Are there different types of cash back credit cards?

No, there aren’t any 10% cash back credit cards currently, at least none offering that much back on all purchases. From time to time, it’s possible to find a credit card offering 10% cash back in specific spending categories or when there’s a promotional offer. But this is extremely rare. However, there are several credit cards on the market that offer high cash back rates. ... read full answer

Here are some good credit cards with high cash back rates:

Blue Cash Preferred offers 6% cash back at U.S. supermarkets (up to $6,000 spent per year), 6% back on select U.S. streaming subscriptions, 3% back at U.S. gas stations and on transit, and 1% back on all other purchases, earned as statement credits. With this card, you also earn $250 statement credit for spending $3,000 in the first 6 months.

Chase Freedom Unlimited offers 5% cash back on travel through Chase, 3% back at restaurants and drugstores, and 1.5% back on all other purchases (plus an additional 1.5% cash back on everything, up to $20,000 spent the first year).

Citi Custom Cash offers 5% cash back in your top eligible spend category each billing cycle (up to $500 spent, 1% back thereafter), as well as 1% back on all other purchases. Plus, this card gives you $200 for spending $1,500 in the first 6 months.

U.S. Bank Cash+ offers 5% cash back on two categories of your choice (up to $2,000 each quarter), 5% back on prepaid air, hotel and car reservations booked in the Rewards Center, 2% on your choice of one everyday category (like gas stations, grocery stores or restaurants) and 1% on all other purchases. Plus, this card gives you $200 cash back for spending $1,000 in the first 120 days.

CB2 Credit Card offers 10% back in reward dollars at CB2, 2% on groceries and 1% back on all other purchases.

All of these credit cards give at least 5% cash back on certain expenses. Some of those categories may change quarterly or yearly, require activation and usually have a cap. However, 10% cash back credit card offers are extremely rare and they’re usually available for a limited time only. There’s never been a general-purpose credit card that rewards users with 10% cash back on all purchases.

Yes, cash back rewards cards are worth it because they can help you save money if you pay off your balance each month. It is also worth noting that 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.

Here’s what you should know before getting a cash back credit card:

• 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. The highest flat cash back rate is 2.5%.
• There are also cash back cards that will reward you more for bonus categories, like gas, groceries, or dining. 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. Your credit score and debt-to-income ratio play an important part on the credit card offers you’ll be able to get. The better your credit standing is,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 suitable for you. However, make 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 best credit cards for at least 3% cash back in major spending categories are:

All of these credit cards give 3% cash back, or more, on some types of purchases. There is no credit card currently on the market that gives 3% cash back on all purchases. The best flat-rate cash back credit cards typically give ... read full answer2% cash back on all purchases.

Overall, the best credit card that gives at least 3% cash back in major spending categories is Chase Freedom Unlimited®. It offers 5% cash back on travel through Chase, 3% back at restaurants and drugstores, and 1.5% back on all other purchases (plus an additional 1.5% cash back on everything, up to $20,000 spent the first year). Chase Freedom Unlimited also has a $0 annual fee.