Best Cash Back Rewards Credit Cards

Getting a cash back rewards credit card can be one of the savviest financial moves that you make. However, you have to select the right cash back card for this tool to be useful to you. That would be easy if there were only one top card in the market. However, the top cash rewards cards for your wallet depend largely on how you use your credit card, pay your bills, and want to cash in on your rewards.

For example, even the best cash back cards won’t earn you enough rewards to make up for interest fees if you carry a credit card balance. In order to select the best cash back rewards credit card, you really need to know yourself as a credit card holder.

Questions to Ask Yourself when Choosing a Cash Back Card

Ask yourself the following question to make it easier to compare different cash back rewards credit cards with an eye towards those that will be best for you.

What do you spend the most money on? The types of things you spend the most money on and where you shop can make a big difference; a lot of cash back cards pay higher rewards at gas stations, drug stores, and supermarkets. For example, the Citi Dividend Platinum Select and Chase Freedom cards both offer 5% interest back on certain rotating spending categories including restaurants, car rentals and hotels.

How much money do you spend on your credit card each month? Each year? Some cash back rewards cards offer bonus points if you spend a certain amount of money each month. Other cash back rewards credit cards offer a higher rate of cash back after you spend a specified amount on the card each year. If you’re a big spender then these cards can benefit you greatly. There is another important factor for big spenders to look at, though, and that’s whether or not there’s a maximum on the amount of cash back that can be earned each year. A big spender won’t benefit optimally from a card that has such limitations.

Will you be making a large purchase on the card right away? In some ways, this relates to the last question. If you are then you may want to get a credit card that offers bonus points for spending a large sum when you first get the card. However, this question is important in another way as well. If you’re going to spend a lot of money when you get the card and won’t be able to pay it off immediately then you should look for a cash back credit card that offers a 0% or low interest promotional APR. An example of a cash back credit card with a 0% intro APR offer is SimplyCash from American Express.

Are you likely to carry a balance on the credit card? If you are then you are going to want to look for a credit card that has a low APR even if the cash back rewards program isn’t as strong as that of another card with a higher APR.

Do you only want cash back or do you wish for other rewards as well? Most people who get a cash back rewards card are primarily interested in actually getting cash back. However, some cash back rewards cards also offer the opportunity to redeem the rewards for merchandise, travel and other rewards. For example, Discover More allows you to redeem cash back for gift cards that sometimes have double the value of the cash amount. If you want flexible redemption options then this would be something to consider.

How do you want to receive your cash back rewards? The wide variety of rewards programs available today allow you to redeem points for cash, get a reward check, redeem gift cards, or even sign up and get paid via direct deposit.

Is there a credit card brand that you prefer? All of the major credit card companies offer at least one cash back credit card so if you have a company that you prefer over the others then it may be worth it to you to check out what they have available. Don’t forget to compare them to other brands to make sure that they do offer the best deal, though.

Do you fall into a specific consumer category? For example, the Discover Student Card is a cash back card designed specifically for college students that have good credit.

Review the benefits and features of the top cash back cards listed below to figure out which cash back rewards card is the best one for you.

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