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Update 02.03.2023
What is a Cash-back Credit Card?
A cash-back credit card is a type of credit card that rewards cardholders with a percentage of the amount they spend, returned to them in the form of cash back. The cash back can be credited to the cardholder's account as a statement credit, check, or direct deposit. The amount of cash back rewards vary by card and can be earned on a variety of purchases such as groceries, gas, dining, and more.
In addition to cash back rewards, many cash-back credit cards also offer additional benefits such as sign-up bonuses, fraud protection, and travel perks. By using a cash-back credit card, cardholders can earn money back on their everyday purchases, effectively reducing the cost of their spending.
Pros and Cons of Cash Back Credit Cards
Pros
Rewards. One of the biggest advantages of cash back credit cards is the ability to earn rewards on everyday purchases. These rewards can range from a simple percentage of the purchase price to more complex systems with multiple categories.
Convenience. With cash back credit cards, users don't have to worry about redeeming rewards points or transferring them to other programs. They simply receive the cash back rewards directly on their statements or as a deposit into their bank accounts.
Easy to understand. Unlike other reward systems that may have complex point systems or confusing redemption options, cash back credit cards offer straightforward rewards.
Financial benefits. Cash back rewards can help offset the costs of using a credit card, and some cards may even offer introductory bonuses for signing up.
Cons
Annual fees. Some cash back credit cards have annual fees, which can offset any rewards earned.
Higher interest rates. Cash back credit cards often have higher interest rates compared to other types of credit cards. This can be a problem if you carry a balance on your card, as interest charges can quickly outweigh any rewards earned.
Restrictions. Cash back credit cards may have restrictions on the types of purchases that earn rewards, such as a limit on categories or a cap on the amount of rewards earned.
Complex reward systems. Some cash back credit cards have multiple categories with different rewards rates, making it harder to understand how much you will earn and when.
Types of Cash Back Credit Cards
A Flat Rate Cash-back Card
The flat rate card offers the cardholder a fixed percentage of cash back. Flat-rate cash-back cards have the same cash-back size for all spending categories and usually do not offer increased cash-back. Usually, these cards offer 1.5% cash back, but it is possible to find flat-rate cash-back credit cards that have 2% or higher.
Tiered Credit Card
Unlike a flat-rate cash-back card, a tiered credit card offers holders increased cash back for special categories. For example, many of these cards are profitable to use at gas stations or grocery stores. At the same time, the cash-back for the other purchases is often about 1%. To earn cash rewards in bonus categories, the cardholder simply needs to make purchases in the eligible spend category.
Rotating Categories of Credit Card
The rotating categories credit card also allows the borrower to have several categories of spending with increased cash back that changes to other categories every fixed period. They usually change every three months, and the cardholder can choose, for example, three categories out of 5 offered, depending on the needs. At the same time, the borrower will still have a standard cash-back for other purchases.
Bonus Category Cash Back Cards
These cards offer a higher cash back rate on select categories of purchases, such as groceries or gas, with a lower rate on all other purchases. For example, a card may offer 6% cash back on groceries and 1% cash back on all other purchases. This type of card is best for those who spend a lot in specific categories, such as groceries.
Limited Cash Back Cards
These cards offer a limited amount of cash back each year, regardless of spending. For example, a card may offer $200 cash back after spending $1,000 in the first three months. This type of card is best for those who have a limited budget or who are just starting to build their credit.
Best Banks Cash Back Credit Cards
Chase Freedom Unlimited
Chase Freedom Unlimited is a cash back credit card offered by JPMorgan Chase. The card offers unlimited 1.5% cash back on every purchase, with no limit on the amount you can earn. This makes it a great option for those who want to earn rewards on all of their everyday purchases without having to keep track of rotating categories or sign up for bonus offers.
Some of the benefits of the Chase Freedom Unlimited card include a sign-up bonus of $200 after spending $500 on purchases in the first three months from account opening, a 0% introductory APR for the first 15 months on purchases and balance transfers, and access to the Ultimate Rewards program. This program allows you to redeem your rewards for travel, merchandise, and gift cards and provides you with the opportunity to transfer your rewards to participating travel programs for even more value.
The fees associated with the Chase Freedom Unlimited card include a $0 annual fee, a 3% foreign transaction fee, and a balance transfer fee of 5% of the amount transferred with a minimum fee of $5. The APR for this card varies based on the prime rate and your creditworthiness, but it can range from 16.49% to 25.24% variable.
Enjoy 6.5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards, and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
The Chase Freedom Unlimited card also provides a number of benefits, including purchase protection, extended warranty protection, and a range of travel benefits, such as trip interruption insurance, travel accident insurance, and baggage delay insurance. The card also provides a number of security features, such as fraud monitoring, zero liability protection, and the ability to freeze and unfreeze your account with the touch of a button.
Wells Fargo Active Cash Card
The Wells Fargo Active Cash Card offers several benefits to its users, including cash back rewards on eligible purchases, online and mobile banking services, fraud protection, and account alerts such as balance updates and transaction notifications.
In terms of rewards, cardholders can earn cash back on every purchase, with higher rewards for certain categories like dining and groceries. The rewards can be redeemed for a variety of options, including statement credits, direct deposit into a Wells Fargo account, or for merchandise and travel.
Regarding fees, the Wells Fargo Active Cash Card does not have an annual fee. However, other fees, such as a late payment fee or a returned payment fee may apply. It's important to review the terms and conditions of the card to fully understand any potential fees.
Capital One SavorOne Cash Rewards Credit Card
Capital One SavorOne Cash Rewards Credit Card offers several benefits to its users, including unlimited cash back rewards on dining and entertainment purchases, grocery store purchases, and more. The card also provides online and mobile banking services, fraud protection, and extended warranty coverage on eligible purchases.
In terms of rewards, cardholders can earn unlimited cash back on every purchase, with higher rewards for specific categories. The rewards can be redeemed for a variety of options, including statement credits, direct deposit into a Capital One account, or for merchandise and travel.
The Capital One SavorOne Cash Rewards Credit Card has no annual fee, foreign transaction fee, or balance transfer fee. However, other fees, such as a late payment fee or a returned payment fee may apply. It's important to review the terms and conditions of the card to fully understand any potential fees.
Citi Custom Cash Card
The Citi Custom Cash Card offers several benefits to its users, including the ability to earn cash back rewards on purchases in categories that matter most to them, such as dining, groceries, gas, and more. The card also provides online and mobile banking services, fraud protection, and 24/7 customer service.
In terms of rewards, cardholders can earn unlimited cash back on every purchase in the category of their choice, with the ability to change the category each quarter. The rewards can be redeemed for a variety of options, including statement credits, direct deposit into a Citi account, or for merchandise and travel.
The Citi Custom Cash Card has no annual fee. However, other fees, such as a late payment fee or a returned payment fee may apply. It's important to review the terms and conditions of the card to fully understand any potential fees.
Discover it Cash Back
The Discover it Cash Back card offers several benefits to its users, including cash back rewards on everyday purchases, a rewards match at the end of the first year, and a free credit score. The card also provides fraud protection, 24/7 customer service, and free access to your FICO credit score.
In terms of rewards, cardholders can earn cash back on every purchase in rotating categories such as dining, groceries, and more. They can also earn unlimited 1% cash back on all other purchases. The rewards can be redeemed for a variety of options, including statement credits, direct deposit, or for merchandise and travel.
In terms of rewards, cardholders can earn cash back on every purchase in rotating categories such as dining, groceries, and more. They can also earn unlimited 1% cash back on all other purchases. The rewards can be redeemed for a variety of options, including statement credits, direct deposit, or for merchandise and travel.
Citi Double Cash Card
The Citi Double Cash Card offers several benefits to its users, including the ability to earn cash back rewards on purchases, with no limit on the amount earned and no annual fee. The card also provides fraud protection and 24/7 customer service.
In terms of rewards, cardholders can earn cash back on every purchase, with 1% cash back when they make a purchase and an additional 1% cash back when they pay their balance. The rewards can be redeemed for a variety of options, including statement credits, direct deposit into a Citi account, or for merchandise and travel.
The Citi Double Cash Card has no annual fee. However, other fees, such as a late payment fee or a returned payment fee may apply. It's important to review the terms and conditions of the card to fully understand any potential fees.
There is an intro balance transfer fee of 3% of each transfer (minimum $5) completed within the first 4 months of account opening. After that, your fee will be 5% of each transfer (minimum $5).
Blue Cash Preferred Card from American Express
The Blue Cash Preferred Card from American Express offers several benefits to its users, including cash back rewards on everyday purchases, a sign-up bonus, and a 0% intro APR on purchases and balance transfers. The card also provides fraud protection, 24/7 customer service, and extended warranty protection on eligible purchases.
In terms of rewards, cardholders can earn cash back on everyday purchases such as groceries, gas, and more, with 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%) and 6% cash back on select U.S. streaming subscriptions. They can also earn unlimited 3% cash back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses, and more) and 1% cash back on other purchases. Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit.
The Blue Cash Preferred Card from American Express has an annual fee of $95. There is also a foreign transaction fee of 2.7%. Other fees, such as a late payment fee or a returned payment fee may apply. It's important to review the terms and conditions of the card to fully understand any potential fees.
Buy Now, Pay Later: Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 intro plan fees on plans created during the first 12 months from the date of account opening. Plans created after that will have a fixed monthly plan fee of up to 1.33% of each eligible purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
The annual percentage rate (APR) for the Blue Cash Preferred Card from American Express is from 18.49% to 29.49%. The APR for purchases, balance transfers, and cash advances may be different, so check the terms and conditions of the card for more information on the specific APR.
U.S. Bank Cash+ Visa Signature Card
The U.S. Bank Cash+ Visa Signature Card offers several benefits to its users, including the ability to earn cash back rewards on purchases, choose cash back categories, and enjoy a 0% intro APR on balance transfers for the first 12 billing cycles. The card also provides fraud protection, 24/7 customer service, and travel and emergency assistance services.
In terms of rewards, cardholders can choose two categories to earn 5% cash back on up to $2,000 in combined purchases each quarter, with options including gas stations, restaurants, grocery stores, and more. They can also earn 2% cash back on one everyday category of their choice, such as gas or groceries, and unlimited 1% cash back on all other purchases.
The U.S. Bank Cash+ Visa Signature Card has no annual fee. However, other fees, such as a late payment fee or a returned payment fee may apply. It's important to review the terms and conditions of the card to fully understand any potential fees.
The annual percentage rate (APR) for the U.S. Bank Cash+ Visa Signature Card is from 18.99% to 28.99%. The variable APR for Cash Advances is 30.49%. The interest rate will change according to the Prime Rate, so make sure you can make payments on your card before applying.
Chase Freedom Flex
The Chase Freedom Flex offers several benefits to its users, including bonus cash back rewards on purchases, a sign-up bonus, and a 0% intro APR on purchases for the first 15 months. The card also provides fraud protection, 24/7 customer service, and access to exclusive events and experiences through Chase Experiences.
Cardholders can earn cash back on rotating categories such as gas stations, groceries, and more, with 5% cash back on up to $1,500 in combined purchases each quarter. They can also earn unlimited 1% cash back on all other purchases.
The Chase Freedom Flex has no annual fee. However, other fees, such as a foreign transaction fee or a balance transfer fee may apply. It's important to review the terms and conditions of the card to fully understand any potential fees.
The annual percentage rate (APR) for the Chase Freedom Flex may is based on the Prime Rate and currently varies from 19.24% to 27.99%. The APR for purchases, balance transfers, and cash advances is different, so pre-qualify for the card before making a final decision.
Capital One Quicksilver Cash Rewards Credit Card
The Capital One Quicksilver Cash Rewards Credit Card offers several benefits to its users, including cash back rewards on purchases, a sign-up bonus, and a 0% intro APR on purchases for the first 15 months. The card also provides fraud protection, 24/7 customer service, and access to a higher credit line after making your first 5 monthly payments on time.
In terms of rewards, cardholders can earn unlimited 1.5% cash back on all purchases, with no rotating categories or sign-ups needed.
The Capital One Quicksilver Cash Rewards Credit Card has no annual fee. However, other fees, such as a foreign transaction fee or a balance transfer fee may apply. It's important to review the terms and conditions of the card to fully understand any potential fees.
The annual percentage rate (APR) for the Capital One Quicksilver Cash Rewards Credit Card is from 19.24% to 29.24% variable. There is a 3% balance transfer fee for each amount transferred within 15 months. The interest rate will change with the Prime Rate, and the cost of your card can increase with time.
Blue Cash Everyday Card from American Express
The Blue Cash Everyday Card from American Express offers several benefits to its users, including cash back rewards on purchases, a sign-up bonus, and a 0% intro APR on purchases for the first 15 months. The card also provides fraud protection, 24/7 customer service, and access to exclusive events and experiences through American Express Experiences.
In terms of rewards, cardholders can earn 3% cash back at U.S. supermarkets on up to $6,000 per year in purchases, 2% cash back at U.S. gas stations and select U.S. department stores, and unlimited 1% cash back on all other purchases.
The Blue Cash Everyday Card from American Express has no annual fee. However, other fees, such as a foreign transaction fee may apply. It's important to review the terms and conditions of the card to fully understand any potential fees.
3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.
The annual percentage rate (APR) for the Blue Cash Everyday Card from American Express is from 18.49% to 29.49%. The rate is based on your creditworthiness and other factors as determined at the time of account opening. For cash advances, APR is 29.74%.
Bank of America Unlimited Cash Rewards credit card
The Bank of America Unlimited Cash Rewards credit card offers several benefits to its users, including cash back rewards on purchases, a sign-up bonus, and a 0% intro APR on purchases for the first 15 billing cycles. The card also provides fraud protection, 24/7 customer service, and access to exclusive discounts and experiences through the Bank of America Preferred Rewards program for eligible customers.
In terms of rewards, cardholders can earn unlimited 1.5% cash back on all purchases, with no rotating categories or sign-ups needed.
The Bank of America Unlimited Cash Rewards credit card has no annual fee. However, other fees, such as a foreign transaction fee or a balance transfer fee may apply. It's important to review the terms and conditions of the card to fully understand any potential fees.
The annual percentage rate (APR) for the Bank of America Unlimited Cash Rewards credit is from 18.24% to 28.24% variable. The balance transfer fee is 3% of each transaction. The penalty APR is up to 29.99%, based on your creditworthiness. The rates are variable and may increase with time.
Bank of America Customized Cash Rewards credit card
The Bank of America Customized Cash Rewards credit card offers several benefits to its users, including the ability to earn cash back rewards on purchases in the categories of their choice, a sign-up bonus, and a 0% intro APR on purchases for the first 15 billing cycles. The card also provides fraud protection, 24/7 customer service, and access to exclusive discounts and experiences through the Bank of America Preferred Rewards program for eligible customers.
In terms of rewards, cardholders can choose 3 cash back categories to earn 3% cash back on up to $2,500 in combined purchases per quarter, 2% cash back on purchases made at grocery stores and wholesale clubs, and unlimited 1% cash back on all other purchases.
The Bank of America Customized Cash Rewards credit card has no annual fee. However, other fees, such as a foreign transaction fee or a balance transfer fee may apply. It's important to review the terms and conditions of the card to fully understand any potential fees.
The annual percentage rate (APR) for the Bank of America Customized Cash Rewards credit card is from 18.24% to 28.24%. The rate is based on your creditworthiness when you open your account. It will change according to the Prime Rate and may increase with time. Make sure you can cover monthly payments before applying.
How to Choose the Best Cash Back Credit Card?
Choosing the best cash back credit card can be a daunting task, as there are many different options available, each with its own set of rewards, fees, and interest rates. However, by considering a few key factors, you can determine which card is the best fit for your needs.
Determine your spending habits. The first step in choosing a cash back credit card is to determine where you spend most of your money. This will help you identify which card offers the highest rewards in the categories you care about most. For example, if you regularly buy groceries or gas, you may want to consider a card that offers extra rewards in those categories.
Look for a sign-up bonus. Many cash back credit cards offer a sign-up bonus to new customers who meet certain spending requirements within the first few months of opening their account. These bonuses can be a great way to earn extra cash back in the short-term. However, it's important to consider the overall rewards and fees of the card beyond the sign-up bonus.
Consider the rewards structure. Different cash back credit cards offer different rewards structures, such as a flat rate for all purchases or tiered rewards for different spending categories. Choose the card that offers the highest rewards for the categories where you spend the most. Also, consider the restrictions on rewards, such as annual or quarterly spending caps.
Check the fees. Cash back credit cards may come with fees such as annual fees, balance transfer fees, and foreign transaction fees. It's important to consider these fees when choosing a card, as they can significantly impact the value you receive from the rewards.
Review the APR. Cash back credit cards typically have higher interest rates than other types of credit cards, so it's important to review the APR (Annual Percentage Rate) before applying. If you plan to carry a balance, look for a card with a low APR.
Consider additional benefits. Some cash back credit cards offer additional benefits, such as travel insurance, purchase protection, or extended warranties. If these benefits are important to you, look for a card that offers them.
Read the terms and conditions. Before applying for a cash back credit card, it's important to read the terms and conditions carefully to ensure you understand all the rewards, fees, and restrictions associated with the card.
The best cash back credit card for you will depend on your individual spending habits and needs. By taking the time to consider the factors listed above, you can find the card that offers the most value for your money.
A cash back credit card can be a great way to earn rewards on your everyday purchases. By following these tips, you can choose the best card for your needs and start earning cash back on your spending. Just be sure to use the card responsibly, pay your bill on time, and never spend more than you can afford to pay back.
How to Get a Cash Back Credit Card?
Getting a cash back credit card is a straightforward process that can be completed online or by visiting a bank or credit card issuer in person. The following steps will help you get started:
Research and compare. There are many cash back credit cards available, so it's important to compare options to find the card that best fits your needs. Consider factors such as rewards structure, fees, APR, and additional benefits when comparing cards. You can compare options using websites that compare credit cards, reading card reviews, or reaching out to different issuers for more information.
Check your credit score. Before you apply for a cash back credit card, it's important to check your credit score. Your credit score will play a major role in determining which cards you are eligible for, as well as the terms and conditions of those cards. A higher credit score will generally result in more favorable terms, including a lower APR and the ability to qualify for cards with more rewards.
Review the application requirements. Different credit card issuers may have different requirements for applicants. For example, some issuers may require a minimum income, a Social Security number, or proof of U.S. residency. Be sure to review the requirements before you apply and gather any necessary documentation.
Complete the application. You can apply for a cash back credit card online, over the phone, or by visiting a bank or credit card issuer in person. Be sure to provide accurate information, and answer any questions truthfully. If you apply online, you will usually receive a decision within a few minutes.
Use your card responsibly. Once you have been approved for a cash back credit card, it's important to use the card responsibly. Make sure to pay your bill on time, and never spend more than you can afford to pay back. Also, be mindful of fees and interest rates, as they can significantly impact the value you receive from the rewards.
Redeem your rewards. Most cash back credit cards allow you to redeem rewards in the form of statement credits, check, or direct deposit. Check the terms and conditions of your card to learn how to redeem your rewards. Some cards may also allow you to redeem rewards for merchandise, gift cards, or travel.
By following these steps, you can get a cash back credit card and start earning rewards on your everyday purchases. Just remember, a cash back credit card is a financial tool that should be used responsibly. If you can't pay your bill in full each month, consider using a credit card with a lower APR or a card that offers a 0% intro APR for a promotional period.
FAQ
What card gives you 5% cash back?
Many cash rewards cards have increased bonus rewards rates of up to 5% or more for some bonus categories, such as grocery store purchases, spending in gas stations, or other eligible purchases. The most popular among such cards are Citi Double Cash Card, Capital one entertainment purchases Quicksilver credit card, Citi Custom cash card, and Blue cash everyday card. Also, Bank of America has a card with a cash-back of up to 5% for some categories and cannot be obtained at the Bank of America financial center but only online.
Do any credit cards give 3% back?
At the moment, there are no credit cards that would give 3% cash back on all purchases. Usually, such cards offer a maximum of 1.5% cash back for all categories, but there are offers with 2% bonus rewards. However, there are credit cards that have up to 6% cash back on eligible purchases in certain categories. If these categories are suitable for the borrower, then such a card can be very profitable for them.
Are cash-back cards worth it?
Yes, for a borrower with healthy spending habits, such a credit card is very profitable. If the cardholder pays all debts before the start of the next payment cycle and doesn't use all the cash available on the card, they will not have interest charges. Some cash rewards credit cards offer very favorable offers and discounts, so borrowers with excellent credit are recommended to have such a card. At the same time, most cards do not even require an annual fee.
What does a cash back card do?
A cash back credit card is a type of credit card that rewards cardholders with cash back on their purchases. The cash back is usually awarded as a percentage of the total amount spent and is credited to the cardholder's account as a statement credit, check, or direct deposit. The exact cash back rate varies from card to card, but some popular cards offer rewards rates of 1-5% on eligible purchases. Cash back rewards can be earned on a variety of purchases, including groceries, gas, dining, and more.
