Given that so many cash back credit cards are available, catering to a diverse mix of users, we try to select a range of representative cards for inclusion on this page. In particular, you will find the top cash back credit cards by credit score as well as the best cash back credit cards for an initial bonus, a flat earning rate on all purchases, bonus cash back in popular spending categories and more. Final selections are made based on two-year cost.
WalletHub’s Key Rating Components
Two-Year Cost: 38% - We evaluate the overall cost of a card by subtracting annual fees from estimated rewards earnings over a span of two years to find out the card's savings potential.
Rewards: 29% - We evaluate each card’s overall cash rewards to determine total earning potential and value.
Editor’s Rating: 12% - WalletHub editors decide scores based on a comprehensive assessment of each card’s rewards, fees, interest rates, other features and benefits, and competitiveness within the market.
Fees: 11% - We evaluate all costs associated with a credit card, including annual, monthly, and foreign fees, to determine the true cost of ownership.
User Reviews: 7% - We take into account the consumer feedback to ensure the overall card satisfaction in actual.
Other Features: 3% - We make sure to include the add on features and benefits, including statement credits, shopping benefits, and other perks that may add value.
Some of the cards are selected for individuals with below-average credit scores and students. As a result, these cards use slightly different scoring.
How Two-Year Cost Is CalculatedTwo-year cost is used to approximate the monetary value of cards for better comparison and is calculated by combining annual and monthly membership fees over two years, adding any one-time fees or other fees (like balance transfer fees), adding any interest costs, and subtracting rewards. Negative amounts indicate savings. When fees or other terms are presented as a range, we use the midpoint for scoring purposes.
Rewards bonuses and credits have been taken into account for two-year cost calculations. However, bonuses applicable to only a very small portion of cardholders are not considered. For example, credits and bonuses awarded for spending or redeeming rewards through a company portal with non-co-branded cards have not been taken into account. Similarly, bonuses and credits related to spending with specific merchants using a non-co-branded card have not been taken into account (for example, if Card A offers credits with DoorDash, this feature would not be factored into calculations because it is hard to assess how many cardholders would use the benefit or exactly how much value they'd get from it).
Cardholder Spending Profiles
Given that different users have different goals and are likely to use their credit cards differently, we identified spending profiles that are representative of different users’ financial priorities and behaviors. For each cardholder type, we have assumed a specific amount of monthly spending by purchase type (e.g., groceries, gas, etc.), as well as an average balance, balance transfer amount, amount spent on large purchases and average monthly payment. Spending assumptions are based on Bureau of Labor Statistics data for consumers and PEX data for businesses.
Sources
WalletHub actively maintains a database of 1,500+ credit card offers, from which we select the best cash back credit cards for different applicants as well as derive market-wide takeaways and trends. The underlying data is compiled from credit card company websites or provided directly by the credit card issuers. We also leverage data from the Bureau of Labor Statistics to develop cardholder profiles, used to estimate cards’ potential savings.
