Cash-back credit cards are a popular choice for many consumers who want to earn rewards for their everyday purchases. These cards offer a percentage of cash back on eligible purchases, which can add up to significant savings over time. With so many options available, it can be difficult to determine which cash-back credit card is right for you. To help you make an informed decision, this article will highlight the 11 best cash-back credit cards of 2024.
Each credit card on this list was selected based on its rewards program, fees, and other features that make it stand out from the competition. Whether you’re looking for a card with no annual fee, a high cash-back rate, or other perks, there’s something on this list for everyone. By comparing the features of each card, you can find the one that best meets your needs and helps you earn the most rewards possible.
Overall, cash-back credit cards can be a great way to earn rewards for your everyday spending. With the right card, you can earn cash back on everything from groceries and gas to dining out and travel. Read on to discover the 11 best cash-back credit cards of 2024 and find the one that’s right for you.
Top Cash-Back Credit Cards of 2024
When it comes to finding the best cash-back credit card, it can be overwhelming to sift through all the options available. To help make the search easier, here are the top cash-back credit cards of 2024, broken down by category.
Best Overall
The Chase Freedom Unlimited card is a top pick for its generous rewards program and flexibility. Cardholders earn 1.5% cash back on all purchases, with no limit on how much they can earn. Plus, new cardholders can receive a sign-up bonus of $200 after spending $500 in the first three months.
Best for Groceries
For those who spend a lot on groceries, the Blue Cash Preferred® Card from American Express is a great option. Cardholders earn 6% cash back on up to $6,000 in purchases at U.S. supermarkets per year, and 1% cash back on all other purchases. The card also offers a $250 statement credit after spending $1,000 in the first three months.
Best for Gas
The Bank of America® Cash Rewards credit card is a top choice for those who frequently fill up their gas tank. Cardholders earn 3% cash back on gas purchases, 2% cash back at grocery stores and wholesale clubs, and 1% cash back on all other purchases. Plus, new cardholders can receive a $200 online cash rewards bonus after spending $1,000 in the first 90 days.
Best for Dining
For those who love to dine out, the Capital One® Savor Cash Rewards Credit Card is a great option. Cardholders earn 4% cash back on dining and entertainment purchases, 2% cash back at grocery stores, and 1% cash back on all other purchases. New cardholders can also receive a $300 cash bonus after spending $3,000 in the first three months.
Best Flat-Rate
The Citi® Double Cash Card is a top pick for those who want a simple and straightforward rewards program. Cardholders earn 2% cash back on all purchases – 1% when they buy and 1% when they pay their bill. There are no rotating categories or sign-up bonuses, but the unlimited earning potential makes it a great choice for everyday spending.
Understanding Cash-Back Credit Card Rewards
Cash-back credit cards are popular among consumers who want to earn rewards for their spending. These cards offer a percentage of the amount spent on purchases back to the cardholder in the form of cash rewards. Understanding how cash-back credit card rewards work can help consumers choose the best card for their needs.
Types of Cash-Back Rewards
Cash-back credit cards offer different types of rewards, including flat-rate cash back and tiered cash back. Flat-rate cash back cards offer a fixed percentage of cash back on all purchases, while tiered cash back cards offer higher rewards for certain categories of spending, such as groceries or gas.
Some cash-back credit cards also offer rotating categories, which change every quarter. These cards offer higher rewards for purchases made in the designated categories during that quarter.
How Reward Rates Work
Cash-back credit cards have different reward rates for different types of purchases. For example, a card may offer 1% cash back on all purchases, but 3% cash back on groceries and gas. The reward rates can vary depending on the card issuer and the cardholder’s spending habits.
It’s important to note that cash-back rewards are typically credited to the cardholder’s account at the end of each billing cycle. Some cards may have a minimum redemption threshold, which means the cardholder must accumulate a certain amount of rewards before they can be redeemed.
Redeeming Cash-Back
Cash-back rewards can be redeemed in several ways, including statement credits, direct deposits, or gift cards. Some cards may offer additional redemption options, such as travel or merchandise.
Before choosing a cash-back credit card, it’s important to understand the redemption options and any restrictions or limitations on rewards. Some cards may have expiration dates or blackout periods for redemption, so it’s important to read the terms and conditions carefully.
Overall, cash-back credit cards can be a great way to earn rewards for everyday spending. Understanding the different types of rewards, how reward rates work, and how to redeem rewards can help consumers choose the best cash-back credit card for their needs.
Maximizing Your Cash-Back
When it comes to cash-back credit cards, the key to maximizing your rewards is strategic card use. By understanding the rewards program and using the card for purchases that earn the most cash-back, cardholders can rack up significant rewards over time. Here are a few tips to help you get the most out of your cash-back credit card.
Strategic Card Use
To maximize your cash-back rewards, it’s important to use your card for purchases that earn the most cash-back. Many cash-back credit cards offer higher rewards for specific categories such as gas, groceries, or dining out. By using your card for these purchases, you can earn more cash-back than you would for other purchases.
Combining Cards for Maximum Rewards
Another way to maximize your cash-back rewards is to combine multiple cash-back credit cards. By using different cards for different categories, you can earn more rewards overall. For example, you could use one card for gas purchases, another for groceries, and a third for dining out. Just be sure to keep track of which card to use for each category to avoid confusion.
Cash-Back Match Programs
Some cash-back credit cards offer cash-back match programs that can significantly increase your rewards. These programs typically match a percentage of the cash-back you earn over a certain period of time, such as the first year. By taking advantage of these programs, you can double your rewards without doing anything extra.
By following these tips, you can maximize your cash-back rewards and get the most out of your cash-back credit card. Just be sure to read the terms and conditions of your card to fully understand the rewards program and any limitations or restrictions.
Choosing the Right Card for You
When it comes to choosing a cash-back credit card, there are several factors to consider to find the right one for your needs. Here are some important things to keep in mind when selecting a cash-back credit card.
Annual Fees and Interest Rates
One of the most important factors to consider when choosing a cash-back credit card is the annual fee and interest rate. Some cards come with high annual fees, while others have no annual fee at all. Similarly, interest rates can vary widely between cards. It’s important to choose a card with a low interest rate if you plan to carry a balance, and to make sure the rewards you earn will offset any annual fee you may be charged.
Sign-Up Bonuses
Many cash-back credit cards offer sign-up bonuses to new cardholders. These bonuses can come in the form of cash back, points, or miles, and can be a great way to jumpstart your rewards earning. When considering a card with a sign-up bonus, it’s important to read the terms and conditions carefully to make sure you can meet the spending requirements to earn the bonus.
Additional Perks and Benefits
In addition to cash back rewards, many cash-back credit cards offer additional perks and benefits. These can include things like travel insurance, purchase protection, extended warranties, and more. When choosing a card, it’s important to consider what additional benefits you may need and whether the card you’re considering offers them.
Overall, choosing the right cash-back credit card comes down to your individual needs and spending habits. By considering factors like annual fees, interest rates, sign-up bonuses, and additional perks and benefits, you can find a card that will help you earn rewards while also meeting your other financial needs.