Fortunly's Guide
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A Guide to the Best Cash Back Credit Cards in 2024

Written By
G. Dautovic
Updated
October 04,2024
Some or all of the products/services listed on this page are from our affiliate partners from which we receive commissions. This, however, does not influence the evaluations in our reviews. Learn more by reading our Advertiser Disclosure.

Would you like to get a little money back every time you make a purchase with your credit card? In a market packed with rewards cards, the best cash back credit cards stand out for their simplicity and flexibility. 

Unlike with hotel and airline cards, the rewards that you earn on a cash back card don't need to be strategically redeemed or converted to maximize their value. You can simply get a statement credit on your monthly bill or a cash deposit into an account.

To help you figure out which card will be the best fit for your wallet, we’ve evaluated a number of options and compiled a list of the market’s favorites. 

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Top-Rated Cash Back Credit Cards in October 2024

Discover it® Cash Back Credit Card Logo

Discover it® Cash Back Credit Card

4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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REWARDS RATE: 1%-5% cash back
WELCOME BONUS: Unlimited Cashback Match
APR: 11.99%-22.99% (variable)
ANNUAL FEE: $0
KEY FACTS
PRODUCT DETAILS
PROS & CONS

The 5% reward rate on popular spending categories and the unique sign-up offer make the Discover it® Cash Back credit card one of the market's favorites. Given that this card has no annual fees and that it comes with a few additional security perks, it's clear how this has made it to the very top of our list.

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Chase Freedom Unlimited® Credit Card Logo

Chase Freedom Unlimited® Credit Card

4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

REWARDS RATE: 1.5%-5% cash back
WELCOME BONUS: $200 cash bonus
APR: 14.99%–23.74% (variable)
ANNUAL FEE: $0
KEY FACTS
PRODUCT DETAILS
PROS & CONS

Chase Freedom Unlimited® is a simple credit card that offers flat-rate rewards and an easily attainable sign-up bonus. There are no redemption minimums and the card is free of annual fees. It’s a great choice for anyone who needs to finance a large purchase.

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Bank of America® Cash Rewards Credit Card Logo

Bank of America® Cash Rewards Credit Card

4.5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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REWARDS RATE: 1%-3% cash back
WELCOME BONUS: $200 cash bonus
APR: 13.99%-23.99% (variable)
ANNUAL FEE: $0
KEY FACTS
PRODUCT DETAILS
PROS & CONS

If you’re in the market for a large welcome bonus, a long introductory APR period, and the option to choose your own categories for the highest rewards rate, the Bank of America Cash Rewards® card may be just what you need. Also, thanks to the Preferred Rewards program, the bonuses that come with this card are almost unmatched

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Capital One QuicksilverOne Cash Rewards Credit Card Logo

Capital One QuicksilverOne Cash Rewards Credit Card

4 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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REWARDS RATE: 1.5% cash back
WELCOME BONUS: N/A
APR: 26.99% (variable)
ANNUAL FEE: $39
KEY FACTS
PRODUCT DETAILS
PROS & CONS
  • Cardholders earn unlimited 1.5% cash back on every purchase, no restrictions. 
  • Unlimited access to your credit score and credit monitoring tools with CreditWise from Capital One.
  • Cardholders are automatically considered for a higher credit line in as little as six months.
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Citi® Double Cash Card Logo

Citi® Double Cash Card

5 stars Our Rating

Fortunly's Rating: Our editorial team determines the rating based on a set of evaluation criteria developed for each product and service category.

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REWARDS RATE: 2% cash back
WELCOME BONUS: N/A
APR: 13.99%-23.99% (variable)
ANNUAL FEE: $0
KEY FACTS
PRODUCT DETAILS
PROS & CONS
  • This card comes with a unique rewards structure. Cardmembers get a total of 2% cash back on every purchase - unlimited 1% cash back when they buy, plus an additional 1% as they pay for those purchases.
  • 0% introductory APR on balance transfers for 18 months
  • The card comes with 24-hour fraud protection and the City® identity theft solutions
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Quick Breakdown

Our Picks for the Best Cash Back Credit Cards of 2024:

  • Discover It Cash Back Credit Card - Best for maximizing rewards on everyday spending
  • Chase Freedom Unlimited Credit Card - Best for flat-rate rewards
  • Bank of America Cash Rewards Credit Card - Best for customizable rewards plans
  • Capital One QuicksilverOne Cash Rewards - Best for an average credit score
  • Citi Double Cash Card - Best for double rewards

In-Depth Reviews of Cash Back Credit Cards

Discover it® Cash Back Credit Card Review

Discover it® Cash Back Credit Card Review Logo Apply Now

On Official Website

REWARDS RATE:
1%-5% cash back
WELCOME BONUS:
Unlimited Cashback Match
APR:
11.99%-22.99% (variable)
ANNUAL FEE:
$0
RECOMMENDED CREDIT SCORE:
690-850

Not only does the Discover it® cash rewards credit card provide a 0% introductory APR for 14 months, but it also offers a high rewards rate on a number of spending categories that include grocery stores, gas stations, restaurants, online shopping, and certain ride-hailing services.

Considering that these purchasing categories rotate each three months and need to be activated, the rewards system can be a little complicated, but it is also undeniably lucrative.

Rewards Policy

Discover it® offers excellent rewards rates. With this card, you can earn 5% cash back on everyday purchases at many different places such as grocery stores, gas stations, restaurants, and even Amazon.com. When you activate this feature, you get 5% cash back on up to $1,500 in purchases per quarter in selected spending categories.

You can collect the 5% throughout the whole year, but you’ll need to change the merchant category each three months. This card also has a base rewards rate that earns you 1% cash back on any other purchases.

Welcome Offer and Other Benefits

Thanks to its unique cashback-matching system, the Discover it® stands out from the competition. Here’s how it works - at the end of your first anniversary as a cardholder, Discover will match all the cash back that you’ve earned in the first 12 months. There are no limits to how much can be matched, and you’ll receive the bonus automatically. 

This credit card also comes with a few security features. The “Social Security Number Alert” is free and lets you know if your card appears on a dark web site, while the “Freeze It” feature lets you freeze your account via the bank’s website or mobile app to prevent any unauthorized transactions if your card goes missing.

Fees and APR

For a cash advance, you’ll be charged $10 or 5% of the amount of each item, whichever is greater. Balance transfers incur a fee that equals 5% of the amount transferred. 

As far as APR for purchases and balance transfers goes, each new cardholder gets a 0% introductory APR for the first 14 months. After that period expires, the APR is calculated based on the cardholder’s creditworthiness. It can range from 11.99% to 22.99%.

Bottom Line

Although the Discover it® cash back credit card doesn’t have a traditional welcome bonus, its cash back match offer can be even more valuable. Another great thing about this card is that, unlike many other issuers, Discover includes places where most people spend a lot of money among its 5% cash back categories.

Overall, this card is a good option for those looking for a way to get the most out of their rewards on everyday purchases, but also not that great for cardholders who want a high cash back rewards rate on all spending categories.

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Chase Freedom Unlimited® Credit Card Review

Chase Freedom Unlimited® Credit Card Review Logo
REWARDS RATE:
1.5%-5% cash back
WELCOME BONUS:
$200 cash bonus
APR:
14.99%–23.74% (variable)
ANNUAL FEE:
$0
RECOMMENDED CREDIT SCORE:
690-850

Although there are many cards that pay much higher rewards than Chase’s Freedom Unlimited®, this card still provides plenty of value to its owners.

Rewards Policy

As far as rewards go, the rules are relatively simple. With this Chase cash back credit card, you get 5% cash back on travel purchases made through Chase Ultimate Rewards, 3% cash back on dining at restaurants, including takeout and select delivery services, 3% on drugstore purchases, and 1.5% cash back on all other purchases.

There are no cash back redemption minimums, and the rewards won’t expire for as long as your account is kept open. If you’re looking for a simple card with a flat rewards rate on absolutely anything, this may be it.

Welcome Offer and Other Benefits

To earn the $150 sign-up bonus, you’ll just have to spend $500 on purchases during your first three months as a cardholder. 

This card comes with a few additional benefits. If you use your Chase Freedom Unlimited® to purchase an item that has a manufacturer’s warranty of three years or less, you’ll get a one-year warranty extension automatically. The purchase protection feature also grants you up to $500 per claim in case an item that you’ve recently bought gets damaged or stolen.

Fees and APR

Freedom Unlimited® doesn’t charge annual maintenance fees. Still, there are a few other charges that come with this card. A balance transfer fee is either $5 or 5% of the cost of the item, a cash advance fee is $10 or 5% of the amount of the transaction, and there’s a 3% foreign transaction fee.

As far as interest rates go, this credit card offers a 0% introductory APR on purchases for 15 months from the moment you open your account. After the introductory period expires, the APR is dependent on your creditworthiness and ranges between 14.99% and 23.74%.

Bottom Line

Overall, the Chase Freedom Unlimited® is one of the better cards for consumers who want a simple rewards program, can’t justify an annual fee and need to finance a large purchase.

On the other hand, this credit card shouldn’t be the first choice for those who make frequent purchases in popular bonus categories and hope to maximize the value of their rewards.

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Bank of America® Cash Rewards Credit Card Review

Bank of America® Cash Rewards Credit Card Review Logo Apply Now

On Official Website

REWARDS RATE:
1%-3% cash back
WELCOME BONUS:
$200 cash bonus
APR:
13.99%-23.99% (variable)
ANNUAL FEE:
$0
RECOMMENDED CREDIT SCORE:
690-850

Bank of America®’s Cash Rewards card comes with a great bonus offer and, provided that you have a considerable amount of money in other Bank of America-affiliated accounts, it can potentially earn you exceptionally high rewards rates.

Rewards Policy

This Bank of America credit card has a lucrative rewards program. First off, it offers a semi-customizable rewards plan. You get to choose a spending category among online shopping, gas, drug stores, dining, travel, and home improvement or furnishings that will earn you 3% cash back every time you make a purchase.

Apart from that, you get 2% cash back each time you buy goods at grocery stores and wholesale clubs. Note that high rewards apply up to $2,500 per quarter in the combined selected category, grocery store, and wholesale club purchases. After that, you get 1% cash back, just like you do with any other purchases.

This option offers another possibility for earning rewards. To become eligible for additional rewards, you'll need to have $20,000 or more in combined accounts at Bank of America and Merrill. Once you fulfill this condition, you'll be able to join the bank's Preferred Rewards program and earn up to 75% cash back.

Welcome Offer and Other Benefits

This Bank of America credit card comes with a generous welcome offer. All you need to do before you can claim your $200 cash bonus is spend $1,000 on purchases in the first three months of account opening. Note that rewards have no expiration date.

When it comes to additional benefits provided by this card, these include a monthly fee-free FICO score access, fraud protection, and the option to add your card to Apple Pay and similar digital wallets.

Fees and APR

There are no annual fees with the Bank of America® Cash Rewards card. There are, however, services that always incur charges with most credit cards, including this one. These include a 3% balance transfer fee (the minimum fee amount is $10) and a 3% foreign transaction fee.

When it comes to interest rates, the back card offers a 0% introductory APR for 15 months on purchases, and a 0% introductory APR for two months on balance transfers. After that, the APR is calculated based on the cardholder's creditworthiness and ranges from 13.99% to 23.99%.

Bottom Line

Overall, this is one of the best cards for those who find the option to choose their own highest-earning category useful. It's also great for people who can't justify other cards' annual fees and for those who need a long period of introductory APR. Also, if you are eligible for the Preferred Rewards program, you’ll likely find this card extremely valuable.

However, if your spending style doesn't match the aforementioned spending categories and you want a larger sign-up bonus, we suggest you explore other options.

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Capital One QuicksilverOne Cash Rewards Credit Card Review

Capital One QuicksilverOne Cash Rewards Credit Card Review Logo Apply Now

On Official Website

REWARDS RATE:
1.5% cash back
WELCOME BONUS:
N/A
APR:
26.99% (variable)
ANNUAL FEE:
$39
RECOMMENDED CREDIT SCORE:
580-740

The Capital One QuicksilverOne cash rewards credit card is one of the better cards for consumers who are still building their credit scores. This card comes with a competitive rewards rate and a few additional benefits.

Rewards Policy

As far as rewards go, the deal is simple but lucrative: QuicksilverOne earns 1.5% cash back on all purchases. The amount of reward money that you can get is unlimited and rewards don’t expire as long as you keep your account open. Also, there are no redemption minimums.

In terms of rewards and all other features, this is a rare cash back card option for those with a credit score below 740.

Welcome Offer and Other Benefits

QuicksilverOne doesn’t offer its new members a sign-up bonus. On the other hand, it comes with plenty of value in additional benefits. 

First of all, this card can help you build your credit score - make your first five monthly payments on time and you’ll get access to a higher line of credit. With CreditWise, a Capital One credit score tool, you get unlimited free access to a number of tools that can help you understand the changes in your credit profile.

QuicksilverOne also protects you with $0 fraud liability. If your card gets stolen or lost, you won’t be held responsible for any fraudulent purchases.

Cardholders also get an auto rental collision damage waiver, extended warranty coverage, and travel accident insurance.

Fees and APR

The annual membership fee attached to this card is $39. There are no balance transfer fees, while a cash advance will cost you either $10 or 3% of the amount of each item.

As far as interest rates go, the APR is 26.99% (variable). Unlike other cash back credit cards on our list, the Capital One QuicksilverOne card doesn’t offer an introductory 0% APR.

Bottom Line

This Capital One cash back card offers 1.5% cash back on all purchases, so there are no spending categories or quarterly limits to worry about. To maximize the rewards with this card, you simply have to use it. Apart from the competitive rewards rates, the card also provides plenty of value in additional benefits.

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Citi® Double Cash Card Review

Citi® Double Cash Card Review Logo Apply Now

On Official Website

REWARDS RATE:
2% cash back
WELCOME BONUS:
N/A
APR:
13.99%-23.99% (variable)
ANNUAL FEE:
$0
RECOMMENDED CREDIT SCORE:
690-850

The Citi® Double Cash credit card is another market favorite. The popular 2% cash back credit card is an exceptional choice for fee-averse consumers who can’t keep track of rotating spending categories. This card doesn’t offer a welcome bonus, but as far as flat-rate rewards go, it’s one of the best in the game.

Rewards Policy

Citi® Double Cash provides a unique rewards earning plan to its members. On each purchase you make, you earn 2% cash back - first, you get 1% cash back when you make the purchase, and another 1% as soon as you pay it off. What makes Citi® Double Cash great is the fact that credit cards with flat rewards rates of 2% are very rare.

The accumulated cash back can be redeemed for statement credit, paper checks, or as a deposit into a linked savings or checking account. The minimum amount needed for redemption is $25.

Welcome Offer and Other Benefits

Citi® Double Cash doesn’t come with a sign-up bonus. However, there are a few additional benefits that are worth mentioning. As a cardholder, you buy tickets for various events in the presale period; you get a pass on your fist late payment fee; and you become eligible for the Lost Wallet service, which entitles you to an emergency card replacement.

Fees and APR

Citi® Double Cash has an 18-month long 0% intro APR on balance transfers. After the introductory period expires, the variable APR will be calculated based on your creditworthiness. It can range from 13.99% to 23.99%.

As far as other fees go, a balance transfer will cost you 3% of the amount of each transfer, or at least $5. There’s also a 3% foreign transaction fee on purchases made outside the US.

Bottom Line

Although the Citi® Double Cash card earns generous rewards for each dollar spent, it still may not be a perfect choice for absolutely anyone. For some consumers, the lack of a sign-up bonus can be a drawback, as can the lack of options for maximizing cash back through certain spending categories.

However, if you want a high rewards rate on everything and can’t be bothered keeping track of different purchasing categories, this Citi cash back card may be just what you’re looking for.

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Evaluation Criteria

Our Criteria for Evaluating Cash Back Credit Cards

We’ve compared the advantages and disadvantages of several cash back cards to determine the most beneficial options for different spending styles. Here are the most important factors we suggest you take into account when choosing the best option for your consumer habits. 

Rewards Rate

The primary benefit of a cash back card is that every time you make a purchase, you get a little money back. While it’s clear that the best cash back credit card option for you should be the one that suits your purchasing habits, it’s still hard to make a choice, as this financial product comes in a variety of flavors.

Cards with tiered cash back rates offer more rewards but require dedication to maximize the value in chosen purchasing categories. Flat-rate rewards cards are great for those who still want to earn a little cash back but can't keep track of different spending categories. 

Welcome Offer

A welcome offer represents a quick way to earn a few hundred dollars in rewards on a new credit card. Even the best cash back card providers usually only advertise their generous bonus amounts. However, you need to read the fine print to make sure the offer isn’t too good to be true. No matter how large the bonus may be, it won’t make much sense to you if you can’t fulfill the conditions to receive it.

APR and Fees

As far as interest rates go, cash back cards come with a variable annual percentage rate (APR). While the interest rate is always charged both on purchases and balance transfers, the best money back credit cards also offer a 0% introductory APR on both transaction types.

The most important fees to look out for are annual membership fees, balance transfer fees, cash advance fees, and foreign transaction fees.

Credit Score Requirements

The credit cards that earn the highest rewards rates and come with a number of valuable perks and additional benefits are usually only available to the most creditworthy consumers. While that’s true for most of the credit cards on our list, we’ve also made sure to include the best cashback credit card option for those who are yet to build a high FICO score. 

FAQ

What credit card gives the most cash back?

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Here’s a list of the best credit cards for cash back rewards:

  • Discover It: 1-5% cash back rate
  • Chase Freedom Unlimited: 1.5% cash back rate
  • Bank of America Cash Rewards: 1-3% cash back rate
  • American Express Blue Cash Preferred: 1-6% cash back rate
  • Capital One QuicksilverOne: 1.5% cash back rate
  • Citi Double Cash: 1-2% cash back rate

Are cash back credit cards really worth it?

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With so many different credit card options on the market, it’s hard to decide what type of card to get, let alone what brand. While it all comes down to your spending style, there’s no doubt that a credit card with the best cash back reward rates can definitely be worth it. When trying to make your way through the best credit card offers, make sure to look at the fees and additional benefits that come with a certain credit card before you make a choice. 

What is the best cash back credit card with no annual fee?

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Here are our top picks for cash back cards that come without an annual fee:

  • Discover It Cash Back credit card
  • Chase Freedom Unlimited credit card
  • Bank of America cash rewards credit card
  • Citi Double Cash card

Keep in mind that the best credit cards for cash back aren’t necessarily those that have no annual fees. When making a credit card comparison, apart from the annual fee, you should also look at other fees, as well as the earning rate and other benefits that come with a particular credit card.

Is it better to get miles or cashback?

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It is common among consumers to think that cash back cards provide much more value than travel rewards cards. The truth is that it really depends on the consumer's needs and spending habits. While the issue is very nuanced, one thing's for sure - travel rewards cards provide better short-term value, while the best cash back credit cards are a better long-term solution.