Here are the 3 best cash back credit cards to own today..
1-BankAmericard Cash Rewards™ Credit Card
If you are a Bank of America or Merrill Lynch customer, then pay attention. This card is new to our list because the BankAmericard Cash Rewards™ credit card is an interesting alternative to pair Chase Freedom® with Chase Sapphire Preferred® Card. While it might not have the same potency as this pairing, you can still earn 1% cash back on every purchase, 2% at grocery stores and now at wholesale clubs, and 3% on gas up to the first $2,500 in combined grocery/wholesale club/gas purchases each quarter. The kicker is the 10% customer bonus you can get when you redeem your cash rewards into a Bank of America checking or savings account.
As a Bank of America® customer, a 10% bonus is credited to your credit card reward earnings every time you redeem your cash back into a Bank of America checking or savings account. If you’re a Bank of America Preferred Rewards client, you could increase that bonus to 25% to 75%. There are three tiers based on your overall asset balance. So if you have 3-month average combined balances of $20,000 in qualifying Bank of America banking accounts and/or Merrill Edge® and Merrill Lynch® investment accounts you can receive a 25% bonus, $50,000-$100,000 will net you a 50% bonus, and over $100,000 lands a hefty 75% extra!
- No annual fee
- $100 online cash rewards bonus after you spend at least $500 on purchases in the first 90 days of account opening
- Earn 1% cash back on every purchase, 2% at grocery stores and now at wholesale clubs, and 3% on gas up to the first $2,500 in combined grocery/wholesale club/gas purchases each quarter.
- No changing categories and no expiration on rewards
- 0% Introductory APR for 12 billing cycles for purchases AND for any balance transfers made in the first 60 days, then, 13.49% – 23.49% Variable APR. 3% fee (min $10) applies to balance transfers.
- Get a 10% customer bonus every time you redeem your cash back into a Bank of America® checking or savings account
- If you’re a Preferred Rewards client, you can increase that bonus to 25%-75%.
2-Blue Cash Preferred® Card from American Express
After you get past the relatively weak sign-up bonus and the annual fee, the Blue Cash Preferred® Card from American Express is a great long-term cash back card to own, especially if you know you’re going to spend at least $6,000 at U.S. supermarkets.
The major highlight of this card is the whopping 6% at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), 3% at U.S. gas stations, 1% on other purchases, making it the one of the more favorite grocery and gas credit cards on the market.
I read a few comments on other sites about the card not dishing out the 6% rewards at every standalone U.S. supermarket. As far as I know, you’re definitely getting 6% at Whole Foods, Trader Joe’s, Safeway, and other major supermarkets. You might not get the 6% at specialty food stores or local grocery stores, but it’s best to ask the American Express reps if you’re unsure.
- Earn $150 back after you spend $1,000 in purchases on your new Card in your first 3 months.
- Everyday Cash Back: 6% at U.S. supermarkets on up to $6,000 per year in purchases (then 1%); 3% at U.S. gas stations; 1% other purchases. Terms and limitations apply.
- No rotating reward categories. No enrollment required.
- Cash back is received in the form of Reward Dollars that can be redeemed as a statement credit. You can only earn cash back on eligible purchases.
- 0% intro APR on purchases and balance transfers for 12 months, then a variable rate, currently 13.49% to 23.49%, based on your creditworthiness and other factors.
- Terms Apply.
- See Rates & Fees
The Chase Freedom® is likely the most popular cash back credit card available today. It offers rotating quarterly cash back categories so you can take advantage of new ways to earn rewards throughout the year.
This is also the most versatile cash back card because rewards are easy to redeem, it’s widely accepted, and there are new 5% cash back categories every three months like gas stations, restaurants, select grocery stores, and wholesale clubs. You get 5% cash back on up to $1,500 in combined purchases.
In addition to all these benefits, you’ll receive exceptional fraud monitoring from Chase (I know from personal experience). I’ve also found Chase customer service to be very dependable, and they were accommodating when I asked for a credit-limit increase when I needed to make some big purchases after moving across the country.
- Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
- Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate
- Unlimited 1% cash back on all other purchases – it’s automatic
- 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 15.49-24.24%. Balance transfer fee is 5% of the amount transferred, $5 minimum
- Enjoy new 5% categories every 3 months
- Cash Back rewards do not expire as long as your account is open
- No annual fee
-See more: http://www.thesimpledollar.com/best-cash-back-credit-cards/