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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 some of the top cash back cards on the market.
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 15.74% - 25.74%* (Variable) on the remaining balance, depending on your creditworthiness.
The Capital One® Quicksilver® Cash Rewards 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 15 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 16.24% - 26.24% (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 26.96% (Variable) but the same cash reward benefits. There are no foreign transaction fees with any Capital One card.
The Wells Fargo Cash Wise Visa® Card enables you to earn a $200 cash rewards bonus after spending $1,000 in the first three months. Cardholders will earn an unlimited 1.5% cash rewards on all purchases, and 1.8% cash rewards on qualified mobile wallet purchases, like Apple Pay® or Google PayT, during the first 12 months from account opening. The card also has a 0% introductory APR for 12 months on purchases and balance transfers (fees apply). Balance transfers must be made within 120 days of opening the account in order to qualify for the introductory rate and fee. After the introductory period, the rate will be 16.24%-28.24% (Variable) APR, depending on your creditworthiness. Cardholders also receive up to $600 protection on their cell phone (subject to $25 deductible) against covered damage or theft when their monthly cellular telephone bill is paid with their Wells Fargo Cash Wise Visa® Card. The card has no annual fee.
The Bank of America® Cash Rewards Credit Card is an outstanding cash back card. It offers 1% cash back on all purchases, but 2% on transactions made at grocery stores and at wholesale clubs, and 3% on a category of your choice: gas, online shopping, dining, travel, home improvement/furnishings or drug stores. These increased payouts are applicable on up to $2,500 in combined choice category/grocery store/wholesale club purchases each quarter. Cardholders can update their choice category for future purchases once each calendar month using the Mobile banking app or Online banking, or do nothing and the category stays the same. If you’re a Bank of America Preferred Rewards client, you can receive a 25% – 75% rewards bonus on every purchase. New customers can earn a $200 online cash rewards bonus after spending $1,000 in the first 90 days of opening an account. In addition, new applicants will get 12 billing cycles of 0% APR on both new purchases and balance transfers. The balance transfers must be completed within 60 days of account opening, and a 3% balance transfer fee applies. The card has an APR ranging from 16.24% - 26.24% Variable APR on purchases, depending on your credit worthiness. The card has no annual fee.
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 and entertainment (4% cash back) as well as on grocery store purchases (2% cash back). New Savor cardholders receive a $300 cash bonus when they spend $3,000 within the first three months of being a card member. The Savor card offers an APR of 16.74% - 25.74% (Variable), depending on the cardholder’s credit. There is an annual fee of $95 but it is waived during the first year.
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 17.49%* (Variable) APR on this card, and no annual fee with your paid Costco membership.
Chase Freedom Unlimited®
The Chase Freedom Unlimited® card offers 1.5% cash back on every purchase with no limit on the amount you can earn. It also offers new applicants a $150 bonus if they spend $500 within three months of account opening. New applicants receive 0% APR introductory financing for 15 months on both new purchases and balance transfers, with a 3% balance transfer fee or $5, whichever is greater. The ongoing APR is 17.24% to 25.99%, depending on the creditworthiness of the account holder at the time of application. There is no annual fee for this card.
Blue Cash Everyday® Card from American Express
The Blue Cash Everyday® card from American Express is currently offering new applicants $150 in cash back in the form of a statement credit after spending $1,000 within three months of account opening. Cardholders earn 3% cash back at supermarkets on up to $6,000 spent each year, 2% cash back at U.S. gas stations and at select U.S. department stores, and 1% cash back on all other purchases. New cardholders also receive 15 months of 0% APR financing on both new purchases and balance transfers, with a balance transfer fee of 3% or $5 whichever is greater. The ongoing APR is 15.24% to 26.24%, depending on your creditworthiness at the time of the application. There is no annual fee for this card.