Deals of the Day
1. Last Minute Gifts: Order American Express Gift Cards online in time for the holidays.
2. Discover More Card: 5% to 20% Cashback bonus, 12 month 0 APR balance transfer, and no annual fee (review | apply)
3. WTDirect Savings Account: Up to 3.06% and FDIC Insured to $250,000.
Cash Back Credit Cards | Rebates that Put Money in Your Pocket
Cash back credit cards put money in your pocket. Some cards pay out cash after an initial purchase or minimum purchase amount. Other cashback 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.
Note that several of the best cards are business credit cards. Remember that anybody can apply for a business card. On the application, simply list your name as the business name, which makes you a sole proprietor, and list your social security number where it asks for Federal Tax ID.
Finally, remember that when you click on a card name below to apply for any of these cards, you will be directed to that credit card’s website to fill out an online application. The Dough Roller has no access to any of your confidential information. Also, credit card terms and conditions can change without notice, so make sure to check the terms of the credit card before applying!
Cash Back Credit Cards
Blue Cash from American Express–Consumer Reports Reward Card Pick
Redeem for: N/A–it’s cash!
When: Paid annually based on card usage
Annual Fee: $0
Bonus Feature: 0% APR on Purchases for 12 months
Citi CashReturns(SM) MasterCard�
Redeem for: N/A–it’s cash!
When: $50 check issued when $50 CitiDollars earned
Annual Fee: $0
Bonus Feature: Up to 12 Month 0% Balance Transfer
Discover Business Card
Redeem for: N/A–it’s cash!
When: After $1,000 in purchases within first 3 months
Annual Fee: $0
Bonus Feature: 0% APR on Purchases for 12 months
Discover Open Road Card–Consumer Reports Reward Card Pick
Redeem for: N/A–it’s cash!
When: Annually
Annual Fee: $0
Bonus Feature: 0% on purchases (6 months); 0% balance transfer (12 months)
Discover More Card–Consumer Reports Reward Card Pick
Redeem for: N/A–it’s cash!
When: Annually
Annual Fee: $0
Bonus Feature: Up to 20% cashback through Discover’s online shopping site
You will note that several of the credit cards are editor’s picks by Consumer Reports, and you can read the magazine’s report on cash back credit cards. You can also check other great credit card offers, including 0% balance transfer offers and travel reward credit cards.
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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!