What are the best $200 cash back credit cards?

This question is about Best Cash Back

Paul Kessler, WalletHub Credit Card Analyst

@p.kessler • 10/09/20 This answer was first published on 02/12/19 and it was last updated on 10/09/20.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The best $200 cash back credit card is the Bank of America Cash Rewards credit card because it requires just $1,000 spent in the first 90 days to qualify. Other cards with big signup bonuses require three times as much in initial spending. The Bank of America Cash Rewards credit card also offers 1 - 3% cash back on purchases, and it has a $0 annual fee.

Another good choice is Blue Cash Preferred from American Express. It offers a $150 bonus for spending $3,000 within the first 6 months. It has an annual fee of $0 intro 1st yr, $95 after. But in return, it gives 1 - 6% cash back on purchases – 6% at grocery stores (on the first $6,000 spent the first year); 6% on streaming subscriptions; 3% at gas stations; 3% on rideshare services, parking, tolls, trains, and taxis; and 1% on all other purchases.

William Memphis @bill.memp1

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There are some good choices for business owners, too. My favorite is the Business Advantage Cash Rewards Mastercard. To get the $200 bonus, you only have to spend $500 in the first 60 days. Plus, you won’t owe any annual fee. I also like the Capital One Spark Cash Select for Business card. The spending requirement is $3,000 in the first three months to earn the $200 bonus. There’s also a $0 annual fee.

Joseph Bulebush, WalletHub Analyst

@joeybule • 08/11/20 This answer was first published on 09/09/19 and it was last updated on 08/11/20.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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The Chase Freedom Unlimited credit card offers the best $200 credit card bonus right now because it has a low spending requirement: $500 in the first 3 months. The bonus comes in the form of Ultimate Rewards points, which can be redeemed for $200 cash back. The card also gives 5% cash back on groceries (up to $12,000 in purchases) in the first year, plus an ongoing cash back rate of 1.5% for all other purchases. The annual fee is $0.

Another card that offers a good $200 bonus for signing up is the Wells Fargo Propel credit card. Just spend $1,000 within 3 months to be eligible for the bonus, which is 20,000 points. It’s redeemable for a $200 statement credit.

By the way, it’s worth pointing out that there are bonuses bigger than $200 available, too. Some credit card bonuses are worth $300 - $600+. So you may not want to limit yourself.

Best Credit Cards with Cash Back Bonus Rewards

Overall Blue Cash Preferred® Card from American Express
No Annual Fee Chase Freedom Unlimited®
Initial Bonus Capital One® Savor® Cash Rewards Credit Card
Everyday Purchases Wells Fargo Active Cash℠ Card
Cashback Match Discover it® Cash Back
Categories of Your Choice U.S. Bank Cash+™ Visa Signature® Card

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.

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How does cash back work on credit cards?

Cash back works on credit cards by returning a percentage of the money you spend on purchases as a reward. Some cash back credit cards reward cardholders with the same percentage back on every type of purchase. Others give bonus cash back in designated spending categories. Most cash back credit cards give cardholders the choice of redeeming cash back rewards earnings for a statement credit to pay part of the account balance, a paper check, gift cards and more. In some cases, you can also redeem a credit card’s cash back rewards for a bank account deposit.… read full answer

The best cash back credit cards require good or excellent credit for approval, though there are options for people of all credit levels. Similarly, some cards charge annual fees in return for higher earning rates, but many cash rewards cards have no annual fee.

More generally, cash back is one of the three big types of credit card rewards. The others are points and miles, which you’ll see more often with travel cards. On that note, a credit card doesn’t have to be a “cash back credit card” to give cash back. Plenty of rewards credit cards, including some that offer miles and points, have cash back as a redemption option. Redeeming travel rewards for cash back often results in a lower redemption rate, however. True cash back rewards earned with a cash back credit card, on the other hand, are very versatile and don’t fluctuate in value. You can learn more below.

Here’s how cash back works on credit cards:

Cash back with every purchase: The average cash rewards card offers about 1% back on all purchases. Some cards offer more cash back in certain spending categories.

Chances for extra cash back: Many cash back credit cards offer initial rewards bonuses for spending a certain amount within the first few months your account is open. Some cards also have bonuses for referring a friend or meeting an annual spending threshold.

Redeeming your cash: Cash rewards can usually be redeemed for a statement credit, check or direct deposit. You may also be able to redeem for a bank account deposit and set up automatic redemption.

Restrictions: Some credit card companies make you earn a minimum amount of cash back before you can redeem.

Cash back expiration: Sometimes, credit card cash back will expire a certain number of months after you earn it or after your card has been inactive for a certain period of time. Usually, it won’t expire as long as your card stays open.

Rewards devaluation: Unlike points and miles, whose value is set by the card issuer, cash back can’t be devalued.

Fees. Most cash back credit cards have no annual fee. Many have no foreign transaction fee. Some charge both types of fees, however.

Ultimately, you can check our editors’ latest picks for the best cash back cards on the market to weigh your options.

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What is the best 2% cash back credit card?

The best 2% cash back credit card is the Citi® Double Cash Card – 18 month BT offer. Citi Double Cash is the best 2% cash back credit card because it has a $0 annual fee and gives unlimited 1% cash back when buying something plus another 1% when paying for it, for a total of 2% cash back on all purchases.… read full answer

For a rewards credit card, 2% cash back on everything is about the best you can aim for. That’s why Citi Double Cash is one of the best credit cards on the market right now. But there are a few other great 2%+ cash back credit cards to consider when shopping for the best deal.

Best 2% Cash Back Credit Cards

Overall Citi® Double Cash Card – 18 month BT offer
Grocery Stores Bank of America® Customized Cash Rewards credit card
Costco Costco Anywhere Visa® Card by Citi
U.S. Gas Stations Blue Cash Everyday® Card from American Express
Restaurants Discover it® chrome
Category of Choice U.S. Bank Cash+™ Visa Signature® Card

At the end of the day, Citi Double Cash is the best 2% cash back credit card because it offers an unlimited 2% cash back rate on all purchases. Most 2 percent cash back credit cards put a cap on the amount you can earn with a 2%+ rate. Or they only give the rate on certain categories of purchases.

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