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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.
The 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 14.74% - 24.74%* (Variable) 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.
The Capital One Quicksilver card
offers customers 1.5% cash back on all purchases with no limits. New cardholders receive a $150 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 14.24% - 24.24% (Variable) 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 24.99% (Variable) but the same cash reward benefits. There are no foreign transaction fees with any Capital One card.
The Capital One Savor Cash Rewards Card
is marketed to people who love dining out or creating meals at home. Cardholders earn 1% cash back on all purchases, but the rewards are particularly good on dining out (3% cash back) and grocery store purchases (2% cash back). New Savor cardholders receive a $150 cash bonus when they spend $500 within the first three months of being a card member. The Savor card offers an introductory 0% APR for the first nine months on purchases and balance transfers. After that, the rate increases to 15.74% - 24.49% (Variable), depending on the cardholder’s credit.
If you are a Costco member, you can earn some significant cash back with the Costco Anywhere Visa Card by Citi
. Cardholders earn 4% cash back on eligible gas for the first $7,000 in purchases per year (1% thereafter). In addition, you earn 3% on restaurant and eligible travel purchases, 2% on transactions at Costco and on Costco.com, and 1% on all other purchases. There is a 16.49%* (Variable) APR on this card, and no annual fee.
The 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. The Freedom Unlimited card offers 0% APR for 15 months on both new purchases and balance transfers, but a very high 5% balance transfer fee. The card also comes with purchase protection and price protection plans, and an auto rental collision damage waiver policy.