12 best cash back credit cards: Up to 5% back

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Back in 1986, Sears, Roebuck & Co launched a radical new product called the Discover Card. Unlike other credit cards of its era, the Discover Card actually paid you for using it. In the words of the Discover Card’s 30-second Super Bowl XXI commercial: 

Up until recently, secured cards and rewards cards were two totally separate products. The former lacked any sort of rewards at all, meaning anyone who took, say, a full year to rebuild their credit would be missing out on some serious cash back. 

Thankfully that all changed, and we now have cards like the Capital One Quicksilver Secured Cash Rewards Credit Card which offers a blanket 1.5% cash back on all other purchases. There’s a $0 annual fee, of course, and the card doesn’t even charge any foreign transaction fees. That’s a bigger deal than it sounds, because if you travel overseas while you’re rebuilding your credit, saving 3% on every single transaction will add up quickly. 

The card does require a minimum $200 security deposit – which certainly isn’t the lowest we’ve seen (the Platinum Secured Credit Card from Capital One goes as low as $49 depending on your creditworthiness), but provided you don’t mind locking up that much cash, you’ll enjoy 1.5% cash back on every purchase until you rebuild your credit enough to apply for a bonafide Capital One rewards card. 

For more, check out our full review of the Capital One Quicksilver Secured card.

What is a secured credit card?

If you’re new to the concept of a “secured” credit card, here’s how they work. 

In a nutshell, a secured credit card is a special type of credit card that requires a refundable cash deposit, just like an apartment. In most cases, the deposit acts as your credit limit. So if you choose to make the minimum security deposit of $200, that’s the most you can spend. Then, if you fail to make on-time payments, your bank simply keeps your security deposit. 

That virtually eliminates the risk for the bank, which is why they’re willing to provide secured credit cards to borrowers with fair to poor credit. The benefit to the cardholder is that the bank reports your payment history to the three major credit bureaus, meaning on-time payments will raise your credit score over time. 

All told, secured credit cards are great win-win inventions: They enable banks to offer credit cards to borrowers who may lack the credit score for a traditional rewards card, while also giving the borrower a way to earn rewards while rebuilding their credit. 

To learn more, check out our running list of the best secured credit cards. 

Capital One Quicksilver Secured card benefits

• $0 annual fee
• 1.5% cash back on every purchase
• $200 refundable minimum deposit (based on creditworthiness)
• Foreign transaction fee: None
• Account alerts, autopay, recurring transaction tracking

Best cash back card for fair credit: Citi® Double Cash Card

As the name implies, the Citi® Double Cash Card offers 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. You’ll also get a $200 cash back when you spend $1,500 on purchases within the first 6 months, 0% intro APR on balance transfers for 18 months (after that, the variable APR will be 19.24%–29.24%, based on your creditworthiness), and amazingly, the card accepts fair credit to boot.

Why we like this card: Originally launched in 2014, the Citi® Double Cash Card was one of the first rewards cards to offer a net 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. Clearly that’s a bar that’s hard to reach, since very few cards have matched it in the decade since (with one exception being our overall top pick, the Wells Fargo Active Cash® Card card). 

But unlike the Active Cash card, the Citi Double Cash card actually doubles as a superb credit-building card. For starters, it splits up the 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases which encourages you to continue making on-time payments. Plus, you’ll get a $200 cash back when you spend $1,500 on purchases within the first 6 months and 0% intro APR on balance transfers for 18 months (after that, the variable APR will be 19.24%–29.24%, based on your creditworthiness), both of which can help you clear out past credit card debt. 

Finally, despite offering excellent cash back rewards, the Citi Double Cash card doesn’t require excellent credit to apply. Citi doesn’t publish the required FICO score for each of its credit scores, but numerous sources indicate that the card accepts fair (580+) or better credit. 

While it does charge a foreign transaction fee and the card is light on perks in general, the Citi Double Cash card’s 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases and low credit requirement make it an overall superb choice for credit-building. 

For more details, check out our Citi Double Cash Card review.

What is fair credit?

In order to define “fair” credit, let’s first recap how credit works in the first place. 

When you borrow money, make payments, take out multiple loan types (e.g. mortgage, credit card) and more, all of that “borrower” activity is reported to the three major credit bureaus: Equifax, Experian and TransUnion. Those companies then crunch the numbers and assign you a credit score, which is like a GPA (grade point average) for borrowers. 

Since all three bureaus calculate credit a little differently, a company called FICO came along in 1989 and mushed all three together into a FICO score, which is what 90% of top lenders use today. 

As for where the term “fair” came along, FICO scores are grouped into five buckets: 

• <580 = Poor
• 580 – 669 = Fair
• 670 – 739 = Good
• 740 – 799 = Excellent
• 800+ = Exceptional

According to Equifax, borrowers with Fair credit are considered “subprime” and “high-risk” to lenders, but that doesn’t necessarily mean you can’t get a loan. For more info, check out What is fair credit, and what does it mean if you have it?

Citi Double Cash benefits

• $0 annual fee
• 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases
• 5X on select Citi Travel bookings
• $200 cash back when you spend $1,500 on purchases within the first 6 months
• 0% intro APR on balance transfers for 18 months (after that, the variable APR will be 19.24%–29.24%, based on your creditworthiness)
• Citi Entertainment, Digital Wallets and more

Best for customer experience: Discover it® Cash Back

The Discover it® Cash Back card offers 5% cash back on up to $1,500 in combined quarterly purchases in various categories throughout the year (then 1%), a unique welcome bonus that doubles your total cash back for the first year and 25 slick card designs to choose from. Discover also scores high marks for customer service and the companion app is well-rated in both the App Store and Google Play.

Why we like this card: The Discover it® Cash Back card offers 5% cash back on up to $1,500 in combined quarterly purchases in various categories throughout the year (then 1%), 0% introductory APR for 15 months from account opening (after that, the variable APR will be 17.24%–28.24%) on purchases and balance transfers (plus a low balance transfer fee—3% of the amount of each transfer for transfers that post to your account by April 10, 2024. After that, 5% of the amount of each transfer.) and it even allows you to choose from 25 slick and unique card designs ranging from a rainbow to the Manhattan skyline. 

You’ll also get a unique welcome bonus in the form of Discover’s Unlimited Cashback Match. Whatever you earn in the first year, Discover will double it with no limits. So if you earn the maximum $75 cash back on up to $1,500 in spending each quarter, that’s $300 total for the year, which Discover will then double for a total of $600. 

But no amount of cash back and cool designs would be worth it if the bank didn’t support its customers, and thankfully, Discover has that box checked. In J.D. Power’s 2023 U.S. Direct Banking Satisfaction Study, Discover ranked #2 overall – right behind Charles Schwab, but well above all other major card issuers. Discover’s 24/7 customer support team is also 100% U.S.-based, and the bank’s smartphone app ranks 4.9 stars in the App Store and 4.5 stars in the Play Store. 

So if you’re looking for a card with high rewards potential and excellent customer support when you need it, the Discover it Cash Back is our top choice. 

Learn more with our Discover it Cash Back card review and dig deeper into how to use a 5% cash-back card.

Discover it Cash Back card benefits

• $0 annual fee
• 5% cash back on up to $1,500 in combined quarterly purchases in various categories throughout the year (then 1%), 1% cashback on all other eligible purchases
• Unlimited Cashback Match for the first year
• Discover and the Discover Apps rank earn high marks for customer service
• 25 card designs to choose from
• Free overnight shipping for lost cards

Best for big-ticket purchases: U.S. Bank Cash+® Visa Signature® Card

The U.S. Bank Cash+® Visa Signature® Card has a somewhat complex rewards structure that requires some planning and strategy, but once it clicks, you can easily save 5% cash back on 2 categories of their choice ($2,000 purchase limit per quarter). A generous 0% introductory APR on purchases for the first 15 billing cycles, 19.74%–29.74% variable APR thereafter, $250 rewards bonus if you spend $1,000 on eligible purchases in the first 90 days and $0 fees for ExtendPay plans can also help you finance a major purchase.

Why we like this card: While the U.S. Bank Cash+® Visa Signature® Card has one of the most complex rewards structures we’ve ever seen, once you understand how it all works you realize the card is excellent for financing big retail purchases. 

To start, the card offers 5% cash back on 2 categories of their choice ($2,000 purchase limit per quarter). The options are: 

• Fast food
• Home utilities
• TV, internet and streaming
• Department stores
• Cell phone
• Electronic stores
• Sporting goods stores
• Gyms/fitness centers
• Ground transportation
• Movie theaters
• Furniture stores
• Select clothing stores

While the absence of any airlines or hotels is a bummer for travelers, getting 5% cash back on home utilities, big electronics (e.g. laptops, TVs) or furniture each quarter could be a big money-saver for families and homeowners. You’ll also get 2% cash back on one everyday category, such as gas stations or grocery stores and 1% cash back on all other eligible purchase. 

When it comes to financing your big purchase, the Cash+ card also offers 0% introductory APR on balance transfers for the first 15 billing cycles, 19.74%–29.74% variable APR thereafter on purchases and balance transfers. The card also waives your fee for opening an ExtendPay Plan within 60 days, which allows you to finance your big purchase in fixed, zero-interest monthly installments. Toss in a $250 rewards bonus if you spend $1,000 on eligible purchases in the first 90 days, and you’ve got a cash back rewards card that massively rewards anyone who overcomes its learning curve.

To dig deeper, check out our U.S. Bank Cash+ card review.

U.S. Bank Cash+ Card benefits

• $0 annual fee
• 5% cash back on 2 categories of their choice ($2,000 purchase limit per quarter)
• 5X on online shopping purchases made through the Rewards Center or the Rewards Center browser extension
• 5X on prepaid travel booked through the Rewards Center
• 2% cash back on one everyday category, such as gas stations or grocery stores
• 1% cash back on all other eligible purchase
• 0% introductory APR on purchases and balance transfers for the first 15 billing cycles,19.74%–29.74% variable APR thereafter on purchases and balance transfers
• $0 fee on ExtendPay Plans opened within 60 days

Learn more: What is a 0% APR credit card, and why should you care?

Best small business cash back card: American Express Blue Business Cash™ Card

Rather than force you into restrictive, mostly old-school rewards categories like “office supplies” and “cable,” the American Express Blue Business Cash™ Card simply offers 2% cash back on all eligible purchases on up to $50,000 per calendar year (then 1%). Toss in a $250 statement credit after you make $3,000 in purchases on your card in your first 3 months, 0% intro APR on purchases for 12 months from date of account opening (after that, the variable APR will be 18.49%–26.49% variable) and a handy box of expense-tracking tools and you have a superb and highly flexible small business rewards card.

Why we like this card: For years, business rewards cards tended to offer rewards that were, for lack of a better term, “old school.” You might get 3X on office supplies, cable bills and shipping, and for a medium-sized business in a traditional office setting, those rewards categories might work out just fine. 

But most small businesses need far more flexible rewards, which is why we like how the Amex Blue Business Cash card does things. You’ll simply get 2% cash back on all eligible purchases on up to $50,000 per calendar year (then 1%) plus a $250 statement credit after you make $3,000 in purchases on your card in your first 3 months. Sure, the 2% only applies to the first $50,000 in spending each year (it drops to 1% thereafter), but most small businesses with fewer than 10 employees probably won’t reach that limit. 

And those that really do spend $50,000+ each year can always pair the Blue Business Cash with a premium-tier business rewards card for maximum rewards. 

Circling back to the Blue Biz Cash, we also like how the card comes with 0% intro APR on purchases for 12 months from date of account opening (after that, the variable APR will be 18.49%–26.49% variable) – which can essentially act as a free small business loan – and an Expanded Buying Power feature which allows you to spend beyond your credit limit and adds the surplus to your minimum payment next month. 

Last but certainly not least, the card also comes with a litany of helpful accounting tools like QuickBooks integration, Vendor Pay by Bill.com and a detailed Year-End Summary. It may lack travel rewards or 3X categories, but for straightforward cash back, it’s the business rewards card to beat. 

For more, check out our Amex Blue Business Cash card review.

Amex Blue Business Cash Card benefits

• $0 annual fee
• 2% cash back on all eligible purchases on up to $50,000 per calendar year (then 1%)
• $250 statement credit after you make $3,000 in purchases on your card in your first 3 months
• Employee cards at no extra cost
• QuickBooks integration
• Vendor Pay by Bill.com
• Rental car insurance
• Purchase protection
• Extended warranty protection

To view rates and fees of the American Express Blue Business Cash™ Card see this page

Best business cash back card for large purchases: Ink Business Unlimited® Credit Card

The Ink Business Unlimited® Credit Card is an excellent card for financing a big business purchase since it offers unlimited 1.5% cash back on every purchase, extended warranty and purchase protection and an unheard-of $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening. 

Why we like this card: On paper, the Ink Business Unlimited® Credit Card appears to fall short of the Amex Blue Business Cash card since it offers unlimited 1.5% cash back on every purchase to the latter’s 2% cash back on all eligible purchases on up to $50,000 per calendar year (then 1%). But the Chase card has two big tricks up its sleeve that give it a major edge and make it the superior choice for big purchases. 

For starters, the Ink Business Unlimited card offers a staggering $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening, which is simply unheard of for a rewards card charging a $0 annual fee. To provide some perspective, the Chase Sapphire Reserve card offers a welcome bonus of “just” 60,000 points – and that card has a $550 annual fee. 

The caveat is that you have to spend $6,000 within three months to earn it, but if you have a big purchase coming up, the spending requirement shouldn’t be too hard to reach. Plus, if you make a big purchase on your Ink Business Unlimited card, it’ll automatically be enshrouded in both Purchase Protection (up to $10,000 per claim) and Extended Warranty Protection, provided the manufacturer’s warranty period is three years or less. 

Once you earn your 75,000-point welcome bonus, the Ink Business Unlimited card’s second big trick comes into play. If you read the section of this article on “How to combine Ultimate Rewards points” above, you’ll know that you can move Chase Ultimate Rewards points from one card to another where they suddenly have more value. Specifically, you could move your 75,000-point welcome bonus to your Chase Sapphire Preferred account where it’s worth $937.50 in travel redemption – or your Chase Sapphire Reserve account where it’s worth an eye-watering $1,125. 

So when you consider the unlimited 1.5% cash back on every purchase, 0% introductory purchase APR for 12 months from account opening (after that, the variable APR will be 18.49%–24.49%), extensive purchase protection and insane welcome bonus, you can see how the Ink Business Unlimited is an excellent choice for the small business owner with a big expense coming up.

Can you get a business card with a side hustle?

Yes. 

To expand on that a bit, one of the most frequently-asked questions about business rewards cards is: what exactly do you need to apply for one? Do you need a legally registered LLC? An S Corporation? A picture of yourself on the cover of Fortune Magazine? 

The answer is: none of the above. In fact, most of the time you don’t need a “business” in the traditional sense at all. Many business rewards cards, the Chase Ink Business Unlimited included, allow you to apply as a sole proprietor by using your full legal name and SSN. So yes, you can get a business card with a side hustle. 

Once you get your business rewards card, one thing to keep in mind is that most cardmember agreements require you to use the card—and even the points you earn with it—for business purposes only. And technically speaking, any violation of your cardmember agreement can be grounds for terminating your account (and all of your points with it).

While we’ve rarely heard of anyone having their business card account terminated for mixing in personal expenses, you may still want to keep business and personal expenses separate to make tracking your budget and filing your taxes much easier come April. 

Chase Ink Business Unlimited Card benefits

• $0 annual fee
• Get unlimited 1.5% cash back on every purchase
• 5% cash back on Lyft rides through March 2025
• $750 bonus cash back after you spend $6,000 on purchases in the first 3 months from account opening
• 0% introductory purchase APR for 12 months from account opening (after that, the variable APR will be 18.49%–24.49%)
• Employee cards at no extra cost
• Purchase protection
• Extended Warranty protection

What is a cash back credit card?

A cash back credit card is a type of credit card that allows users to earn a percentage of their spending back in the form of cash rewards. Depending on the card, cash back rewards can be a flat rate (e.g., 1.5% on all purchases) or can vary by purchase category (e.g., 3% on dining, 2% on groceries, and 1% on all other purchases). Some cards may also offer promotional periods with higher cash back percentages or bonuses for spending certain amounts within a specified timeframe. Learn more about how cash back cards work.

Can you get cash back with a credit card?

Yes many credit cards offer cash back, where you earn a percentage of your purchases back as a reward. For example, a card might offer 1% cash back on all purchases. If you spend $100, you’d earn $1 back in rewards. 

Over time, these rewards add up and can be redeemed in various ways, such as a statement credit, check, or deposit into a bank account. However, it’s essential for cardholders to be aware of any potential annual fees, interest rates, and reward expiration or limitations to ensure they maximize the benefits while minimizing costs.

How to choose a cash back credit card

To find the right cash back credit card for maximum rewards, start by asking yourself a few pertinent questions: 

• What is my credit score? More than anything else, your credit score will dictate which cash back cards you can apply for. If your credit score is below 670, you may want to start with a credit-building cash back card like the Capital One Quicksilver Secured or Chase Freedom Rise.
  
• How much do I plan to put on a credit card each month? This oft-overlooked question helps to ensure that you’ll actually earn your welcome bonus. To illustrate, if you only plan to put ~$500 per month on your new cash back card, you probably shouldn’t apply for a card that requires $6,000 worth of spending within three months to earn its welcome bonus.
  
• What purchase categories (e.g. dining, airfare, gas, groceries) do I spend the most on? It’s always better to make the card fit your spending habits than the other way around. Once you determine where you’re spending the most each month (travel? Groceries? Eating out?) you can find the right cash back card to maximize your rewards. If you don’t really have any big spending categories, a flat rate cash back card might be ideal.
  
• Do I need multiple cash back cards? Finally, it’s worth remembering that it’s totally fine, and frankly, quite advantageous, to have multiple cash back cards in your wallet. The Chase Trifecta (detailed above) is a great example of how multiple cards can work together in tandem for maximum rewards on virtually every purchase. Just keep in mind that applying for multiple cards at once will definitely impact your credit, but we can help you rebuild it.

Pros and cons of cash back credit cards

On paper, a credit card that pays you to use it seems like a pretty flawless invention. Still, cash back cards aren’t perfect and there are numerous caveats to consider before applying for one. 

Here’s a quick recap of things to like—and things to consider—about today’s cash back credit cards. 

Types of cash back credit cards

There are three main types of cash back credit cards: flat rate, bonus category and rotating category. Here’s a quick recap of how each one works and what it’s best for: 

Flat rate

Flat rate cards like the Wells Fargo Active Cash card offer a standard 1.5% or 2% cash back (or 1.5X to 2X points) on all purchases. Cards like these are handy for maximizing rewards on purchases that don’t fall into other bonus or rotating rewards categories. 

They’re also ideal for setting as your default method of payment in most places, as well as those moments when you reach the register and can’t recall which card you “should” use for maximum rewards. In those moments, shrugging and pulling out your flat rate card is a great way to reduce FOMO, since you’ll have the peace of mind knowing you scored at least 2%. 

Bonus category

Bonus category cards like the Capital One SavorOne Rewards typically offer 2% to 5% cash back (or 2X to 5X points) on various static rewards categories, plus 1% cash back on everything else. Some of the most common bonus categories you’ll see are dining, gas, travel, entertainment, streaming, drug stores, Amazon and more. 

Bonus category cards are immensely useful if you’re already spending a lot of money within one of those typical purchase categories. For example, if you’re a foodie who spends $1,000 on dining out each month, a SavorOne card instead of a 1.5% flat rate card could net you an extra $180 cash back each year—just enough to cover steak night. 

Rotating category

Rotating category rewards cards like the Chase Freedom Flex offer 5X or 5% cash back within purchase categories that rotate every quarter (three months) of the calendar year. To illustrate, the Flex currently offers 5X on gas stations, EV charging, select live entertainment and movie theaters from July 1st through September 30, 2024. During Q2 the categories were Amazon.com, Hotels and Restaurants. 

Rotating category rewards cards are a great compliment to your flat rate card since they instantly boost your earnings rate on select purchases to 5X while charging no annual fee. While you’ll typically only earn 5X on the first $1,500 of spending each quarter (aka $75 cash back total), that’s still $52.50 per quarter or $210 per year more than you’d earn with a 1.5% cash back card. 

What is a 0% intro APR?

Let’s break down 0% intro APR piece-by-piece, starting with APR itself. 

APR (Annual Percentage Rate) is a combination of your interest rate plus fees, expressed as a single percentage. The Truth in Lending Act requires lenders to use APR instead of interest rates for transparency – otherwise, sketchy lenders could lure you in with a low interest rate just to pepper you with hidden loan fees later on. 

Since credit cards are forms of unsecured loans, they almost always come with extremely high APRs in the range of 18% to 29.99%. To put those numbers into context, if you have a $5,000 loan at 29.99% APR and are making $125 monthly payments, it’ll take you 27 years and $35,543.53 in interest alone to fully pay off your debt. 

Needless to say, credit card interest can quickly spiral out of control, which is why 0% intro APR has become a common perk with today’s credit cards. With 12 or more months of 0% APR, you can carry a balance on your credit card without any interest piling up. Then, as long as you fully pay off your credit card before the 0% APR period ends, you won’t have to pay a dime in interest. 

In addition to new purchases, some cash back cards also offer 0% APR on balance transfers. This means you can move a balance from your old credit card onto your new one (often for an unavoidable 3-5% or $5 min. fee) and then slowly pay it off without additional interest accruing on the balance. 

While 0% APR can buy you some time to pay off debt, it’s not without its drawbacks. For one thing, carrying a large credit card balance can still negatively impact your credit score. Plus, if you’re unable to pay off your debt before the 0% intro APR period ends, you’ll be hammered by double-digit APR overnight on the remaining balance, which could send you into spiraling debt. 

But with careful planning and a debt repayment strategy in place, 0% intro APR can be a massively helpful tool. Learn more in our full explainer on APR and how it works. 

What is a balance transfer?

In a nutshell, a balance transfer is when you take the statement balance from one credit card account and move it to another. 

A balance transfer makes the most sense when you’re moving debt from a card with regular APR to a card with 0% APR so you can save on interest. To put some numbers on the board, let’s say you have a credit card with a $5,000 balance and 27.49% APR. Since you’re only able to make $300 monthly payments, it will take you 22 months and $1,370.26 in interest alone to pay off the balance. Ouch. 

Alternatively, let’s say you apply for the Citi Double Cash card which offers 0% APR on balance transfers for 18 months. Once you’re approved, you perform a balance transfer of $5,000 for a 3% fee ($150). Sure, the balance transfer fee kinda stings, but consider this: you now have 18 months to pay off your debt without a dime of interest accruing. By making the same $300 monthly payments, you’ll wipe out your debt nearly five months faster and save $1,220.26 total, even after the $150 balance transfer fee. 

Since balance transfers have become such a popular form of debt consolidation, there are now numerous credit cards on the market specifically designed to help facilitate balance transfers. Some even offer up to 21 months of 0% APR to help pay off your debt. 

For a list of our top picks, check out the best balance transfer cards. 

What is a foreign transaction fee?

A foreign transaction fee, sometimes abbreviated as FX, is a fee your bank charges if a transaction involves a non-U.S. bank, a foreign currency or both. Foreign transaction fees can range anywhere from 1% to 5% of the transaction amount, but the most typical FX fee you’ll see is 3%. 

While that may sound like a minor nuisance, FX fees can rapidly add up while you’re traveling and spending overseas. To illustrate, imagine booking a $3,000 hotel in Vienna thinking you’re getting $150 cash back on hotels,  when in reality, you get hit with a $90 FX fee instead. 

That’s why having zero foreign transaction fees is a major, borderline essential perk for a cash back card that you plan to use overseas. For the most part, travel rewards cards with an annual fee attached won’t charge you foreign transaction fees, but there’s a rising number of no-fee cards that waive FX fees as well (e.g. the Capital One SavorOne card, listed above). 

But if you’re traveling next week and there’s no time to get a card with no FX fees, here are two short-term ways to avoid paying them: 

1. Grab cash in the U.S. before you leave, and/or
2. Ask one of your travel companions with a travel rewards card if they don’t mind covering your charges provided you PayPal/Venmo them immediately after. While this involves some trust (and probably isn’t appropriate in a professional setting), some travel companions may relish the chance to earn extra points on your transactions.

Frequently Asked Questions 

Are cash back cards a good idea?

Are cash back cards a good idea?

If you rely on credit cards to manage your expenses, using a cash back card is a smart way to earn money back on the spending you have to do anyway. However, if you struggle with debt and paying your credit card bill on time, it’s a good idea to avoid credit cards in general.

What credit card gives you 3% back?

There aren’t any credit cards that provide a flat 3% back across the board. However, several cards offer 3% back in certain spending categories, including the Amex EveryDay® Preferred Credit Card, Bank of America® Customized Cash Rewards Credit Card, and Capital One SavorOne Rewards.

How do you get 5% cash back on everything?

There is no cash back card that provides 5% back on all purchases. However, several cards offer 5% cash back on popular spending categories like groceries and gas, including the US Bank Cash+  Visa Signature ® Card, Credit One Bank Platinum X5 Visa, and Discover it Cash Back card.

How much is 1.5% cash back on $1,000?

If you spend $1,000 in eligible purchases on a card that offers 1.5% back, you’d earn $15 in cash back.

Is there a downside to cash back?

There is no downside to earning cash back. However, it’s not a good idea to spend money on a credit card that you can’t afford to pay back just to earn cash back. Missing payments results in late fees and harm to your credit.

Our methodology 

To bring you our top picks for the best cash back credit cards, the Fortune Recommends^TM team compared approximately 40 cash back rewards cards available from major issuers. To learn more about how we rate credit cards, see our credit cards methodology.

We ranked each account in these nine core categories: 

• Annual fee (10%): Some credit cards charge an annual fee, which can range from $50 to several hundred dollars. Usually, the more valuable the rewards and perks associated with a card, the higher the annual fee. However, many cards do not charge a fee at all. Fee-free cards were prioritized in our rankings. 
• Base rewards rate (15%): This is the minimum amount of cash back awarded on everyday purchases, not considering any specific or rotating categories that may earn a higher rewards rate. 
• Welcome bonus (15%): It’s common for credit card issuers to entice new customers by offering a bonus when they spend a certain amount of money within a few months after opening an account.   
• 0% APR intro term (15%): Another feature that some card issuers offer to attract new business is an introductory period when the APR is 0%, meaning you won’t accrue any interest charges on purchases or balance transfers during this time (though balance transfers may be subject to fees). After this period, the interest rate reverts to the regular purchase APR on new charges. 
• Purchase APR (20%): We examined the lowest available rate (10%) and highest available rate (10%) on regular purchases. (The exact interest rate you’re offered within that range will depend on your individual credit and financial profile).
• Foreign transaction fee (5%): Some credit cards charge a fee for transactions made overseas. Cards that charge foreign transaction fees were docked in our rankings. 
• Statement credits (5%): A handful of cash back cards also offer monthly, quarterly, or annual statement credits to offset the cost of certain purchases.
• Customer service (5%): We included the J.D. Power 2022 U.S. Credit Card Satisfaction rating for all card issuers.
• Consumer benefits (5%): Cards were awarded 0–4 points based on which consumer benefits/protections were included: purchase protection, extended warranty, cell phone insurance, car rental/trip insurance.
• Mobile app rating (5%): We averaged the star rating for each issuer’s mobile app in the Apple Store and Google Play.

Keep in mind that the rewards, interest rates, and fee structures for the cards mentioned are available for limited periods and subject to change, which could impact how much cash back you earn. Additionally, only cards with an explicit cash back rate were considered; cards offering points or other non-cash back rewards were excluded from our rankings. 

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Please note that card details are accurate as of the publish date, but are subject to change at any time at the discretion of the issuer. Please contact the card issuer to verify rates, fees, and benefits before applying

Eligibility and Benefit level varies by Card. Terms, Conditions, and Limitations Apply. Please visit americanexpress.com/benefits guide for more details. Underwritten by Amex Assurance Company.