Cash Back Credit Cards

There are a few cash back cards that are designed for students. The Discover it Chrome for Students Credit Card allows college students to earn cash back on two tiers. Students can earn 2% cash back on gas and at restaurants (up to $1000) and 1% cash back on all other eligible purchases. The Fidelity Investments 529 College Rewards Visa Signature Card is another good choice. It offers 2% cash back with no limits. In searching for the right cash back card, you should ensure the rewards categories match your spending habits. Otherwise, you’re missing the point of earning rewards.

There are a couple of cards that offer cash back to members of the military and their immediate families. The USAA Cashback Rewards Plus American Express Card combines the prime customer service of American Express with the support of USAA. With this card, you get 5% cash back on gas and purchases at military bases. You may also earn 2% cash back on groceries, and 1% cash back on all other eligible purchases. The high cash back rate, plus no annual fee may make this a strong contender for your primary credit card.

Some business credit cards do allow you to earn cash back. The Spark Classic for Capital One gives cardholders 1% cash back on unlimited purchases you make every day. Spark has another option, the Spark Cash Select from Capital One that offers unlimited 1.5% cash back on purchases. Both cards have no annual fee. To be eligible for the Spark Classic, cardholders should have good credit (651-750). Future Spark Cash Select cardholders should have excellent credit (751-850) to be approved for the card.

Cash back cards earn money for each eligible dollar spent. Annual fees decrease the value of rewards earned. There are two types of cash back cards without annual fees. The first gives no annual fee forever (like the Blue Cash Everyday Card from American Express). Your other option is a temporary waiver for the first year (like the Chase Sapphire Preferred Card). With the Quicksilver from Capital One, there is no fee, and you can earn cash back two ways. Earn unlimited 1.5% cash back on purchases, and a one-time bonus of $150 after spending $500 within the first 90 days.

You can find a balance transfer card that offers cash back. When selecting a card, remember that:

• attempting to earn rewards while paying off debt may not be the best strategy. To maximize rewards, you may end up spending more money than you should, increasing your debt balance;
• you must pay off the balance transferred by the end of the 0% APR introductory period. Failure to do so will result in you paying interest;
• generally, you don’t earn cash back on the balance transferred, or the accompanying fees.

If you’re thinking of a balance transfer cash back card, you may consider the SavorOne Rewards Card from Capital One. For dining and entertainment, you’ll earn 3% cash back; at grocery stores, you’ll earn 2%; and for everything else, 1%. Another option is the U.S. Bank Cash 365 American Express Card, which earns you unlimited 1.5% cash back on eligible purchases.

It’s possible to find a card with 0% APR on new purchases and offers cash back. The Special Connections Mastercard with Rewards gives cardholders 3% cash back on wireless providers and ridesharing services. You may also earn 2% cash back on gas and at restaurants, and 1% on all other eligible purchases. The SunTrust Cash Rewards Credit Card gives bonus cash back. You can earn 5% on gas and qualifying grocery purchases up to $6,000 in the first year. After that, gas and grocery purchases earn 2% cash back, and all other eligible purchases receive 1%, with no limit.

Secured rewards cards are difficult to find. Rewards cards are offered to attract customers with good credit. Generally, secured cardholders either have poor or no credit and may need to pay a deposit for the card. If you apply for one, consider if the deposit justifies the value of the rewards. Still interested? Look into getting the Discover it Secured Credit Card. It has no annual fee. Get 2% cash back at gas stations and restaurants up to $1000 per quarter, with other eligible purchases earning 1%. Just be aware, it requires a minimum security deposit of $200.

If you’re looking for a card that gives a $100 cash back bonus, consider the REI Co-op World MasterCard. Receive $100 cash back as a statement credit when you spend $500 in the first 3 months of opening the account. It also offers 5% cash back when you shop at REI and 1% cash back on all regular qualified purchases. To qualify, you should have good credit.

The HSBC Cash Rewards MasterCard is one of the cards that offer a $150 sign-up bonus. It has no annual fee and is available to applicants with good credit. To earn the sign-up bonus, you must spend $500 or more within 3 months of the account opening. There is no limit on the amount of rewards you can earn with the card. You may choose to redeem your rewards for cash, travel, gift cards, and certificates, or merchandise. There is also an option to donate your rewards to charity.

There are a few credit cards with a $200 cash offer. The BMO Harris Bank Cash Back MasterCard gives 2% cash back per dollar spent at gas stations and grocery stores. This is on the first $2500 in combined total spending per quarter. All other qualified purchases earn 1% cash back. There is no annual fee, but it does require an excellent credit rating to qualify.

It is possible to have a $500 cash back bonus credit card, but you’ll probably need excellent credit to get it. Consider the Savor® Rewards from Capital One®. It earns a one-time bonus of $500 if you make $3000 in purchases within the three months of card ownership. There is no limit to the regular rewards earned. You can earn 4% back on dining and entertainment purchases, 2% at groceries stores, and 1% everywhere else. Rewards can be redeemed as a check or statement credit.