Cash back credit cards are a good way to earn extra money back on purchases you make on a regular basis. Currently cash back cards are offering from 1.5% to 5% in rewards. Most cards will allow you to either apply the cash back to purchases or credit your account balance. You can select which you prefer when you’ve earned enough rewards to redeem.
What type of card you qualify for will depend on your credit score. If you have good to excellent credit, obviously the options will be better. When looking for a cash back card, it’s a good idea to check if there’s an annual fee and what the interest rate is. You don’t want fees and interest to defeat the purpose of earning rewards.
Citi® has a Double Cash Card® offer which pays 2% back on purchases as long as you pay the minimum monthly payment by the due date and also rewards 1% on payments. There is no annual fee and the interest varies by APR between 13.99% to 23.99%, depending on your credit rating. You’ll need a minimum score of 720 to qualify. They also offer 0% APR on transfer balances for 18 months.
Chase has a Freedom Unlimited® Card offer which has no annual fee, and gives a $200 cash back bonus reward after you spend $500 within the first three months. You can also earn 5% back on up to $12,000 in grocery purchases within the first year. It pays 1.5% back on any other purchases. The APR variable for this card is between 14.99% and 23.74% with a 15-month introductory rate of 0%. There is no expiration on the rewards and no minimum requirement to redeem them. The minimum credit score needed is 690 to qualify.
The American Express Blue Cash Everyday® Card is great for someone who wants to use one credit card for everyday shopping and expenses. They’re offering no annual fee, and $150 credited to your statement when you spend $1,000 in the first 3 months. You can also earn 3% on grocery purchases up to $6,000 in the first year, then it drops to 1%. It also includes 0% APR for the first 15-months, then the rate varies between 13.99% and 23.99%. The rewards are applied to your statement balance. They also include an option to split up payments interest free with a fixed fee for purchases over $100.
If you’re just starting out in building or repairing your credit, Capital One’s Quicksilver® has high chances of approval. There is an annual fee of $39 and the interest will be on the high side, around 26.99%, but you can earn 1.5% cash back on purchases. If you have excellent credit, they have another Quicksilver® card option with no annual fee and also pays 1.5% in rewards, which you can apply towards purchases on Amazon or your account balance. It also pays a one-time $150 bonus after you spend $500 in the first 3-months from the date you open the account.
Ann is a professional writer who brings dedicated experience having written international and domestic news, blogs, and web content for over 20 years. She’s also a published poet and graphic designer with degrees in Business and Graphic Communications and has been a music distributor, music industry sponsorship sales director and band manager.