In other words, Citi Double Cash Card is the best 2% cash back credit card. Capital One Venture is the best double miles credit card. And the best double points credit card would have to be the Chase Sapphire Preferred® Card.
2% rewards credit cards that give the 2% rate on everything, like Citi Double Cash Card and Capital One Venture, are hard to find. Most of the time, the higher rate will be in a bonus category, like with Chase Sapphire Preferred. But if you make frequent purchases in that category, these cards can be well worth your time.
2% cash back rate applies to first $1,000 spent per quarter in those categories combined. 1% cash back on other purchases. Cash rewards earned the first year get doubled. $0 annual fee. For rebuilding credit.
2% cash back rate applies to first $1,000 spent per quarter in those categories combined. 1% cash back on other purchases. Cash rewards earned the first year get doubled. $0 annual fee. For students with limited.
As you can see, there are even 2% rewards credit cards for people with bad or limited credit. But most cards will only give you the higher rate on certain categories.
Plenty of credit cards give bonus cash back rewards in certain purchase categories. Cardholders may receive extra value on gas, groceries, dining, entertainment, wholesale clubs and more. Other cards have bonus categories that change every quarter and may require activation, giving you the chance to earn big on different types of purchases every few months.… read full answer
Lots of credit cards with cash back bonus rewards on purchases also offer an initial cash rewards bonus for spending a certain amount in the first few months. Plus, it’s good to remember that many credit cards without cash back bonus rates still give a solid cash back rate on all purchases.
There are 3 types of cash back credit cards: flat-rate cash back cards, cash back credit cards with tiered rewards, and cash back credit cards with bonus categories that change.
Each type is good for different styles of spending. With a bit of organization, the right combination of these types of cash back cards could also help you maximize your rewards-earning potential.… read full answer
3 Types of Cash Back Credit Cards:
Flat-rate cash back credit cards give cash back rewards at a single rate for all purchases. The best flat-rate cash back cards offer at least 1.5% cash back on all purchases, plus a signup bonus, with no annual fee.
Tiered cash back credit cards give cash back rewards at different rates depending on the amount spent over a given interval, or based on whether a purchase qualifies for a set group of bonus categories that does not change. For instance, a tiered cash back credit card might offer 2% cash back on all purchases, up to $10,000 spent in a year, and then give 1% cash back on all other purchases for the rest of the year. Or, another type of tiered cash back credit card might offer 4% back on grocery store spending, 3% back for restaurant purchases, and 1% back on everything else.
Bonus category cash back credit cards give higher cash back earning rates on specific types of purchases, which may include purchases from certain retailers or purchases that fit a certain theme. The types of purchases that qualify for bonus cash back usually change once per quarter. For example, cardholders might earn 5% cash back on bonus-category purchases, up to a quarterly spending limit, and 1% back on all other purchases. Bear in mind that some credit cards using bonus categories for cash back will require cardholders to activate the new categories every quarter, which can be a hassle.
Knowing which type of cash back credit card is right for you is a matter of how you spend your money, so it’s good to consider how likely you are to organize your spending around categories. If you’d rather not worry about spending categories or using different cards for different types of purchases, a flat-rate cash back card is what you want. On the other hand, if you don’t mind activating spending categories each quarter, you could benefit from a bonus category cash back credit card.
If you can handle more than one credit card, however, your options grow. You could use one tiered card for groceries only, for example, a bonus category card for different rewards-rich opportunities, and a flat-rate cash back card for everything else. A mixture of cash back credit card types can get you to another level of rewards, but only if you’re able to use several credit cards responsibly.
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.