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What are the best Cash Back Credit Cards? Choosing the right cash back credit card can allow you to earn money on both big and small purchases - cash that you can use however you like, and whenever you want.
Many cash back credit cards exist today that compete for your business. These cards pay you a percentage back on all purchases, and some give additional rewards from specific retailers. Some of the savviest money managers use cash back credit cards for all of their purchases. They pay off their balance each month, and take their cash back rewards to the bank.
When looking for the right cash back credit card, you need to consider several factors. Some of these include:
TopConsumerReviews.com has reviewed and ranked the best cash back credit cards available today. We hope these reviews help you find the best cash back credit card to help your bottom line!
How Cash Back Credit Cards Work
Every time you swipe your card, the store merchant must pay the credit card company a small fee or a percentage of the sale. A portion of this fee is given back to the consumer in the form of a cash back reward. Cash back cards encourage consumers to use their credit cards for everyday purchases and the credit card company benefits from the store fees and passes some of the money back to the consumer.
Every card has a different system for how you redeem and receive your rewards. Some are automatically applied to your statement or are sent in the mail. With other cards, you must manually redeem your rewards (usually on the credit card website). Some offer money back on a monthly basis while others may send the cash back at the end of the year. Some other credit cards require a minimum balance to be released before you earn your rewards. Typically customers will receive the money back as a credit on their account or as a check or cash card in the mail.
Most of credit cards keep track of your cash back rewards with a point system (or something similar). For example, some cards may give you two points for every dollar spent on groceries. 1000 points may equal $10 in cash back. So if you spent $500 dollars on groceries, you would be eligible for $5 back. Often credit card companies have partnerships with other larger companies. Making a purchase from a store that has a partnership with your credit card company would mean a higher percentage of cash back rewards from that purchase. This might mean that different stores offer more or less points for purchases made there.
Another way cash back credit cards are able to offer rewards are from annual fees and interest accrued. While some credit cards have no annual fee, often cash back cards with bigger reward packages have some type of annual fee. Make sure your rewards are going to offset the annual fee you may be required to pay. You want to use the card to your advantage. Cash back rewards cards have higher interest rates than most other cards to help offset the reward costs. It is important to remember to pay off your purchases on a monthly basis to avoid high interest charges. This will allow you to enjoy the benefits and while paying little to no interest on purchases. Those that carry a balance from month to month will end up owing far more in interest charges than what they will receive as rewards
Always pay attention to the fine print. Many customers rush to sign up for a card that offers 5% back on all purchase, but miss the part about it being an introductory offer. While this is a good incentive and one to consider, make sure you think about how the card and its benefits will look for you long term.
Cash Back Credit Cards In The News
A sweet sign-on bonus offering cash-back, free travel or rewards points is one of the most compelling methods credit card issuers use to entice new customers. But issuers are beginning to acknowledge ...
Published: Wed, 16 Jan 2019 21:45:00 GMT
Capital One offers a wide range of great credit cards, including the popular Spark Business cards. The Capital One Spark Cash for Business card currently offers an up to $2,000 cash-back sign-up bonus ...
Published: Wed, 16 Jan 2019 09:18:00 GMT
At NerdWallet, we adhere to strict standards of editorial integrity to help you make decisions with confidence. Many or all of the products featured here are from our partners. Here's how we make mone...
Published: Tue, 15 Jan 2019 11:42:00 GMT
4.5 stars We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. A cash-back credit card leader with a ...
Published: Fri, 11 Jan 2019 15:52:00 GMT
The cards included in these categories offer various types of rewards programs, including cash back, points, travel and airline rewards. Cash Back Credit Cards Airline Credit Cards Dining Rewards Cred...
Published: Thu, 17 Jan 2019 14:45:00 GMT
Corporate credit cards may offer a rewards rate of 1 percent cash back, while numerous consumer rewards credit cards are available with cash back rates of 2 percent or higher. And employees may ...
Published: Fri, 18 Jan 2019 16:10:00 GMT
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