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Credit Cards

Best Cash Back Credit Cards


Cash back credit cards are generally offered to consumers with the best credit ratings, and issuers are getting more aggressive in their attempts to offer these cards to people with excellent credit histories. The more you spend with these cards the more rewards or cash back you will receive.

This makes cash back credit cards some of the best credit cards available.

By sharing a percentage of the money they receive from merchants, credit card issuers encourage cardholders to put away the cash in favor of credit cards whenever possible. In the best of situations, this is good for both parties.

How Cash Back Credit Cards Work

There are many rewards options available to cardholders and many different types of rewards and different systems for receiving those rewards. This is true of cash back offers also. You get money back, but how you get it varies. 

Some credit cards offer standard 1% cash back on all purchases. This is simple enough to keep track of. Regardless of what you buy, a shirt at the local mall or a refrigerator at the appliance store, you will get 1% back. For every $100 you spend you earn $1 cash back.

In what has been a recent development, some cards will give you 5% cash back when you purchase specific items. Some cards will offer a standard 1% back on all purchases and then choose a group of items that will earn you 5% cash back. These purchases are often those made at grocery stores, drug stores and gas stations. Some card companies will change which items earn 5% cash back each quarter of the year. Finding and buying 5% items becomes a game of seek and find for many cardholders.

Rather than giving cash back based on 1% or 5% of the purchase, other credit cards offer reward systems based on points. The value and uses of the points will be outlined by the company. As an example, 1000 bonus points might be equal to $5, and different items accumulate different numbers of bonus points.

Typically, you can’t get a credit card with cash back if you don’t have a credit history.  In that case, you might need to get a starter credit card in order to build up your credit history.

The Best Cash Back Credit Cards of 2023

We have rounded up a list of the most convenient cash-back credit card systems for your ease. You can choose one based on your spending habits and your lifestyle. Save big on travel, groceries, shopping, and more.

Wells Fargo Active Cash Card

Recommended credit: 700-749

Keeping up with bonus categories can be challenging. Spending caps can seem annoying too. With Wells Fargo, you don’t have to do both. This card offers an unlimited 2% earning on purchases. This flat-rate cash reward ensures you earn rewards regardless of your spending habits.

A zero % annual fee and a zero % introductory APR for 15 months make this card a great buy, too (then 18.74%, 23.74%, or 28.74% variable APR after). Moreover, they even offer a $200 cash reward when you spend over $1000 on purchases in the first three months.

Moreover, they have additional features such as up to $600 cell phone protection, contactless checkouts, and zero liability protection. Zero liability ensures you don’t suffer unauthorized transactions on your card.

Furthermore, voice verification and 2-step verification mean your card is super safe. Finally, add the benefits of the Wells Fargo Mobile App plus Credit Close up; this is a sweet deal. Credit Close-up will ensure you maintain and improve your credit score and receive customized credit insights based on your needs.

The critical point is that the introductory 3% balance transfer fee of $5 jumps to 5%. Furthermore, the foreign transaction fee is 3%.

Pros

➢     Unlimited 2% Flat-rate cash reward

➢     Introductory APR offer

➢     No expiry on cash rewards

➢     Extra privileges on Visa Signature

Cons

➢     Not helpful for foreign use due to the 3% transaction fee

➢     5% balance transfer fee after 120 days

Chase Freedom Unlimited Card

Recommended credit: 670-850

Get yourself a card that offers flat-rate cash back and bonus cash-back too. It’s true; Chase Freedom Unlimited lets you have the best of both worlds. For every $1 you spend, you get to enjoy 1.5% cash-back.

They even offer a welcome bonus and additional bonus categories that help you maximize your rewards. Like Wells Fargo, Chase Freedom also doesn’t have an annual fee. Moreover, you can earn 3% cash back on dining and drugstore and 1.5% on all other purchases.

Customers also enjoy a zero% introductory APR for the first 15 months. After that, a variable APR varies between 18.74% and 27.49%. They also have a referral program where users can earn $100 cash back for every friend they refer to Chase Freedom Unlimited.

Additional features include contactless checkouts, instant spending through digital wallets, and versatile cash-back redemption.

Moreover, you can also maximize your credit journey through a weekly credit score, personalized insights, and a 24/7 help service.

What’s more, these guys are also partners with DoorDash, Lyft, and Instacart. This partnership allows you to enjoy complimentary memberships or cash back on their services.

Pros

➢     No annual fee

➢     No rewards expiry or minimum reward

➢     Introductory APR offer

➢     Flexible rewards redemption

Cons

➢     Difficult to maximize cash back bonus

➢     5% cash back for travel earnings through the Ultimate Rewards Portal only

➢     Grocery cash back does not include Target and Walmart

Citi Double Cash Card

Credit Recommendation: 690-850

The Citi Double isn’t like your ordinary cash-back card. Instead, it’s a responsible cash-back card. Not only does it offer 1% cash back on your purchases, but it also promises an extra 1% cash back reward. But, of course, this extra cash-back is only valid when you pay the balance owed.

With no annual fee, this card ensures you will spend responsibly and pay back on time. The card is handy for those who spend recklessly. Moreover, the card also offers a zero % APR introductory offer for 18 months.

After that, the variable APR is between 17.74% – 27.74%. Please note that the introductory APR applies to balance transfers only and not purchases. Swipe away because there is no limit to cash-back rewards. With their responsible payback incentive, no need to worry about being reckless either.

Cit Double offers 24/7 help, contactless pay, and digital wallets. They also have a 24-hour fraud protection service, a lost wallet service, and zero-dollar liability for unauthorized transactions.

What’s more, this card also offers a Citi Entertainment feature. This benefit allows users to get special access to various events, dining experiences, and more.

Pros

➢     Responsible cash-back

➢     Flexible redemption options

➢     No annual fee

➢     No caps or category restrictions

Cons

➢     No welcome offer

Capital One SavorOne Cash Rewards Credit Card

Credit Recommendation: 670-850

For all the food lovers out there, this cash-back card is your dream come true. Users can earn an unlimited 3% cash back on entertainment, dining, grocery stores, and even entertainment streaming services.

This card provides high dining and grocery rates. In addition, Capital One Savor One offers 10% cash-back on Uber & Uber Eats purchases. They also offer 5% cash back on hotels and rental cars and 8% cash back on Entertainment purchases made through the card.

What’s more, users can redeem Capital One rewards with PayPal. They can also use rewards to buy on Amazon. With so many cool perks, this card is a favorite for food and travel lovers.

Furthermore, they have a great introductory offer that grants a one-time cash-back bonus of $200. This reward is redeemable on spending $500 within the first three months.

Like other cash-back cards, they offer zero % introductory APR within the first 15 months. After that, there is a variable APR between 17.99% – 27.99%.

Additional benefits include travel accident insurance, online shopping tools, and travel assistance services. They also offer purchase notifications, and a complimentary concierge, amongst others.

Finally, there is no annual fee and no foreign transaction fees.

Pros

➢     Several cash backs on dining, grocery, and cash-back

➢     Good APR intro period

➢     Easy welcome bonus requirements

Cons

➢     Requires good credit

➢     Needs Capital One card for availing rewards

Blue Cash Everyday Card from American Express

Credit Recommendation: 690-850

The Blue Cash Everyday Card by American Express is the best card you can get in terms of rewards. Get fantastic cash backs on everyday purchases with this card. For example, the card offers a $100 cash back on a spend of $2000 within the first six months.

Moreover, it offers a zero% introductory APR for the first 15 months. A variable APR lies between 17.74% to 28.74%. It also comes with a zero-dollar Buy Now, Pay Later program. Cash back is received as Reward Dollars that can be redeemed as a statement credit.

Avail a 3% cash-back on groceries, 3% cash-back on US online retail purchases, 3% on gas, and 1% on other purchases. In addition, with no annual fee, this card features a $150 cash back if new users shop with PayPal in the first six months.

Featured benefits for Blue Cash include the annual $84 cash-back for Disney Bundle Credit. The bundle includes Disney+, Hulu, and ESPN+. Furthermore, it has partnered with HomeChef to offer cardholders up to $15 per month. This offer is on online purchases of HomeChef meals.

Other card benefits include purchase and fraud protection, car rental loss, damage insurance, etc.

Pros

➢ No annual fee

➢ 20% back as a statement credit on purchases

➢ Payment flexibility

➢ Good introductory bonus

Cons

➢ 1% cash back for other purchases

Bank of America® Customized Cash Rewards credit card

Credit Recommendation: 670-850

This card offers the ultimate cash-back rewards and has no expiration date. Cardholders can earn up to 1.5% unlimited cash back on all purchases. In addition, with no limit to cash-back earnings, this card has the most extended introductory offer of zero%, covering 18 billing purchase cycles.

After the introductory period, there is a variable APR between 17.74% and 27.74%. Cardholders can also become Preferred Rewards Members if they wish to get the most from this card. This membership allows 25-75% more cash back on purchases.

Visa Signature benefits and free admissions to cultural institutions are also covered under Preferred Rewards membership. What’s more, they have an introductory cash rewards bonus offer. Customers can earn up to $200 cash rewards if they purchase up to $1000 within the first 90 days.

Other features offered by this bank card include a FICO credit score, contactless technology, digital wallet technology, and account alerts. It also offers overdraft protection and has a 0$ liability guarantee.

Pros

➢     $200 introductory cash bonus

➢     Introductory APR for 18 billing cycles

Cons

➢     Greater rewards for Preferred Rewards Members only

➢     A good credit score required

How to compare cash back credit cards

Here is a list of factors you must watch out for when comparing cash-back credit cards:

Annual fee

Almost everyone dislikes paying extra out-of-pocket charges, such as an annual fee. While most credit cards don’t have an annual fee, many others do. Credit cards that charge an annual fee are often seen to offer better cash-back rewards.

Therefore, it’s always best to work out whether it’s more profitable to go for a card with an annual fee or one without it.

Introductory APR period

Many credit cards offer a zero% introductory APR period for at least a year. This feature allows users to prevent carrying a balance with their reward cards. It is generally preferable to do so.

Sign up bonus

Another feature that credit cards typically offer their users is a sign-up bonus. Sign-up bonuses are usually feasible when users fulfill the spending limit requirement.

However, not all credit cards offer a sign-up bonus, and that’s okay. These cards usually have better cash backs or rewards to offer that make up for not having a sign-up bonus. Travel credit cards, for instance, usually have low or no sign-up bonuses.

Payment flexibility

Credit card holders should consider cards that have greater payment flexibility. Different payments and schedules can help customers pay and redeem their cash-back rewards more quickly. Credit cards are increasingly offering a wide array of payment flexibility.

Foreign transaction fees

If you plan on taking your credit card during travel, it’s best to work out their transaction fees. Even though luxury and travel cards don’t have them, many others do. Also, using your card with foreign transaction fees may make it less lucrative for cash-back rewards.

This point is valid because foreign transaction fees do not add up in rewards spending. Plus, it can be expensive to come back home to see a 3% markup on every purchase abroad.

Conclusion

Cash-back credit cards offer some great perks for their users.  Getting cash back essentially gives you a discount on everything you buy.  The main thing you have to decide is whether you want a simple cash back credit card with one fixed rate, or a more complex one that caters better to your particular spending habits.

 

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Jeff Dunphy

Jeff Dunphy has years of experience in the field of borrowing. He is the founder of a website that teaches consumers about credit cards, credit scores, loans, and credit repair.

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The content on Cashblog.com is for informational and educational purposes only. It is not financial advice and we are not certified financial advisors. Cashblog.com strives to keep its information accurate and up to date, but it may differ from actual numbers. We may have financial relationships with companies listed on our site. We may receive compensation for the placement of sponsored products or services. We work hard to write authentic and accurate articles.