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Overview
Credit cards are a fantastic tool to have in your wallet. Despite the negativity surrounding their irresponsible use, simple logic shows how valuable they can be to anyone.
Think about it: if you pay for a flight costing $500 in cash, you only get the flight. If you pay for the same flight with a credit card offering 3% cash back, you get $15 back. It might not seem like much, but after an extended period, those little redemptions can become a substantial chunk of savings, helping you out when you need it most.
Generally, it’s a good idea to stick to travel rewards credit cards, as you can receive outweighed value for your points, but the best cash back cards have an essential role to play and fit certain lifestyles better than miles do.
The Bottom Line:
If you don’t travel too often, want your earnings simplified, and the flexibility to use them on anything, a cash back card might be for you. To help you get started, we’ve found some of the best cash back cards around.
The quick pick:
Best cashback credit cards of November 2024:
- Best all-around cash back card: Chase Freedom Unlimited®
- Best for high earning power: Blue Cash Preferred® Card from American Express
- Best for entertainment spending: Capital One® SavorOne® Rewards
- Best for earning on business expenses: Chase Ink Business Cash®
- Best for earning on Amazon expenses: Prime Visa
- Best for: Beginners looking for a low risk entry point
- Annual Fee: $0
- APR: 19.74% - 28.49% (Variable)
- Reward Rate: 1.5%-5%
- Recommended Credit: 670-850
Chase Freedom Unlimited®
Up to $300 Cashback
Offer Details:
Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back
Why we like it
The Chase Freedom Unlimited does seem like a strong choice for beginners, but its quirks mean it can still find a place in a seasoned points and miles enthusiast’s wallet. While it’s a cashback earning product, those with another Ultimate Rewards earning card can convert that cashback into super-valuable points. The unique bonus structure means the card can be a hugely valuable asset to anyone trying to build their Ultimate Reward points, effectively earning a minimum of 3% or 3 points per dollar on everything.
Reward details
5% cash back on travel purchased through Chase Travel℠, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards, and more.
3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service.
1.5% cash back on all other purchases.
Pros & Cons
Pros
Generous introductory earning rate
Strong earning rates after the introductory year
No annual fee
Cons
Another Chase card is required to earn points
Some cards have better rates after the introductory year
- Best for: High Earning Power
- Annual Fee: $0 intro annual fee for the first year, then $95.
- APR: 18.24%-29.24% Variable
- Reward Rate: 1%-6%
- Recommended Credit: 670-850
Blue Cash Preferred® Card from American Express
$250 intro offer
Offer Details:
Earn $250 after you spend $3,000 on purchases in your first 6 months of card membership
Why we like it
The American Express Blue Cash Preferred is an almost indispensable card for racking up serious cash back. Even considering its annual fee (which has a $0 annual fee the first year), it represents tremendous value. Combined with another, more specific rewards-earning, the Blue Cash Preferred could be the foundation of an outstanding cash-back earning strategy.
Reward details
6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
6% Cash Back on select U.S. streaming subscriptions.
3% Cash Back on transit including taxis/rideshare, parking, tolls, trains, buses and more.
3% Cash Back at U.S. gas stations
1% Cash Back on other purchases
Pros & Cons
Pros
Earn a $250 statement credit after you spend $3,000 in eligible purchases on your new Card within the first 6 months.
Buy Now, Pay Later: Enjoy $0 intro plan fees when you use Plan It® to split up large purchases into monthly installments. Pay $0 intro plan fees on plans created during the first 12 months from the date of account opening. Plans created after that will have a monthly plan fee up to 1.33% of each eligible purchase amount moved into a plan based on the plan duration, the APR that would otherwise apply to the purchase, and other factors.
Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit or at Amazon.com checkout.
$84 Disney Bundle Credit: With your enrolled Blue Cash Preferred Card, spend $9.99 or more each month on an auto-renewing Disney Bundle subscription, to receive a monthly statement credit of $7. Valid only at Disney Plus.com, Hulu.com or Plus.espn.com in the U.S.
Cons
Not the most lucrative intro offer
- Best for: Capital One loyalists who want maximize entertainment spending
- Annual Fee: $0
- APR: 19.74% - 29.74% (Variable)
- Reward Rate: 1%-8%
- Recommended Credit: 670-850
Capital One Savor Cash Rewards Credit Card
$250 Cashback
Offer Details:
Earn $250 cashback after you spend $500 on purchases in your first 3 months from account opening.
Why we like it
The Capital One Savor fills a unique space in the rewards landscape. While it is a cashback card, those with a Capital One Venture Rewards Card can convert earning into Venture Miles to recieve outsized value. The 3% cashback rate on entertainment, dining, streaming services, and grcoery stores represents a significant return on major spending categories and can help consolidate a broader Venture Miles store.
Reward details
8% Cash Back on Capital One Entertainment purchases
5% Cash Back on hotels and rental cars booked through Capital One Travel (terms apply)
3% Cash Back at grocery stores (excluding superstores like Walmart® and Target®), on dining, entertainment and popular streaming services
1% Cash Back on all other purchases
Pros & Cons
Pros
No annual fee
Decent intro bonus for a low threshold
Strong earning on big-spend categories
- Can be redeemed as cashback or miles if cardholders has other Cap 1 products
Cons
Cardholders limited to cashback if they don’t have another Venture Miles earning card
- Best for: Cash Back on Business Expenses
- Annual Fee: $0
- Regular APR: 17.74% - 25.74% (Variable)
- Reward Rate: 1X - 5X
- Recommended Credit: 670-850
Chase Ink Business Cash® Credit Card
$750 Cash-Back
Offer Details:
Earn $350 when you spend $3,000 on purchases in the first three months and an additional $400 when you spend $6,000 on purchases in the first six months after account opening.
Why we like it
The Ink Business Cash Card pulls attention with its big intro bonus, currently sitting at up to $750 of cash back. The card has no annual fee and reward spending categories like 5% cash back (5x points) on purchases at office supply stores and on internet, cable and phone services (up $25,000 per year).
Also, you can supercharge the Ink Cash’s rewards if you have a companion Chase card like the Sapphire Preferred, Sapphire Reserve, or Ink Business Preferred. You can pool your points and make them more valuable by transferring them to Chase’s travel partners like Hyatt, United Airlines, British Airways and more.
Reward details
5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable, and phone services each account anniversary year
2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year
1% cash back on all other card purchases with no limit to the amount you can earn
Pros & Cons
Pros
$750 welcome bonus
No annual fee
If you have another Chase card like the Sapphire Preferred, Sapphire Reserve, or Ink Business Preferred, you can pool your points and make them more valuable. You’ll be able to transfer your points to Chase’s travel partners like Marriott, Air Canada, Southwest, United, and more.
Cons
It does lack some of the juicier benefits attached to other business credit cards likes the The Business Platinum Card® from American Express. But with no annual fee, it’s hard to argue with its value proposition.
It’s subject to Chase’s 5/24 rule. So if you’ve opened five cards in the last two years, you’re most likely not going to be accepted.
- Best for: Regular Amazon customers
- Annual Fee: $0
- APR: 19.74% - 28.49% (Variable)
- Reward Rate: 1%-10%
- Recommended Credit: 670-850
Prime Visa
$150 Amazon Gift Card intro offer
Offer Details:
Get a $150 Amazon Gift Card instantly upon approval exclusively for Prime members.
Why we like it
The Prime Visa is one of the few store cards that pulls it weight. With a whopping 5% cashback on Amazon purchases, those with an itchy trigger finger when it comes to online shopping can reap some serious rewards. It may not be a points-earning product, but few other cards can come close to the value offered on Amazon spending. Its introductory offer of a $150 Amazon gift card is a nice addition, considering it has no spending requirement.
Reward details
Prime Card Bonus: Earn 10% back or more on a rotating selection of items and categories on Amazon.com with an eligible Prime membership
Earn unlimited 5% back at Amazon.com, Amazon Fresh, Whole Foods Market, and on Chase Travel℠ purchases with an eligible Prime membership
Earn unlimited 2% back at gas stations, restaurants, and on local transit and commuting (including rideshare)
Earn unlimited 1% back on all other purchases
Pros & Cons
Pros
High cashback rate on Amazon
Strong intro offer with no spending requirement
No annual fee
Cons
Need an Amazon Prime membership to earn rewards
Few perks
Less useful beyond Amazon
FAQ's
How can I redeem cash back rewards?
The redemption process varies depending on the credit card issuer. Typically, you can redeem your cash back rewards as a statement credit, a check, a direct deposit into your bank account, or use them for specific purchases or gift cards. Check your card’s terms and conditions to understand your redemption options.
Can I use multiple cash back cards to maximize my rewards?
Yes, some people use multiple cash back cards strategically to maximize their rewards. For example, they might use one card for groceries, another for dining, and a third for gas. This approach can help you earn higher cash back rates in specific spending categories. Just be sure to manage multiple cards responsibly and pay attention to any annual fees.
Do cash back rewards expire?
Cash back rewards typically do not expire as long as your credit card account remains open and in good standing. However, it’s essential to check your card’s terms and conditions, as some cards may have specific expiration policies for rewards.
*For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply
by your friends at The Daily Navigator
