Best Cashback Credit Cards

Dayana Yochim

Written by Dayana Yochim
Edited by Carolyn Kimball
Fact-checked by Andrea Coombes

June 05, 2023

The best cashback credit cards pay top dollar for every penny you spend. For the average American — or “consumer unit,” as we’re affectionately referred to by the Bureau of Labor Statistics — that could mean raking in anywhere from $120 to $300 in cashback rewards each year if you put $1,000 a month in expenses on plastic.

Based on BLS spending data and our cashback credit card calculations, the top cashback credit cards are:

  • Bank of America Unlimited Cash Rewards (Platinum Honors Tier)
  • Alliant Cashback Visa Signature Credit Card
  • Bank of America Unlimited Cash Rewards (Platinum Tier)
  • Chase Freedom Unlimited
  • Citi Double Cash Card

Don’t click the “apply now” button just yet. There may be a better rewards card for you depending on how much you put on plastic each month. The inputs used to calculate the top five cashback credit cards listed above are based the spending patterns of the average “consumer unit,” as we’re affectionately called by the Bureau of Labor Statistics. Replace the default dollar amounts in the credit card finder tool below with your real-world numbers to find the most profitable rewards credit card for you.

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  • check_box_outline_blankcheck_boxAlliant Cashback Visa Signature Credit Card
  • check_box_outline_blankcheck_boxAmerican Express Cash Magnet
  • check_box_outline_blankcheck_boxApple Card
  • check_box_outline_blankcheck_boxBank of America Customized Cash Rewards
  • check_box_outline_blankcheck_boxBank of America Unlimited Cash Rewards
  • check_box_outline_blankcheck_boxBank of America Unlimited Cash Rewards (Gold Tier)
  • check_box_outline_blankcheck_boxBank of America Unlimited Cash Rewards (Platinum Tier)
  • check_box_outline_blankcheck_boxBank of America Unlimited Cash Rewards (Platinum Honors Tier)
  • check_box_outline_blankcheck_boxBlue Cash Everyday from American Express
  • check_box_outline_blankcheck_boxBlue Cash Preferred Card from American Express
  • check_box_outline_blankcheck_boxBMO Harris Bank Cash Back Mastercard
  • check_box_outline_blankcheck_boxCapital One Quicksilver Rewards
  • check_box_outline_blankcheck_boxCapital One Quicksilver Rewards for Good Credit
  • check_box_outline_blankcheck_boxCapital One QuicksilverOne
  • check_box_outline_blankcheck_boxCapital One Savor Rewards
  • check_box_outline_blankcheck_boxCapital One SavorOne Rewards
  • check_box_outline_blankcheck_boxChase Freedom Flex
  • check_box_outline_blankcheck_boxChase Freedom Unlimited
  • check_box_outline_blankcheck_boxCiti Custom Cash Card
  • check_box_outline_blankcheck_boxCiti Double Cash Card
  • check_box_outline_blankcheck_boxCostco Anywhere Visa Card by Citi
  • check_box_outline_blankcheck_boxCredit One Bank American Express Card
  • check_box_outline_blankcheck_boxCredit One Platinum Rewards Visa
  • check_box_outline_blankcheck_boxCredit One Platinum Rewards Visa with No Annual Fee
  • check_box_outline_blankcheck_boxCredit One Platinum X5 Visa
  • check_box_outline_blankcheck_boxDiscover it Cash Back
  • check_box_outline_blankcheck_boxDiscover it Chrome
  • check_box_outline_blankcheck_boxPayPal Cashback Mastercard
  • check_box_outline_blankcheck_boxPenFed Power Cash Rewards
  • check_box_outline_blankcheck_boxPetal 2 Visa Card
  • check_box_outline_blankcheck_boxPNC Cash Rewards Visa Credit Card
  • check_box_outline_blankcheck_boxSallie Mae Accelerate
  • check_box_outline_blankcheck_boxSallie Mae Evolve Credit Card
  • check_box_outline_blankcheck_boxSoFi Credit Card
  • check_box_outline_blankcheck_boxTD Cash Credit Card
  • check_box_outline_blankcheck_boxTruist Enjoy Cash Credit Card
  • check_box_outline_blankcheck_boxU.S. Bank Cash+ Visa Signature Card
  • check_box_outline_blankcheck_boxUpgrade Cash Rewards
  • check_box_outline_blankcheck_boxUpgrade Triple Cash Rewards
  • check_box_outline_blankcheck_boxUSAA Cashback Rewards Plus American Express Card
  • check_box_outline_blankcheck_boxUSAA Preferred Cash Rewards Visa Signature Card
  • check_box_outline_blankcheck_boxVenmo Credit Card
  • check_box_outline_blankcheck_boxWells Fargo Active Cash Card

Filter

Best for Low-Hassle Rewards

Alliant Cashback Visa Signature Credit Card

Read review
Alliant Cashback Visa Signature Credit Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on Alliant's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Straight-up 2.5% cash back on all purchases up to $10K in spending a month (though caveats apply)
  • 1.5% default rewards rate after you hit the ceiling (or if you fail to meet caveats outlined below)
  • No foreign transaction fees
  • Premium-level Visa Signature Card program coverage

thumb_down Dislikes

  • Requires maintaining an Alliant high-rate checking, otherwise it's 1.5% for you
  • No bonus categories = no extra earning potential
  • Rewards expire (after four years of procrastination)
  • No 0% intro APR on purchases or balance transfers
  • No sign-up bonus
Best for Low-Hassle Rewards

American Express Cash Magnet

Read review
American Express Cash Magnet Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on American Express' secure website
face Dayana's Take expand_more

thumb_up Likes

  • No rewards cap — at all!
  • 1.5% cashback rate on every category, no tracking required
  • $200 sign-up bonus
  • No annual fee
  • 0% intro APR on purchases for 15 months
  • Comes with AmEx network perks

thumb_down Dislikes

  • No bonus categories = no extra earning potential
  • Flat 1.5% rewards rate less generous than other Amex cards
  • American Express not as widely accepted abroad as Visa and Mastercard
  • Le yuck 2.7% foreign transaction fee
Best for Apple Stans

Apple Card

Read review
Apple Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on Apple's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Unlimited cash back deposited daily into account
  • 2% rewards when paying with your Apple device
  • 3% cash back on Apple products
  • No fees. Nada
  • Interest-free Apple product financing
  • Can help others build credit

thumb_down Dislikes

  • Reliant on Apple Pay, having an up-to-date iPhone and Apple Wallet
  • 3% limited to purchases directly from Apple and a handful of partners
  • Blah 1% default rate where Apple Pay isn’t accepted
  • No sign-up incentives
  • PC/Android people: Don’t even bother
Best for Rewards Rotators

Bank of America Customized Cash Rewards

Read review
Bank of America Customized Cash Rewards Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on Bank of America's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Monthly choice of 3% rewards categories
  • 2% cashback at grocery stores and wholesale clubs
  • One-time $200 cash bonus
  • No annual fee
  • 0% intro APR on purchases and balance transfers for 18 months
  • Preferred Rewards members may qualify for higher cashback rate

thumb_down Dislikes

  • Low $2,500 quarterly cap on purchases eligible for 3% and 2% rewards rates
  • Lame 1% cash back base/default rate
  • Requires minor mathing to maximize rewards
Best for Low-Hassle Rewards

Bank of America Unlimited Cash Rewards

Read review
Bank of America Unlimited Cash Rewards Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on Bank of America's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Unlimited 1.5% cash back on all purchases
  • Easy rewards math
  • Higher cashback rate (1.87%-2.62%) available for BofA/Merrill Preferred Rewards customers
  • $200 sign-up bonus
  • No annual fee
  • 0% intro APR for 18 months on purchases/balance transfers

thumb_down Dislikes

  • We wouldn’t call the standard 1.5% cashback rate amazing
  • Lack of bonus categories limits cash back payoff
  • Qualifying for the Preferred Rewards program (and cashback rate booster) is a whole thing 🙄
  • 3% foreign transaction fee

Bank of America Unlimited Cash Rewards (Gold Tier)

Bank of America Unlimited Cash Rewards (Gold Tier) Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on Bank of America's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Unlimited cashback on all purchases (aka, no spending caps, no tracking required)
  • 25% rewards booster (1.87% vs. 1.5%) for Preferred Rewards customers is … something
  • $200 sign-up bonus
  • Lengthy 18 month 0% intro APR on balance transfers
  • Same 0% APR on purchases = pretty sweet
  • No annual fee
  • Preferred Rewards tiers qualify for additional banking/investing benefits

thumb_down Dislikes

  • Requires a $20,000 combined balance minimum in BofA and/or Merrill Edge investing account to qualify for so-so rewards rate booster
  • The Gold Tier rewards boost may take 30 days to kick in after enrolling in the Preferred Rewards program
  • 3% foreign transaction fee
  • 3% balance transfer fee

Bank of America Unlimited Cash Rewards (Platinum Tier)

Bank of America Unlimited Cash Rewards (Platinum Tier) Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on Bank of America's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Unlimited cash back on all purchases (no spending caps here!)
  • 50% rewards booster (2.25% vs. 1.5%) for Platinum Tier Preferred Rewards customers
  • $200 sign-up bonus
  • 0% intro APR for 18 months on purchases and balance transfers
  • No annual fee
  • Preferred Rewards tiers qualify for additional banking/investing benefits

thumb_down Dislikes

  • Rewards booster requires maintaining a $50,000 combined minimum in BofA and/or Merrill Edge investing account
  • The Platinum Tier rewards boost may take 30 days to kick in after enrolling in the Preferred Rewards program
  • 3% foreign transaction fee
  • 3% balance transfer fee

Bank of America Unlimited Cash Rewards (Platinum Honors Tier)

Bank of America Unlimited Cash Rewards (Platinum Honors Tier) Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on Bank of America's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Unlimited cash back on all purchases (Booyah!)
  • 75% rewards booster (2.62% vs. 1.5%) for Preferred Rewards customers
  • $200 sign-up bonus
  • 0% intro APR for 18 months on purchases and balance transfers
  • No annual fee
  • Preferred Rewards tiers qualify for additional banking/investing benefits

thumb_down Dislikes

  • Requires maintaining a $100,000 combined minimum in BofA and or Merrill Edge investing accounts for rewards booster
  • Rewards boost may take 30 days to kick in after enrolling in the Preferred Rewards program
  • 3% foreign transaction fee
  • 3% balance transfer fee

Blue Cash Everyday from American Express

Read review
Blue Cash Everyday from American Express Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on American Express' secure website
face Dayana's Take expand_more

thumb_up Likes

  • 3% cash back on at supermarkets, gas stations and on online retail purchases
  • $200 sign-up bonus up for grabs
  • 0% APR on purchases/balance transfers for 15 months
  • No annual fee

thumb_down Dislikes

  • 3% rewards spending capped after $6K per year in spending per bonus category
  • 1% cash back on non-bonus category spending and purchases that exceed caps
  • Not as widely accepted abroad, which may be a blessing because…
  • Charges a 2.7% foreign transaction fee
Best for Foodies

Blue Cash Preferred Card from American Express

Read review
Blue Cash Preferred Card from American Express Logo
Cash Back Per Year
$...
Annual Fee
$95
Welcome Bonus
$300
Apply Now on American Express' secure website
face Dayana's Take expand_more

thumb_up Likes

  • Big-time rewards (6%!) on supermarket and streaming purchases
  • 3% back on gas and transit-related stuff
  • $300 signup bonus
  • $95 annual fee waived for the first year
  • 12 month 0% APR on purchases and balance transfers

thumb_down Dislikes

  • $6K annual cap on reward-eligible grocery store purchases
  • Superstore and warehouse clubs don’t count
  • Blah 1% cash back base/default rate on all other purchases
  • The 2.7% foreign transaction fee is whatever the French word is for "yuck"

BMO Harris Bank Cash Back Mastercard

Read review
BMO Harris Bank Cash Back Mastercard Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on BMO's secure website
face Dayana's Take expand_more

thumb_up Likes

  • 5% cashback on streaming/cable/satellite services
  • 3% cashback on the essential Gs — gas and groceries
  • $200 sign-up bonus
  • Comes with roadside assistance
  • No annual fee
  • 12 month 0% introductory APR on balance transfers

thumb_down Dislikes

  • $2,500 quarterly spending cap on gas and grocery 3% cashback category
  • 4% balance-transfer fee is pretty pricey
  • The 1% base cashback rate seems stingy
  • Charges a 3% foreign transaction fee
Best for Low-Hassle Rewards

Capital One Quicksilver Rewards

Read review
Capital One Quicksilver Rewards Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on Capital One's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Unlimited 1.5% cashback on all the things
  • 5% cashback on hotels and rental cars booked through Capital One Travel
  • Easy-to-nab $200 signup bonus
  • $0 annual fee
  • 15-month 0% intro APR on purchases and balance transfers
  • 3% balance-transfer fee waived on money moved within first 15 months
  • No foreign transaction fees

thumb_down Dislikes

  • No rewards bonus categories = limited cashback potential
  • 1.5% cashback rate is the starting point for many cards
  • Requires “excellent” credit for not-so-excellent rewards
Best for Rewards Card Newbies

Capital One Quicksilver Rewards for Good Credit

Read review
Capital One Quicksilver Rewards for Good Credit Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on Capital One's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Unlimited 1.5% cash back on every purchase
  • 5% cashback on hotels and rental cars booked through Capital One Travel
  • $0 annual fee
  • No foreign transaction fee
  • Doesn't require perfect credit for approval

thumb_down Dislikes

  • No rewards bonus categories means limited upside
  • No welcome bonus for new cardmembers
  • No intro APR on purchases or balance transfers
  • 1.5% cashback rate is the starting point for many cards
Best for Rewards Card Newbies

Capital One QuicksilverOne

Read review
Capital One QuicksilverOne Logo
Cash Back Per Year
$...
Annual Fee
$39
Welcome Bonus
No
Apply Now on Capital One's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Unlimited 1.5% cash back on every purchase
  • 5% cashback on hotels and rental cards booked through Capital One Travel
  • No foreign transaction fee
  • Automatic credit line reviews

thumb_down Dislikes

  • $39 annual fee
  • No rewards bonus categories
  • No new cardmember offer
  • No balance transfer deal
  • 1.5% cashback rate is the starting point for many cards
Best for Foodies

Capital One Savor Rewards

Capital One Savor Rewards Logo
Cash Back Per Year
$...
Annual Fee
$95
Welcome Bonus
$300
Apply Now on Capital One's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Tasty 4% cashback rate on dining/entertainment/streaming services
  • 3% cashback rate on grocery store purchases
  • Unlimited cashback earning potential (no caps!)
  • No minimums required for redemptions
  • No foreign transaction fees
  • 5%-8% cash back on travel/entertainment purchases through Capital One

thumb_down Dislikes

  • $95 annual fee buys just a small upgrade from the no-fee SavorOne card
  • Low 1% base rate on non-entertainment/food-related purchases
  • Groceries purchased at warehouse clubs, discount/super/convenient stores earn 1% cash back
  • $300 sign-up bonus requires $3,000 in purchases in three months
  • Lousy balance transfer deal (no 0% APR period), even with no fee
Best for Foodies

Capital One SavorOne Rewards

Read review
Capital One SavorOne Rewards Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on Capital One's secure website
face Dayana's Take expand_more

thumb_up Likes

  • 3% unlimited cashback on food- and entertainment-related spending
  • 5% unlimited cashback on hotels/rental cars booked through Capital One Travel
  • Easy-to-earn $200 signup bonus
  • 15-months of 0% APR on purchases and balance transfers
  • No annual fee
  • No foreign transaction fees

thumb_down Dislikes

  • 1% default rate means anemic rewards for the "everything else" spending category
  • Nonsensical restrictions on 3% cashback streaming category
  • No annual fee = lower rewards rate than Savor card

Chase Freedom Flex

Read review
Chase Freedom Flex Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on Chase's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Rotating 5% cashback category each quarter (great if your spending aligns)
  • 3% cashback on dining and drugstores
  • $200 signup bonus
  • Unlimited 5% cashback on travel purchased through Chase
  • 0% APR on purchases and balance transfers for 15 months
  • No annual fee
  • Travel/cell phone coverage

thumb_down Dislikes

  • You must opt in each quarter to qualify for bonus rewards rate
  • Low $1,500 quarterly cap on rotating 5% bonus category
  • The 1% default cashback rate — whatevs
  • Rotating bonus categories = extra thinking at checkout
  • Charges a 3% foreign transaction fee

Chase Freedom Unlimited

Read review
Chase Freedom Unlimited Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on Chase's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Unlimited 1.5% to 3% cashback (we like unlimited)
  • 5% unlimited cashback on travel purchased through Chase
  • $200 signup bonus
  • No annual fee
  • 0% APR on purchases and balance transfers for 15 months
  • Transferable points within Chase ecosystem

thumb_down Dislikes

  • Only bonus categories are Dining and Drugstores (and Chase-booked travel)
  • 3% foreign transaction fee
  • 3% balance-transfer fee jumps to 5% after first 60 days
Best for Rewards Rotators

Citi Custom Cash Card

Read review
Citi Custom Cash Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on Citi's secure website
face Dayana's Take expand_more

thumb_up Likes

  • 5% cash back on your biggest monthly spending category
  • $200 sign-up bonus
  • Hassle-free rewards
  • No annual fee
  • 0% APR on purchases and balance transfers for 15 months

thumb_down Dislikes

  • $500 monthly spending limit on 5% cash back
  • Measly 1% cash back on everything else
  • 3% foreign transaction fee
  • 5% balance transfer fee

Citi Double Cash Card

Read review
Citi Double Cash Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on Citi's secure website
face Dayana's Take expand_more

thumb_up Likes

  • 2% unlimited cash back on everything (eventually)
  • Rewards good financial behavior
  • No annual fee
  • 0% APR on balance transfers for 18 months

thumb_down Dislikes

  • This is a 1% cashback card if you don't pay off your balance
  • No bonus rewards spending categories = limited rewards potential
  • Sorry, no sign-up bonus
  • 3% foreign transaction fee
  • 5% balance transfer fee after intro period
Best for Road Warriors

Costco Anywhere Visa Card by Citi

Read review
Costco Anywhere Visa Card by Citi Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on Costco's secure website
face Dayana's Take expand_more

thumb_up Likes

  • High 4% cashback on gas/EV charging year round (up to a point)
  • Doubles as a 3% dining/travel rewards card
  • 2% rewards on Costco purchases
  • No rotating rewards categories
  • No foreign transaction fees
  • Executive Members can really cash in

thumb_down Dislikes

  • Requires a Costco membership (to state the obvious)
  • $7,000 annual cap on gas/EV charging rewards spending
  • Rewards paid out once annually ...
  • ...and they expire
  • No signup bonus or 0% intro APR on purchases or balance transfers

Credit One Bank American Express Card

Credit One Bank American Express Card Logo
Cash Back Per Year
$...
Annual Fee
$39
Welcome Bonus
No
Apply Now on CreditOne's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Fuss-free unlimited 1% cashback on all purchases
  • Rewards automatically credited to your account each month
  • Prequalification option means no hard inquiry to your credit file before you apply
  • Access to Amex Offers and Network Benefits (e.g. travel benefits, retail protections and increased rewards with participating retailers)
  • Free credit score access (with registration)

thumb_down Dislikes

  • Low 1% cashback rate, no bonus categories
  • Hard to justify the $39 annual fee for a 1% cashback rewards card
  • Requires “average” to “excellent” credit, according to Credit One, for “fair” to “below average” rewards, according to us
  • High purchase APR
  • No welcome bonus, low intro APR on purchases, or balance transfer deal
  • 3% ($1 minimum) foreign transaction fee
  • 8% ($5 minimum) cash advance fee

Credit One Platinum Rewards Visa

Credit One Platinum Rewards Visa Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on CreditOne's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Rewards card option for those with average credit
  • No rewards spending caps in qualifying categories
  • Up to 10% rewards rate from participating retailers
  • Rewards automatically applied to account as a statement credit each month
  • Prequalification means no hard inquiry to your credit file before you apply
  • Free credit score access (with registration)
  • Account periodically reviewed for credit line increases

thumb_down Dislikes

  • $39 annual fee
  • High APR on purchases (so pay ‘em off monthly!)
  • No cash back on purchases outside of rewards categories
  • Limited cashback spending categories + low rewards rate = minimum upside
  • Low initial credit limit ($300 minimum) based on your credit
  • No welcome bonus, low intro APR for purchases, or a balance transfer deal
  • 3% ($1 minimum) foreign transaction fee
  • 8% ($5 minimum) cash advance fee
  • 10% More Cash Back Rewards merchants not listed on site

Credit One Platinum Rewards Visa with No Annual Fee

Read review
Credit One Platinum Rewards Visa with No Annual Fee Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on CreditOne's secure website
face Dayana's Take expand_more

thumb_up Likes

  • 2% cashback on gas, groceries, phone, internet, cable and satellite TV bills
  • Up to 10% rewards rate from participating retailers
  • No annual fee
  • Automated monthly cashback redemption
  • Offers prequalification option

thumb_down Dislikes

  • No sign-up bonus
  • No 0% intro APR on purchases/balance transfers
  • Pays zero (nada, 0%) cashback on purchases outside of the specified rewards categories
  • Potentially low $300 starting credit limit
  • 3% foreign transaction fee
  • Fee-heavy card terms

Credit One Platinum X5 Visa

Credit One Platinum X5 Visa Logo
Cash Back Per Year
$...
Annual Fee
$95
Welcome Bonus
No
Apply Now on CreditOne's secure website
face Dayana's Take expand_more

thumb_up Likes

  • 5% cash back (on certain purchases) is awesome, for a while (see spending cap)
  • At least there’s no spending cap on 1% default rewards rate
  • Rewards automatically applied to account as a statement credit each month
  • Prequalification means no hard inquiry to your credit file before you apply
  • Free credit score access (with registration)
  • Account periodically reviewed for credit line increases
  • Up to 10% rewards rate from participating retailers

thumb_down Dislikes

  • The $5,000 annual spending cap severely limits rewards potential
  • Covering the $95 annual fee requires spending $1,900 (at the 5% cashback rate)
  • Bonus 5% rewards rate applies only to gas, groceries and eligible phone/cable/TV services
  • 1% cashback default rate is underwhelming
  • Low initial credit limit ($500 minimum) based on your credit
  • 3% (minimum $1) foreign transaction fee
  • 5% ($10 minimum) cash advance fee
  • No welcome bonus, low intro APR for purchases, or a balance transfer deal
  • High APR on purchases (as in, avoid carrying a balance)
  • Requires “average” to “excellent” credit for approval
Best for Rewards Rotators

Discover it Cash Back

Read review
Discover it Cash Back Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
2X Rewards your first year
Apply Now on Discover's secure website
face Dayana's Take expand_more

thumb_up Likes

  • 5% cashback on quarterly rotating spending categories
  • Dollar-for-dollar match on all earned rewards at the end of your first year
  • No annual fee
  • 0% APR on purchases and balance transfers for 15 months
  • Free Social Security number alerts
  • Accepted lots of places. Really!
  • No foreign transaction fee

thumb_down Dislikes

  • The rotating thing requires, well, thought
  • $1,500 quarterly spending cap on 5% bonus category
  • 1% cashback on everything else is something, at least
  • Requires reward category activation
  • No extra protections like rental/travel insurance

Discover it Chrome

Read review
Discover it Chrome Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
2X Rewards your first year
Apply Now on Discover's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Automatic 2% cashback on gas and restaurants; 1% on all else
  • Dollar-for-dollar match on all earned rewards at the end of your first year
  • 0% intro APR for 15 months on purchases and balance transfers
  • No annual fee
  • No foreign transaction fee
  • Accepted lots of places. Really!

thumb_down Dislikes

  • Low ($1,000) quarterly spending cap on 2% cashback categories
  • Limited bonus rewards categories (just two — gas and restaurants)
  • The double cashback setup ends after one year
Best for Low-Hassle Rewards

PayPal Cashback Mastercard

Read review
PayPal Cashback Mastercard Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on PayPal's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Very competitive 2% unlimited cash back on everything
  • 3% unlimited cashback on PayPal purchases
  • No annual fee
  • No redemption minimums

thumb_down Dislikes

  • No sign-up bonus
  • No 0% intro APR on purchases/balance transfers
  • Requires PayPal account to apply and redeem rewards
  • Where are the perks?
  • 3% foreign transaction fee is a bummer
  • Those APRs 😬

PenFed Power Cash Rewards

Read review
PenFed Power Cash Rewards Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$100
Apply Now on PenFed's secure website
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thumb_up Likes

  • 1.5% unlimited cashback on everything, except …
  • Its 2% for PenFed Honors Advantage members
  • Woot! No rewards caps!
  • Blissfully uncomplicated rewards structure
  • No annual, foreign transaction or cash advance fees
  • 0% APR for 12 months on balance transfers

thumb_down Dislikes

  • Requires PenFed membership
  • Must be a active or former military member or maintain a checking account to qualify for 2% cash back
  • Just a so-so intro bonus
  • No introductory APR on purchases

Petal 2 Visa Card

Read review
Petal 2 Visa Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on Petal's secure website
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thumb_up Likes

  • Pathway to cashback rewards if you’re new to credit
  • No fees. Like, none. Not even international fees
  • Rewards shopping local with 2%-10% cashback
  • No limits on how much cashback you can earn

thumb_down Dislikes

  • You’re stuck with 1% cashback for at least six months
  • Requires six to 12 on-time payments for access to 1.25% and 1.5% cash back rates
  • Low credit limit = low rewards potential
  • No sign-up bonuses or 0% APR breaks
Best for Road Warriors

PNC Cash Rewards Visa Credit Card

Read review
PNC Cash Rewards Visa Credit Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on PNC's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Earn 4%, 3%, 2% cash back on gas, restaurants and groceries, respectively (up to a point)
  • $200 signup bonus
  • 0% intro APR on balance transfers for first 12 months
  • No annual fee

thumb_down Dislikes

  • $8K annual spending cap on purchases eligible for 4%, 3% and 2% cash back
  • No 0% intro APR on purchases
  • If there’s a fee, they charge it
  • 3% foreign transaction fee

Sallie Mae Accelerate

Read review
Sallie Mae Accelerate Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on Sallie Mae's secure website
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thumb_up Likes

  • Earn 2% cashback when redeemed to help pay down a student loan
  • No annual fee
  • $200 bonus for spending $1K in first three months
  • No cap or expiration on rewards
  • Secondary cell phone coverage and other Mastercard bennies

thumb_down Dislikes

  • Limited redemption options (which is kinda the point, but still)
  • The 1.5% base cashback rate is pretty basic
  • $25 reward redemption minimum
  • No welcome bonus or 0% intro APR on transfers or purchases
  • The 3% foreign transaction and 5% cash advance fees will leave a mark
  • Not really worth it if you don’t have student loan debt
Best for Rewards Rotators

Sallie Mae Evolve Credit Card

Read review
Sallie Mae Evolve Credit Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on Sallie Mae's secure website
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thumb_up Likes

  • 2% cashback on your two biggest spending categories each month
  • 1.5% cashback on everything else
  • No caps on rewards spending
  • Broad list of spending categories
  • No annual fee

thumb_down Dislikes

  • Many rewards categories may s
  • No sign-up bonus or 0% intro APR on purchases or balance transfers
  • 3% foreign transaction fee is le yuck
  • $25 minimum redemption requirement
  • Higher cashback rates available elsewhere if you’re a planner

SoFi Credit Card

Read review
SoFi Credit Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on SoFi's secure website
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thumb_up Likes

  • 2% unlimited cash back... if funneled into a SoFi account
  • No annual fee
  • No foreign transaction fees
  • Comes with World Elite Mastercard perks

thumb_down Dislikes

  • Cashback rate cut in half to 1% if redeemed as a statement credit
  • No sign-up bonus
  • No intro APR on purchases/balance transfers
  • Just to reiterate, it's 1% cashback unless you redeem within SoFi's ecosystem
Best for Foodies

TD Cash Credit Card

Read review
TD Cash Credit Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$150
Apply Now on TD's secure website
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thumb_up Likes

  • Unlimited 3% or 2% cashback on food (dining and groceries, respectively)
  • Earn 5% cashback on gas for 6 months (up to $6,000 spend)
  • Easy-to-snag sign-up bonus
  • 0% APR for 12 months on balance transfers
  • No annual fee

thumb_down Dislikes

  • 1% default cashback rate could be tastier
  • 5% cashback deal ghosts you after 6 months or you spend $6K
  • 3% foreign transaction fee

Truist Enjoy Cash Credit Card

Read review
Truist Enjoy Cash Credit Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on Truist's secure website
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thumb_up Likes

  • Choice of two rewards programs at sign-up — 1.5% flat rate, or 3% on gas and 2% on utilities and groceries
  • 10%-50% rewards booster option for Truist customers
  • Multiple reward redemption options
  • 12-month 0% APR on purchases
  • No annual fee
  • No foreign transaction fee

thumb_down Dislikes

  • 3% rate applies to gas... and nothin’ else
  • $1,000 monthly spending cap on bonus rewards categories
  • Default 1% cashback rate is meh
  • The flat-rate rewards option offers just 1.5% cashback
  • No sign-up bonus or balance transfer lovin’
  • $25 redemption minimum for cashback
  • Unredeemed cashback expires after five years
Best for Rewards Rotators

U.S. Bank Cash+ Visa Signature Card

Read review
U.S. Bank Cash+ Visa Signature Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on U.S. Bank's secure website
face Dayana's Take expand_more

thumb_up Likes

  • Earn 5% cashback on two categories (your choice each quarter!)
  • 2% unlimited cashback on one everyday category (also, your choice)
  • $200 sign-up bonus
  • No annual fee
  • 15 months of 0% APR on purchases and balance transfers
  • Additional 5% cashback on Rewards Travel Center reservations

thumb_down Dislikes

  • Quarterly rewards enrollment required
  • Fail to choose your bonus categories and you'll earn just 1% cashback
  • $2,000 quarterly spending caps on 5% rewards category is a bummer for big spenders
  • 1% cashback default rate feels kinda insulting at this point
  • 3% foreign transaction fee
  • Rewards cash expires

Upgrade Cash Rewards

Read review
Upgrade Cash Rewards Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on Upgrade's secure website
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thumb_up Likes

  • 1.5% rewards rate on purchases as they’re paid off
  • No security deposit required
  • Predictable monthly payments and fixed payoff date
  • Offers prequalification (won't ding your credit unless you apply for real)
  • Option to take out a personal loan
  • Balances subject to fixed-rate APR
  • No annual, late, or foreign transaction fees

thumb_down Dislikes

  • Just one cashback redemption option — applying rewards to your outstanding balance
  • $200 cash bonus requires opening a checking account
  • No 0% intro APR in sight
  • No grace period on purchases or transfers
  • Loans ineligible for cashback rewards
  • No extra benefits
  • No authorized users allowed

Upgrade Triple Cash Rewards

Read review
Upgrade Triple Cash Rewards Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on Upgrade's secure website
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thumb_up Likes

  • 3% rewards rate on an impressive range of home, auto and health-related purchases
  • No security deposit required
  • Predictable monthly payments and fixed payoff date
  • Option to take out a personal loan
  • Balances subject to fixed-rate, potentially low APR
  • Zero annual or penalty fees

thumb_down Dislikes

  • Just one cashback redemption option — applying rewards to your outstanding balance
  • $200 cash bonus requires opening a checking account
  • No 0% intro APR in sight
  • 1% rewards rate on everything not in the bonus categories
  • No grace period on purchases or loans
  • Loans aren’t eligible for cashback
  • No extra benefits
  • No authorized users allowed

USAA Cashback Rewards Plus American Express Card

Read review
USAA Cashback Rewards Plus American Express Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on USAA's secure website
face Dayana's Take expand_more

thumb_up Likes

  • 5% cash back on gas and military base purchases (up to a point)
  • 2% cash back on groceries (also up to a point)
  • 0% intro APR for 15 months on balance transfers/convenience checks
  • No foreign transaction fees
  • Handy protection benefits for travel and purchases
  • No annual fee

thumb_down Dislikes

  • The 5% and 3% rewards rates shrink to 1% after you spend $3K in each category
  • The 1% cash back on everything else is 🙄
  • No sign-up bonus
  • No 0% intro APR on purchases
  • USAA membership required
Best for Low-Hassle Rewards

USAA Preferred Cash Rewards Visa Signature Card

Read review
USAA Preferred Cash Rewards Visa Signature Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on USAA's secure website
face Dayana's Take expand_more

thumb_up Likes

  • 1.5% unlimited cashback on all purchases
  • Rewards redeemable after you’ve earned $1
  • No annual fee
  • No foreign transaction fee
  • 0% intro APR on balance transfers
  • Handy protection benefits for travel and purchases

thumb_down Dislikes

  • USAA membership required
  • No sign-up bonus
  • No 0% intro APR on purchases
Best for Rewards Rotators

Venmo Credit Card

Read review
Venmo Credit Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
No
Apply Now on Venmo's secure website
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thumb_up Likes

  • Automatically pays 2% and 3% cashback on your top monthly spending categories
  • No cashback rewards spending caps (Translation: Unlimited earning potential)
  • Rewards automatically credited to your Venmo account each statement period
  • No annual fee
  • No foreign transaction fee

thumb_down Dislikes

  • Potential rewards-earning hit if spending spans many categories
  • Application by in-app invitation only
  • 1% default cashback rate is ... what it is
  • Only occasionally offers a sign-up bonus
  • No joint/authorized users allowed
  • 3% fee when used for person-to-person payments after Dec. (srsly?)
  • No 0% promotional APR on purchases or balance transfers
Best for Low-Hassle Rewards

Wells Fargo Active Cash Card

Read review
Wells Fargo Active Cash Card Logo
Cash Back Per Year
$...
Annual Fee
$0
Welcome Bonus
$200
Apply Now on Wells Fargo's secure website
face Dayana's Take expand_more

thumb_up Likes

  • 2% unlimited cash back on all purchases! Shots fired, 1.5% cashback cards
  • $200 welcome bonus if you hop to it
  • So many ways to redeem rewards!
  • No annual fee
  • Includes Visa Signature perks
  • 15 months 0% intro APR on purchases/balance transfers

thumb_down Dislikes

  • No cashback bonus categories can be limiting for some
  • Balance transfer fee goes from 3% to 5% for money transferred after the first 120 days
  • 3% foreign transaction fee is yucky in any language
View More


store Looking for a rewards card for your business spending?

We got you. The investor.com guide to best business cashback credit cards will help you pinpoint the most rewarding cashback credit card for your business, big or small.

5 best cashback credit cards of 2023

Based on our data and analysis, the top five cashback credit cards are:

  • Bank of America Unlimited Cash Rewards (Platinum Honors Tier) Requires a combined minimum of $100,000 (steep, we know) in a Bank of America or Merrill Edge investment account. If you can swing that, Preferred Rewards Platinum Honors Tier members earn 2.62% unlimited cash back on all purchases — a 75% rewards boost from the standard 1.5% cashback rate. The Bank of America Unlimited Cash Rewards card offers a 0% introductory APR for the first 18 billing cycles for purchases, as well as any balance transfers made within the first 60 days of opening your account.
  • Alliant Cashback Visa Signature Credit Card: Tier One Rewards: 2.5% cashback on the first $10,000 of qualifying eligible purchases per billing cycle, unlimited 1.5% cashback on all other qualifying eligible purchases if you maintain an Alliant checking account. Tier Two Rewards (no checking account required): Unlimited 1.5% cashback on all qualifying eligible purchases. Read full review.
  • Bank of America Unlimited Cash Rewards (Platinum Tier): This rewards tier requires a combined minimum of $50,000 in BofA or Merrill Edge accounts. Preferred Rewards Platinum Tier members earn an unlimited 2.25% cashback on all purchases (a 50% rewards boost from the standard 1.5% cashback rate). The Bank of America Unlimited Cash Rewards card offers a 0% introductory APR for the first 18 billing cycles for purchases, as well as any balance transfers made within the first 60 days of opening your account.
  • Chase Freedom Unlimited: Earn unlimited 3% cashback on dining at restaurants, including takeout and eligible delivery services, 3% on drugstore purchases and 1.5% on all other purchases. Earn an unlimited 5% on travel purchased through Chase Ultimate Rewards. New cardmembers earn a $200 bonus after spending $500 on purchases in the first three months of account opening. 0% intro APR for 15 months on purchases and balance transfers. Read full review.
  • Citi Double Cash Card: Earn 2% cash back on everything — 1% when you buy and 1% when you pay off your balance, no caps on cash back earned. 0% intro APR on balance transfers for 18 months. Transfers must be completed within four months of account opening and incur a 3% balance transfer fee. Read full review.

How do cashback credit cards work?

Cashback credit cards reward your spending by giving you more money to spend. Use your credit card to pay for stuff, and the credit card kicks some of it back your way to redeem as a statement credit, a check or direct deposit to a bank account; or use it to purchase other types of rewards (like gift cards, merchandise, travel-related discounts, etc.).

How much are we talking? The amount you earn from a cashback credit card is based on a percentage of how much you spend. For example, if a card offers a 2% rewards rate, you’ll earn $2 back for every $100 you spend.

Some important things to know about cashback credit cards:

Cashback cards have different ways of rewarding your spending, including paying a flat rate on all purchases or paying higher cashback rates on certain spending categories (think groceries, gas, travel, entertainment, and so forth). The best — as in most lucrative — cashback card for you is the one that pays out the highest rate on your biggest credit card expenditures, even the embarrassing stuff.

There’s no need to pay an annual fee for a rewards card. There are loads of no-fee cashback cards. Cashback cards that charge an annual fee may offer higher rewards rates or a wider range of redemption options and card perks. But remember: The card only starts paying off after you earn back enough to cover the annual fee.

Sign-up is your opportunity to rake in the big bucks. Competition for a place in your wallet is fierce. Enter the almighty sign-up bonus (aka “welcome bonus”). Many rewards card issuers offer sign-up bonuses in the $100 to $300 range for spending a certain amount on purchases (say, $500 to $2,000) within the first three to six months. Consider that at a 1.5% rewards rate, you’d have to spend $10,000 to earn $150 in cash back — and you can see how it pays off to remain card-monogamous during this honeymoon period.

It’s easy to find a cashback credit card that pays 1% to 1.5% of every purchase you make. That’s also a typical default rewards rate range for purchases that don’t qualify for a card’s higher rewards rate. So, shop around. And when you do …

Don’t be seduced by marketing-speak. You have to math it out. For example, depending on your actual spending habits, a credit card that pays an unlimited 1.5% cash back on every purchase can be more rewarding than a card that pays 5% cash back on a rotating array of spending categories. (We built the cashback calculator above to help you suss out how much you’ll really earn with different cards.)

Caps are a major buzzkill. You find a 5% cashback credit card and think you’ve scored. You have, champ … but only up to a point. Lenders’ generosity only runs so deep — a fact revealed in the fine print, where you’ll find rules that limit how much a card is willing to pay out. We’re talking about monthly, quarterly or annual spending caps on rewards eligibility, plus opt-in requirements and other restrictions.

Cashback credit cards tend to have higher approval standards. Rewards card issuers typically require “good” to “excellent” credit, or a credit score of 670 points or above on the FICO scale, which goes up to 850. However, there are some newer cashback card issuers (like Petal) that cater to those with less-established credit, albeit the cards tend to have a few strings attached.

What are the different types of cashback credit cards?

Cashback credit cards come in three flavors — flat-rate, tiered and rotating rewards rate — based on how rewards are granted.

Flat-rate cards offer a single, set cashback rate on all of your purchases, typically between 1% and 2%. This type of no-hassle rewards card is great if your money management style is set-it-and-forget-it. Sometimes flat-rate rewards cards offer temporary bonus rates on certain spending categories or purchases from select merchants. If, you know, you can be bothered.

Tiered-rate cards pay out a higher cashback rewards rate on purchases that fall into particular retail categories, with a base rewards rate that applies to everything else. For example, you might see 3% cashback on gas and groceries or 2% cashback on travel and entertainment, and 1% to 1.5% cashback on all other purchases. A tiered-rate cashback card is ideal if you have a few predictably higher spending categories in your budget, or carry multiple rewards cards to choose between, depending on which is the rewardiest for what you’re buying.

Rotating rewards rate cards offer higher rewards rates on certain spending categories that rotate, typically monthly or quarterly. Purchases that don’t qualify for the bonus rate earn cashback at a lower base rate (e.g., 1% to 1.5%). This type of cashback card really pays off for advanced card players with a deck of rewards cards to draw from and a calendar for tracking what to buy and when.

Bottom line: The best type of rewards credit card is the one that pays the highest rewards rate on your highest-dollar purchases. We’re not trying to be cheeky. It just comes down to simple math and convenience. Which leads us to …

What credit card gives the most cash back?

Truth time: This is going to require some math. The answer depends entirely on your spending patterns. A cashback credit card calculator makes it easy to suss out the most lucrative card for you. Oh hey, looky there! There’s one conveniently provided at the top of this page! Simply enter the amount you put on your credit card each month — even better, tap in the breakdown of what you spend monthly in the major spending categories in the drop-down menu — and behold a list of rewards cards listed in descending order of how much cash back you’ll earn.

Please just tell me which cashback card with no annual fee is best.

Fine. Since you asked nicely.

The highest-paying cashback credit card that charges no annual fee is the Bank of America Unlimited Cash Rewards card. But that's only if you qualify for the bank’s Preferred Rewards bonus tiers, which get you a 50% to 75% rewards boost on the card’s standard 1.5% unlimited cashback rate. That requires maintaining an average $50,000 to $100,000 combined minimum balance in a BofA savings and/or Merrill Edge investment account. Do that, and you’ll pull in $270-$314 a year in cashback when you put $1,000 a month on the card.

Too many caveats? The Chase Freedom Unlimited card — with its 1.5% unlimited cashback rate on all everything, and a 3% rewards rate on dining and drugstore purchases — pays out $263 a year if you charge $12,000 a year. The 3% foreign transaction fee, however, makes it less appealing for international jetsetters.

See why we’re reluctant to make broad pronouncements about the best credit card? We can handle the math, but the answer to “what’s the best cashback credit card?” depends entirely on the spending inputs and whether a cards other terms and conditions align with your life.

TL;DR: The best cashback credit card pays the highest rewards rate for the things you spend the most money on. Which is why it pays to put a little bit of work into examining your actual spending patterns to identify the best (for you!) cashback card. (See also: Cashback calculator above.)

credit_card All things credit cards

Explore investor.com's full coverage of credit cards, including in-depth, expert reviews of popular cards and head-to-head comparisons of the cards that will give you the best cashback rewards, based on your actual spending.

How should I choose a rewards credit card?

Know thyself, card shopper. To choose the best rewards credit card, have a rough idea of your spending habits (how much you shell out within popular spending categories), what kinds of rewards you want (cashback, miles, points, perks), your creditworthiness (which will determine your odds of getting approved by a lender), and how much work you want to put into managing your portfolio of cards. Going in, know that a 1% to 1.5% cashback for each $1 spent is table stakes among rewards card issuers.

Other considerations when choosing a rewards card:

Rewards rates: How generous are they? (Remember: 1% cashback is literally the least a rewards card can do.) If there are different reward tiers, do they align with your spending habits so you’re earning the most for your biggest annual expenditures?

Spending caps: “Unlimited” is the key word. A card that does not limit how much you can earn in rewards is ideal. Some cashback cards put caps on rewards eligibility, allowing you to earn a higher cashback rate only up to a certain amount in purchases (monthly, quarterly, or annually) before dialing back to a lower rate, typically 1%-1.5%. Consider whether the restrictions are too stingy for you.

Fees: Any rewards credit card that charges an annual fee had better offer something juicier than the no-fee competition (higher rewards rates, extra perks, a really fly card design). Besides an annual fee, also note any foreign transaction fees if you’re a frequent world traveler or buy your miracle face cream from overseas. Such fees can add as much as 3% to your bill.

Redemption options: Is flexibility important to you or will cashback (literally, getting cash paid back to you) do? A card may award “points,” “miles” or “cashback” on your spending but allow you to convert or redeem your bounty in other ways. Weigh your redemption options to eke out the highest dollar value when you cash in.

Sign-up bonus: At the start of your relationship with a lender you get one shot to snag some extra cash — and the welcome bonus alone can turn a mediocre card into a real catch. Sign-up bonuses on no-fee rewards cards are usually in the $150-$300 range. Take note how much you have to spend (less is more) during what period of time (longer is better) to grab the bait.

0% introductory APR period: Offering a 0% APR on new balance transfers and/or new purchases is another new-cardmember perk you can find. Transferring a balance you’re carrying on another credit card that charges a higher interest rate to one with a lower APR can save you real money in interest. This move will cost you something, though. The balance transfer fee will be in the fine print. (Expect a minimum of 2% of the amount you want to move, or $5 to $10, whichever is higher.) FYI: Lenders only let you transfer up to whatever credit limit they give you for balance transfers, which may be (probably is) less than your total line of credit. They’d rather you spend money — and generate what’s called an interchange fee for them — than have your balance transfer take up the entire free temporary parking space.

Cardholder perks: Things like fraud protection and account alerts come standard with most credit cards these days. With a good rewards card, we like to see higher-level perks like travel and entertainment deals, trip and cell phone insurance, access to roadside assistance, and so on. Or, just tossing out suggestions here, lunch with Ryan Reynolds (even if his ball-and-chain Hugh Jackman insists on tagging along).

Which is best, a flat-rate, tiered-rate or rotating rewards card?

Flat-rate, rotating rewards, tiered rewards, oh my! Which type of cashback card should you choose?

In the realm of cashback credit cards, we can help you narrow down your choices based on your rewards mindset, whether it’s “Just surprise me with some cash back at some point” or “I’m ready to do some doctorate-level mathematics each time I swipe.”

Get a flat-rate, cashback credit card if you want rewards to fall into your lap with the least amount of effort. If rotating rewards categories or tracking complex point systems makes your head spin, a simple flat-rate cashback credit card is a no-brainer alternative. With each swipe of the card you know exactly what you’re earning. (Look for a card that pays 1.5% cashback, at a minimum.)

  • Keep in mind: With a flat-rate cashback card you give up the opportunity to earn a higher percentage cashback on purchases, leaving some potential rewards money on the table.

Choose a card with rotating rewards if you have some predictably big purchases on the horizon. Cruise tickets, a home improvement project, or, or, or … kiss rewards FOMO goodbye. The categories in which you can earn rewards at different rates are plentiful. A card with rewards categories that change monthly or quarterly is great for those who can time their spending to get a higher cashback rate when clicking the “buy” button.

  • Keep in mind: To make the most from a rotating category cashback card requires being on your toes — knowing when it’s time to plunk down your card to capture the rewardiest rate. Rotating rewards cards also tend to have lower default cashback rates on everything that doesn’t qualify for the category du jour. Just so you know.

Get a tiered-rate rewards card that aligns with stuff that never drops off your shopping list. For example, if your biggest budget line items are consistently gas and groceries, shop around for a card that pays the highest cashback percentage for purchases in those categories. If you want to be extra, look for a cashback card that tacks on additional related perks (how about roadside assistance?).

  • Keep in mind: A tiered-rate rewards card may not be the best one to use for all of your purchases. Like rotating rewards cards, the default cashback rate may be lower than what’s offered by a flat-rate cashback card. A popular workaround is the two-card strategy: Carry a tiered or rotating rewards card for purchases that qualify for that card’s higher cashback rate (gas or groceries, say), and use a flat-rate card for everything else.

How do you redeem cashback rewards?

The most common redemption options are to have the cash you’ve earned credited back to your account or transferred into a bank account, via direct transfer or a paper check for you to deposit.

Get a statement credit. The easiest, and usually fastest, way to get your money is to have the card company apply any amount you’ve earned to your account, which reduces any balance you have. Note: You’ll still be required to make any minimum card payment by your due date.

Ask for a direct deposit. Easy-peasy, especially if the bank that issued you the credit card is the same place where you have a bank account. Also easy if you bank elsewhere and your account is already linked because you’ve used it to pay your credit card bill. There may be a minimum redemption requirement (e.g., $20) to receive a direct deposit.

Request a check. The most leisurely route for receiving a redemption is asking your credit card company to cut and mail you a paper check once you’ve earned a minimum amount in rewards (usually $20 to $25).

Other cashback reward redemption options that we’ve seen in our research allow cardholders to:

Donate the money to a worthy cause, or share (or pool) points with other people enrolled in the same rewards program.

Redeem rewards for gift cards via a credit card’s shopping portal. Sometimes credit cards incentivize this by offering a small bonus to keep your money in its ecosystem. The downside: Choices can be limited. Hope you like Omaha Steaks!

Exchange for merchandise. But first, comparison shop. Often the per-point value of what you get when redeeming for some gadget in the rewards portal is less than what you’d get by simply opting for a statement credit — aka, getting actual cash, then turning around and buying the tchotchke.

Convert the amount to points or miles to redeem through the issuer’s rewards program for everything from airline tickets to seat upgrades to discount hotel stays. Here again, do the math to make sure you’re getting a bigger payoff for your points than you’d get if you simply took the cash and ran with it.

Is it worth getting a cashback credit card?

Do you pay for things using a credit card? Do you like money? Could you use some more of it? Assuming you answered all three questions in the affirmative, it’s absolutely worth your while to get a cashback credit card to earn money back on purchases you’re already making.*

We added that asterisk ☝ to spare you from a Dickensian-length run-on sentence with all the vital caveats tacked on the end. But we’re still going to trot them out for review because they’re important.

A cashback credit card is worth getting if …

  1. You pay off your balance every month, and
  2. The amount of cash you earn back is higher than the cost of carrying the card.

A cashback credit card is probably not the best choice if …

You regularly carry a balance on your card. Rewards credit cards tend to charge higher interest rates on outstanding balances than non-reward cards. You can do the math in your head: Simply deduct every dollar you pay in interest from the amount you earn in cashback. Cue stabby horror movie soundtrack.

You don’t earn enough in rewards to cover any annual fee. For example, you’d have to spend $5,000 on a card that pays 2% cashback to cover the cost of a $100 annual fee. You’d only start making money using the card after that. p.s. That calculator up above? It tracks a bunch of good credit cards that charge no annual fee. Take it for a spin.

You’re looking for a good balance-transfer deal. Moving a balance to a lower-interest credit card is a good debt-lowering strategy, and many cashback cards offer an introductory 0% APR on balance transfers and new purchases. Pay close attention to how long the low rate lasts (look for a bare minimum of 12 months; 15- to 18-month deals are out there) and the APR after the promotional period. Just know that this is not where most rewards cards are trying to compete, and there are non-rewards cards offering better deals (read: longer payoff periods and lower subsequent APRs).

Having one will tempt you to buy stuff you wouldn’t otherwise just to earn a few pennies or points to add to your rewards piggy bank. We can get behind silly impulse purchases … just not financially unsound ones. (Trust us, we’ve amassed an entire library of flimsy justifications for our own regretful purchases.)

You have a big financing situation (like getting or refinancing a loan) on the horizon. This isn’t a diss on cashback cards. It’s a cautionary note about applying for too many new lines of credit in a short timeframe, which can negatively impact your credit score, albeit temporarily. Going into a high-dollar borrowing situation, you don’t want a few points to derail your quest to qualify for the very best interest rates.

What credit score do I need to be approved for a rewards card?

Some cards tell you upfront that your odds of approval for a particular card require having “fair,” “good” or “excellent” credit. Others list the credit score range (e.g., “recommended FICO score of 740 or above“) or allow you to see if you prequalify for the card before officially running your credit to make the final call.

Capital One’s Credit Level Guidelines show where certain credit behaviors will typically land you on the credit grading scale:

  • Excellent credit: I’ve never declared bankruptcy or defaulted on a loan; I haven’t been more than 60 days late on any credit card, medical bill, or loan in the last year; I’ve had a loan or credit card for 3 years or more with a credit limit above $5,000.
  • Good credit: I have not declared bankruptcy or defaulted on a loan in the past 5 years. I have a credit card or loan and have not been more than 30 days late on any payment in the last year.
  • Fair credit: I’ve defaulted on a loan in the past 5 years OR I have limited credit history. I’ve had my own credit card or other credit for less than 3 years (including students, people new to the U.S., or authorized users on someone else’s credit card).
  • Rebuilding credit: I’ve defaulted on a loan more than once. OR I’ve been declined for a credit card in the last 3 months.

If you’re more of a numbers person, here’s how Fair Isaac Corp., the creator of the popular FICO Score, breaks down the ranges on its 300 to 850 credit scoring scale:

FICO score ranges

Keep in mind that these are merely general guidelines. Additional factors gleaned from your credit history and card application — like your income and outstanding debt obligations — will factor into the card company’s approval process. To see what they’re seeing, pull your credit files from the three major credit reporting bureaus (Equifax, TransUnion and Experian) for free from annualcreditreport.com.

Methodology

Our mission at investor.com is simple: provide thorough and unbiased reviews of financial products and service providers. But, boy, do we have opinions. And those opinions are based on unparalleled research and reams of data.

We spent forever and a day (including some weekends and a minor holiday or two) gathering dozens of data points on the rewards cards that power the investor.com Credit Card Rewards Calculator comparison tool. Based on the monthly spending amounts you enter, we calculate how much each credit card’s reward program would pay out per year. (See how under “About the results,” below.)

Here’s what we don’t do: We don’t let any credit card company pay for higher placement in the results list. We don’t let providers buy additional links to their card sign-up page. We don’t make any money through affiliate relationships if you apply for a rewards card via one of our pages. When we say something nice about a credit card, it’s because the data led us to that conclusion.

That’s the TL;DR of it. Read on for more about the behind-the-scenes machinations that power our best rewards credit card recommendations.

About the results

The investor.com credit card rewards calculator results are listed in descending order of the value of the annual rewards you can expect to receive based on your inputs. All of the credit card providers in our database are included in the results list, even if the “Cash Back Per Year” payout is weak sauce. (Click “View More” to see the full list of credit cards. And please email us if there’s a card you want to see in the list.)

The calculator results are based on the monthly spending amounts you enter and the annual dollar value of the rewards each credit card program pays per $1 spent. Credit card companies often express this payout amount as a percentage (e.g., 1.5% of every dollar spent) or on a points basis (e.g., 1.5 points for every dollar spent). We converted all of them to a dollar amount (“Cash Back Per Year”) to make comparing offers easier.

To calculate the amount of cash back you could earn per year, we factored in:

  • Spend category inputs: The default dollar values for the main “Spend Category” in the Best Cashback Credit Cards tool — gas, groceries, travel, restaurant, entertainment, pharmacy, other — are based on average American spending data from the Consumer Expenditure Surveys from the U.S. Bureau of Labor Statistics. We also include additional spend categories (such as streaming services, online shopping, utilities, transit, Amazon and more) to help you see which rewards cards are most closely aligned with your actual spending patterns. We encourage you to customize the monthly spend inputs for the most accurate results.
  • Tiered rewards rates: If a rewards credit card pays higher cashback rates on certain spending categories (also called “Bonus Rewards”), that difference is reflected in the total “Cash Back Per Year” tally.
  • Rewards spending caps: Some cards impose category- or time-based limits (monthly, quarterly, annually) that affect the amount of rewards you can earn. For example, a card may pay 3% cashback on groceries on up to $1,000 of spending each quarter, then revert to the base/default rewards rate until the following quarter. We accounted for bonus spending caps and timeframe in the calculations.
  • Default rewards rates: Purchases that exceed a spending cap are usually subject to a lower default rewards rate (e.g. 1% or 1.5%). We mathed that out here, as well.
  • Annual fees: If a rewards card charges an annual fee, we deducted that amount from the “Cash Back Per Year” total to provide a true accounting of a card’s annual rewards payout.

What’s not included in the “Cashback Per Year” total is the cash value of any sign-up/welcome bonus. We highlight any welcome bonus separately. While sign-up bonuses can be the most lucrative part of getting a new cashback rewards credit card, not everyone will want or be able to do what it takes to earn the extra cash. (It usually requires spending a certain amount in a specified time period after the card is activated.)

Other data points we collect on each rewards card include: Fees (annual, balance transfer, cash advance, late/returned payment, foreign transactions), reward redemption options, introductory APRs for purchases and/or balance transfers, perks, quirks, and our own take on the merits of each card.

Expand the results for more information to help you pick the best cashback credit card for your needs.

Note: We strive for perfection on these pages and conduct regular data audits to ensure accuracy. However, credit card issuers occasionally deign to update their offerings and card terms without giving us a courtesy heads-up. To prevent outdated information from ruining your day, we include links to each credit card’s disclosures and terms and conditions sheets for the latest and greatest in lawyered-up fine print.

mail Drop us a line

We regularly add new cards to our database. Let us know if there’s a credit card rewards program you’d like to see included by emailing us.

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About the Editorial Team

Dayana Yochim
Dayana Yochim

Dayana Yochim has been writing (articles, books, podcasts, stirring speeches) about personal finance and investing for more than two decades, focusing on bringing clarity and the occasional comedic aside to what is often a murky, humorless topic. She’s written for NerdWallet, The Motley Fool, HerMoney.com, Woman’s Day, Forbes, Newsweek and others, and been a guest expert on "Today," "Good Morning America," CNN, NPR and wherever they’ll hand her a mic.


Carolyn Kimball
Carolyn Kimball

Carolyn Kimball is Managing Editor for Reink Media Group and the lead editor for content on investor.com. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money


Andrea Coombes
Andrea Coombes

Andrea Coombes has 20+ years of experience helping people reach their financial goals. Her personal finance articles have appeared in the Wall Street Journal, USA Today, MarketWatch, Forbes, and other publications, and she's shared her expertise on CBS, NPR, "Marketplace," and more. She's been a financial coach and certified consumer credit counselor, and is working on becoming a Certified Financial Planner. She knows that owning pets isn't necessarily the best financial decision; her dog and two cats would argue this point.


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