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Best Cash Back Credit Cards


If you pay off your credit card balances consistently, you should consider a credit card that gives you cash back. There are many now that give 5% cash back on everyday purcashes (defined as purchases from gas stations, supermarkets and drug stores) and 1% elsewhere. Many of these cards limit your cash back in one year to $300. That comes out to $6000 in everyday purchases per year. A Fatwallet thread does an excellent job at listing the top 5% reward cards. Two of them currently have sign-up bonuses:

The Chase Cash Plus Rewards Visa Card currently has a $100 gift certificate sign-up bonus. According to this thread this sign-up bonus is still valid with the code HG1. The card offers 5% cash back on everyday purchases and 1% elsewhere. It has the typical $300/year cash back limit. There are no annual fees.

There's also a $50 sign-up bonus for the Chase Rewards Plus MasterCard. This one has the same 5%/1% cash back policy, but the reward limit per year is $750 instead of $300. This sign-up bonus is only valid until 1/31/06.

If you spend a lot on non-everyday purcashes, you'll want a card with cash back rewards of over 1% on all puchases, however, there are not too many of these. There was hope that EmigrantDirect would launch a credit card with some high cash back percentage, but it turned out to just be 1.25% along with the very tough condition of maintaining $10K in your account. The GM Card gives 5% on all purchases but you don't get cash back but rebates for a new GM car. The best pure cash back percentage that I've found is 1.50% from Fidelity's Investment Rewards Card which requires a Fidelity account. Another good card is from Pentagon Federal Credit Union. Its Visa Platinum Cash Rewards card gives 1.25% cash back on all purchases and doesn't have balance requirements like EmigrantDirect has.
Leif Wickland
Leif Wickland   |     |   Comment #1
I believe your math is suspect. $300/5% == $6,000 max rebate per year.
Banking Guy
Banking Guy   |     |   Comment #2
Perhaps there's some confusion. The $300 max on cash back rewards equals the rebates from $6000 in everyday purchases.
Anonymous   |     |   Comment #3
Citibank Dividend Card offers the 5% rebate on gas, supermarket and drugstore purchases. Great when gas is $3 per gallon this holiday weekend. Happy 4th!

Card also offers balance transfers of at least $1,500 that give you a $5 rebate credit. You have 12 to 15 months to pay off the balance at 0% APR. It's best not to make purchases until balance is paid off or you lose all of the benefit of a 0% year long loan. Either way it is a great card!

Can offer 10 referrals for card. Please forward requests with your name and e-mail address to mio008@msn.com by July 15, 2006.