The Best Cash Back Credit Card

Unlike other reward credit cards, cash back cards allow its holders to collect and earn rewards more easily. Cash back cards also provide more flexibility for the card holder when it comes to claiming rewards. So which cash back credit card should you choose?

Which Should You Choose?
With all the cash back credit card issuers in the market, choosing one can be confusing. Before your final choice, consider carefully the different factors that affect your credit card choice.

First, you should be particularly concerned about the interest rates. Bear in mind that along with the privileges, reward credit cards also come with higher interest rates. With this in mind, it is very important to pay off your credit card balance in full each month. Otherwise, you could end up paying for more than the rewards you can earn from your card.

Don’t forget to check on the annual fee of the card. How much is the cost you need to pay each year to activate your membership for the card? Remember, you’ll be required to pay for this cost every year in order to be entitled for the rewards program. Is the cost reasonable or does it exceed the amount of rewards you can earn from your card in a year? If that is the case, the annual fee would defeat your purpose of owning a reward credit card. If you do your research well, you can find a cash back credit card that doesn’t have an annual charge so take your time in studying all your choices.

What about the rules in collecting your cash back points? Are you clearly aware of the mechanics? How many points do you earn for every dollar you spend using your credit card? Obviously, you’ll want to look for a credit card that awards bigger points for your purchases.

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Which Credit Card Do You Prefer, Cash Back or Airline Credit Card?

Which credit card do you prefer, cash back or airline credit card? Perhaps your answer would depend on your lifestyle and spending. Some people may think that a credit card with Frequent Flyer Miles Rewards will give them a bigger reward value but before you go and rush into signing up for a travel reward card, don’t forget to consider it matches your lifestyle.

For instance, to qualify for one free travel ticket, how many points do you need to collect? Usually, a travel reward card gives 1 mile or 1 point for every 1 dollar purchase. The question is, how many miles or points do you need to collect to earn your free airline ticket?

Add to this, earning points may only be limited to airline, hotels, car rentals and other travel related purchases. If you’re not a frequent traveler, it may take a really long time before you can earn your free travel. Therefore, travel rewards are only recommended for people who frequently travel and use credit cards on their trips.

Clearly, if you’re not a frequent traveler and you don’t really use your credit card as much, getting a cash back credit card would be a more practical choice. Why? Credit cards with cash back rewards have more flexible terms and conditions on collecting and redeeming rewards. Generally, you earn 1% cash back per dollar charged to your account. This means, each time you use your cash back credit card- regardless of the type of your purchase- you instantly earn points in your account.

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Comparing 5-percent Cash Back Credit Cards

You must be wondering, what particular credit cards in the market have a 5% cash back offer? The most popular ones are the Blue Cash® Card from American Express®, the Citi Dividend Platinum Select MasterCard®, the Discover More Card and the Discover® Open Road Card. Let’s take a look at what each of these reward credit cards have to offer.

Blue Cash From American Express

The Blue Cash® from Amex® gives a generous 5% cash back rewards with no limits. That means you can earn as much rewards as you can using you Blue Cash® credit card. It also has a low balance transfer rate of only 4.99% fixed APR, with no annual fee, and a 0% introductory APR on purchases that will last for 6 months.

Discover More Card

This reward credit card from Discover® also gives 5% cash back bonus on selected purchases such as home, gas, travel, movies and restaurant purchases. Discover® More Card holders can also earn from 5% to as much as 20% cash back bonus from selected online shops. It also gives 1% cash back bonus on all other types of purchases that are not qualified for the 5%. You can earn as much rewards as you can and have the chance to double your points when you choose to redeem your rewards from Discover’s 80 Cash Back Bonus Partners.

Discover Open Road Card

For drivers and car owners, this reward credit card is a great choice. It awards 5% cash back bonus from gas and auto maintenance purchases and 1% cash back on all other purchases. The Discover® Open Road Card holders also has the chance to get 5% to 20% cash back bonus if they purchase from affiliate online stores found at the card’s official online shopping site. This reward credit card also comes with a 0% APR introductory offer.

• See all cash back credit cards

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