will boost your score, making you eligible for better credit cards and interest rates.
Using too much of your credit limit. Using more than 30% of your total credit line can affect your credit score negatively. This percentage is called your credit utilization ratio. So if your credit limit is $1,000, you would want to keep all your credit card purchases under $300 as a best practice. Using more of your credit lines indicates to lenders that you are a risky borrower.
Closing credit card accounts. While it may seem reasonable to close an account for a card you don't use, it can actually lower your total available credit, lowering your credit utilization ratio and shorten your length of credit history. Depending on your situation, it may be better to keep the card open and use it occasionally. But, there are ways to cancel a credit card without destroying your credit.
Best picks for your first credit card
Intro OfferIntro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.
APR14.49% - 23.49% Variable
Intro Purchase APR0% for 6 months
Recommended Credit Fair/New to Credit
Reward Rates
Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
Earn 1% unlimited cash back on all other purchases – automatically.
Annual Fee$0
Intro Balance Transfer APR10.99% for 6 months
Balance Transfer APR14.49% - 23.49% Variable
Balance Transfer Fee 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Late Payment Fee None the first time you pay late. After that, up to $41.
Foreign Transaction Fees None
Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
Earn 1% unlimited cash back on all other purchases – automatically.
Our Take
The Discover it® Student Cash Back* card offers the best rewards spread of student credit cards. You'll earn the 1% flat rate on all purchases, but you can also earn 5% cash back with the bonus quarterly rotating category, on up to $1,500 in combined spending per quarter (then 1%). From now through September, the bonus category includes restaurants and PayPal purchases. For October through December, it includes Amazon.com purchases and purchases made through digital wallet apps. You do have to manually activate these bonus categories through your account to earn this higher rate, though.
We also like that this card offers an Unlimited Cashback Match welcome bonus -- Discover will match your cash back earned for your whole first year, essentially doubling your cash back at the end of your first year.
For more details, see our full review of the Discover it Student Cash Back.
Intro OfferN/A
APR15.24% - 29.24% (Variable)
Intro Purchase APRN/A
Recommended Credit Limited/Fair/Good/Excellent
Reward Rates
Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
1% cash back on eligible purchases right away.
Annual Fee$0
Foreign Transaction Fees $0
Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
1% cash back on eligible purchases right away.
Our Take
The Petal 2 Visa Credit Card, issued by WebBank, is designed for applicants of various credit types -- whether it's fair, excellent or you're just getting started. It offers a credit line between $300 and $10,000 and 1% back on all eligible purchases.
To incentivize good credit-building behavior, your cash-back rate can increase to up to 1.5% on eligible purchases after 12 on-time monthly payments. There are no annual fees, security deposits, late fees or foreign transaction fees, making this a flexible option for anyone's first credit card.
Intro OfferN/A
APR26.99% (Variable)
Intro Purchase APRN/A
Recommended Credit Average, Fair, Limited
Reward RatesN/A
Annual Fee$0
Intro Balance Transfer APRN/A
Balance Transfer APR26.99% (Variable)
Balance Transfer Fee $0 at this Transfer APR
Late Payment Fee Up to $40
Foreign Transaction Fees None
Penalty APR None
Our Take
The Capital One Platinum Credit Card doesn't offer many perks, but it could be a good backup option for your first credit card if you don't want to put down a security deposit and aren't a student. This card is designed for people with fair, average or limited credit -- typically a credit score between 580 and 669. Though you won't earn rewards or a welcome bonus, you can build up your credit score with responsible use and there are no foreign transaction fees -- meaning you can use it abroad without facing additional costs.
For more details, check out our full review of the Capital One Platinum Credit Card.
Intro OfferIntro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.
APR24.49% Variable
Intro Purchase APRN/A
Recommended Credit New/Rebuilding Credit
Reward Rates
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter.
Earn unlimited 1% cash back on all other purchases – automatically.
Annual Fee$0
Intro Balance Transfer APR10.99% for 6 months
Balance Transfer APR24.49% Variable
Balance Transfer Fee 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Late Payment Fee None the first time you pay late. After that, up to $41.
Foreign Transaction Fees None
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter.
Earn unlimited 1% cash back on all other purchases – automatically.
Our Take
All secured credit cards require a security deposit -- but not all of them enable you to earn rewards on your purchases. With a credit limit range of $200 to $2,500, you can earn 2% cash back at gas stations and restaurants with the Discover it® Secured Credit Card*, on up to a combined $1,000 in spending per calendar quarter (then 1%). You'll earn 1% cash back on other purchases, and you'll still get the Unlimited Cashback Match as with the other Discover credit cards. This card will also let you see if you're preapproved before you apply if you so choose.
For more information, see our full review of the Discover it Secured Credit Card.
Intro OfferLimited Time Offer: Earn $100 when you spend $100 in the first three months
APR16.49% - 26.49% (Variable)
Intro Purchase APRN/A
Recommended Credit Average, Fair, Limited
Reward Rates
Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal
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 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®)
Earn 1% on all other purchases.
Annual Fee$0
Intro Balance Transfer APRN/A
Balance Transfer APR16.49% - 26.49% (Variable)
Balance Transfer Fee $0 at this Transfer APR
Late Payment Fee Up to $40
Foreign Transaction Fees None
Penalty APR None
Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal
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 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®)
Earn 1% on all other purchases.
Our Take
If you eat a lot of takeout or go to restaurants often, the Capital One SavorOne Student Cash Rewards Credit Card can maximize cash back on your meals and entertainment. You may be able to get preapproved for this credit card to test the waters, though as a student credit card, it has more relaxed credit requirements than its traditional counterparts.
You'll earn 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Target and Walmart). Entertainment covers movie theaters, sports promoters (professional and semiprofessional live events), amusement parks, tourist attractions, aquariums, zoos, dance halls, record stores, pool halls and bowling alleys. Streaming services include Netflix, Hulu and Disney+. For other purchases, you'll earn a standard 1% cash back.
*All information about the Discover it Student Cash Back and the Discover it Secured Credit Card has been collected independently by CNET and has not been reviewed by the issuer.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
How to Pick Your First Credit Card to Start Building Credit
How to Pick Your First Credit Card to Start Building Credit
Applying for your first credit card can involve a considerable learning curve. With hundreds of card options, lots of jargon and navigating the complexity of the US credit system, there's a lot to learn at once. And once you understand it, it can seem counterintuitive. For example, how are you supposed to build credit to get a credit card if nobody will issue you a card without credit history? It can be dizzying, to say the least.
Still, there are many reasons to want a credit card, chief among them is the ability to build credit history and improve your credit score. Your credit score, a three digit-number that represents your creditworthiness, can affect everything from whether you are approved for an apartment, your interest rates for auto loans and a mortgage and how many financial options you will have in the future.
Below, we review everything you need to know before applying for a credit card: the basics of how credit cards work, how to pick the right card for you, how to apply and how to use your card to build credit.
Read more: Best Debit Cards for College Students
The basics: How credit cards work
First, credit cards are not free money, sadly. What they are is a financial tool that, when used responsibly, lets you space out payments for purchases, build credit history and, in some cases, earn rewards like cash-back or airline miles. But credit cards can be extremely easy to misuse if you accidentally charge more than you can afford to pay back by the end of your billing statement. And if you miss payments, you risk crashing your credit and racking up interest charges.
The best way to avoid these pitfalls is to understand how credit cards work. Credit card issuers, typically a bank or credit union, will lend you a certain amount of money called credit, which you agree to repay. Payment processing networks, like Mastercard or Visa, act as the middleman and help facilitate payments and benefits.
Every card has a credit limit, which is the highest amount of money you can borrow in total. Your credit limit is usually determined by your credit score, income and the credit card issuer. So if you're applying for your first card and don't have a long credit history, you will probably be given a lower credit limit. Once you show responsible card use (paying balances on time and/or in full), you can request a credit limit increase.
At the end of the billing cycle -- which usually lasts about a month -- the credit card company will send you a bill that lists all your purchases made with the card. You can pay either the minimum payment that's due or pay off the bill in full. While paying the minimum payment will keep your account in good standing, the remaining unpaid balance will carry over to the next month, and you'll likely start accruing interest charges on any unpaid balance. Every card has its own annual percentage rate (APR), which is the total amount of interest and fees it charges on unpaid balances.
If you miss the payment due date, you may incur late fees, adding even more dollars to your debt. It's in your best interest to avoid this scenario by only charging what you can afford and paying your bill in full each month. Fees and interest charges can add up quickly and prevent you from paying off your debt as quickly.
How to pick the right credit card
With hundreds of credit cards available, picking the right credit card for you will depend on your current financial status, your future financial goals and your lifestyle. Many credit cards come with rewards like welcome bonuses, cash-back offers, discounts on certain purchases and travel points or airline miles. Cards with rewards typically come along with annual fees -- a yearly expense you pay to own the card -- though some do not.
The right card for you depends on your financial situation and goals. If you're just starting out, building credit with a student or secured credit card -- one that requires a security deposit that acts as your credit limit -- can help you build credit. If you're looking to earn rewards, look for a card with the most relevant perks for your spending habits and an annual fee you can recoup from your rewards.
Some credit card companies will solicit you directly or allow you to see if you are preapproved for a card. Since card companies run a hard check on your credit when you apply for a card, a move that can temporarily cause your credit score to dip, preapproval lets you see if you're likely to be approved before you apply. Preapproval doesn't guarantee you'll be approved -- it just means the credit card company thinks you're a good applicant for a particular card.
For those currently in school, there are specific credit cards made for students. These cards usually have a smaller credit limit, and may have a scaled-down combination of benefits and fees compared to traditional credit cards. Student cards usually have relaxed credit requirements, since many students don't have a significant credit history, thus making it easier to get approved.
A secured card is another option for those with no or low credit, looking to boost their credit score. Secured credit cards require a security deposit that acts as your credit limit. It is also a form of collateral, ensuring that the card balance will be paid even if you miss payments.
How to apply for your first credit card
Once you determine which card is best for you, you can begin the application process. While every credit card company has its own application, you will probably be asked to provide similar personal and financial information, like your name, age, employer, annual income and housing payment. With this information, the credit card issuer will run a credit check on you to decide if you fit the criteria for card approval.
After you apply, you will either be approved and granted a card or denied. CNET outlines steps to take to figure out why you're denied for a credit card in the worst case scenario.
How to build credit with your card
Your credit score reflects how good or bad you are at managing debt. It shows lenders your creditworthiness, or how much risk is involved when lending you money. Your credit score is determined by a few factors, including your payment history, amount of debt owed, the length of credit history, how much new credit you've taken on, and your credit utilization ratio, which we'll explain below.
Here are some common blunders to avoid to keep your credit score healthy:
Not paying your minimum payment on time. In addition to being penalized with late fees and interest charges, late payments reported to credit bureaus indicate to future lenders that you are an unreliable borrower. Over time, consistently paying on time will build a strong credit history that will boost your score, making you eligible for better credit cards and interest rates.
Using too much of your credit limit. Using more than 30% of your total credit line can affect your credit score negatively. This percentage is called your credit utilization ratio. So if your credit limit is $1,000, you would want to keep all your credit card purchases under $300 as a best practice. Using more of your credit lines indicates to lenders that you are a risky borrower.
Closing credit card accounts. While it may seem reasonable to close an account for a card you don't use, it can actually lower your total available credit, lowering your credit utilization ratio and shorten your length of credit history. Depending on your situation, it may be better to keep the card open and use it occasionally. But, there are ways to cancel a credit card without destroying your credit.
Best picks for your first credit card
Intro OfferIntro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! So you could turn $50 cash back into $100. Or turn $100 into $200. There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.
APR14.49% - 23.49% Variable
Intro Purchase APR0% for 6 months
Recommended Credit Fair/New to Credit
Reward Rates
Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
Earn 1% unlimited cash back on all other purchases – automatically.
Annual Fee$0
Intro Balance Transfer APR10.99% for 6 months
Balance Transfer APR14.49% - 23.49% Variable
Balance Transfer Fee 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Late Payment Fee None the first time you pay late. After that, up to $41.
Foreign Transaction Fees None
Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
Earn 1% unlimited cash back on all other purchases – automatically.
Our Take
The Discover it® Student Cash Back* card offers the best rewards spread of student credit cards. You'll earn the 1% flat rate on all purchases, but you can also earn 5% cash back with the bonus quarterly rotating category, on up to $1,500 in combined spending per quarter (then 1%). From now through September, the bonus category includes restaurants and PayPal purchases. For October through December, it includes Amazon.com purchases and purchases made through digital wallet apps. You do have to manually activate these bonus categories through your account to earn this higher rate, though.
We also like that this card offers an Unlimited Cashback Match welcome bonus -- Discover will match your cash back earned for your whole first year, essentially doubling your cash back at the end of your first year.
For more details, see our full review of the Discover it Student Cash Back.
Intro OfferN/A
APR15.24% - 29.24% (Variable)
Intro Purchase APRN/A
Recommended Credit Limited/Fair/Good/Excellent
Reward Rates
Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
1% cash back on eligible purchases right away.
Annual Fee$0
Foreign Transaction Fees $0
Up to 1.5% cash back on eligible purchases after making 12 on-time monthly payments.
1% cash back on eligible purchases right away.
Our Take
The Petal 2 Visa Credit Card, issued by WebBank, is designed for applicants of various credit types -- whether it's fair, excellent or you're just getting started. It offers a credit line between $300 and $10,000 and 1% back on all eligible purchases.
To incentivize good credit-building behavior, your cash-back rate can increase to up to 1.5% on eligible purchases after 12 on-time monthly payments. There are no annual fees, security deposits, late fees or foreign transaction fees, making this a flexible option for anyone's first credit card.
Intro OfferN/A
APR26.99% (Variable)
Intro Purchase APRN/A
Recommended Credit Average, Fair, Limited
Reward RatesN/A
Annual Fee$0
Intro Balance Transfer APRN/A
Balance Transfer APR26.99% (Variable)
Balance Transfer Fee $0 at this Transfer APR
Late Payment Fee Up to $40
Foreign Transaction Fees None
Penalty APR None
Our Take
The Capital One Platinum Credit Card doesn't offer many perks, but it could be a good backup option for your first credit card if you don't want to put down a security deposit and aren't a student. This card is designed for people with fair, average or limited credit -- typically a credit score between 580 and 669. Though you won't earn rewards or a welcome bonus, you can build up your credit score with responsible use and there are no foreign transaction fees -- meaning you can use it abroad without facing additional costs.
For more details, check out our full review of the Capital One Platinum Credit Card.
Intro OfferIntro Offer: Unlimited Cashback Match - only from Discover. Discover will automatically match all the cash back you've earned at the end of your first year! There's no minimum spending or maximum rewards. Just a dollar-for-dollar match.
APR24.49% Variable
Intro Purchase APRN/A
Recommended Credit New/Rebuilding Credit
Reward Rates
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter.
Earn unlimited 1% cash back on all other purchases – automatically.
Annual Fee$0
Intro Balance Transfer APR10.99% for 6 months
Balance Transfer APR24.49% Variable
Balance Transfer Fee 3% intro balance transfer fee, up to 5% fee on future balance transfers (see terms)*
Late Payment Fee None the first time you pay late. After that, up to $41.
Foreign Transaction Fees None
Earn 2% cash back at Gas Stations and Restaurants on up to $1,000 in combined purchases each quarter.
Earn unlimited 1% cash back on all other purchases – automatically.
Our Take
All secured credit cards require a security deposit -- but not all of them enable you to earn rewards on your purchases. With a credit limit range of $200 to $2,500, you can earn 2% cash back at gas stations and restaurants with the Discover it® Secured Credit Card*, on up to a combined $1,000 in spending per calendar quarter (then 1%). You'll earn 1% cash back on other purchases, and you'll still get the Unlimited Cashback Match as with the other Discover credit cards. This card will also let you see if you're preapproved before you apply if you so choose.
For more information, see our full review of the Discover it Secured Credit Card.
Intro OfferLimited Time Offer: Earn $100 when you spend $100 in the first three months
APR16.49% - 26.49% (Variable)
Intro Purchase APRN/A
Recommended Credit Average, Fair, Limited
Reward Rates
Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal
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 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®)
Earn 1% on all other purchases.
Annual Fee$0
Intro Balance Transfer APRN/A
Balance Transfer APR16.49% - 26.49% (Variable)
Balance Transfer Fee $0 at this Transfer APR
Late Payment Fee Up to $40
Foreign Transaction Fees None
Penalty APR None
Earn 8% cash back on entertainment purchases when you book through the Capital One Entertainment portal
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 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Walmart® and Target®)
Earn 1% on all other purchases.
Our Take
If you eat a lot of takeout or go to restaurants often, the Capital One SavorOne Student Cash Rewards Credit Card can maximize cash back on your meals and entertainment. You may be able to get preapproved for this credit card to test the waters, though as a student credit card, it has more relaxed credit requirements than its traditional counterparts.
You'll earn 3% cash back on dining, entertainment, popular streaming services and at grocery stores (excluding superstores like Target and Walmart). Entertainment covers movie theaters, sports promoters (professional and semiprofessional live events), amusement parks, tourist attractions, aquariums, zoos, dance halls, record stores, pool halls and bowling alleys. Streaming services include Netflix, Hulu and Disney+. For other purchases, you'll earn a standard 1% cash back.
*All information about the Discover it Student Cash Back and the Discover it Secured Credit Card has been collected independently by CNET and has not been reviewed by the issuer.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
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Best Crypto Exchanges for August 2022: Buy and Sell Bitcoin, Ether and More
Best Crypto Exchanges for August 2022: Buy and Sell Bitcoin, Ether and More
Despite price crashes in the first half of 2022, buying and selling cryptocurrency continues to steam forward as the "crypto winter" shows signs of thawing. While governments have increased their efforts to regulate crypto markets, scans continue to plague crypto investors, and it's more important than ever to find a trusted platform for buying and selling crypto.
Crypto exchanges are where most crypto traders buy and sell bitcoin, ether, dogecoin and other types of cryptocurrency. In its rawest and most decentralized form, cryptocurrency is relatively unfriendly to obtain and use. Crypto exchanges make it fairly simple to trade all sorts of crypto tokens and coins.
The best crypto exchanges will hold your crypto securely, provide you with unfettered control over your assets and make buying, selling, sending, receiving and trading crypto simple and affordable.
Some investors may desire more advanced features from crypto exchanges, including the ability to earn interest, access more esoteric forms of crypto or buy, store and display NFTs. (It's worth noting that the safest place to hold your crypto is in a cold storage wallet that you control exclusively.)
Here, we'll focus on the basics, highlighting the exchanges that make it easy to sign up, get started and carry out transactions without getting fleeced on fees. As with any investment, high fees can erode returns over time, and some exchanges offer more competitive fees than others.
Whether you're a beginner looking for an easy on-ramp to crypto, or you're a high-volume trader looking for the lowest "maker" and "taker" fees, we've got the info you need to choose the best crypto exchange for you.
Note: Crypto exchanges add and delist crypto tokens on a regular basis. Our "number of supported tokens" data is based on data from each exchange's website as of July 25, 2022.
Best crypto exchanges
James Martin/CNET
US availability: All states except Hawaii
Number of supported tokens: 207
Spot trading fees: $0.99 to $2.99, or 1.49% for trades over $200
Credit/debit card fee: 3.99%
Straightforward and simple, Coinbase provides an intuitive and streamlined experience that makes it easy to buy, sell, trade and send bitcoin, ether and a variety of other cryptocurrencies. As a public company, it's among the most established, well-capitalized and popular players -- but you'll pay for the privilege, with trading fees that are higher and somewhat more complicated than other exchanges. We think the platform's ease of use and simplicity are worth the higher fees, only if you plan to make infrequent and relatively modest transactions.
Coinbase says it keeps 98% of its crypto assets in cold storage -- a method for holding crypto tokens offline -- and says that it has never lost any user funds. Balances of US dollars held in Coinbase accounts are insured by the FDIC, and Coinbase maintains a private insurance policy worth $320 million overall for crypto assets it holds. Coinbase's first-quarter earnings report raised eyebrows with a new disclaimer stating that custodially held crypto could be used to pay creditors in the case of the company going bankrupt.
Unlike most crypto exchanges, Coinbase offers live phone support in addition to email support -- which may bring new crypto investors an additional modicum of comfort – and there's a well-written and helpful library of content for novices. Coinbase is available to residents of all US states except Hawaii.
For real-time crypto transactions (referred to as "spot trades"), Coinbase charges between $0.99 and $2.99 for trades up to $200; for transactions above $200, it's a flat 1.49% fee. Coinbase also adds a 0.5% "spread" fee on top of that.
And purchasing crypto with a debit card adds a significant 3.99% fee. Funding your Coinbase account with an electronic ACH transfer is free, however. A wire transfer deposit costs $10.
The platform's advancedPro version, which runs on a separate app and website, charges lower fees but features a less user-friendly interface that's not suited for beginners.
Sarah Tew/CNET
US availability: All states except Hawaii, New York or Washington
Number of supported tokens: 191
Trading fees: 0.0 to 0.2% maker; 0.0 to 0.5% taker; 1.5% instant buy
Credit/debit card fee: No credit/debit card purchases in US
One of the oldest cryptocurrency exchanges, and in business since 2013, Kraken's low fees make it particularly attractive to high-volume traders. Kraken also offers riskier and more advanced trading features -- such as margin trading and on-chain staking, with biweekly payouts.
The exchange supports transactions for about 130 crypto assets for purchase or trade in the US. It also supports more than 100 crypto pairs -- two crypto tokens that can be exchanged for each other.
Kraken does not include any insurance on crypto deposits held in hot wallets, but it does claim to keep 95% of digital assets offline with enough liquidity to allow users to withdraw at any time. No hacks of the Kraken crypto exchange have ever been reported.
While Kraken is available to most US crypto investors, it's not licensed for crypto services in New York, Washington state or Hawaii.
Sarah Tew/CNET
US availability: All 50 states
Number of supported tokens: 101
Trading fees: Spot trading fees: $0.99 to $2.99, or 1.49% for trades over $200
Credit/debit card fee: 3.49%
Gemini features competitive trading fees and support for almost 100 currencies and 20 crypto pairs, but the exchange's educational resources are what may be most appealing to novices. It's also one of the few exchanges operating in all 50 US states -- and the only exchange on this list that does.
This crypto exchange offers strong security features, including FDIC insurance for US dollar deposits, private insurance for hot wallets -- on the blockchain -- crypto assets and support for U2F hardware keys. Its ActiveTrader platform for high-volume traders offers charting, multiple order types, auctions and block trading. Having acquired the NFT marketplace Nifty Gateway in 2019, Gemini also lets users buy and sell crypto collectibles and digital art.
Gemini's educational resources are the best we found on any crypto exchange. Its Cryptopedia section provides deep knowledge about cryptocurrencies and the technology behind them. Cryptopedia contains a bounty of articles on a wide range of crypto subjects, from basic explainers on bitcoin and blockchain to more advanced topics like real-world uses for smart contracts, the NFT marketplace model for music and decentralized cloud storage.
James Martin/CNET
US availability: All states except New York
Number of supported tokens: 333
Trading fees: 0.04% to 0.4% maker; 0.1% to 0.4% taker
Credit/debit card fee: 2.99%
Featuring transactional support for more than 300 cryptocurrencies, Crypto.com offers the widest range of cryptocurrencies of any exchange on this list. It also lists support for more than 80 trading pairs.
Crypto.com claims that 100% of all user cryptocurrencies are held offline in cold storage and that it has secured $750 million in crypto insurance. The exchange also says that all online funds in its custodial wallets are generated by the company itself to fund user withdrawals, meaning customer crypto assets are safe offline. US dollar balances in Crypto.com accounts are held by the Metropolitan Commercial Bank and insured by the FDIC.
Crypto.com uses multifactor authentication -- including password, biometric, email, phone and authenticator verification -- for all crypto transactions. Crypto.com also requires whitelisting of all external addresses via email verification. That means you'll need to explicitly authorize any crypto wallets or bank accounts for withdrawal, which helps protect your crypto assets from accidental or manipulated withdrawals.
Along with Gemini and bitFlyer, Crypto.com is one of only 15 exchanges allowed to operate in Hawaii. Residents of every US state except for New York can use Crypto.com.
Sarah Tew/CNET
US availability: All states except West Virginia and Nevada
Number of supported tokens: 15
Trading fees: 0.03% to 0.1% maker/taker fee
Credit/debit card fee: 1.95%
BitFlyer is a private company that launched its crypto exchange first in Japan in 2014 and later expanded into the US in 2017. Though bitFlyer has much lower trading volume than the big exchanges, it ranks in the top 20 for average liquidity, per CoinMarketCap, and it supports 11 different cryptocurrencies, including bitcoin, ether, litecoin and Stellar Lumens (XLM).
BitFlyer offers the lowest trading fees of any exchange on this list. There are two ways to buy and sell crypto on bitFlyer -- through the instant buy/sell platform and transactions on bitFlyer's Lightning Network.
Once you've verified your identity and funded your account, maker and taker fees on the bitFlyer Lightning Network max out at 0.1% for transactions less than $50,000. That's even lower than Kraken's baseline 0.2% fee for makers and 0.5% for takers -- and far more affordable than Coinbase Pro's 0.4% for makers and 0.6% for takers.
BitFlyer's instant buy and sell platform doesn't charge any transaction fees at all, which makes it a tempting proposition, but watch out for the wild range of spread fees, from 0.1% to 6%. BitFlyer will show you the spread fee for any transaction before you make it. Its 1.95% fee for credit card and debit card purchases is also the lowest on this list.
Its interface is more primitive than other exchanges, and we encountered a few minor hiccups -- unexplained error messages and missing 2FA codes -- during the sign-up process. It's worth noting that the lower volume of transactions on the bitFlyer exchange may impact your ability to complete trades at the prices you want.
BitFlyer is available to all US residents except for those living in the states of West Virginia and Nevada.
Best crypto exchanges, compared
Coinbase
Kraken
Gemini
Crypto.com
bitFlyer
Best for
Beginners
Advanced trading
Educational resources
Altcoins
Low fees
Currencies
207
191
101
333
15
Fees
$0.99-2.99, or 1.49% for trades over $200
0.0-0.2% maker; 0.0-0.5% taker; 1.5% instant buy
$0.99-2.99, or 1.49% for trades over $200
0.04-0.4% maker; 0.1-0.4% taker
0.03%-0.1% maker/taker
Excluded states
Hawaii
Hawaii, New York, Washington
None
New York
Nevada, West Virginia
Year founded
2012
2013
2014
2016
2014
What about Binance and Binance.US?
Binance is the largest cryptocurrency exchange in the world, per CoinMarketCap. The exchange launched in China in 2017 and moved its servers and operations to Japan a few months later, in advance of the Chinese ban on cryptocurrency.
In 2019, due to increased enforcement of regulations, Binance was banned in the US. The existing crypto exchange eventually spun off Binance.US as a separate company that now operates in 45 states. Binance and Binance.US are sister companies with distinct ownership structures.
Binance.US features a very similar interface and experience to Binance and also boasts some of the lowest fees of the major crypto exchanges. However, the company has a rocky past and uncertain future.
In May 2021, Bloomberg reported that the Justice Department and IRS were investigating Binance's operation for possible links to money laundering and tax evasion. Bloomberg followed up in September with news that the Commodity Futures Trading Commission was probing Binance's connections to insider trading and market manipulation.
In April, Reuters reported evidence that Binance had turned over data to the Russian Federal Security Service, or FSB, about crypto donations to Alexei Navalny, a political opponent of Russian President Vladimir Putin.
Most recently, Binance has come under investigation by the Securities and Exchange Commission for possibly violating US law when it began selling its native token BNB in 2017 to fund its global exchange, per Bloomberg. And a special report from Reuters indicates that, between 2017 and 2021, Binance processed $2.35 billion in crypto that originated from "hacks, investment frauds and illegal drug sales."
Binance itself was hacked in 2019, with thieves getting away with 7,000 bitcoin worth about $40 million, though the exchange refunded users who lost money using its Secure Asset Fund for Users. Several investors who were locked out of trading in 2021 and suffered major losses are planning a class-action lawsuit against Binance.
Although Binance.US provides a quality experience on mobile and desktop and features low trading fees, we would not recommend using the crypto exchange until the legal investigations have been completed and Binance.US provides more transparency on its practices to regulators and users.
FAQs
What is a crypto exchange?
A crypto exchange is a platform that allows users to buy and sell digital assets and cryptocurrencies such as bitcoin and ether. Some may also support the buying, selling and trading of NFTs.
Crypto exchanges generally let users deposit and withdraw funds in either fiat (such as US dollars) or cryptocurrencies, buy crypto with US dollars or another currency, trade one crypto for another, send crypto to another individual (or business) and sell crypto for US dollars.
What's the difference between a crypto exchange and a crypto brokerage?
A crypto exchange provides a platform for individual buyers and sellers to trade crypto -- or exchange tokens and fiat currency, like US dollars. Exchange rates are ostensibly based on market prices.
Similarly, a crypto brokerage serves as an intermediary for buyers and sellers, but the broker sets the prices. Brokerages often support fewer cryptocurrencies yet charge lower fees than exchanges. Robinhood, for example, supports only seven cryptocurrencies -- bitcoin, ethereum, dogecoin, litecoin, ethereum classic, bitcoin cash and bitcoin SV -- but charges no transaction fees.
How much does it cost to trade cryptocurrency?
As with any investment, it's important to consider the cost of buying, selling and trading cryptocurrency -- high fees can erode returns over time. Exchange fees are typically based on how you buy, sell or trade.
"Spot" trades, also known as "instant" transactions, involve buying from or selling to an exchange in real-time for a set price. These trades are simple to make, and most exchanges charge a relatively high fee to make them, often approximately 1.5% of the transaction value.
A more sophisticated type of trade -- using "buy" and "sell" orders -- is more convoluted and less user-friendly, especially for beginners. But these trades are also considerably less expensive, with "maker" and "taker" fees costing between 0.1% to 0.5% of the transaction value. With this approach, you choose the price you wish to buy or sell at, and a transaction clears only when the market finds a buyer or seller willing to buy or sell at that target price.
Where else can I purchase Bitcoin and other cryptocurrencies?
Along with crypto exchanges and brokerages like Robinhood, some payment services allow users to buy and sell cryptocurrency, although your options for tokens will be more limited, and you usually won't be able to move crypto out of your account and into a private wallet.
Cash App, Venmo and PayPal all let users buy bitcoin via their payment apps. Cash App only buys and sells bitcoin, but it's the only payment service that lets users withdraw crypto to their own private wallets. Crypto fees aren't advertised on Cash App and will vary from trade to trade. Generally, Cash App will charge lower fees than most crypto exchanges for smaller trades, yet higher percentage fees for larger trades.
Venmo and PayPal support bitcoin, bitcoin cash, ethereum and litecoin. Both use a tiered fee structure for crypto that's similar to Coinbase's -- $0.49 to $2.49 on transactions up to $200, a 1.8% fee on transactions between $200 and $1,000 and a 1.5% fee on transactions more than $1,000. Both sites also charge unspecified spread fees that are estimated at 0.5%. You can send crypto to other Venmo or PayPal users with each service, but you can't move your crypto into your own wallet.
Why are so many crypto exchanges unavailable in the US?
Regulations on cryptocurrency in the US are more stringent than other countries, and also vary from state to state.
The SEC and crypto exchanges have clashed several times in recent years, with some exchanges facing investigations by the financial agency. The main sticking point is the SEC's classification of virtual currencies. In 2017, the SEC announced that many crypto tokens represented investment securities, which must be registered with the SEC. The agency also argued that crypto exchanges should register with the SEC as securities trading platforms.
The additional regulatory burdens and threat of lawsuits from the SEC have prompted several crypto exchanges to pull out of US markets.
Methodology
CNET reviews crypto exchanges and brokerages by comparing them using an established set of criteria, including maker, taker, transaction and withdrawal fees, security features, number and type of supported crypto assets, geographical availability, number and type of supported crypto pairs, software interface and functionality, trade limits or restrictions, educational resources and customer support.
More crypto advice
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
