Everyone who knows the tricks to staying on top of your personal finances also knows that owning a cash back credit card is a great way to save money everyday. Yes, credit cards can increase your debt if used poorly, but when used properly, a good rewards card can put hundreds, or even thousands of dollars back in your pocket every year. The best cash back credit cards available today provide instant cash back bonuses, great rewards and most don’t carry an annual fee. In fact only one card on this list has an annual fee, but it is our highest rated card! Why? Because the cash rewards are just that good – and this is a card I personally use.
Below, you will find our favorite cash back credit cards and just why they’ve made our list. If you have a cash back credit card that didn’t make the list and you think it belongs, let us know and we’ll take a look. If it meets our high standards, we’ll make sure to include it.
Best Cash Back Credit Cards
Top Cash Back Card: The Blue Cash Preferred(SM) from American Express is one of the best cash rewards credit cards on the market, with 6% cash back on groceries, 3% cash back on gas, and 1% cash back on all other qualified purchases. There are no minimums, spending caps, or rotating categories. For a limited time you can also earn a $150 cash back bonus after spending $1,000 within 3 months or cardmembership. The only downside to this card is the $75 annual fee. But if you spend $100 or more per month on groceries, you will more than earn your money back. (read the review for an idea of how much cash back you can earn).
Chase Freedom® Visa – $100 Bonus Cash Back – My next favorite cash back credit card is the Chase Freedom® Visa – $100 Bonus Cash Back for a couple of reasons. First, each cardholder will receive a $100 statement credit after being approved and making at least $500 in purchases during the first three months. Then, there’s the opportunity to earn 5% cash back on purchases throughout the year and with a standard cash back rate of 1% on all purchases (with no limits or hurdles). To top it off, this card does not carry an annual fee.
Blue Cash Everyday(SM) Card from American Express – This card is the little brother to our top rated card; it offers lower cash rewards and no annual fee. The cash back program is as simple as simple as it gets – you can earn 3% cash back at supermarkets, 2% cash back at gas stations and department stores, and 1% cash back on all other purchases, with no minimum spending requirement, no enrollment or annual fees, and no rotating spending categories. For a limited time, you can also earn a $100 cash bonus when you spend $1,000 within your first 3 months of card ownership. You can also earn $25 cash back for every friend or family member you refer. The Blue Cash Everyday(SM) from American Express also provides a 0% intro APR on purchases for the first 12 months and the flexibility to pay over time.
Citi® Dividend Platinum Select® Visa® Card. This card offers cardholders 1% cash back with the opportunity to earn 5% cash back on rotating categories throughout the year. For example, you can earn 5% cash back at The Home Depot and on Home Furnishing and Home & Garden purchases from 4/1/12 to 6/30/12 when you enroll. Cardholders will also receive an excellent 0% intro APR on balance transfers and purchases for 12 months. You can also earn $100 cash back after making $500 in purchases within the first 3 months of account opening. The Citi® Dividend Platinum Select® Visa® Card carries no annual fee.
PenFed VISA Platinum Gas/Cash Rewards Card – PenFed, an issuer you may never have heard of, offers up their PenFed VISA Platinum Gas/Cash Rewards Card with an incredible rewards program. All cardholders will earn 5% cash back on gas purchases at the pump and 1% cash back on everything else. Cash rewards are issued each month. Cardholders are provided limits of up to $50,000 depending on their credit history and the PenFed Visa Platinum Gas/Cash Rewards Card has no annual fee. You must be a member of the PenFed Credit Union to obtain this card, and that can be accomplished by being directly or indirectly related to the US Military, Red Cross, or by making a $20 donation.
Discover® More® Card – The Discover® More® Card offers solid cash rewards program with an added bonus: 0% intro APR on purchases and balance transfers for 15 months, then the variable APR of 10.99% – 20.99%. Cardholders will earn 5% Cashback Bonus® in categories that change like gas, restaurants, department stores and more. Limitations apply*, and up to 1% cash back on everything else. The Discover® More® Card carries no annual fee.
TrueEarnings® Card from Costco and American Express – If you’re a member at Costco then there’s no reason not to own the TrueEarnings® Card from Costco and American Express. Cardholders will earn 3% cash back on gasoline (up to $3,000 spend), 2% cash back on restaurant purchases, 2% cash back on travel purchases and 1% cash back on all other purchases, including at Costco (which is rare to find in a credit card). An intro APR of 0% for six months on purchases accompanies the great offer on the TrueEarnings® Card from Costco and American Express and this card does not carry an annual fee.
Best Cash Back Debit Card
PerkStreet Financial(SM) MasterCard® Debit Card – It’s rare to find a debit card that can match the earnings potential of a credit card but PerkStreet has done it. The PerkStreet Financial MasterCard Debit Card offers cardholders 2% cash back on all purchases (if a starting day’s balance of $5,000 is met) as well as the opportunity to earn 5% cash back on rotating purchases throughout the year. You must have a PerkStreet checking account to obtain this debit card and the PerkStreet Financial MasterCard Debit Card comes along free of charge.
“Disclaimer: This content is not provided or commissioned by American Express. Opinions expressed here are author’s alone, not those of American Express, and have not been reviewed, approved or otherwise endorsed by American Express. This site may be compensated through American Express Affiliate Program.”
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