Cash back credit cards are a popular choice among consumers as they allow them to earn rewards on their everyday purchases. With so many options available in the market, it can be overwhelming to choose the right one that fits your spending habits and lifestyle. To help you make an informed decision, we have compiled a list of the 15 best cash back credit cards for 2024.
These credit cards offer a range of benefits such as high cash back rates, sign-up bonuses, and no annual fees. Some cards also come with additional perks like travel insurance, extended warranty, and purchase protection. Whether you are a frequent traveler or a student on a budget, there is a cash back credit card that can help you earn rewards and save money.
By using a cash back credit card, you can earn rewards on your everyday purchases such as groceries, gas, and dining. With the right card, you can earn cash back on these purchases and redeem them for statement credits, gift cards, or merchandise. With so many options available, it is important to choose a card that aligns with your spending habits and offers the most value for your money.
Understanding Cash Back Credit Cards
How Cash Back Rewards Work
Cash back credit cards are a type of rewards credit card that offer cash back on purchases made with the card. The amount of cash back earned is usually a percentage of the purchase amount, and can vary depending on the card and the category of purchase.
For example, a card may offer 2% cash back on groceries, 1% on gas, and 0.5% on all other purchases. Some cards may also offer bonus cash back for certain categories during specific time periods.
The cash back earned can usually be redeemed for statement credits, checks, or direct deposits into a bank account. Some cards may also offer additional redemption options, such as gift cards or merchandise.
Types of Cash Back Credit Cards
There are two main types of cash back credit cards: flat-rate and category-specific.
Flat-rate cards offer the same cash back percentage on all purchases, typically ranging from 1% to 2%. These cards are a good choice for people who want a simple rewards structure and don’t want to keep track of bonus categories.
Category-specific cards, on the other hand, offer higher cash back percentages on specific categories of purchases, such as groceries, gas, or dining. These cards can be a good choice for people who spend a lot in these categories and want to maximize their rewards.
Evaluating Cash Back Card Features
When evaluating cash back credit cards, there are several features to consider.
First, consider the cash back percentage offered and the categories in which it applies. Look for a card that offers high cash back percentages on the categories where you spend the most.
Second, look at any annual fees associated with the card. Make sure that the cash back you earn will offset the cost of the annual fee.
Finally, consider any additional perks or benefits offered by the card, such as sign-up bonuses, introductory APRs, or travel insurance. These features can add value to the card and make it a better choice for your needs.
Top Cash Back Credit Cards for Everyday Purchases
When it comes to everyday purchases, having a cash back credit card can be a great way to earn rewards on purchases you’re already making. Here are some of the best cash back credit cards for everyday purchases:
Best for Grocery Shopping
The American Express Blue Cash Preferred card offers 6% cash back on up to $6,000 in annual spending at U.S. supermarkets. Additionally, cardholders earn 6% cash back on select U.S. streaming subscriptions, 3% cash back at U.S. gas stations and on transit, and 1% cash back on all other purchases. The card does have an annual fee of $95, but for frequent grocery shoppers, the rewards can easily offset the fee.
Best for Gas and Transit
For those who frequently spend money on gas and public transit, the Bank of America Cash Rewards credit card is a great option. Cardholders earn 3% cash back on a category of their choice, including gas, online shopping, dining, travel, drug stores, or home improvement/furnishings, and 2% cash back at grocery stores and wholesale clubs. Additionally, cardholders earn 1% cash back on all other purchases. The card has no annual fee and also offers a $200 cash rewards bonus after spending $1,000 in the first 90 days.
Best for Dining and Entertainment
The Capital One SavorOne Cash Rewards credit card is a great option for those who frequently dine out or attend entertainment events. Cardholders earn 3% cash back on dining and entertainment, 2% cash back at grocery stores, and 1% cash back on all other purchases. Additionally, the card has no annual fee and offers a $150 cash bonus after spending $500 in the first three months.
Best Category-Specific Cash Back Cards
When it comes to credit cards, one size definitely does not fit all. That’s why many credit card issuers offer category-specific cash back cards. These cards are designed to reward cardholders for spending in specific categories, such as travel, home improvement, or online shopping. Here are three of the best category-specific cash back cards for 2024:
Best for Travel
The Chase Sapphire Preferred® Card is one of the best travel credit cards on the market. Cardholders earn 2X points on travel and dining at restaurants worldwide, and 1 point per dollar spent on all other purchases. Points can be redeemed for travel through the Chase Ultimate Rewards® program, where they are worth 25% more. The card also comes with a generous sign-up bonus of 60,000 points after spending $4,000 on purchases in the first 3 months from account opening.
Best for Home Improvement
The Home Depot® Consumer Credit Card is a great option for homeowners who are looking to make home improvements. The card offers 6 months of deferred interest on purchases of $299 or more, allowing cardholders to pay off their purchases over time without accruing interest. Cardholders also earn up to 24 months of financing during special promotions, and can earn up to $100 in statement credits for their first purchase of $1,000 or more.
Best for Online Shopping
The Amazon Prime Rewards Visa Signature Card is the perfect card for avid online shoppers. Cardholders earn 5% back at Amazon.com and Whole Foods Market, 2% back at restaurants, gas stations, and drugstores, and 1% back on all other purchases. The card also comes with a $100 Amazon.com gift card upon approval, and no annual fee. Plus, if you’re an Amazon Prime member, you’ll get even more benefits, such as free two-day shipping and access to streaming of movies, TV shows, and music.
Cash Back Cards with the Best Signup Bonuses
When it comes to cash back credit cards, signup bonuses can be a major factor in deciding which card to choose. Here are some of the best cash back cards with the most lucrative signup bonuses available in 2024:
- Chase Sapphire Preferred Card – This card currently offers a signup bonus of 100,000 points after spending $4,000 in the first three months. These points can be redeemed for $1,250 in travel through the Chase Ultimate Rewards program.
- American Express Gold Card – The current signup bonus for this card is 75,000 Membership Rewards points after spending $4,000 in the first six months. These points can be redeemed for travel, merchandise, or statement credits.
- Capital One Venture Rewards Credit Card – This card offers a signup bonus of 60,000 miles after spending $3,000 in the first three months. These miles can be redeemed for travel purchases or transferred to airline partners.
- Bank of America Cash Rewards Credit Card – This card offers a $200 cash bonus after spending $1,000 in the first 90 days. Additionally, cardholders can choose a 3% cash back category of their choice and earn 2% cash back at grocery stores and wholesale clubs.
- Discover it Cash Back – This card offers a unique signup bonus in that Discover will match all cash back earned in the first year. Cardholders can earn 5% cash back in rotating categories and 1% cash back on all other purchases.
These cards offer some of the best signup bonuses available on cash back credit cards in 2024. Be sure to compare the benefits and fees of each card to determine which one is right for you.
Best No-Annual-Fee Cash Back Cards
For those who want to earn cash back rewards without paying an annual fee, there are plenty of options available. Here are some of the best no-annual-fee cash back credit cards for 2024:
1. Chase Freedom Unlimited
The Chase Freedom Unlimited offers a flat 1.5% cash back on all purchases, with no limit on how much you can earn. Plus, new cardholders can earn a $200 bonus after spending $500 on purchases in the first 3 months.
2. Citi Double Cash Card
The Citi Double Cash Card offers 2% cash back on all purchases – 1% when you buy and 1% when you pay your bill. There are no category restrictions or caps on the amount of cash back you can earn.
3. Discover it Cash Back
The Discover it Cash Back card offers 5% cash back on rotating categories each quarter, up to $1,500 in purchases. Plus, you can earn 1% cash back on all other purchases. Discover will also match all the cash back you earn at the end of your first year.
4. Capital One Quicksilver Cash Rewards Credit Card
The Capital One Quicksilver Cash Rewards Credit Card offers a flat 1.5% cash back on all purchases, with no limit on how much you can earn. New cardholders can also earn a $200 cash bonus after spending $500 on purchases within the first 3 months.
5. Bank of America Cash Rewards Credit Card
The Bank of America
Cash Back Cards with the Best Interest Rates
When it comes to cash back credit cards, interest rates are an important factor to consider. The interest rate is the amount of money charged by the credit card company for borrowing money on the card. A high interest rate can quickly eat away at any cash back rewards earned, so it’s important to choose a card with a low interest rate.
Here are some of the best cash back credit cards with low interest rates in 2024:
- Chase Freedom Unlimited: This card offers a variable APR of 14.99% – 23.74% and unlimited 1.5% cash back on all purchases.
- Citi Double Cash Card: With a variable APR of 13.99% – 23.99%, this card offers 1% cash back on all purchases and an additional 1% cash back when you pay off your balance.
- Capital One Quicksilver Cash Rewards Credit Card: This card has a variable APR of 15.49% – 25.49% and offers 1.5% cash back on all purchases.
- Discover it Cash Back: This card offers a 0% introductory APR for 14 months, followed by a variable APR of 11.99% – 22.99%. It also offers 5% cash back on rotating categories and 1% cash back on all other purchases.
- Wells Fargo Cash Wise Visa Card: With a variable APR of 15.49% – 27.49%, this card offers 1.5% cash back on all purchases and a $150 cash rewards bonus when you spend $500 in the first 3 months.
Overall, these cash back credit cards offer some of the best interest rates in the market, making them a great choice for those who want to earn rewards while keeping their interest charges low.
Best Business Cash Back Credit Cards
For businesses that make frequent purchases, cash back credit cards can be a great way to earn rewards and save money. Here are some of the best business cash back credit cards available in 2024:
1. Capital One Spark Cash for Business
This card offers an unlimited 2% cash back on all purchases, with no annual fee for the first year and a $95 fee thereafter. It also offers a sign-up bonus of $500 after spending $5,000 in the first three months.
2. American Express Blue Business Cash Card
This card offers 2% cash back on all purchases up to $50,000 per year, and 1% cash back on all purchases thereafter. There is no annual fee, and it offers a sign-up bonus of $250 after spending $5,000 in the first six months.
3. Chase Ink Business Cash Credit Card
This card offers 5% cash back on office supplies, internet, cable, and phone services, up to $25,000 per year, and 2% cash back on gas stations and restaurants, up to $25,000 per year. It also offers a sign-up bonus of $750 after spending $7,500 in the first three months, with no annual fee.
4. Bank of America Business Advantage Cash Rewards Mastercard
This card offers 3% cash back on purchases at gas stations and office supply stores, and 2% cash back on purchases at restaurants. It also offers a sign-up bonus of $300 after spending $3,000 in the first 90 days, with no annual fee.
5. Discover it Business Credit Card
This card offers 1.5% cash back on all purchases, with no annual fee and no foreign transaction fees. It also offers a sign-up bonus of up to $1,000 cash back, matched dollar-for-dollar at the end of the first year.
Overall, these business cash back credit cards offer a variety of rewards and benefits that can help businesses save money and earn rewards on their everyday purchases.
Maximizing Rewards with Cash Back Cards
Strategies for Maximizing Cash Back
When it comes to cash back credit cards, there are a few key strategies that can help consumers maximize their rewards. One approach is to choose a card with bonus categories that align with their spending habits. For example, if a consumer spends a lot on groceries, they may want to look for a card that offers a higher cash back rate for grocery purchases. Additionally, some cards offer rotating bonus categories that change every quarter, so it’s important to keep track of those categories and adjust spending accordingly.
Another strategy is to take advantage of sign-up bonuses. Many cash back cards offer sign-up bonuses that require consumers to spend a certain amount within the first few months of opening the account. By meeting those spending requirements, consumers can earn a significant amount of cash back in addition to the rewards they earn on their regular purchases.
Understanding Reward Redemption Options
Cash back rewards can typically be redeemed in a few different ways, including statement credits, direct deposits, and gift cards. Some cards also offer the option to redeem rewards for travel or merchandise. It’s important for consumers to understand the redemption options available to them and choose the one that offers the most value.
Avoiding Common Pitfalls
While cash back credit cards can be a great way to earn rewards, there are some common pitfalls that consumers should be aware of. One is carrying a balance on the card, which can result in paying interest charges that offset the value of the rewards earned. Another is overspending in order to earn rewards, which can lead to debt and financial trouble.
Overall, by choosing the right card, understanding reward redemption options, and avoiding common pitfalls, consumers can maximize their cash back rewards and get the most value out of their credit cards.
Comparing Cash Back Cards: A How-To Guide
When comparing cash back credit cards, it’s important to consider the rewards, fees, and other factors that can impact your overall experience. Here are some key things to keep in mind when comparing cash back cards.
Rewards
One of the most important factors to consider when comparing cash back credit cards is the rewards program. Look for cards that offer cash back on the purchases you make most frequently. Some cards may offer higher cash back rates on certain categories, such as groceries or gas, so be sure to choose a card that aligns with your spending habits.
Fees
Another important factor to consider is the fees associated with the card. Some cash back cards may have an annual fee, while others may have foreign transaction fees or balance transfer fees. Be sure to read the fine print and understand all of the fees associated with the card before applying.
Sign-Up Bonuses
Many cash back credit cards offer sign-up bonuses, which can be a great way to earn extra rewards. Look for cards that offer a generous sign-up bonus, but be sure to read the terms and conditions to understand any spending requirements or restrictions.
Other Benefits
Finally, consider any other benefits that the card may offer. Some cards may offer additional perks, such as travel insurance, extended warranties, or purchase protection. These benefits can add value to the card and make it a more attractive option.
By considering these factors and doing your research, you can find the best cash back credit card for your needs and start earning rewards on your everyday purchases.
Security Features of Top Cash Back Cards
When it comes to cash back credit cards, security is a top priority for consumers. The best cash back credit cards on the market today offer a range of security features that help protect users from fraud and other unauthorized activity.
One of the most common security features offered by cash back credit cards is zero liability protection. This means that if a user’s card is lost or stolen, they are not responsible for any unauthorized charges made on the card. Additionally, many cash back credit cards offer fraud monitoring and alerts, which can help detect and prevent fraudulent activity on the account.
Another important security feature offered by top cash back credit cards is chip technology. This technology provides an added layer of security by encrypting users’ personal information and making it more difficult for fraudsters to steal card data.
In addition to these features, many cash back credit cards also offer virtual card numbers, which can be used for online purchases. These virtual numbers are unique to each transaction and expire after a single use, making them more secure than traditional credit card numbers.
Overall, the best cash back credit cards for 2024 offer a range of security features that help protect users from fraud and other unauthorized activity. By choosing a card with these features, consumers can enjoy the benefits of cash back rewards without sacrificing security.
Customer Service and Support for Cash Back Cards
When choosing a cash back credit card, it’s important to consider the customer service and support provided by the issuer. Here are some of the best cash back cards for 2024 that offer excellent customer service and support:
1. Chase Freedom Unlimited
Chase is known for its exceptional customer service, and the Freedom Unlimited card is no exception. Cardholders can reach customer support 24/7 via phone, email, or secure message. Chase also offers a helpful online chat feature for quick and easy assistance.
2. Discover it Cash Back
Discover is another issuer with a strong reputation for customer service. Cardholders can reach a representative 24/7 via phone or online chat. Discover also offers a helpful mobile app that allows customers to manage their accounts and contact support on-the-go.
3. Citi Double Cash
Citi offers 24/7 customer service via phone, email, or secure message. Cardholders can also access helpful resources and tools on the Citi website, including a virtual assistant and a knowledge base with frequently asked questions.
4. Capital One Quicksilver Cash Rewards
Capital One provides customer service via phone, email, or secure message, with representatives available 24/7. The issuer also offers a helpful mobile app with features like instant purchase notifications and the ability to lock and unlock your card.
5. Wells Fargo Cash Wise Visa
Wells Fargo offers 24/7 customer service via phone or online chat. The issuer also provides a helpful mobile app that allows cardholders to manage their accounts and contact support on-the-go.
Overall, these cash back credit cards offer excellent customer service and support, making them a great choice for anyone looking for a reliable and helpful issuer.
Future Trends in Cash Back Credit Cards
As the world becomes increasingly digital, cash back credit cards are likely to continue evolving to meet the changing needs of consumers. Here are a few trends that may shape the future of cash back credit cards:
- Personalization: Credit card companies may begin to offer more personalized rewards based on individual spending patterns. This could include targeted offers for specific retailers or categories of spending.
- Integration with mobile wallets: As more consumers use mobile wallets to make purchases, credit card companies may offer enhanced rewards for using their cards with these apps.
- Increased use of data analytics: Credit card companies may use data analytics to better understand consumer spending habits and offer rewards based on those patterns. This could include offers for specific products or services based on past purchases.
- Sustainability: As consumers become more environmentally conscious, credit card companies may offer rewards for eco-friendly purchases or donations to environmental causes.
- Enhanced security: With the rise of cyber threats, credit card companies may focus on enhancing security features to protect consumers’ personal and financial information.
Overall, cash back credit cards are likely to continue to be a popular choice for consumers looking to earn rewards on their everyday spending. As technology and consumer preferences evolve, credit card companies will need to adapt to stay competitive in the marketplace.
Conclusion
In conclusion, choosing the best cash back credit card in 2024 depends on an individual’s spending habits and financial goals. The 15 cash back credit cards reviewed in this article offer various rewards programs and benefits that cater to different needs.
For individuals who prioritize travel rewards, the Chase Sapphire Preferred Card and the Capital One Venture Rewards Credit Card offer generous rewards for travel-related expenses. Meanwhile, the Discover it Cash Back and the Citi Double Cash Card provide high cash back rates for everyday purchases.
Those who frequently shop at specific retailers may benefit from the Target REDcard Credit Card or the Amazon Prime Rewards Visa Signature Card, which offer exclusive discounts and rewards for purchases made at those retailers.
It is important to note that while cash back credit cards can be a useful tool for earning rewards and saving money, they should be used responsibly. High interest rates and fees can quickly negate any rewards earned. Therefore, it is crucial to pay off balances in full and on time to avoid accruing interest and fees.
Overall, by carefully considering one’s spending habits and financial goals, choosing the right cash back credit card can help individuals save money and earn rewards on their everyday purchases.