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Thinking about getting a cash back credit card? It can be tough with so many options out there. But don't worry! You don’t need perfect credit to get a card,though the top cards usually require a good FICO® score between 670 and 850. Once you figure out your financial situation, it becomes easier to understand what your best options are. This will help you sort through the many articles on the best cash back credit cards without feeling overwhelmed.
Cash Back Credit Cards
Card companies offer several options for how you receive reward cash. Some of the rewards plans are more complex than others, but you can examine the following categories to understand how the cash back payments work and decide which one is the most appealing.
- Flat rate: Rewards cards with flat rates offer a fixed percentage, such as 1.5%, on all purchases. Whether you purchase a television or bag of groceries, the same cash back rate applies to everything you buy with the card.
- Tiered rates: Cards with tiered rates assign different rates to particular types of purchases. You might receive 1% back on gas and 3% on groceries. However, most tiered cards come with a spending cap that reduces the cash back percentage after you reached the limit. If you have a $4000 cap on gas, you’ll receive a higher rate (maybe 3% depending on the card) until the limit is reached, and then the rate goes down.
- Rotating rates: Rotating rate cards typically have a flat rate on all purchases, but one spending category, such as groceries, has a higher rate for one quarter. For instance, you may receive 1.5% back on all purchases and 4% back on groceries for three months. After the end of the calendar quarter, the higher rate moves to another spending category like restaurant purchases.
- Customer choice: The customer choice card allows you to choose which category has a higher cash back rate each month.
Additional Features of Cash Back Cards
Nearly every lenders provides some form of additional protections and perks to persuade you to use its card. Some of the cash back credit card offers include:
- Extended warranty protection
- Purchase protection
- No foreign transaction fees
- Automatic reward redemption
- Free Credit Scores
- Account reminders
Best Flat Rate Cash Back Credit Card
Capital One® Quicksilver® Cash Rewards Credit Card
- Cash Back
- 1.5%
- Annual Fee
- $0
The Quicksilver Rewards card offers unlimited cash back on every purchase, ensuring that cardholders earn rewards with each transaction without worrying about spending categories.
- Variable APR: 19.24-29.24%
- Low introductory APR offer
- Unlimited 1.5% cash back rewards
Best Rotating Rate Cash Back Credit Card
Bank of America® Customized Cash Rewards Credit Card
- Cash Back
- 1-3%
- Annual Fee
- $0
The Customized Cash Rewards card allows you to modify your rewards categories each month up to $2,500 of combined purchases made each calendar quarter. See website for details.
- Variable APR: 18.74-28.74%
- $200 online cash rewards bonus offer
- 3% cash back in the category of your choice
Best Tiered Rate Cash Back Credit Card
Capital One® SavorOne® Cash Rewards Credit Card
- Cash Back
- 5%
- Annual Fee
- $0
The Savor Rewards card features an unlimited 3% back on entertainment, dining, eligible streaming services and grocery stores. For other purchases, you get 1% back. See website for details.
- Variable APR: 19.24-29.24%
- Rewards never expire
- 5% cash back on hotel and cars booked through Capital One Travel
Best Cash Back Credit Card with 0% Introductory APR
Chase Freedom Unlimited®
- Cash Back
- 1.5%
- Annual Fee
- $0
With Chase, earn 3% back on restaurant and drugstore purchases and 5% on travel purchased through Chase. See website for details.
- Variable APR: 19.99-28.74%
- Low introductory APR
- Rewards never expire
Best Introductory Cash Back Matching Credit Card
Discover it® Cash Back
- Cash Back
- 5%
- Annual Fee
- $0
This unique offer, only available from the Discover it Cash Back card, gives you unlimited cash back at the end of the year of opening the account. Discover matches your cash back amount, which means you could receive $800 from your $400 total. See website for details.
- APR after intro: 17.74% to 27.74%
- 1% cash back on all other purchases
- Rewards never expire
Best Introductory Cash Reward Cash Back Credit Card
Blue Cash Everyday® Card from American Express
- Cash Back
- 3%
- Annual Fee
- $0
The Blue Cash Everyday card gives you $200 back after spending $2,000 in the first six months of account opening. See website for details.
- Variable APR: 18.74-29.74%
- Earn 3% cash back on everyday eligible purchases up to annual limits
- Instead of cash, rewards are distributed through statement credits
Best No Annual Fee Cash Back Credit Card
Citi Custom Cash Card™
- Cash Back
- 5%
- Annual Fee
- $0
Your plans change, and with the Citi Custom Cash® Card, so does the way you earn. As your spending changes each billing cycle, what you earn adjusts automatically within eligible categories. See website for details.
- Variable APR: 18.74-28.74%
- 1% cash back on all other purchases
- Rewards never expire
