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There is no cash back card that is best for everyone because each person and household has different spending habits. Selecting the right cash back credit card can be a difficult process. Credit card companies are required to disclose all the information about the card but that means a lot of fine print reading for potential customers. Here are some tips to help get you started on the right track. Remember, you want to select a card that works for your current lifestyle while putting the maximum amount of money back in your pocket.
A small percentage of cash back cards have an annual fee. These fees typically range from $20-$40 each year. The benefit package and the amount you spend are something to consider when looking at cards with fees. A person who uses the card for many purchases would likely have benefits that outweigh the fees. These cards offer better packages and higher percentages back. There are always exceptions, so make sure you consider where you are spending your money and how much you will be charging on your card. If you find a card with a great benefits package but an annual fee - shop around a little longer. With so many options available you may be able to find one with a lower fee (or none at all) that offers a similar rewards package.
Though most cards offer a flat percentage back on your purchases, there are cards that offer higher percentages back on "everyday purchases." These include categories such as groceries, gas and restaurants. When comparing cards this is something to consider. Another option you will see is tiered cards. These cards offer a greater percentage of cash back when you reach a certain amount on your card. Cash back credit cards may also offer other benefits aside from cash back such as discounts at stores, cash advantages and annual bonuses.
Cards offer their rewards at different times. Some of them reward you annually and others may reward you once a month (or another frequency) or when you reach a certain balance. This usually comes down to a person's preference. Maybe you would prefer a lump sum once a year or you might prefer small amounts more frequently. Some cards have a maximum amount of rewards you can earn each year. Look for this in the fine print and make sure it doesn't exceed what you plan to spend. If it does, chances are there is a better card out there for you.
With multiple options for cash back credit cards, it is likely that there is a card will work well for you. Look for cards with the highest payout for the purchases you spend the most on.
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