Your best bet is most likely a card with no annual fee
Photo: Annapurna Pictures The concept of a cash-back credit card is fairly simple. As Erin Lowry, the author of the personal-finance book Broke Millennial, puts it: “If you make a purchase for $100 and it’s a 5 percent cash-back category, you’re going to get $5 back on that $100 purchase.” But, as with any credit card, choosing the right cash-back card presents a lot of things to consider. Chief among them are, of course, fees .
Best overall cash-back credit card Citi Double Cash Card Buy at Citi Buy As Lowry mentioned, the highest flat-rate cash-back percentage is usually 2 percent, which the Citi Double Cash card has. That’s one reason why three of our experts — including WalletHub analyst Jill Gonzalez; Nick Holeman, a certified financial planner and the head of financial planning at Betterment; and budgeting expert Andrea Woroch — think it’s among the best cash-back cards you can apply for.
While this is a flat-rate cash-back credit card, right now there is a bonus for new cardholders that would allow them to earn 5 percent cash-back on grocery-store purchases for the first year, along with an additional $200 cash back. The 5 percent cash-back category, however, is capped at $12,000, so you won’t get cash back on eligible purchases once you spend more than that in your first year.
Best cash-back credit card with cash-back matching Discover It Cash-Back Card Buy at Discover Buy The Discover It Cash Back card is a rotating-category card that Holeman says is comparable to the Chase Freedom. Like the Freedom, it has no annual fee and charges zero interest for the first 14 months. The base cash-back rate is also one percent, with no annual spending cap. And each quarter you can earn up to 5 percent cash back on purchases within select categories up to $1,500.
While you can change reward categories any time, you can only change them once a month, and you can only choose one category to earn the three percent back at a time. But these limitations don’t seem so bad when you consider that this card also offers a rate of 2 percent cash back on purchases at grocery stores and wholesale clubs . And it offers one percent cash back on all other purchases year-round, with no spending limit.
Best cash-back credit card for people with excellent credit Alliant Cash-Back Visa Signature Credit Card $99 $99 Buy at Alliant Credit Union Buy “Typically, cards with high cash-back incentives and low interest rates and fees cater to consumers with higher credit scores,” explains Bharadhwaj. This card, recommended by Gonzalez, is one of those. The card’s website specifically says it is geared toward high spenders with particularly good credit.
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