Cash back credit cards are my favorite type of rewards cards. The reason why I like cash back cards so much is because of the fact that simply by using your card, you can earn a percentage of the amount you spend in the form of cash rebates, instead of just points or miles. In essence, this means you are saving on your expenses when shopping with your credit card. Many cash back cards give you as much as 5% cash back when you purchase from supermarkets, gas stations, drug stores, and 1% on all other purchases. You get the cash back either as statement credit or a check after a certain period of time or after a certain amount is reached.
The demand for good to excellent credit customers is so high right now that banks are offering some of the most lucrative credit card offers in years. Here I list the best cash back cards, along with the latest offers they have. Many of these cards give you a response within 60 seconds when you apply online.
Chase Freedom Visa – $200 Bonus Cash Back is a very popular cash back card issued by JPMorgan Chase (NYSE:JPM), and it currently has one of the best bonuses in the U.S. The $200 bonus cash back is yours after spending $500 in your first 3 months. This Visa (NYSE:V) card, like all other Chase Freedom card versions, gives you the opportunity to earn cash back when shopping through Chase’s online mall. You will also earn 5% cash back for every dollar spent on categories that change every three months, and 1% cash back on all your other purchases. Earn unlimited rebates that never expire. 0% introductory APR on purchases and balance transfers for 15 months. After the intro period there is a variable APR of 13.99% to 22.99% on both purchases and balance transfers. No annual fee. Read our review of Chase Freedom here.
Citi Dividend Platinum Select – $100 Cash Back is a very good cash back credit card issued by Citibank (NYSE:C) that rewards you with $100 cash back when spending $500 on purchases within the first 3 months. With this card you can earn 5% cash back on purchases made in quarterly rotating categories. You will also earn up to 5% cash back on purchases you make at select partner merchants and 1% cash back on every other purchase you make. Enjoy 0% introductory APR on purchases and balance transfers for 12 months (12.99%-22.99% variable APR thereafter). No annual fee. Read our review of Citi Dividend Card here.
Discover it Card – 18 Month Balance Transfer Offer. This flagship cash back card from Discover Financial (NYSE:DFS) offers 0% intro APR on balance transfers and purchases for 18 and 6 months respectively. It also gives you 5% cash back on rotating categories (you must enroll in each 5% cash back program in advance) which include restaurants, travel, gas, etc, and 1% cash back on all other purchases. Earn from 5% to 20% cash back when shopping at Discover’s online mall with your Discover Card. $0 Fraud Liability, and you will also be informed by mobile or email if any suspicious transactions are detected. No annual fee.
Read our review of Discover it Card – 18 Month Balance Transfer Offer here.
If you want a longer period of 0% APR on purchases, go for the Discover it Card which offers 0% intro APR on balance transfers and purchases for 14 months (read our review of Discover Card here).
Blue Cash Everyday® Card from American Express is a great cash back credit card issued by American Express (NYSE:AXP) for those with very good to excellent credit. This straight-forward card gives you 3% cash back per dollar spent at U.S. stand-alone supermarkets on up to $6,000 spent (1% afterwards), 2% cash back per dollar spent at select major department stores and U.S. stand-alone gas stations, and 1% cash back on all other eligible purchases. No rotating rewards categories and no enrollment is required. Earn $50 when spending $1,000 in the first 3 months. Cash back is received as Reward Dollars that can be redeemed as statement credit. Enjoy 0% introductory APR on purchases and balance transfers for up to 15 months, 12.99%-21.99% variable APR thereafter. No annual fee.
Read our review of American Express Blue Cash Everyday® here.
Cash Back Card Tips
You may have noticed that each cash back card offers slightly different benefits. Some cash back credit cards may give you up to 5% rebates when you spend on certain categories of purchases each quarter of the year (for example, groceries, gas, home improvement, travel, etc), whereas others may give you a flat cash rebate throughout the year. You might want to consider getting more than one cash back card so that you can get discounts on different types of purchases, and benefit from each card’s unique privileges.
Instead of using cash or debit cards to make purchases, I only use my cash back credit cards so that I can make full use of its many benefits. I recommend you get additional cards for your family members so that they can also get cash rebates when they buy household items. All these cash rebates will mean huge savings and discounts for you over time.
Do note that for some cards, the cash back you earn may expire after a certain period of time, or if you don’t spend on your card for a period of time. Some cards may also have a cap on the amount of cash back you can earn each year. If you are a big spender, you should go for cards that don’t have any maximum limit on how much you can accumulate.