Credit cards make it so easy for us to fulfill our needs when it comes to shopping, travel, and so much more. You can buy anything with a credit card and many of them even offer you cash back for your purchases. That being said, there are some key things to take note of before choosing a new cash back credit card, such as what type of purchases you make most often so you can maximize the amount you can earn right off the bat.1 Despite many credit cards boasting the sum of combined cash back earned, some of them only offer bonuses for select types of purchases, so it’s important you’re aware of what those are.
After keeping track of your most frequent kind of purchases, the second most important thing to keep in mind about getting a new cash back credit card is your credit score. Banks and credit card providers are usually very picky when it comes to issuing credit cards with the best reward systems. 2
As a result, the terms can be rigorous, and you will need a good credit score as well as ample financial history in order to qualify for the best card on the market.
Finally, it is important to note that you can considerably shorten the process of getting a new credit card by choosing one that is available from your current bank. Because your current bank already has a record of your financial history as well as your personal information, it will be much easier for them to review your application for a new credit card, and they may even be able to make more relevant and personalized recommendations about the card that is best for you. Although this could save you valuable time, it still may not be the best option out there.
1. Citi Double Cash Card
The Citi Double Cash Card is most certainly one of the best cards on the market today. Although it doesn’t offer hefty sign-up bonuses, this credit card is the most reliable on the market. 3
For the first 18 months, you won’t have to pay any APR or annual fees. You can get one percent cashback for all your purchases and an additional one percent cash back after you have paid off the debt. The only thing you have to be wary of is that you need to accumulate at least $25 before you can get a payout from your card.
2. Chase Freedom and Chase Freedom Unlimited
The Chase Freedom credit card offers an excellent sign-up bonus and high quarterly rewards.4 You can get one percent cashback for all your purchases and a five percent quarterly bonus on rotating categories.
Meanwhile, another credit card, the Chase Freedom Unlimited card provides a 1.5 percent bonus on all your purchases without any rotating categories.
Both of these excellent options offer their users a $150 sign up bonus, given that you spend $500 or more in your first quarter. They also don’t charge any annual fees or APR.
3. Capital One Quicksilver Cash Rewards Card
To qualify for the Capital One Quicksilver Cash Rewards Card you will need a credit score above 690. But that is the only challenging part about getting this credit card. Once you have it, you won’t need to pay any APR for the first 15 months. This card also offers a $150 sign up bonus if you spend more than $300 in the first three months of having the card. There are no annual fees, and you will receive a 1.5 percent return on all your purchases.5
4. Wells Fargo Propel American Express
The Wells Fargo Propel American Express card is the perfect credit card for you if you like to travel a lot. With their “Go Far Rewards” points, you can earn considerable cashback perks for every dollar you spend on food, transportation, and accommodations. Additionally, if you spend over $300 within the first 90 days, you can get a $300 cashback bonus.6 If you are a frequent traveller, you won’t regret signing up for this extremely useful credit card.
5. Uber Visa Credit Card
With the Uber Visa Credit Card, you can get a $100 cashback bonus if you spend $500 or more in the first three months of having this card. It offers a 4% cashback on dining and takeout. 7 So, if you work a lot and don’t have time to cook, or find yourself eating out frequently, the Uber Visa Credit Card will help you get your money back.
Whichever credit card you choose, make sure to do your research online to find the best cashback option for you. Created to help you earn back some of the money you spend, cashback credit cards are lifesaving tools that will help you get the most out of your daily purchases.