Cash back credit cards offer consumers the most flexible way of spending their rewards. While other credit cards let you earn points toward one of their offered prizes, cash back credit cards give you money back, so you can spend it on things you really want or need. Some of these cards pay you a flat rate for your total credit card purchases. Others pay a higher rate for certain categories, while giving you a much lower rate on the rest of your purchases. It depends on which cash back card you choose, but you could earn between 1% and 6% back from the items you put on the credit card.
Here is a look at our top five cash back credit card picks for 2020:
Chase Freedom Unlimited
The Chase Freedom Unlimited cash back credit card offers a flat-rate cash back system. It offers a 1.5% reward rate and an introductory offer of $150.00 cash after you spend $500 on your purchases within the first three months since opening your account. There is no annual fee for the Chase Freedom Unlimited cash back credit card. It offers a 0% APR for the first fifteen months you have the card, then it gives you a variable APR of 14.99% to 23.74%. Plus, there is no expiration date for your cash rewards, so you can spend it when you are ready. You must have a credit score of 690 to 850 to qualify for this card. More Info here.
Discover It Cash Back
The Discover It Cash Back credit card offers a rewards rate of 1% to 5%. You will earn 5% cash back for purchases of everyday needs from a different category each quarter. Purchases can include groceries, gas, dining out, certain ride shares, and online buying. You will earn 1% cash back for all your other purchases automatically. There is no annual fee and you can redeem your rewards whenever you choose. It comes with an intro offer that will match all the money you have earned during your first year with the card. You will need to have a credit score of 690 to 850 to qualify. More info here.
Wells Fargo Cash Wise Visa
With this card you will receive a 1.5% rewards rate on your purchases, and 1.8% cash back for certain digital wallet purchases. They offer a welcome bonus of $150.00 cash back after you spend $500.00 in your first three months. There are no restrictions regarding shopping category, and your rewards never expire. There is no annual fee, but you need a credit rating of 690 to 850 to qualify. More info here.
Alliance Cashback Visa Signature
With the Alliance Cashback Visa Signature card, you will earn 2.5% cash back on purchases up to $10,000.00 for each billing period. There is no annual fee for the first year, then $99.00 per year after that. It was designed for people that spend more than $50,000.00 annually. You need a credit rating of 690 to 850 to qualify for this card. More info here.
Citi Double Cash Card
With the Citi Double Cash Card, you will earn a 2% rewards rate, with 1% when you make your purchase and another when you pay your bill. There is no annual fee and no limit to how much cash back you can earn, but you need a good to excellent credit score, between 690 and 850. More info here.