Paul Kessler, CFP
@bikercarder
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 $300 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.
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JOSEPH BULEBUSH, Econ Major
@joeybule
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.
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Baby's Got Cash Back @BabyGotCashback
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.