Rewards credit cards continue to be very popular today, especially cash back credit cards. After all, who doesn't enjoy extra cash in the bank! If you're looking for a new card, you've come to the right place.
Today we are ranking the latest offerings in this best cash back rewards credit cards review to make your decision easier.
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What To Look For In Cash Back Credit Cards
Let's first look at the basics of what to look for in a cash back credit card. You want to find the rewards structure that fits your spending habits and lifestyle.
Rewards Structure
With so many cash back credit cards on the market, it can feel a bit overwhelming selecting the best one for your needs. To start off, it helps to understand the four main types of cash back credit cards.
Flat Rate – These are the simplest because they offer a set percentage of cash back such as 1.5% on any purchase.
Tiered – Cash back percentage rewards on these cards vary by purchase categories, ex. 1.5% on gas and 6% on groceries.
Rotating – These are like a combination of flat rate and tiered cards. They offer a flat rate on all purchases plus each quarter a specific category is designated for bonus cash back percentages. Caps and qualifications may apply.
Cardholder's choice – A mix of tiered and rotating types, these credit cards offer cardholders a little extra flexibility. For example, you can choose which categories you want to earn extra rewards. There are often base percentages per category and spending caps limits.
Cash Back Credit Card Fees
Annual Fee – The nice thing about many popular cash back rewards credit cards is you can find great cards with no annual fee. Occasionally some cards will have annual fees, so check the terms. The best cash back credit cards have no annual fees.
Top 3 Best Cash Back Rewards Credit Cards Review
With so many cash back credit cards to choose from, here are the top three cash back credit cards out of the hundreds we've seen.
Capital One Quicksilver Rewards Credit Card
Simple and straightforward, the Capital One Quicksilver Rewards credit card offers flat rate cash back rewards. Cardholders earn 1.5% cash back on all purchases without any spending caps.
This is my favorite cash back personal use credit card. Capital One is the leader in cash back credit cards followed by Chase.
Key Benefits
- 1.5% cash back on every purchase
- Rewards are unlimited, ie no spending caps
- Zero foreign transaction fees
- No annual fee
- Get a $200 cash bonus reward if you spend $500 in the first 3 months
- Introductory 0% APR for the first 15 months
Chase Freedom Unlimited
If you're looking for a flexible cash back rewards credit card that isn't complex, this is it. The Chase Freedom Unlimited credit card offers great flat rate rewards.
The 1.5% unlimited cash back rewards percentage is above average, plus the card comes with an introductory $200 bonus offering.
Key Benefits
- Great cash back percentage: Earn unlimited 1.5% cash back on all purchases
- Annual fee: $0
- Sign up bonus: Get a $200 bonus after you spend $500 in the first 3 months
- Bonus cash back categories
- 5% cash back on travel purchased in the Chase Ultimate Rewards® portal
- 3% cash back dining at restaurants and eligible delivery/takeout
- 3% cash back on eligible drugstore purchases.
- Rewards expiration: None as long as your account is open.
- 0% APR for the first 15 months
- Credit score needed: good to excellent
- No minimums to redeem for cash back
Capital One SavorOne Rewards Credit Card
This is a tiered cash back rewards credit card by Capital One that offers an impressive 3% on dining and entertainment without any spending caps.
If you're one to enjoy life more by going out to shows, dinners, movies, sporting events and so forth, the Capital One SavorOne card is the one for you.
Key Benefits
- Unlimited 3% cash back on dining and entertainment
- 2% cash back on groceries with no spending caps (excludes superstores)
- Unlimited 1% cash back on gas and all other purchases
- Get a $200 cash rewards bonus if you spend $500 in the first 3 months
- No annual fee
- 0% APR for the first 15 months
- No foreign transaction fees
- Rewards don’t expire as long as you your account is active
- Access to premium experiences like VIP tickets, 5 star meals and more
- Complimentary concierge service 24/7
- 24-hour travel assistance, travel accident insurance, and more
Take Advantage Of Cash Back Credit Cards With No Annual Fees
If you’re going to spend money, you might as well spend money on a cash back credit card. Not only do you get an interest-free loan for 30 days if you pay it off, you also get buyer’s protection, peace of mind, and rewards.
Take advantage of cash back credit cards to not only save money but also earn money at the same time.
You can’t go wrong going any of these three popular cash back cards:
- Chase Freedom Unlimited
- Capital One Quicksilver
- Capital One SavorOne
In fact, you might as well get all three given they're free to have if you qualify.
Pay off Your Debt Faster With A Personal Loan
If you don’t have enough cash, getting a personal loan from Credible is a good place to start. If you have expensive credit card debt, consider consolidating your debt into a lower interest-rate personal loan.
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Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.
About the Author
Sam worked in investment banking for 13 years at Goldman Sachs and Credit Suisse. He received his undergraduate degree in Economics from The College of William & Mary and got his MBA from UC Berkeley. In 2012, Sam was able to retire at the age of 34 largely due to his investments that now generate roughly $350,000 a year in passive income.
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Disclosure: Credible Operations, Inc. NMLS# 1681276, “Credible.” Not available in all states. www.nmlsconsumeraccess.org.