There are a lot of points to consider in choosing the perfect credit card for you. But chances are, you would rather get the cash back from your purchases instead of travel points.
Cash back credit cards are great for those who simply want to make some money back while building their credit score. Every card is different, some offering advantages over others.
Choosing the best credit card for cash back depends on how you plan to spend your money. Some cards have bonuses for certain purchases while others simply reward you for everyday purchases.
But how do you know which cards are right for you?
Keep reading for our list of the best credit cards for cash back rewards.
Discover It Cashback Match
The Discover It Cashback Match card is great for its unique bonuses. While many companies have started offering more introductory bonuses, few can compete with Discover. It’s because of these bonuses that this card is in the running for the best credit card for cash back.
This card offers 5% back on a number of bonus categories. These categories rotate every few months, giving you chances to earn back on purchases at gas stations, grocery stores, restaurants, and Amazon.
In addition to cash back on the bonus categories, you also earn 1% back on all other purchases.
After your first year, Discover will automatically match your cash back. These rewards never expire and can be redeemed in any amount.
With no annual fees and 0% APR for six months, the Discover it Cashback Match almost feels too good to be true.
But the card does have its drawbacks.
After this six month period, the annual APR can vary from 13-24%. In addition this, Discover isn’t accepted as widely as other networks. This could be an issue both regionally and internationally.
While the bonuses are nice, you may need to carry a backup card in case you’re shopping somewhere Discover cards aren’t accepted. But the impressive bonuses make this card worth it.
Chase Freedom Unlimited
Another popular choice is the Chase Freedom Unlimited card. While it doesn’t come packed with introductory bonuses, this card is suited for active cardholders.
Instead, the card has a high rate for rewards, making it a best credit card for cash back.
The Chase Freedom Unlimited offers $10 or 5% for each transaction, whichever is bigger. These rewards can either be redeemed as credit towards a statement or transferred to a Chase rewards card.
The card also offers the opportunity to earn a $150 if you spend $500 within the first three months of opening your account. You also receive 1.5% back on any purchases and 15 months of 0% APR on purchases and bank transfers.
Unfortunately, the Chase Freedom Unlimited has a 3% fee for foreign transactions and doesn’t have the same bonuses as other cards.
There are also balance transfer fees involved. These fees are either 5% of the amount being transferred with a minimum of $5.
But with the high reward rate at no minimum, this card more than makes up for the lack of bonuses.
Blue Cash Preferred Card from American Express
While some cards are great for personal spending, others for business, and some for family purchases. The Blue Cash Preferred Card from American Express is popular with big spenders, offering high rewards if you can qualify.
Whether you’re grocery shopping or buying gas often, this card is a great choice. But is it the best credit card for cash back rewards?
The Blue Cash Preferred Card offers 6% back on purchases from U.S. supermarkets on up to $6,000 a year (1% after that). You also get 3% back at U.S. gas stations and select department stores. On all other purchases, you’ll get 1% back.
The card also offers $200 towards statement credit after you spend $1,000 in the first three months.
The downsides to the card include a $95 annual fee and a 2.7% fee for foreign transactions. Rewards for this card can only be redeemed as statement credits, gift cards, and merchandise.
While your rewards aren’t directly cash back, they can be used on many of the same things you’d use the cash on. Because of how this card works, it’s the ideal choice for those who can fully take advantage of the rewards.
Capital One Quicksilver Cash Rewards
Some people prefer cards with unique bonuses and rewards. But others feel that these cards are complicated and tough to understand. That’s where the Capital One Quicksilver Cash Rewards cards comes into play.
This card is considered is thought of as the best credit card for cash back because of its simplicity.
Compared to other cards, this one is as a straightforward as it gets. There are no rotating bonus categories, no annual fees, and no transactions fees. There’s no need to remember using this card over another to maximize its value — it just works.
The Capital One Quicksilver card offers 1.5% back on all purchases. And that’s it.
There’s 0% intro APR and balance transfer for the first nine months. After that, there’s a variable APR of 14-24% and a 3% fee to balance transfers.
As straightforward as the card may be, it still comes with an introductory cash bonus. After spending $500 on purchases in the first three months, you can earn an extra $150 reward.
With no penalty APR, the Capital One Quicksilver card is a great choice for building your credit.
Is this the very best credit card for cash back? Maybe not. But it’s an ideal choice for anyone looking for a simple card with no hidden fees or complicated rules.
Bank of America Cash Rewards Credit Card
Having a credit card with rewards programs can make a huge difference in the value of your card. To some people, the best credit card for cash back means that there are plenty of rewards and bonuses to redeem. That’s what makes the Bank of America Cash Rewards Credit Card a popular choice.
The best uses for this card are bigger, family-related purchases. From groceries and gas, this Bank of America card offers has a lot of rewards for big spenders.
The card offers 3% back on all gas station purchases. In addition, you also earn 2% on purchases at grocery stores and whole sale clubs up to $2,500 combined every quarter. For purchases, not at these places, you’ll still earn 1% back.
Making the most out of this card means you’re able to spend a lot while making timely payments.
While other cards may have similar spending categories, most of them will rotate throughout the year. This card’s categories stay consistent quarter-to-quarter, allowing you to earn rewards how you want.
Bank of America also offers additional bonus rewards for depositing to eligible bank accounts.
When you redeem cash back into a Bank of America checking or savings account, you can earn an extra 10% back on rewards. In addition to this, these rewards can increase 25-75% if you are a part of their Preferred Rewards program.
But does this make the Bank of America Cash Rewards card the best credit card for cash back? While it may have a lot of perks, there are also some drawbacks.
The card offers 0% introductory APR for the first 12 billing cycles on purchases that are made in the first 60 days. This doesn’t offer a ton of time to really take advantage of these introductory rates.
There is also a 3% fee on bank transfers, with a minimum of $10.
Despite this, the Bank of America Cash Rewards Credit Card is great for big spenders. While there may be some downsides to it, the rewards and bonuses are generous enough to make up for it.
Citi Double Cash Card
But at the end of the day, the best cash back cards do just that — allow you to earn money back for your purchases. The Citi Double Cash card does exactly that.
This card is pretty straightforward as far as cash back cards go. It offers 1% back on all purchases. You also get another 1% as you begin to pay for the purchases, doubling the cash you earn back.
The Citi Double Cash card offers a 0% introductory APR rates on bank transfers for 18 months. But after that, these rates could vary from 14-24%.
The card doesn’t offer as many rewards and bonuses as other cards. But its simplicity makes it a contender for the best credit card for cash back.
Choosing the Best Credit Card For Cash Back
Picking a credit card can be tough. There are a lot of different factors to consider, especially when it comes to cash back rewards.
It’s important to remember that every credit card is different. The best credit card for cash back will depend on your personal financial situation.
Managing your personal finances isn’t something that everyone learns in school. Luckily, we have a number of resources that can help you take control of your finances. Check out our blog for everything you need to know about credit cards, loans, and debt.