Updated list of some of the best cash back credit cards
Cash back credit cards put money in your pocket. Some cash rewards cards pay out money after an initial purchase or minimum purchase amount. Other cash back cards pay out a percentage rebate based on annual purchases. Either way, these cards reward cardholders with cash or gift cards just for using the credit card. Below is a list of some of the best cash back credit cards available, along with some details about each card.
Cash Back Credit Cards--Editor's Pick
Our pick for the best cash back cards (and two that I carry), are the Discover More card and the Chase Freedom(SM) card:
 Discover More Card 0% on purchases for 6 months and transfers for up to 12 months + Up to 5% Cash Back! |  Chase Freedom(SM) Card 0% on purchases for 6 months 0% on balance transfers for 12 months Up to 3% Cash Back! |
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There are several reasons why the Discover More Card is in our opinion one of the best cash back credit card. First, The Discover card pays up to 5% cash back. Every three months, Discover pays 5% cash back on several categories of purchases. They pick the categories based on the time of year. For example, during the summer Discover pays 5% cash back on travel purchases like hotels and airlines. This past summer, my family and I earned about nearly $200 in cash rewards just for using the Discover More Card on our vacations.
Second, in addition to cash rewards, the Discover card also offers a 0% balance transfer deal good for 12 months. We took advantage of the transfer offer when we first applied for the card. Once the 12 month introductory period was over, we paid off the balance transfer and began using the card for daily purchases to take advantage of the cash back.
Finally, Discover has one of the best websites I've ever seen for credit cards. It's extremely easy to use, whether you are paying your bill or looking up your cash back balance. It also offers a spend analyzer that shows you exactly where you've spent your money. Discover's spend analyzer is a great way to track budgeting.
For these reasons, the Discover More card is one of the best of all cash back credit cards in our experience. Here are the card's details, and you can get more information or apply for the card online at www.discover.com:
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We also like the Chase Freedom(SM) card, another cash back card we carry. It's top cash back rewards of 3% doesn't match Discover More's 5% rate. But Chase Freedom(SM) does offer a few perks not available with Discover More. First, it offers 1% on all purchases that don't qualify for the 3% rewards. With Discover, only purchases after the first $3,000 qualify for a 1% rebate. And Chase Freedom(SM) offers 0% intro for up to 6 months on purchases, and 0% intro for up to 12 months on balance transfers. Here are the details:
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Of course, there are several good cash reward credit cards beyond the Discover More card. So if you are looking for something else, here's a list of some of the best cash back credit cards available.
Cash Rewards Credit Card Offers
TrueEarnings Card from Costco and American Express--Up to 3% Cash Back
If we were awarding a second place for cash back cards, it would definitely go to the True Earnings card from Costco and American Express. With the card, you can earn cash back virtually everywhere you go:
- 3% for annual gasoline purchases of up to $3,000 (1% thereafter)
- 3% for restaurants
- 2% for travel
- 1% everywhere else, including Costco
On top of that, you earn a $25 statement credit with your first purchase, and there is no annual fee. If you shop at Costco regularly, it's the only way to get cash back (you can use the Discover Card at Costco). But even if you don't shop at Costco, the Amex True Earnings card is a rewarding cash back option, particularly for gas purchases.
You can get more information about the True Earnings card and apply online by visiting www.americanexpress.com/TrueEarnings. Here are more details about the card:
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Motiva Card by Discover Offers 1% Cash Back + Interest Bonus
The Motiva Card by Discover is one of the most unique cash back credit cards available. For starters, the card pays 1% cash back on purchases. For certain online purchases, cardholders also get 5% to 20% cash rewards. And here's the unique part. Make 6 on-time payments in a row, and Discover will pay you a full month's interest back as a Pay-On-Time Bonus. The Motiva card also offers a 3.99% balance transfer good for six months, and there is no annual fee for the card.
You can get more information about the Motiva card and apply online by visiting www.discover.com/motiva. Here are the card's details:
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Discover More Card Special Editions
Discover offers the More card in special edition versions. Each special edition card offers the same 5% cash back and 0% balance transfer offer as the standard Discover More card. The American Flag edition is my personal favorite, but the wildlife and sealife editions are a close second.
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*We do our best to accurately reflect the terms and conditions of credit card offers on this site. But please recognize that these terms and conditions can and do change from time to time. When you are evaluating credit card offers, please make sure to read the terms and conditions on the credit card issuer's website, as they may have changed since the information was last updated on this site.
{ 5 comments… read them below or add one }
I would include one more card into the list: Countrywide Rewards Platinum Visa, issued by FirstUSA. Every time you collect 2,500 points, you are eligible to receive a $50 deposit to your Countrywide Bank, FSB Savings, Money Market, or SavingsLink account. Or, a $50 payment towards the balance on an existing Countrywide® mortgage loan.
Basically it means 2% cash back on everything!
I’m using the card for any purchases that don’t get 5% on my Chase Cash rewards card. Chase reduced the cash back rate to 3% and turned the card to Freedom Card later, but kept the original terms for existing customers.
Make sure that you completely read the terms on these credit cards before applying – they are not all created equal, and some of them may be better for certain people than others.
For example some pay bigger rebates for certain activities, and lesser percentages for others. As long as you read and understand the fine print, then you can truly use these cards to your advantage.
The most important thing to remember about cash back cards is that you should never, ever carry a monthly balance on them. Otherwise the interest rate is going to more than cancel out the cash back rebate.
Great reference page and some good deals!
Thanks for sharing the great deals. Good way to save money.
FYI, I have a Discover More card, and I just got a letter in the mail from them stating that they’re changing the terms of their rewards program. Instead of 1% cash back on everything, we will now only get 0.25% cash back until we spend $3000 that year. After the first $3000 spent, we will get 1% cash back. The 3% cash back on bonus categories will remain the same.
(I found this article searching for comparison sites, as I am now shopping for a new rewards card.)