Which Credit Card Has The Best Cash Back Rewards

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Which Credit Card Has The Best Cash Back Rewards

Which Credit Card Has The Best Cash Back Rewards

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The 9 Best 5% Cash Back Credit Cards [2023 Updated]

There are 4 types of cash back credit cards, the best option for you depends on your spending

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The Blue Cash Preferred Card from American Express is a select credit card with cash categories including US supermarkets. Crystal Cox/Business Insider

Best Credit Cards Offering 5% Cash Back

When most people think of the different types of credit cards, they usually think of cash back cards, secured credit cards, prepaid cards, and travel cards.

Personally, when I first got a credit card a few years ago, I didn’t know the differences between these broad categories of credit cards, let alone the differences between different types of credit cards. I jumped right in and signed up for Discover it® Cash Back.

Don’t get me wrong, this is a good credit card and it works for me. But I was lucky in this regard. The right way to do this is to know your options and take a few steps before applying for a credit card.

Which Credit Card Has The Best Cash Back Rewards

A cash back credit card gives you a percentage of cash back on every dollar you spend with the card. For example, the Capital One Quicksilver Cash Rewards Credit Card offers 1.5% cash back on all purchases.

Here’s How Cash Back Credit Cards Work

When deciding which credit card to apply for, it’s important to understand the four main types of cash back credit cards available to you.

Annual Fee Chevron Icon This indicates an extension or menu item or some previous/next navigation options.

Once activated, earn 5% on everyday purchases at various locations every quarter, such as Amazon.com, grocery stores, restaurants and gas stations. Get unlimited 1% cashback on all purchases automatically.

Intro bid chevron icon This indicates an extension or menu item or some previous/next navigation options.

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Final Cash Back Match – Discover will automatically match all the money you earn at the end of the first year

Earn 2% per purchase and 1% unlimited rewards on purchases, plus an additional 1% when paying for those purchases.

Here we focus on the rewards and benefits that come with each card. These cards won’t work if you pay interest or late fees. When using a credit card, it’s important to pay off the balance in full each month, pay on time, and spend as much as you can.

Which Credit Card Has The Best Cash Back Rewards

A fixed rate credit card is the most common and basic type of cash back credit card. A discount card gives you the same percentage discount for every dollar you spend, regardless of the spending category. This is what most people think of when they think of a cash back credit card.

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Most cards in this category offer 1.5% to 2% cash back on every dollar spent. For example, a card with 1.5% cash back will pay you $1.50 for every $100 spent on the card.

Cash back credit cards with bonus features, also known as tiered credit cards, have different cash back percentages depending on the type of purchases you make.

For example, the Blue Cash Everyday® Card from American Express is a premium credit card that offers 3% cash back in US stores up to $6,000 in a calendar year (1% back after that), 3% cash back in the US. gas stations up to $6,000 per calendar year (1% return thereafter), 3% cashback on online purchases up to $6,000 per calendar year (1% return thereafter), and 1% cashback on everything (instead cashback in dollars).

It’s important to note that the “everything” spending fee is lower than a fixed-rate credit card, so make sure you’re spending in the higher-paying categories to get the most out of the difference.

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Most cards in this category offer a 1% bonus on all purchases, excluding monthly bonus points. In most cases, the card offers 5% cash back on these features, and you’ll earn 5% when you spend up to $1,500 per quarter (from July 1 to September 30, 2023, you can earn 5% on air.stations and digital accounts up to $1,500 sales after registration, 1% after that.

The most popular credit cards with revolving bonus features are Discover it® Cash Back and Chase Freedom Flex℠. Both cards earn 5% cash back on quarterly bonus points (up to $1,500 in quarterly purchases, 1% back) and 1% cash back on all items. Chase Freedom Flex Card Q3 2023 bonus features include gas stations, EV charging and select live entertainment, Discover it® Cash Back Q4 card bonus features include Amazon.com and digital wallets.

A debit card is similar to a credit card, but you can choose a spending category with higher fees. This is a great benefit that ensures you get paid for your special spending habits.

Which Credit Card Has The Best Cash Back Rewards

The most popular example of a cash back card with customizable payment options is the Bank of America® Custom Cash Back Credit Card. Earn 3% commission on selected category from the list below:

The Best Cash Back Credit Cards For Easy Rewards — Finch Hollow

You’ll also earn 2% cash back on retail and wholesale clubs and 1% on everything else. Your cashback is limited to $2,500 per quarter, after which you’ll earn 1% cashback.

Choosing a credit card isn’t a science, but there are a few things that can help you make the right decision and get the most out of your credit card.

One of those things is knowing your options, such as the four types of credit cards listed above. Another person will take the following four steps to find and apply for their next card:

Many cash back credit cards and premium credit cards require good credit scores. If you don’t currently have a good credit score, you may be better off applying for a credit card with someone with good credit and time to build your credit.

Best “2% Cash Back” Credit Cards (july 2023)

When choosing a credit card to cover expenses, it’s important to know your spending habits.

For example, most of my credit card spending is dining, travel, and groceries. Since I don’t drive to work, I don’t spend a lot of money on gas or shop online.

It sounds really simple (because it is), but when choosing a new credit card, I choose one that pays for my expenses, not one that offers high interest rates or Amazon fees.

Which Credit Card Has The Best Cash Back Rewards

If you’re looking for a simple and convenient option, a fixed rate or prepaid credit card is right for you. You may not get the highest payouts, but you’ll earn with less effort.

The Difference Between Points, Miles, And Cash Back—and How To Choose The Right Rewards Structure

If you want to optimize your spending and work hard to maximize your rewards, then a revolving or prepaid credit card is perfect for you.

Once you’ve done your research to understand your credit score, spending habits, and the type of cash back card you want, it’s time to narrow down your options and find one that’s right for your needs.

Then… serve! Here’s our guide to the best cash back credit cards, as well as a list of small business credit cards to consider.

Be sure to take advantage of all the benefits your new credit card has to offer. Also remember

How To Choose The Best Cash Back Credit Card For You

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