The best 5% cash back credit card is Discover it Cash Back, but there are several other notable choices including Chase Freedom Flex and some store credit cards. Discover it and Chase Freedom Flex both offer 5% cash back in specified bonus categories, which change every quarter, plus 1% back on most other purchases (though Flex has a couple other 5% categories, too). And 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?
The best unlimited cash back credit card is the Citi® Double Cash Card because it gives 2% cash back on all purchases with no spending limit and no earning cap. Cardholders earn 1% cash back at the point of sale and an additional 1% when paying the bill.
An unlimited cash back credit card gives cash back rewards on all purchases, with no caps on the amount you can earn. On many cards, but not all, cash back rewards also never expire. Many unlimited cash back credit cards offer additional perks and features. So, you can shop around for things like an initial bonus or a 0% APR along with your unlimited cash back earnings.… read full answer
There are also some cash back credit cards that offer unlimited rewards in specific spending categories but not others.
You will need good or excellent credit to qualify for many of the best unlimited cash back credit cards. However, there are worthwhile cards available for students and people with average credit, too. Even people with bad credit can find cards with unlimited 1% cash back on all purchases.
Here are the best unlimited cash back credit cards:
An unlimited cash back credit card is ideal for everyday spending and can save you hundreds of dollars every year. But be careful not to overspend on your card for the sole purpose of earning cash back. If you carry a balance or are unable to make payments, the interest changes and any late fees can quickly cancel out any cash back rewards you’ve earned.
It’s also useful to note that on all of the best unlimited cash back credit cards aside from the Citi® Double Cash Card and the Alliant Cashback Visa® Signature Credit Card, rewards never expire as long as the account is open. On the Citi® Double Cash Card, they expire after 12 months of no activity (no purchases or payments made). On the Alliant Cashback Visa® Signature Credit Card, they expire if they’re not redeemed after 4 years.
Yes, 1.5% cash back is good for a credit card’s rewards rate. A 1.5% cash back rate is much higher than the average cash back rewards rate among credit cards, and it should be the starting point for anyone in the market for a flat-rate cash back card.
The best 1.5% cash back credit card is Capital One Quicksilver. In addition to 1.5% cash back on all purchases, the Quicksilver card offers a $0 annual fee, a $200 initial bonus after spending $500 in the first 3 months, and an introductory APR of 0% for 15 months on new purchases. Other popular options include American Express Cash Magnet and Wells Fargo Cash Wise, both of which offer unlimited 1.5% cash back rewards with no annual fee.… read full answer
If you don’t have at least good credit, which is typically required for a 1.5% cash back card with no annual fee, Capital One also offers the QuicksilverOne card for people with fair or limited credit. It has a $39 annual fee, but cardholders will earn unlimited 1.5% cash back on purchases – the same as the Quicksilver card. Or, customers with limited or no credit can get 1 - 1.5% cash back with the Petal 2 Visa card.
Whichever card you choose, be sure to pay the balance in full each month. Otherwise, you’ll risk interest charges wiping out your hard-earned cash back rewards.
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