Best Cash Back Credit Cards – Editors Choice 2010
With cash back credit cards you can earn up to 5% cash back on every day purchases such as groceries, drug store purchases, fuel and even money spent at restaurants. All of these every day purchases add up and by using a cash back credit card you can save a substantial amount of money. There are quite a few cash back credit cards out there, but there are a few that really stand out.
You also may want to check out our Cash Back Credit Card Calculator, which will automatically calculate which cash back credit card is best for you.
| 1. Discover® More® Card |
 The Discover® More® Card is the best cash back credit card and overall it’s definitely one of the best credit cards out there. The Discover® More® Card allows you to get up to 5% cash back on your every day purchases. You can get 5% cash back on purchases at various stores including: department stores, grocery stores, and even restaurants. With the Discover® More® Card you also get 1% cash back on all other purchases. The Discover® More® Card has no annual fee and also has a 0% intro APR on purchases and balance transfers. If you shop through the online ShopDiscover store you can also earn a 5% – 20% cash back bonus. To increase your chances of being approved for this card, do not do a balance transfer when you apply. Wait and see what credit limit you are given, Discover gives you up to 2 months once you are accepted to do a balance transfer. Advantages
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Blue Cash from American Express is another great cash back credit card that allows you to earn 5% back on your gas, supermarket, and drugstore purchases and 0.5% back on all other purchases. Once you spend over $6,500 with your Blue Cash card you then earn 1.25% cash back on all other purchases. This is our favorite card offered by American Express because of the flexible rewards program and phenomenal benefits.
Blue Cash Tip: An easy way to earn cash back with this card (and to reduce the amount of time it takes to pay your bills each month) is to pay your bills with this card using the Automatic bill pay service offered by American Express. This way you don’t have to worry if your bills are paid on time, and you’re earning 1.5% cash back simultaneously – just remember to pay off your card balance in full each month.
There are quite a few things to look for when trying to choose a cash back credit card. Here are a few things that you will definitly want to take into account, this will help you choose the right card for you.
Find a Card That Compliments Your Daily Spending Habits
The rewards structure for cash back credit cards can vary greatly. Some cards may give you 3% cash back on groceries while others give you 5% cash back on gas. Recently, because of the credit crunch card companies have been scaling down their rewards. However you can still get a good cash back card if you know what to look for.
The key to finding a great cash back credit card is to choose a card that that complements your spending habits. To put it simply – find a card that gives you more cash back for items that you spend the most on each month. For example: If you spend a lot on gas and groceries the Discover® More® Card is a great card because it offers 5% back on both of those spending categories which is much higher than most cards. In addition most cash back credit cards will give you 1% back on all other purchases by default.
What About an Annual Fee?
Many people often ask if they should apply for a card that has an annual fee. There are quite a few cards with benefits that completely outweigh a small annual fee every year. For example, although the TrueEarnings Card from Costco and American Express doesn’t have a traditional annual fee, it does require that you are a Costco member, which is $50 per year. Even if you’ll never shop at Costco I still recommend becoming a member just to get this card, the amount of money you’ll save with this card over the course of a year outweighs the $50 annual Costco membership fee.
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Comments:
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April 24th, 2009 at 8:42 pm
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December 13th, 2009 at 1:56 pm
I would have to rate the Costco card as #1… Costco’s card definitely comes out ahead of Discover unless you rarely use credit cards. The discover card limits the 5% cash back to a limit of the first $400 in purchases in a 3 month period and then goes down to 1% after that. Costco continues 3% on restaurants and gas and 2% on travel with no limit. We are able to pay a lot of bills etc. as well as all of our everyday expenses, gas, groceries, travel etc. on our card… so the 5% would be only on a very small percentage of purchases. We probably average $5-6K a month on our Costco AMEX… which is paid off each month and ends up rewarding us with a fantastic rebate at the end of the cycle.
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