The Top Credit Cards for Cash Back Rewards

 

Credit cards are an essential financial tool that many people use to help build credit, make purchases, and earn rewards. Among the most popular rewards offered by credit cards are cash back rewards. These rewards can be a great way to earn extra money on purchases you make every day. In this article, we’ll look at the top 5 credit cards for cash back rewards, and how you can take advantage of them.

Chase Freedom Unlimited®

The Chase Freedom Unlimited® card offers an unlimited 1.5% cash back on every purchase you make. Additionally, you can earn a $200 cash bonus after spending $500 in the first three months of opening your account. The card also offers 0% introductory APR for the first 15 months on purchases and balance transfers, which can be helpful for managing debt. There are no annual fees, and you can redeem your cash back rewards at any time.

Citi® Double Cash Card

The Citi® Double Cash Card offers 2% cash back on all purchases - 1% when you buy and another 1% when you pay off your balance. This can be a great way to earn cash back rewards for purchases you’re already making. Additionally, there are no annual fees and the card offers a 0% introductory APR on balance transfers for the first 18 months.

Discover it® Cash Back

The Discover it® Cash Back card offers 5% cash back in rotating categories throughout the year, such as gas stations, grocery stores, and restaurants. Additionally, you can earn 1% cash back on all other purchases. Discover also offers a unique feature called Cashback Match, which means that at the end of your first year, Discover will match all the cash back rewards you’ve earned. There are no annual fees, and the card offers a 0% introductory APR on purchases and balance transfers for the first 14 months.

American Express® Cash Magnet® Card

The American Express® Cash Magnet® Card offers an unlimited 1.5% cash back on all purchases, and you can earn a $200 statement credit after spending $1,000 in the first three months of opening your account. Additionally, the card offers a 0% introductory APR on purchases and balance transfers for the first 15 months. There are no annual fees, and you can redeem your cash back rewards as a statement credit or deposit into a bank account.

Bank of America® Cash Rewards Credit Card

The Bank of America® Cash Rewards Credit Card offers 3% cash back in a category of your choice, including gas, online shopping, dining, travel, drug stores, or home improvement and furnishings. Additionally, you can earn 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases. The card also offers a $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of opening your account. There are no annual fees, and you can redeem your cash back rewards as a statement credit, deposit into a bank account, or as a credit to your eligible Merrill or Bank of America investment accounts.

How to maximize cash back rewards

To maximize your cash back rewards, there are a few tips to keep in mind:

Choose the right card: Consider your spending habits and choose a card that offers cash back rewards in categories that you frequently spend in.

Pay your balance in full: To avoid interest charges, make sure to pay your balance in full every month.

Keep track of rotating categories: If you have a card that offers rotating categories, make sure to keep track of the categories so that you can earn the maximum rewards.

Use your card for big purchases: If you have a large purchase coming up, such as a home renovation or a vacation, consider using your cash back credit card to earn rewards on the purchase.

Take advantage of sign-up bonuses: Many credit cards offer sign-up bonuses, such as the $200 cash bonus offered by the Chase Freedom Unlimited® card. Make sure to take advantage of these bonuses by meeting the spending requirements within the designated time frame.

Use your card for everyday expenses: To earn cash back rewards on everyday expenses, such as gas, groceries, and dining out, use your cash back credit card instead of cash or a debit card.

Keep an eye on annual fees: While many cash back credit cards have no annual fees, some do. Make sure to consider the annual fee when choosing a card, and make sure the rewards outweigh the fee.

Cash back rewards credit cards can be a great way to earn extra money on purchases you make every day. By choosing the right card and maximizing your rewards, you can earn significant cash back rewards over time. When choosing a card, consider your spending habits and choose a card that offers rewards in categories that you frequently spend in. Make sure to pay your balance in full every month to avoid interest charges, and take advantage of sign-up bonuses and other opportunities to earn extra rewards. With these tips in mind, you can start earning cash back rewards today.