NerdWallet CEO reveals the best credit cards for ‘trimming costs’ amid record inflation

Gaining a few percent cash back can "really help" alleviate inflationary hardships, Tim Chen urged

During an interview on "Mornings with Maria," Wednesday, NerdWallet CEO and founder Tim Chen breaks down the assets and liabilities of the top credit cards currently available, arguing that your choice of card and its correlating interest rate can significantly help consumers fight inflation.

TIM CHEN: NerdWallet helps 20 million people a month make decisions just like this one. And, as you said, inflation is defining America right now. So, there's kind of two buckets to think about here with inflation. The first one is really how to make ends meet. We see 26% of cardholders in a recent survey running up balances just to get through to the next month. And second, it's really about trimming costs. So getting a few percent cash back can really help. Or getting some discounts on those travel that people are doing now. So in terms of interest, you can get 0% for up to 21 months with a card like the Wells Fargo reflect. And that's great for purchases and balance transfers alike, and so that's a great option. Now, in cashback, some people like to keep it simple like me for no annual fee and 2% cash back. 

Credit cards

Bangkok, Thailand - Jun 23, 2015 : Group of credit cards on computer keyboard with VISA and MasterCard brand logos (iStock / iStock)

You can get that on a couple of different cards out there, like the Citi Double Cash or the Wells Fargo active cash. And if you're a suburban American that spends a lot on groceries and gas, you'll want to think about is the Amex blue cash preferred. 6% back on those groceries and streaming services, 3% back on gas and 1% on everything else. Well-worth the big annual fee. And finally, travel gets really complicated. I live near a United hub in the Bay Area. So the Chase Sapphire Series is a great option for me. I can transfer those points to United Miles. But things get really personalized depending on what hotels you stay at, what airlines you fly, whether you care about free checked bags, etc. So NerdWallet can certainly help you figure that out.