One of the best cash bonus credit card offers is the Blue Cash Preferred® Card from American Express. This card gives you $300 statement credit for spending $3,000 in the first 6 months. But there are tons of cash bonus credit cards that offer you money for meeting a spending requirement in the first few months. These cards are a good way to get a hefty rebate on your purchases at the start, especially if they also have no annual fee. But it’s important to remember that initial bonuses are just that – initial. You’ll want to choose a card that provides great everyday perks even after you earn the bonus.
Here are some of the best cash bonus credit cards:
The best cash bonus credit card is the Capital One® Savor® Cash Rewards Credit Card because it offers a $300 cash bonus for spending $3,000 in the first 3 months. In addition, the Capital One Savor card offers more than just a one-time bonus. Cardholders always get 1 - 4% cash back, depending on the type of purchase. Capital One Savor does charge an annual fee of $95.
Another great option is the Blue Cash Preferred® Card from American Express. Its initial cash bonus is $300 statement credit for spending $3,000 in the first 6 months. Blue Cash Preferred also offers 1 - 6% cash back on other purchases. The card comes with a $0 intro 1st yr, $95 after annual fee.
Yes, cash back credit cards are worth it if the value of the cash back is greater than the cost of the card. The best cash back credit cards with the highest rewards rates and signup bonuses sometimes have annual fees. In that case, you need to be sure that what you earn will offset the cost of the annual fee (and then some). For cards that have … read full answerno annual fees, the cash back is free money as long as you don’t get charged interest.
Many cash back credit cards let cardholders earn more than the cost of the annual fee. However, what you really want is a card that allows you to earn cash back as efficiently as possible. Some credit cards give a flat cash back rate for all purchases. There are also cash back cards that will reward you more for bonus categories, like gas, groceries, or dining. The highest flat cash back rate is 2.5%. For bonus categories, you can earn up to 6%. The best cash back credit cards usually require good credit or better for approval, but there are strong offers for people across the entire credit score spectrum.
Wherever you spend the most money on your credit card will determine whether a flat-rate cash back card is better for you, or a card that’ll earn you bonus cash back in specific categories. How many credit cards you want to have in total matters, too, as does your credit standing. The better your credit is, and the more income you have relative to your debt, the more credit card options you’ll have and the more worthwhile they’ll be.
If you’re looking for a new card, check out the best cash back credit cards and find the one that’s most worth it for you. But remember, as with any card, you need to be sure to use a cash back credit card responsibly for it to be worthwhile in the long run. No credit card, regardless of the cash back rate, is worth it if you overspend and find yourself in debt with a damaged credit score. You can also use WalletHub’s free CardAdvisor tool to find a card that best suits your needs.
The short answer is yes, you may want to have more than one rewards card, especially if you get an airline miles credit card. Most airline credit cards are best when used solely for airline spending. And that leaves plenty of other purchases in need of a good earning rate. So it’s wise to fill the void with a … read full answercash back credit card or a travel rewards card that is equally rewarding on all purchases.
Of course, this all depends on whether you pay your credit card bills in full every month. If you do, getting different rewards cards for each of your biggest expense categories is a great idea. But if you don’t plan to pay in full, you’ll save more by using a 0% or low-interest credit card for purchases that will lead to an end-of-month balance.
The practice of using multiple cards to serve a collection of specific purposes is called the Island Approach. And trying it makes more and more sense the better your credit is. People with good or excellent credit have far more options and far fewer fees, after all.
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