Best Cash Back Credit Cards

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.

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.

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.

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.

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.