The best 5% cash back credit card is Discover it – Cashback Match, but there are several other notable choices including Chase Freedom and some store credit cards. Discover it and Chase Freedom both offer 5% cash back in specified bonus categories, which change every three months, plus 1% on everything else. 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? Let’s take a closer look at your choices.
Here are the best 5% cash back credit cards:
Discover it – Cashback Match: 5% cash back on the first $1,500 spent in the quarter’s purchase categories, 1% on everything else. No annual fee. First year’s cash back matched at the end of the year. Requires good credit.
Chase Freedom: 5% cash back on the first $1,500 spent in the quarter’s purchase categories, 1% on everything else. $150 initial bonus after spending $500 in the first 3 months. Requires excellent credit.
Amex Cashback Rewards Plus: 5% cash back on $5,000 in gas and military purchases each year, 2% on the first $3,000 at supermarkets per year, unlimited 1% on everything else. Requires good credit.
Amazon Store Card: 5% cash back on all Amazon purchases for Amazon Prime members only. No annual fee. Requires fair credit.
Target REDcard: 5% cash back at Target and Target.com. No annual fee. Requires fair credit.
Lowe’s Store Card: 5% cash back at Lowe’s. No annual fee. Requires fair credit.
Staples Credit Card: 5% cash back at Staples. No annual fee. Requires fair credit.
There are even more store cards that offer 5% cash back rates, so it’s worth looking into what your favorite retailers bring to the table. Pretty much all store credit cards only require fair credit to get, too. But for overall value, Discover it – Cashback Match is your best bet for a 5% cash back credit card because it actually gives you up to 10% back the first year. You need good credit, though.
Definitely depends on your spending habits. For me it's the Chase Freedom, but you have to keep track of the changing bonus categories every quarter.
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.