What is the best 2% cash back credit card?

The best way to get 10% cash back from a credit card is by earning an initial rewards bonus. For example, a bonus of $150 cash back for spending $500 within 3 months of opening an account – a deal several cards currently offer – is 10% back three times over. The Capital One Quicksilver and SavorOne cards have that 30% cash back initial bonus offer, as do the Chase Freedom and Freedom Unlimited cards. They all have $0 annual fees.… read full answer

There aren’t any 10% cash back credit cards, at least none offering that much back on all purchases. But you can get 10% cash back from some credit cards in specific spending categories or thanks to promotional offers. For example, the NHL Discover it card offers 10% off ShopNHL.com and NHL.TV purchases. And Discover it Cash Back offers 5% back in bonus categories and gives double rewards the first year, for a total of 10% cash back on some purchases.

In terms of more consistent cash back rates, the highest on the market is Amex Blue Cash Preferred’s 6% cash back on $6,000 spent per year at U.S. supermarkets. For a high rate on all purchases, the best offer is Citi Double Cash, which gives 2% cash back.

Here are the best 2% to 10% cash back credit cards:

• Best for groceries: Amex Blue Cash Preferred. 6% cash back on the first $6,000 per year at U.S. supermarkets, unlimited 3% at U.S. gas stations and select U.S. department stores and 1% on everything else. $200 for spending $1,000 in the first 3 months. In 2016, Blue Cash Preferred and Blue Cash Everyday offered a limited-time promotion for 10% cash back on U.S. wireless telephone service. But it’s long gone now.
• Best for gas: Amex Cashback Rewards Plus. 5% cash back on the first $3,000 per year in gas or military purchases, 2% on the first $3,000 at supermarkets and 1% on everything else.
• 10% first year rate: Discover it Cash Back. 5% cash back on the first $1,500 spent in quarterly categories and 1% on everything else. 10% cash back the first year, because rewards get doubled at the end of the year.
• Best for hockey fans: NHL Discover it. 5% cash back on the first $1,500 spent in quarterly categories, 1% on everything else. Rewards doubled at end of first year only for total of 10% cash back. 10% Discount at ShopNHL.com and NHL.TV.
• Best cash bonus: Chase Freedom. $150 for spending $500 in the first 3 months. 5% cash back on your first $1,500 spent in quarterly categories, 1% on everything else.
• Best for travel: Capital One Venture. 50,000 miles for spending $3,000 in the first 3 months ($500 in travel). 2 miles per $1 on all purchases.
• Best overall cash back rate: Citi Double Cash. 2% cash back on all purchases, 1% at the time of purchase and 1% when the purchase is paid off.
• Best store card rate: Overstock.com Credit Card. 8% back in Club O rewards on Overstock purchases, 2% Club O rewards on gas and groceries, 1% Club O rewards on everything else.

The highest cash back rates all have caps. But you’ll always earn at least 1% back when you make a purchase.

Also note that some cards with high cash back earning rates have bonus categories that change every few months. Others have bonus categories that stay the same. In many cases, cards with lower but unlimited rates, like Citi Double Cash, will give more value in the long run.

The best 5% cash back credit card is Discover it – Cashback Match, but there are several other notable choices including Chase Freedom and some store credit cards. Discover it and Chase Freedom both offer 5% cash back in specified bonus categories, which change every three months, plus 1% on everything else. Store cards can only be used at the retailers they’re tied to, but if you shop there often, why not get 5% cash back? Let’s take a closer look at your choices.… read full answer

Here are the best 5% cash back credit cards:

• Discover it – Cashback Match: 5% cash back on the first $1,500 spent in the quarter’s purchase categories, 1% on everything else. No annual fee. First year’s cash back matched at the end of the year. Requires good credit.
  
• Chase Freedom: 5% cash back on the first $1,500 spent in the quarter’s purchase categories, 1% on everything else. $150 initial bonus after spending $500 in the first 3 months. Requires excellent credit.
  
• Amex Cashback Rewards Plus: 5% cash back on $5,000 in gas and military purchases each year, 2% on the first $3,000 at supermarkets per year, unlimited 1% on everything else. Requires good credit.
  
• Amazon Store Card: 5% cash back on all Amazon purchases for Amazon Prime members only. No annual fee. Requires fair credit.
  
• Target REDcard: 5% cash back at Target and Target.com. No annual fee. Requires fair credit.
  
• Lowe’s Store Card: 5% cash back at Lowe’s. No annual fee. Requires fair credit.
  
• Staples Credit Card: 5% cash back at Staples. No annual fee. Requires fair credit.

There are even more store cards that offer 5% cash back rates, so it’s worth looking into what your favorite retailers bring to the table. Pretty much all store credit cards only require fair credit to get, too. But for overall value, Discover it – Cashback Match is your best bet for a 5% cash back credit card because it actually gives you up to 10% back the first year. You need good credit, though.

The best 2.5% cash back credit card is the Alliant CU Cashback Visa Signature card. Cardholders get unlimited 2.5% cash back on all purchases after an introductory rate of 3% cash back on everything the first year. The card has a $99 annual fee, but it’s waived the first year too. To get the card, you’ll need to be a member of the Alliant Credit Union. It’s not difficult to join, though. Some people are eligible for free. Everyone else can qualify with a $10 donation. You’ll also need excellent credit to be approved for the card, which is in line with other comparable cash back cards.… read full answer

Currently, there are no other credit cards offering a flat 2.5% cash back rate. But there are cards that offer an average of 2.5% cash back in specific categories. For example, the Blue Cash Everyday Card from American Express offers 3% cash back at supermarkets as well as 2% back at gas stations and select department stores. The Capital One SavorOne card also gives 3% cash back on dining and entertainment and 2% back on groceries. Or, the Amex Blue Cash Preferred card earns cardholders even more on bonus categories: up to 6% cash back on streaming services and groceries, along with 3% back on gas and transit purchases. That includes taxis, ride-sharing services, parking fees, tolls, and more.

If you don’t want to keep track of specific categories and are looking for a flat cash back rate, the closest you’ll get to 2.5% cash back is from the Chase Freedom Unlimited, Capital One Quicksilver, and Citi Double Cash cards. Freedom Unlimited and Quicksilver cardholders earn 1.5% cash back on every purchase. New Freedom Unlimited customers also get 3% cash back on the first $20,000 spent in the first year. The Citi Double Cash Card gives 1% cash back on every purchase, then another 1% cash back when you pay off those purchases, for a total of 2% cash back when all is said and done.