Cash back credit cards are a great way to earn extra money for purchasing items you would normally purchase. Your access to cash back cards depends upon your credit history, but if you qualify for one of the better cards, you can earn as much as 5 or 6 percent of your money back on everyday purchases. When selecting a cash back credit card, it is important to pay attention to factors such as interest rates and annual fees. After all, if the card charges a high annual fee, or the interest rates are high, the benefits of cash back rewards are minimized. Be sure to set up the rewards card for automatic bill payment because most credit card companies will assess additional interest if a payment is late or missed.
Based on information from financial experts and additional credit card research, the following list of the Top 10 Cash Back Credit Cards was compiled:
1.) Capital One Cash Rewards Card
The Capital One Cash Rewards card is evaluated as the best cash back credit card available at this time. The Capital One Cash Rewards card provides cardholders with 1.5 percent back on any and all purchases. Because many cash back cards limit rewards to specific purchases, this factor is what positions the Capital One Cash Rewards card at the head of the pack. There is no annual fee or enrollment fee for this cash back card. Additionally, cardholders receive a 50 percent cash back bonus at the end of each year, and a $100 sign up bonus is provided for new members after $500 is spent in the first three months of obtaining the card.
2.) Chase Freedom Visa
The Chase Visa Freedom earns 5 percent cash back for purchases specified in the bonus categories. The bonus categories include gas stations, Starbucks, and many restaurants. New bonus categories are added every three months. However, the Chase Freedom Visa also earns 1 percent on all other purchases, too. The cardholder receives $100 signing bonus once he or she spends $500 within the first three months. This card assess no annual fee and cash reward points never expire.
3.) The AmEx Blue Cash Preferred Card
The AmEx Blue Cash Preferred card offers cardholders 6 percent back at certain supermarkets, and 3 percent cash back on fuel purchases and on purchases from certain department stores. The cardholder receives 1 percent cash back on all other purchases. If the cardholder spends $1000 on the card in the first three months of membership, he or she will receive an additional $150.
4.) Discover® it
The Discover it card offers 5 percent back on purchases from a designated category, and new categories are added every three months. Additionally, if the cardholder transfers his or her balance from another credit card, the balance is maintained on the card for 18 months, interest-free.
5.) NFL Extra Points Visa
This card is branded with a choice of one of 32 NFL shields. The card offers 2 rewards points for every dollar spent. Rewards points may be converted at the rate of 2 for 1 for cash back. There is no cap on earned points and the points will never expire.
6.) American Express Fidelity Rewards
Cardholders receive 2 percent cash back on all purchases with no annual fee. The rewards cash may be deposited into a brokerage account, college savings plan or a Fidelity IRA.
7.) Citi Dividend Platinum Select
This Visa card provides cardholders with 1 percent cash back on standard purchases, and 5 percent back on purchases from partner vendors. A $100 bonus is provided for using the card to spend $500 within the first three months.
8.) Discover® for Students
Students are not charged an annual fee and no overlimit fee. Students can earn up to 5 percent back on eligible purchases. If the student is late one time, there is no late fee applied and the interest rates will not increase.
9.) PenFed Visa Platinum
This card provides 5 percent back on fuel purchases and .25 percent cash back on all other purchases. The cash back amount is automatically applied to the cardholder’s statement, regardless of the earned amount. There is no annual fee for this card.
10.) Costco / American Express TrueEarnings
This card is great for Costco members. The card offers 3 percent back for purchases at Costco, as well as gas stations. Cardholders receive 1 percent back on all other purchases.