Who doesn’t love being rewarded for making purchases? That’s the premise behind cash back credit cards, offering cash back rates that vary dependent upon the things you buy. The good news is, many of them will give you a percentage for buying the things you would normally purchase anyway with items like food, gasoline, clothing, and other household necessities earning you anywhere from one to six percent back in credit toward your statement or actual cash deposited into your bank account. It couldn’t be easier.
In fact, the toughest part about cash back credit cards is selecting the right one. Comparison shopping can be time-consuming as the range of cash back bonuses aren’t the only factors that fluctuate from card to card. There are additional considerations like redemption terms, fees, APRs, and any extra perks that the companies use to entice you towards applying for their card.
We’ve done the homework for you and identified the best cash back credit cards of 2016 based on all of these pertinent components. Check out which ones we like the most, but before you do, make sure your credit is sufficient enough for you to get approved. Many of these cards are usually given exclusively to consumers with great credit, though a few of them cater to consumers with less than impressive scores.
1. Quicksilver from Capital One
The Quicksilver card from Capital One is one of the more well-rounded options when it comes to cash-back eligibility and ease of redemption. The Quicksilver card also offers an attractive sign-up bonus and the company won’t charge you an annual fee, either. Like many cards, the introductory APR is 0% on purchases and balance transfers for a year. Perhaps the most attractive aspect of the Quicksilver card is that you can earn as much as you want. There are no limits on cash back bonuses and no need to deal with rotating categories or sign-ups to get your rewards either.
Cash Back Percentage: Unlimited 1.5% cash back on all purchases, every day. The bonuses never expire either and there are no restrictions on how much you can earn.
Cash Rewards Redemption: You can redeem your cash back rewards in any amount whenever you want. The money can be deposited into your bank account or distributed via credits or gift cards.
Fees: No fees. $0 annual fee. $0 transaction fees.
APR: 0% Introductory APR on purchases and balance transfers for one year then it rises to a 13.24%-23.24% variable based on your credit score.
Sign-Up Bonus: Quicksilver pays you $100 after spending $500 on all purchases in your initial three months of ownership.
Additional Benefits: Quicksilver cards come with all Visa Signature benefits including complimentary upgrades and perks at hotels and resorts, complimentary 24 hour concierge service, extended warranty protection on purchases, and preferred seating access to all Visa Signature concerts and sporting events.
Ready to apply? https://www.capitalone.com/credit-cards/quicksilver/
2. Discover it
Discover has gotten into the cash back game with the “it” card, offering cash back on all of your purchases without any earning limits. You can get bigger rewards when you spend on items in specific rotating categories which yield a higher bonus percentage rate but come with a limit every quarter. The card also provides excellent fraud protection and comes with a freezing feature that lets you manually deactivate the card in the event it’s lost or stolen. Discover has also made signing up particularly tempting by matching your cash back total for the previous twelve months after your initial year of ownership. But that’s a one-time bonus.
Cash Back Percentage: 1% unlimited cash back on all purchases. 5% cash back on qualifying purchases in rotating categories that change each quarter, up to a quarterly maximum of $1500.
Cash Rewards Redemption: Redeem any amount, any time with no expiration dates on your rewards. Redemption can be in the form of direct account deposit, check, statement credits, and Amazon credit.
Fees: $0 annual fee. $0 foreign transaction fee. No late fee on first late payment only. 3% balance transfer fee after 12 months.
APR: 0% Introductory APR on purchases and balance transfers for one year then it rises to a 11.24%-23.24% variable based on your credit score.
Sign-Up Bonus: Discover matches your cash back earned over 12 months for the first year.
Additional Benefits: The card has a “Freeze it” option to prevent purchases made from theft or loss, lets you track your FICO score, monitors purchases for fraudulent activity, and has highly-rated customer service.
Ready to apply? https://www.discover.com/credit-cards/cash-back/it-card.html
3. Chase Freedom
If you do the majority of your spending at restaurants, grocery stores, gas stations, and wholesale warehouse club stores, then the Chase Freedom is your card. These are the major quarterly rotating categories that offer the highest percentage of 5% cash back. However, you need to manually activate bonus participation every quarter as it’s not automatic. But the real selling point here is that Chase is open to accepting consumers who may not have the excellent credit needed for a majority of these types of cards.
Cash Back Percentage: 5% cash back in quarterly rotating categories up to $1,500 in combined purchases. But you must opt in each quarter. 1% on all other purchases, automatically. No opt in necessary.
Cash Back Redemption: Chase Freedom cards use Reward Points that equal $1 for every 5 Reward Points earned. Redemption begins at 2,000 accrued points and can be redeemed through account deposits, statement credits, gift cards, or applied to travel or merchandise purchases.
Fees: $0 annual fee. 5% balance transfer fee after 15 months. 3% foreign transaction fee.
APR: 0% Introductory APR on purchases and balance transfers after 15 months then it rises to a variable rate of 14.24%, 19.24%, or 23.24%
Sign-Up Bonus: There are two opportunities. The first is a $150 bonus after $500 spent in the first three months of use. The second gives you $25 if you add an additional authorized user and make your first purchase within that same three-month span.
Additional Benefits: Chase has a number of fraud, price, and purchase protections in place in the event a card is lost or stolen, a purchase is stolen or damaged, or if you find a lower price on something you bought you’re eligible for reimbursement of the difference.
Ready to apply? https://creditcards.chase.com/freedom/learnmore
4. Blue Cash Preferred Card from American Express
If you find yourself making a majority of your purchases each month at the gas station and the grocery store, then you could be earning the most cash back with the Blue Cash Preferred Card. You’ll earn 6% cash back on groceries with an annual limit of up to $6,000. If you reach that, the rate drops to 1% for the rest of the year. Regardless, that is the highest cash rewards we have seen offered in that category. Your rewards are 3% when you’re filling up. Unfortunately, there is an annual fee for the Blue Cash Preferred and the sign-up bonus can yield up to $350, but there are major caveats.
Cash Back Percentage: 6% at supermarkets with an annual spend limit of $6,000. 3% at gas stations and limited department stores with no spending limit. 1% everywhere else and at grocery stores once the spending limit has been reached.
Cash Rewards Redemption: The Blue Cash Preferred applies your rewards as credit towards your statement.
Fees: $75 annual fee. 3% balance transfer fee. 2.7% foreign transaction fee.
APR: 0% Introductory APR on purchases and balance transfers after 12 months then rises to a variable rate of 13.24% to 23.24% based on your credit score and other determinants.
Sign-Up Bonus: American Express advertises up to $350 which is broken down as $150 back after $1,000 in purchases in the first three months and 10% cash back up to $200 when you use the card with wireless cell phone provider companies.
Additional Benefits: The card offers some of the best return protection of any on our list, offering to refund the purchase price of any item up to $300, at a limit of $1,000 annually.
Ready to apply? https://www.americanexpress.com/us/credit-cards/blue-cash-preferred
5. BankAmericard Cash Rewards Credit Card
This cash back card offers good rewards on gas and groceries, combined with additional rewards if you are a current Bank of America customer. There are no rotating categories with the BankAmericard but the sign-up bonus is given out in online cash rewards up to $100 after spending just $500 in your first three months of ownership. There are spending limits like most other cards but no annual fee. Be careful missing any payments though, the penalty APR can get up to 29.99%
Cash Back Percentage: 3% back at gas stations, 2% back at supermarkets with a limit of up to $1,500 in combined purchases on both. 1% on all other purchases.
Cash Rewards Redemption: BankAmericard rewards you in cash and Bank of America customers can earn an extra 10% on those rewards when that money is transferred into their existing account.
Fees: $0 annual fee. 3% balance transfer fee.
APR: 0% Introductory APR on all purchases through 12 billing cycles. The same rate on balance transfers but only if made within the first 60 days of ownership. APR rates rise to a variable of 13.2% to 23.24% based on credit.
Sign-Up Bonus: BankAmericard offers $100 in online cash rewards after you spend $500 within the initial 90 days.
Additional Benefits: Bank of America clients reap the most benefits, in addition to the extra 10% on cash reward deposits into their account, B of A Preferred Rewards customers could see bonuses of up to an extra 25%
Ready to apply? https://www.bankofamerica.com/credit-cards/products/cash-back-credit-card/
6. Citi Double Cash Card
The Double Cash card is aptly named since you could be receiving double the amount of cash back rewards just by using it. 1% cash back is available on all purchases and an extra 1% is given out when you make your monthly payments, even at the minimum. You don’t get a sign-up bonus with Citi but there are no rotating categories or spending and earning limits either. Fees and APR rates are at the industry standard.
Cash Back Percentage: 1% cash back on all purchases. Another 1% cash back on monthly payments. Even with a rotating balance and minimum payments are eligible.
Cash Rewards Redemption: Citi offers credit toward your statement, check, and gift cards with a minimum redemption of $25.
Fees: $0 annual fee. 3% balance transfer fee.
APR: 0% Introductory APR on all purchases and balance transfers for 15 months if you qualify. APR rates rise to a variable of 13.24% to 23.24% based on credit score. Penalty APR can run 29.99%
Sign-Up Bonus: Citi does not offer a sign-up bonus with the Double Cash card.
Additional Benefits: The Citi Double Card offers Citi Private Pass for special access to concerts, shows, and other events before the general public and Citi Price Rewind which will reimburse you the difference in price on an item purchased for 60 days, up to $300 per item, $1000 annually.
Ready to apply? https://www.citi.com/credit-cards/credit-card-details/citi.action?ID=citi-double-cash-credit-card
7. TD Cash Rewards Visa Credit Card
TD Bank offers a cash back card that caters to the gourmand who spends a lot of money eating out at restaurants. Their Cash Rewards Visa offers 2% cash back on dining from fast food to Michelin-rated establishments and everywhere in between, while most other purchases earn 1% cash back. The sign-up bonus offers a good return without having to spend too much before you qualify.
Cash Back Percentage: 2% on dining purchases at restaurants, delis, coffee shops and more. 1% on all other qualifying purchases.
Cash Rewards Redemption: TD Bank provides cash or reward redemption through their online center, offering over 400 options including discounted airfare, hotel and rental car rates, and merchandise.
Fees: $0 annual fee. $0 foreign transaction fee. 4% balance transfer fee.
APR: 0% Introductory APR on all purchases and balance transfers for one year. APR rates rise to a variable of 13.24%, 18.24% or 23.24% on approved credit.
Sign-Up Bonus: $100 cash back bonus after $500 spent in the first 90 days of an open cardholder account.
Additional Benefits: The card comes with all Visa Signature benefits and free VantageScore access.
Ready to apply? https://www.tdbank.com/personalcreditcard/cashrewardscard.html
8. Barclaycard CashForward World MasterCard
This Barclaycard MasterCard offers unlimited 1.5% cash back on all purchases, there are no rotating categories and no spending or earning limits to contend with, either. But what makes this one appealing is the additional 5% redemption bonus. There is one unfortunate caveat, however, as there are limits on redeeming your rewards in the form of a minimum amount of $50. Most cards with these restrictions make them smaller, at around $10 to $25 to qualify for redemption. The bonus for signing up is good and doesn’t require much of a spend, either.
Cash Back Percentage: 1.5% on all purchases with no limits.
Cash Rewards Redemption: 5% bonus upon redemption of rewards in the form of statement credit, cash deposit or gift card. Minimum redemption requirement of $50.
Fees: $0 annual fee. 3% balance transfer fee. 3% foreign transaction fee. 5% cash advance fee.
APR: 0% Introductory APR on purchases and transfers for one year, then it rises to a variable rate of 15.24% to 23.24%
Sign-Up Bonus: $100 cash back bonus after $500 spent in the initial three months.
Additional Benefits: Free access to credit reporting services and FICO scores, fraud protection, and chip card technology security are the main benefits with this card.
Ready to apply? http://www.findmybarclaycard.com/barclaycard-credit-cards/?campaignId=2182&shopperid=&cellNumber=1&referrerid=BCSBA1115PRD&referrerid=BCSBA1115PRD&publisherid=&advertisementid=
9. Fidelity Rewards Visa Signature Card
No sign up bonus, no annual fee, and no introductory APR rate. Some might say one out of three isn’t so great, but take a closer look at the Fidelity Rewards Visa Signature and you’ll see it has a good cash back percentage without hassles and a redemption program that will be of great benefit to most consumers who are already Fidelity account holders or considering becoming one. In fact, this card is really best-suited for use exclusively by those two types of individuals. Everyone else will find a better card elsewhere.
Cash Back Percentage: 2% unlimited cash back on every purchase
Cash Rewards Redemption: Rewards are collected as part of the Fidelity Rewards Program. Clients gain 2 Reward Points for every dollar spent and redemption can be distributed via cash deposits into as many as five different Fidelity products. The minimum limit for redemption is $50 which is equal to 5,000 points.
Fees: $0 annual fee. 3% balance transfer fee. 3% cash advance fee. 1% foreign transaction fee.
APR: Variable 14.25% for purchases and balance transfers and a variable 24.24% on cash advances, both subject to credit qualification.
Sign-Up Bonus: Fidelity offers no sign-up bonus.
Additional Benefits: The card offers all of the benefits of Visa Signature along with Apple Pay, Samsung Pay, and Android Pay compatibility.
Ready to apply? https://www.fidelity.com/cash-management/visa-signature-card
10. U.S. Bank Cash+ Visa Signature Card
This card from U.S. Bank offers a 1% cash back reward on all of your purchases. You can also get up to 2% cash back on some everyday purchases like gas and groceries and an additional 5% cash back on two other specific categories. The best part here is that you get to select what those categories will be. There are spending limits on those categories but no limit as to what you can earn in total. No annual fee, 0% introductory APR on transfers only, and an extra $25 for redeeming your first $100 in rewards are also available with this Visa card.
Cash Back Percentage: 1% unlimited cash back on every purchase, 2% back on gas or groceries, 5% cash back on selected categories, up to $2,000 in combined purchases.
Cash Rewards Redemption: $25 bonus upon first redemption of a minimum of $100, one time only.
Fees: $0 annual fee. 3% balance transfer fee.
APR: 0% introductory APR for nine months on balance transfers only, then it becomes a variable rate of 13.24% to 24.24%. That rate applies to purchases and cash advances from the start of your account.
Sign-Up Bonus: No sign-up bonus offered.
Additional Benefits: The card offers all of the benefits of Visa Signature.
Ready to apply? https://www.usbank.com/splash/credit-cards/cash-plus/aff/index.html
11. Wells Fargo Cash Back Visa Signature Card
Wells Fargo’s Visa offers a strong 5% cash back percentage without earning caps or expiration dates on all purchases made at gas stations, supermarkets, and drugstores throughout the U.S. Unfortunately, that only applies for the initial six months, then all purchases become 1%. Redemption minimums are manageable and available in the standard forms. This is an average card with some benefits inherent to all Visa Signature products.
Cash Back Percentage: 5% unlimited cash back on gas, groceries, and drugstores for a term of 6 months, then 1% afterward.
Cash Rewards Redemption: Redeeming rewards is easy, with a $25 minimum redemption limit as cash, check or credits.
Fees: $0 annual fee. 3% balance transfer fee. 3% foreign transaction fee. 5% cash advance fee.
APR: 0% introductory APR for 15 months on purchases and balance transfers only, then it becomes a variable rate of 12.40% to 26.24%. Cash advances at a variable rate of 24.25% to 26.24%
Sign-Up Bonus: No sign-up bonus offered.
Additional Benefits: The card offers all of the benefits of Visa Signature.
Ready to apply? https://www.wellsfargo.com/credit-cards/visa-signature-cash-back/
12. Sun Trust Cash Rewards MasterCard
Various cash back percentages based on the things you purchase and additional cash back for Sun Trust customers make for a good list of rewards possibilities with this MasterCard. No annual fee, 0% introductory APR across the board, and a wealth of redemption options are just some of the great features that are also included. The only drawback is some of that cash back expires after the first year.
Cash Back Percentage: 5% cash back on qualifying gas and groceries purchases of up to $6,000 in combined spending for 12 months. After that time, the percentage drops to 2% with all other purchases yielding 1%
Cash Rewards Redemption: Redemption can be made with gift cards, cash deposit, travel purchases and many other options. Sun Trust customers can receive up to 25% more cash back bonuses if rewards are redeemed as cash deposits into a Sun Trust account.
Fees: $0 annual and foreign transaction fee. 3% balance transfer fee. 4% cash advance fee.
APR: 0% introductory APR for 15 months on purchases and balance transfers, then raises to a variable rate of 10.49% to 21.49% based on approved credit.
Sign-Up Bonus: No sign-up bonus is offered on this card.
Additional Benefits: Access to free FICO score monitoring and EMV chip security technology on all cards.
Ready to apply? https://www.suntrust.com/personal-banking/credit-cards/cash-rewards
Our Final Thoughts
The things you buy each day, whether they’re big-ticket items or routine purchases, can all earn you rewards. This is why cash back cards are so popular as consumers feel like they’re actually receiving what their credit card company has promised. Redeeming your rewards doesn’t require jumping through many hoops or filling out any online forms and the cash you’ve earned is automatically credited to your account.
But be very careful when those 0% introductory APR’s end as those rates can quickly diminish that cash back you’ll be earning for using the card. The motive behind these cards is to limit customers from carrying a balance from month to month. The only way to truly enjoy all of those cash back rewards is by paying off your credit card in full, otherwise the fees you’ll be paying on that APR will negate your earnings very quickly.