Cash back credit cards offer the one rewards perk which is universally liked: money. By using them responsibly, you can take advantage of your everyday spending to earn some extra cash.
When you use your cash back card to make a purchase with a merchant, that merchant pays the card issuer a fee known as the interchange fee. Pocket part of this fee and start earning. Walletero has reviewed its extensive archive of card offers to present you with our top recommendations below.
$0 Annual Fee0% Intro APR on Purch. andBalance Transfers for 15 Mo.
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$0 Annual Fee0% Intro APR on BalanceTransfers for 12 Months
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$0 Annual Fee0% Intro APR on Purch. andBalance Transfers for 14 Mo.
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Cash back credit cards offer the one rewards perk which is universally liked: money. By using them responsibly, you can take advantage of your everyday spending to earn some extra cash.
Cash back credit cards seek out your loyalty by offering you money back. They will earn you a percentage of the money you spend on them as cash back, which will vary depending on the spending category.
These spending categories include restaurants, groceries, gas, travel, and others. While some cards will offer you higher percentages in categories they specialize, others will earn you more by enrolling in or activating quarterly rewards programs.
Cash back percentages generally range between 1% and 5%. And the total amount of cash back you can earn in a given quarter or during the year will be capped to a maximum amount, unless the card issuer specifically offers an unlimited cash back percentage.
Some cards also come with an introductory bonus which you can earn provided you spend a minimum amount during a period of usually 3 months.
The amount of cash back you get from your card will depend mainly on 3 things:
You should consider cash back cards that can earn you at least 2% on average. That means that if you spend $1,000 on the card every month, you should be getting at least $240 per year in cash back, assuming you use the card consistently.
A number of cards offer introductory bonuses if you spend a certain amount within the first 3 months of account opening. For example, you may be offered a $150 bonus after you spend $500 on purchases in your first 3 months.
If your card comes with a bonus and you qualify for it, it means that your total cash back your first year will likely be larger than each of the rest of the years. The introductory bonus will be more important to you if you’re planning on holding on to your card for one year or less.
Be sure to read the terms and conditions of your rewards program to understand the details on how cash back is earned. Large cash back percentages are usually offered only on select categories and with quarterly or annual spending caps.
You can redeem your cash back in several ways:
Cash back cards are a good choice if you pay your balance in full every month. If you carry a balance, your rewards can be reduced or even wiped out by running up interest charges. Don’t fall into the trap of overspending to get cash back.
If you run up your spending to get your introductory bonus when you first open an account, plan on paying off your balance as soon as possible to maximize the value of your bonus.
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