Top 5 Cash Back Credit Cards for 2016

May 16, 2016, Written By Bill Hardekopf
Cash advance using a credit card to withdraw american dollars

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If you pay off your credit card balance every month in full and on time, then interest rates on your card have very little impact since you will not incur any interest penalties. If you can commit to that financial discipline, then you should turn your attention to getting a rewards credit card. By using a credit card for your purchases and paying off the entire amount each month, your credit card will actually be making you money.

The best rewards card to use is a cash back credit card, since the money earned can be used to purchase anything. You will not be stuck with any unused airline miles or hotel points. Now is a great time to get a new cash back credit card. Issuers are heavily competing for your business, and as a result, are offering some extremely attractive cash back offers.

Here are five of the top cash back cards on the market, all of which have no annual fees.  

Citi Double Cash

citi-double-cash-credit-cardThe Citi Double Cash card gives cardholders the opportunity to earn cash back twice: 1% cash back at the time of purchase and another 1% when payment is made, for a total of up to 2% cash back. This card offers 18 months of 0% APR introductory financing on balance transfers, with a 3% balance transfer fee. After the promotional financing rate expires, cardholders will have an interest rate of 13.24% to 23.24% on the remaining balance, depending on your creditworthiness. The card comes with Citi’s Price Rewind service, which refunds the difference in price when an eligible purchase undergoes a price decline within 60 days. Other benefits include a trip cancellation and interruption policy, worldwide travel accident insurance, rental car coverage, and a 24/7 concierge service.

Capital One Quicksilver

Capital One QuicksilverThe Capital One Quicksilver card offers customers 1.5% cash back on all purchases with no limits. New cardholders receive a $100 cash bonus when they spend $500 on purchases within the first three months of opening the account. Customers get nine months of interest-free financing on both new purchases and balance transfers, with a 3% balance transfer fee. After the introductory financing period ends, the standard interest rate of 13.24% to 23.24% will apply. Cardholders receive complimentary 24-hour-per-day concierge service and extended warranty coverage. If you only have a fair credit score, you may want to apply for the Capital One QuicksilverOne card. It has an APR of 23.24% but the same cash reward benefits and introductory financing. In fact, there is no balance transfer fee with the QuicksilverOne card. There are no foreign transaction fees with any Capital One card.

Barclaycard CashForward World MasterCard

Barclaycard CashForwardWith the Barclaycard CashForward World MasterCard, cardholders earn unlimited 1.5% cash rewards on every purchase. In addition, customers receive a 5% cash rewards redemption bonus to use toward their next redemption. Redemptions start at $50. New cardholders get a $100 cash rewards bonus after spending $500 in purchases during the first 90 days after opening an account. There is a 0% introductory APR during the first 12 months on purchases and on balance transfers made within 45 days of a new account opening, with a 3% balance transfer fee. After the introductory period, a variable APR of 15.24%, 19.24% or 23.24% will apply, depending on your creditworthiness.

BankAmericard Cash Rewards™ Credit Card

bankamericard cashThe BankAmericard Cash Rewards Credit Card offers cardholders the chance to earn 1% cash back on every purchase, 2% at grocery stores and wholesale clubs, and 3% on gas, up to the first $2,500 in combined grocery/wholesale club/gas purchases each quarter. There is a $100 online cash rewards bonus after a new cardholder spends $500 on purchases during the first 90 days of an account opening. There is a 0% introductory APR for 12 billing cycles for purchases and for any balance transfers made in the first 60 days, with a 3% balance transfer fee. After this introductory period, there will be a 13.24% to 23.24% variable APR. Cardholders receive a 10% relationship bonus on cash back earned if they redeem the cash back rewards into a Bank of America checking or savings account.

Chase Freedom Unlimited

Chase Freedom UnlimitedThe Chase Freedom Unlimited card offers cardholders 1.5% cash back on every purchase, with no limit on the amount of rewards. New cardholders earn a $150 bonus after spending $500 on purchases during the first three months of opening an account. In addition, cardholders can earn another $25 when an authorized user is added who makes a purchase within the same three month period. The Freedom Unlimited card offers 0% APR for 15 months on both new purchases and balance transfers, with a 5% balance transfer fee. Once the promotional financing offer is over, the card has a standard interest rate of 14.24%, 19.24%, or 23.24%, depending on the applicant’s creditworthiness. The card also comes with purchase protection and price protection plans, and an auto rental collision damage waiver policy.



The information contained within this article was accurate as of May 16, 2016. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.