What is the best 5% cash back credit card?

Question

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.

Best for everyday spending: Citi Double Cash Card

Best for initial bonus: Wells Fargo Cash Wise Visa® card

Best for excellent credit: Alliant Cashback Visa® Signature Credit Card

Best for 0% APR: Chase Freedom Unlimited®

Best for gas purchases: Blue Cash Preferred® Card from American Express

Best for dining/entertainment: Capital One® Savor® Cash Rewards Credit Card

Best for small businesses: Capital One® Spark® Cash for Business

Best for fair/limited credit: Capital One QuicksilverOne Cash Rewards Credit Card

Best for students: Journey Student Rewards from Capital One

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.

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Answer 1 · 2021-06-17 09:56:46

WalletHub, Financial Company

@WalletHub • 06/17/21 This answer was first published on 12/03/20 and it was last updated on 06/17/21.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 credit cards with 5% cash back in major spending categories are:

U.S. Supermarkets & Streaming Blue Cash Preferred® Card from American Express
Travel & Rotating Categories Chase Freedom Flex℠
Walmart Purchases Capital One Walmart Rewards® Mastercard®
Rotating Categories Discover it® Cash Back
Categories of Your Choice U.S. Bank Cash+™ Visa Signature® Card
Top Spending Category Citi Custom Cash℠ Card

All of these credit cards give 5% cash back, or more, on certain expenses. Some of those categories may change quarterly or yearly, require activation and usually have a cap. There’s never been a general-purpose credit card that rewards users with 5% cash back on all purchases.

Answer 2 · 2020-12-01 03:55:47

William Memphis, WalletHub Credit Card Advisor

@bill.memp1 • 12/01/20 This answer was first published on 12/01/17 and it was last updated on 12/01/20.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 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?

Answer 3 · 2018-12-08 05:43:23

Derek Summers, Member

@jerb_squancher • 12/08/18 This answer was first published on 12/08/17 and it was last updated on 12/08/18.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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Kind of depends on what you're looking for, there are quite a few 5% cash back cards. My personal favorite is Discover it cashback.

What is the best 5% cash back credit card?

WalletHub, Financial Company

William Memphis, WalletHub Credit Card Advisor

Derek Summers, Member

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