From travel points to gas discounts, credit card consumers can earn some serious rewards if they use their card right. However, is any reward better than simple cash back in your pocket?
Cash back is great! The more you spend, the more you get back. Still, some cash back offers are much better than others. So, if you’re considering getting a new card, take at the best cash back credit cards!
Capital One – Quicksilver Cash Rewards Credit Card
It should come as no surprise that a Capital One card ends up on the list. The likes of CNBC regularly award Capital One with “best card” awards. And their Quicksilver Cash Rewards card is no different! The Quicksilver’s biggest draw is its flat, unlimited 1.5% cash back on every item you purchase. In the long run, this will actually earn you more than a tiered system (3% back on gas, 2% back on groceries, etc.)!
However, the Quicksilver card’s perks do no end there. Owners also earn an extra $150 when they spend $500 in the first three months. Plus, there’s 0 APR for the first 15 months!
Chase – Freedom Unlimited
Chase’s Freedom Unlimited is an upgraded version of their flagship Freedom card. The most significant difference is cash back values. The primary Freedom card uses a flat 1% back, with a rotating 5% back category, and spending/earning caps. On the other hand, the Freedom Unlimited card makes you a flat 1.5% back with no spending or earning caps.
As we discussed, a flat 1.5% back will earn you more, in the long run, than a tiered system. Plus, the Freedom Unlimited card comes with a year-long double cash back bonus over the first year, up to the first $20,000. Still, if the Freedom Unlimited seems like a bit too much for you, the Freedom basic is certainly worth checking out!
Fidelity – Rewards Visa Signature Card
On the surface, the Fidelity Rewards card seems like the best deal on the market, with an unheard-of flat, unlimited 2% cash back. Still, as you may have guessed, it comes with some strings. First, Fidelity will only put the money back into a qualifying Fidelity investment account. Furthermore, because of the 2% back, the card does not feature any sign-up bonuses or other perks.
However, if you already have a Fidelity investment account, or don’t mind opening one, there is likely no better card than their Rewards Visa, thanks to the great 2% reward.
Wells Fargo – Cash Wise Visa Card
Out of all the options presented, Wells Fargo’s Cash Wise Visa Card is likely the most beneficial cash back credit card on the list. First, it comes from one of the largest banks in the United States, meaning ATM and bank access is incredibly easy. Next, it offers a flat, unlimited 1.5% cash back, one of the best deals you can currently get.
However, Wells Fargo also added in another benefit that will reap in the dollars: flat, unlimited 1.8% back on Apple Pay and Android Pay! That means, just by making the easy, free switch to a mobile wallet, you’ll be earning even more than the some of the most elite cash back credit cards!
As always, talk with your banker or financial advisor before opening up a new credit card. Also, remember, cash back credit cards often have higher APRs than other reward cards. Meaning, carrying a balance can seriously eat into your rewards!
Sources: CreditCards.com, NerdWallet.