7 Best Cash Back Credit Cards: Maximize Your Savings

Getting a cash back credit card is leveling up in a video game. While debit cards let you spend your own money, cash back credit cards actually pay you to spend. It’s easy money, as long as you repay your balance on time. In this guide, we’ll share our picks for the top 7 best cash back cards and discuss everything else you need to know.

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Learn how MoneyLion WOW membership can help you earn cashback up to $500 on EVERY qualifying purchase of $10+¹

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7 overall best credit cards for cash back

To make your life easier, we’ve outlined the top 7 best cash back cards below based on their benefits and fees. Be sure to read our guide on how credit cards work if you need a quick refresher. 

1. Best flat-rate cash-back card: Citi® Double Cash Card®

The benefits: The Citi® Double Cash® Card offers a flat 2% cash back with no caps or category restrictions on your rewards. 2% is just about the highest cash back rate you’ll find, making this card perfect for people who want solid cash back on all purchases. 

The downsides & fees: You earn 1% cash back when you make purchases and 1% when you repay them. So you need to repay your card on time to enjoy its full benefits. This Citi card also has a 3% foreign transaction fee, which makes it less attractive if you travel a lot.

Annual Fee: $0

Current intro offer: Earn $200 cash back after you spend $1,500 on purchases within 6 months of opening your card.

WalletHub user score: 3.4/5 with 2.200+ reviews

2. Best for everyday spending: Chase Freedom Unlimited®

The benefits: The Chase Freedom Unlimited® Credit Card offers a flat 1.5% cash back and a 0% intro APR for 15 months on all purchases after opening your card. For a card with no annual fee, the Chase Freedom Unlimited is packed with extra perks like rental car coverage, travel and emergency assistance, trip cancellation, and 24/7 fraud monitoring.

The downsides & fees: This card requires a good or excellent credit score. It also charges both balance transfer fees and foreign transaction fees.

Annual Fee: $0

Current intro offer: Earn $250 when you spend $500 on purchases within 3 months of opening your card.

WalletHub user score: 3.6/5  with 800+ reviews

3. Best for flexible spending: Citi Custom Cash® Credit Card  

The benefits: The Citi Custom Cash® Credit Card offers 5% cash back on your biggest qualified spending category up to $500, then 1% afterward. This reward structure is great for people who constantly shake up how they spend their cash. Cardholders also enjoy a 0% intro APR for 15 months after signing up and strong spending protection from Citi. 

The downsides & fees: The hefty 5% cash back is capped at $500 and then drops to 1%. You’ll also have to pay foreign transaction fees.

Annual Fee: $0

Current intro offer: Earn $200 cash back when you spend $1,500 within 6 months of opening your card.

WalletHub user score: 3.5/5 with 80+ reviews

4. Best for food and entertainment: Capital One Savor Rewards®

The benefits: The Capital One Savor Rewards offers 3% cash back on dining, grocery stores, entertainment, and streaming services. This makes it one of the best cash back credit cards for people who enjoy a great meal, whether it’s at home, your local steakhouse, or McDonald’s. Plus, cardholders get 1% cash back on all other spending and a 0% intro APR for 12 months on purchases and balance transfers.

The downsides & fees: This card requires excellent credit. The 3% cash back rewards also don’t apply to superstores like Walmart or Target (which apparently don’t count as grocery stores).

Annual Fee: $0

Current intro offer: Earn $200 when you spend $500 within 3 months of opening your card.

WalletHub user score: 3.6/5 with 300+ reviews

5. Best for online shopping: Amazon Prime Visa®

The benefits: The Amazon Prime Visa® lets you earn 5% cash back on purchases at Amazon.com, Amazon Fresh, Whole Foods, and Chase Travel. Plus, get 2% back at gas stations, restaurants, and local transit and 1% on all other purchases. 

The downsides & fees: You need an Amazon Prime membership to get the Prime Visa, which currently costs $139/year. If you aren’t interested in joining Prime then you can still explore the regular Amazon Visa.

Annual Fee: $0

Current intro offer: Prime members receive a $100 Amazon gift card upon approval.

WalletHub user score: 4.2/5 with 15+ reviews

6. Best with an annual fee: American Express® Blue Cash Preferred® Card

The benefits: The American Express® Blue Cash Preferred® Card offers great benefits for households, including 6% cash back on groceries (up to $6,000 per year at supermarkets), 6% back on streaming services, 3% on gas and transit, and 1% on everything else. Cardholders also enjoy perks like an $84 Disney Bundle credit and strong spending protections. 

The downsides & fees: Requires a good or excellent credit score for approval and has foreign transaction fees. There’s also a $95 annual fee that kicks in after the first year.

Annual Fee: $0 for one year, then $95 annually

Current intro offer: Earn $300 when you spend $3,000 within 6 months of opening your card. 

WalletHub user score: 3.9/5 with 1,600+ reviews

Worried that you won’t get approved for this card? Check out 11 tips and tricks to help get approved for some of the best cash back cards. 

7. Best for high spenders: Discover it® Cash Back Credit Card

The benefits: The Discover it® Cash Back Credit Card offers a unique rewards system: earn 5% on a different spending category that rotates every 3 months. Discover also matches the total cash back you earn in your first year, making this card great for high-spenders who spend in a lot of different categories.

The downsides & fees: The bonus reward categories rotate, and you’ll need to activate them each quarter. Discover also caps the 5% rewards at $1,500 per quarter.

Annual Fee: $0

Current intro offer: Discover will match your first year’s total cash back (no limit). If you earn $300 in cash back throughout the year then Discover will pay you $300.

WalletHub user score: 3.8/5 with 1,700+ reviews

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MoneyLion can help you explore a wide variety of credit card options tailored to different needs and preferences.

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What is a cash back credit card?

A cash back credit card is a credit card that gives you a small percentage of your purchases back as cash rewards. If your card offers 2% cash back and you spend $1,000, you’ll get $20 back.

The best cash back cards typically offer around 1-2% cash back for all spending. Some cards offer rewards rates as high as 5% in certain categories.

Getting cash back is like getting a small discount on everything you buy, as long as you pay off your balance each month.

Types of cash back credit cards

There are three common types of cash back credit cards:

• Tiered cash back cards: Offer a higher rewards rate for specific categories, like groceries or gas, and lower rates on other purchases.

• Flat-rate cash back cards: Offer the same rate on all purchases, no matter where you spend.

• Rotating category cards: Offer high cash back on categories that rotate, such as dining or groceries.

How to choose the best cash back credit card

Want to know a secret? There’s really no “best” cash back credit card. The best card for you depends on your personal preferences, spending habits, and financial goals. Here are 7 tips to keep in mind when choosing a card:

1. Compare reward rates: Ensure that your credit card offers substantial rewards that closely align with your spending habits. If you want to maximize your rewards then consider exploring credit card points, as opposed to cash back.

2. Check for annual fees: If a credit card’s benefits sound amazing then it probably has an annual fee. Always be sure to double-check before signing up. 

3. Look at sign-up bonuses: Sign-up bonuses can provide an additional incentive to get a card, but they usually shouldn’t be the sole reason for opening a card.

4. Examine redemption options: Consider all of the ways that you can redeem your card’s points.

5. Check for category restrictions: Double-check to see if any categories don’t get rewarded through your card.

6. Look for additional perks: Read the fine print to understand all of the extra perks your card might offer. Common extras include rental car insurance, lounge access, partner discounts, etc.

7. Consider your spending habits: It’s usually best to get a card that closely aligns with your spending habits. This will help you maximize your rewards.

Start Maximizing Your Cash Back Today

Opening a new cash back card is an exciting event that could mark a turning point for your finances. Here are three tips to remember after you’ve opened a card:

1. Always pay your card on time: A credit card is a double-edged sword: it’s easy to earn rewards but also easy to get into debt.

2. Use the right card for the right purchase category: Maximize your points by using specific credit cards for different purchases.

3. Commit to your cards for the long term: Be prepared to stick to your credit card for at least a year. Opening and closing credit cards quickly can hurt your credit score.

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