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 $250 bonus for spending $1,000 within the first 3 months. It has a $95 annual fee. 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.
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, 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.
This information is accurate as of March 2019. Terms apply.
Cash back credit cards work by returning a percentage of every purchase made. 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 credit cards work:
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.
The best 2% cash back credit card is the Citi Double Cash Card. Citi Double Cash is the best 2% cash back credit card because it has a $0 annual fee and gives unlimited 2% 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 the best cash back credit card 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.
2% cash back on $1,000 in restaurant and gas station purchases per quarter: Discover it Chrome.
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 2%+ rates. Or they only give the rate on certain categories of purchases.
Many of these 2% cash back credit cards offer some other great features in addition to their 2% earn rates. Bank of America Cash Rewards for Students offers 3% cash back on gas, online shopping, dining, travel, drug stores, or home improvement/furnishings – you get to choose the category. But its 2% and 3% cash back rates only apply to your first $2,500 spent in those categories combined.
Some other great features of these credit cards: The Costco Anywhere Visa gives 4% cash back on your first $7,000 spent per year on Costco gas and other eligible gas, and 3% back on restaurants and travel. Blue Cash Everyday offers 3% cash back on $6,000 spent annually at supermarkets. Discover it Chrome’s most rewarding categories are gas stations and restaurants, which give 2% cash back, but this card matches your first year’s cash back which can be substantial if you’re maximizing your 2% category spending every quarter.
And to top it off, none of these cards have annual fees.
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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