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Cashback credit cards for december 2022 in the United States

Apply for a cashback credit card. On 03.12.2022 you have access to 4 credit cards. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 4

Updated:
01.12.2022
17:51
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Upgrade Triple Cash Rewards Visa® card
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$500 to $25,000**
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8.99%-29.99%
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$0.00
Bank of America
Bank of America® Customized Cash Rewards®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
Rate
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Effective interest rate on the product

8.99%-29.99%

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Other credit cards offers

Arrowhead Advance
3.2
Olivia H
Olivia H
01.12.2022 at 06:07
My experience with getting a personal loan from this company was quite pleasant. The service was fast, no one asked about any collateral or my creditworthiness. Such things are always annoying...
Review
Spotloan
4.4
Noah J
Noah J
30.11.2022 at 20:45
Before taking out a loan, I compared Spotloan with other lenders and found out that their rates are the most acceptable. The mobile application works flawlessly. I quickly received approval...
Review
Spotloan
4.4
Isabella H
Isabella H
30.11.2022 at 20:40
At first, I liked everything in this company. I needed a payday loan and they offered a good alternative. Almost no documents are needed, it's true...
Review
Spotloan
3.8
Camila J
Camila J
30.11.2022 at 20:40
Spotloan is like a good old friend to me. I always try to make payments on time, so I usually have no problems with creditors. This company has simplified all possible procedures for obtaining a loan...
Review
Spotloan
3.6
Emma S
Emma S
30.11.2022 at 20:40
A very convenient application of the company. You can borrow small amounts starting from $3,000. In addition, the company operates in most states...
Review
Spotloan
4.6
Mateo J
Mateo J
30.11.2022 at 20:35
If you've never seen a company that can give you a maximum of $800, then this is just about it. But they respond to the application very quickly, they also quickly approve and transfer money to you...
Review
Cashback credit cards for december 2022

What is a cash-back credit card?

A cash-back card is a kind of rewards credit card that, instead of points, miles, or other non-monetary bonuses, offers the holder to receive bonuses for purchases in the form of cash. A bonus cash credit card allows the borrower to receive a percentage of the purchase amount back to the card. For example, if a credit card has a 3% cash back for purchases in grocery stores, then with each purchase made in this category, the holder can earn cash back to the card and can spend it on other purchases.

Pros and cons of cash back credit cards

Pros

  • Receiving rewards in the form of cash. Cash is the best form in which it is possible to receive rewards on a credit card. For example, it is possible to spend miles only on air tickets. Other rewards that offer other cards are also created only for spending in certain bonus categories. A borrower who has a cash rewards credit card receives rewards in real dollars and can spend them on any purchase in any category. The frequent absence of an annual fee also adds to the profitability of such a card.

  • A wide range of categories with increased cash back. In addition to the minimum established cash back for all categories, some such cards may offer increased cash back for other categories. Moreover, such categories can change each other, for example, once a month. In one month, the cash-back for buying groceries maybe 3%, and in the next month, 3% cash-back will be available for spending on gas stations.

  • It's pretty easy to redeem rewards. Usually, all rewards cards have conditions only after fulfilling, which the cardholder can start using the rewards received. Cash-back cards have clear and simple conditions for redeeming rewards. For example, such a condition may be the accumulation of 10 reward dollars. The borrower saves $10 and then can easily redeem rewards.

Cons

  • Using the card may result in credit card debt. The pursuit of cash-back can lead the cardholder to unnecessary expensive purchases and, as a result, to a large credit card debt. Large debt will not only lead to even more money spending but also the accumulation of interest and damage to the credit of the cardholder.

  • Sign-up bonuses are smaller than other cards and are also harder to get. A cash-back card, like another rewards card, offers sign-up bonuses to attract customers. However, usually, cash rewards cards have smaller sign-up bonuses than, for example, travel rewards cards. Moreover, such cards may have more difficult conditions for obtaining sign-up bonuses.

  • The need for constant monitoring of profitable spending categories. Such cards often have rotating bonus categories. This is not suitable for all borrowers. Not all credit card holders want to constantly monitor which spending categories offer the greatest benefit and constantly chase increased percentages of bonus rewards.

  • Fewer perks for some cardholders. For example, for a borrower who travels frequently, it is important to have such perks as free extra baggage, online check-in for a flight, discounts on rental cars booked, and others. Only a travel rewards credit card can offer them this.

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.

Best banks cash back credit cards

Wells Fargo best cash-back credit cards

Wells Fargo active cash card has a $0 annual fee and offers 2% unlimited cash back for all categories of purchases. A new cardholder can receive a $200 sign-up bonus if they spend $1,000 from the card during the first three months. This card has a 0% intro APR period of 15 months, after which the APR will be from 17.99% to 27.99%.

Qualifying balance transfers that are made in the first 120 days are considered made in the introductory period and have a 3% fee. After 120 days, the balance transfer fee is 5%. The cardholder also has cell phone protection up to $600 against damage or theft, provided they pay the phone bill with this card. This card has 3% foreign transaction fees.

American Express best cash-back credit cards

Blue Cash Preferred Card from American Express offers new owners to receive $350 statement credits provided they spend $3,000 in the first six months. This card has an introductory period of 12 months with 0% APR on purchases and balance transfers.

Also, the fixed monthly plan fee during this period is 0%. This card offers the holder increased cash-back of 6% for selected U.S. streaming subscriptions, 3% cash back at gas stations, 6% cash back at U.S. grocery stores, and 1% cash back for other purchases. This card has a $95 annual fee. The preferred rewards member can get up to 75% higher cash-back rate.

Chase Bank best cash-back credit cards

Chase Freedom Unlimited credit card offers new owners an additional 1.5% cash back on all purchases with a limit of accumulated cash back of $300. This card has increased cash back of 6.5% for combined purchases in the travel category, 4.5% cash back for drugstore purchases and dining at restaurants, including the eligible delivery service, and 3% cash back for all other purchases for the first $20,000 spent in the first year.

Holders of such a card are also offered an introductory period of 15 months with 0% APR on purchases and balance transfers. Chase Credit Journey helps the borrower monitor changes in the credit score in real-time. The borrower can immediately redeem cash back and choose to receive a statement credit or a direct deposit to checking or savings accounts. The service of this card is free and does not require an annual fee.

Discover best cash-back credit cards

Discover it Cash Back card has a unique sign-up bonus. The cardholder has an unlimited cash-back match. Discover automatically matches the entire cash-back that the borrower earned at the end of the year. At the same time, there is no minimum or maximum for the bonus rewards received. The holder of such a card earns 5% cash back on everyday purchases in different places every quarter.

For example, online retail purchases on Amazon, purchases in grocery stores, or gas stations. 1% cash back for other purchases is also added to the increased cash back. Discover also has an online-only offer that functions to delete personal information from certain websites. It is possible to activate this function for free in the mobile application. The service of this card is free and does not require an annual fee.

How to choose the best cash back credit card

When choosing a suitable cash-back card for account opening, a potential borrower needs to pay attention to several important aspects.

The bonus rewards rate is the main indicator of a profitable loan offer. The borrower needs to review what kind of bonus cash credit card issuers offer. It is worth paying attention to the percentage of credit card rewards and categories that have increased cash back. Based on their needs, each borrower can choose a credit card that is more profitable for purchases in the categories they need.

Also, an important factor is a process of redeeming cash back. The borrower needs to compare the conditions of redemption of a statement credit and the available limits before account opening.

Most of these cards have a 0% intro APR period of up to 15 months. This is certainly a profitable offer, but the borrower needs to study in detail what APR the card will have when this period ends.

Additional perks are not uncommon for modern credit cards. Additional perks should be considered from the point of view of needs. For example, if the borrower is not going to pay the monthly cell phone bill using a card that offers phone insurance in return, then such a perk will be useless.

Another important aspect is fees. Many cash-back credit cards do not have an annual fee, but some credit card issuers still require an annual fee for card maintenance. Card issuers who have an annual fee often offer unique perks and discount offers, so sometimes, the borrower needs to choose between an annual fee and special perks.

If balance transfers are important to the borrower, then they need to pay attention to balance transfer fees. Some cards offer a reduced intro balance transfer fee rate. If the borrower uses a credit card abroad, they need to study the rate of the foreign transaction fee. Some card issuers offer a reduced foreign transaction fee as a sign-up bonus.

Applying for a cash back credit card

Choosing the right card issuer is important because a favorable loan offer does not always mean that the lender is good and the borrower will have no problems with it.

It is possible to compare card issuers without studying each company separately and without spending a lot of time. To do this, a potential borrower needs to turn to open Internet sources that publish articles and comparative tables. In these tables, the authors pay attention to all the key factors.

The borrower should also get as much pre-qualification as possible from different card issuers. This is necessary to compare the loan offers that the card issuer has prepared to the borrower's credit history. The APR depends on the credit history, but each card issuer sets the APR differently.

Cash-back cards often have more favorable terms than other rewards cards, so credit requirements for account opening are usually strict.

To receive a cash rewards credit card, a potential borrower must have good or excellent credit. The minimum credit score for qualifying for such a card is 650. However, most credit card issuers require a minimum of 700 credit scores.

The borrower must have a low debt-to-income ratio. They must have a stable source of income. To confirm the borrower's income, the lender may ask to download pay stubs, W-2s, tax returns, or bank statements.

To apply for an account opening, the borrower needs to go to the lender's website and click on the "Get Started" or "Apply Now" button. The borrower needs to enter personal information such as name, phone number, email, residential address, and SSN. In the next application window, they need to fill in information about the employment status, the name of the employer, and the amount of annual income. It usually takes 10 to 15 minutes to complete the application.

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.