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Want great rewards? How about simple redemption systems that let you get those rewards quick and easy?
We’ve rounded up the most rewarding cash back credit cards on the market. They offer 5% back or more for certain purchases, a pretty significant discount you can take advantage of over and over again.
5% cash back means you’ll get a minimum 5% return on your spending, usually in the form of a statement credit. Spend $100, get $5 in cash back.
If you want to earn a little back for every purchase you make, these cards should be on your radar.
Cash back cards usually aren’t too complicated, but if you really want to maximize your credit card, there are some ways to boost the value of the cash back rewards you earn in some cases. We’ll show you how.
Here’s a quick summary of the six cards with the highest cash back rates:
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American Express is a Credit Card Insider advertiser.
Groceries and gas are necessities. Why not have a card that’s great for both?
The Blue Cash Preferred® Card from American Express (Review) delivers, offering the best rate you’ll find at U.S. supermarkets along with a competitive rate for gas.
As for the other bonus categories, they’re nothing to sneeze at, either: Transit covers rideshares like Uber and Lyft, and who doesn’t use at least one streaming service? (The list of eligible services is extensive, covering all the usual suspects like Netflix, Amazon Prime Video, and Hulu, and then some.)
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If the Blue Cash Preferred looks good but you don’t spend too much in its categories, consider the Blue Cash Everyday® Card from American Express (Review). It’s a similar card with no annual fee and lower cash back rates. (Rates & Fees)
The Discover it® Cash Back (Review) boasts a unique offer that puts it near the top of the cash back pecking order. Like all Discover credit cards, not only will you get handy reward categories for no annual fee — you’ll also get double cash back for every purchase in your first year.
That’s an excellent find on a card that gives you 5% cash back on a changing selection of purchases, which rotates every three months and typically includes everyday expenses like groceries, gas, and dining. Check out the 2020 categories below, with 2019’s for comparison.
After the first-year bonus you’ll end up with an unrivaled 10% cash back! And non-category purchases will cash out at 2% back, on par with the very best flat-rate cash back cards.
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In college? There’s another card made for you in Discover’s lineup, with the same great rewards program: Discover it® Student Cash Back (Review).
Like the Discover card above, the Chase Freedom Flex℠ (Review) provides 5% back in categories that switch every three months. In this case you’ll also earn 5% back on Lyft purchases, a timely addition as rideshares become more popular.
5% is a great rate, but here’s a neat trick to get an even better return on your spending. If you also have certain other cards in the Chase Ultimate Rewards family, like the Chase Sapphire Preferred® Card (Review) or Chase Sapphire Reserve® (Review), you can expand your redemption options by transferring your rewards from the Flex over to that other card, where they can be worth more.
Rather than getting $1 in value for every $1 in cash back, like you normally would, you could get $1.25, $1.50, or even $2.00 or more through point transfers to partner airlines and hotels. That’d boost your cash back equivalent with the Freedom to upwards of 6.25%, 7.5%, or even 10% — not too shabby, but it takes a bit of extra work.
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Sick of credit cards that are always bossing you around, telling you where to shop to get the best rewards?
The U.S. Bank Cash+™ Visa Signature® Card gives you the freedom to pick two (!) 5% cash back categories every three months, out of a healthy selection that includes common expenses like ground transportation along with rare finds like home utilities, department stores, furniture stores, and streaming services.
If you’re the type to plan out big purchases in advance, you can adjust your 5% bonus rewards to fit. This could work especially well with furniture, electronics, and clothing.
Don’t forget about the 2% options: You can choose one “everyday” category to fill out your rewards program. But this rate is on the low end, so you may want to consider a different rewards credit card for that kind of spending.
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Ground Transportation | Fast Food | Cell Phone Providers |
Department Stores | Home Utilities | Select Clothing Stores |
Electronics Stores | Sporting Goods Stores | Movie Theaters |
Gyms/Fitness Centers | Furniture Stores | TV, Internet & Streaming Services |
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Gas Stations | Grocery Stores | Restaurants |
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There are a handful of Amazon credit cards, but the Amazon Prime Rewards Visa Signature Card (Review) is best for your average Amazon aficionado.
Cardholders earn 5% back on every Amazon purchase, which can add up to some great savings alongside the free shipping and deals you can get with Amazon Prime. Whole Foods Market is included at that rate, too (thanks to Amazon buying the grocery chain).
There are some useful 2% categories tagging along as well (drugstores made the list, which you don’t often see). The card is even made with metal, which is a bit more fun than your average plastic card.
You’ll need Amazon Prime to get and use this card; if you don’t have Prime, or if you cancel the subscription, you’ll get the less-impressive Amazon Rewards Visa Signature Card. It may not be metal, but it’s still a solid card.
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There are a couple other Amazon credit cards that can get you 5% cash back at the online mega-retailer (if you have Prime):
Don’t fret, small business owners — we’ve got a card for you too.
The Ink Business Cash® Credit Card (Review) has industry-leading rewards for a no annual fee card, offering 5% back on a pair of typical business expenses, plus Lyft. You’ll have to deal with a $25,000 annual limit on those 5% business categories, however, with a separate $25,000 limit for the 2% categories, and that could feel restrictive.
If you’ll be butting heads with the limits, think about pairing this card with other business reward credit cards, especially flat-rate cards with no spending limits.
Like the Chase Freedom Flex℠ above, you can get more out of this card by pairing it with certain other Chase Ultimate Rewards cards. In this case, you may want to combine the Ink Business Cash with the Ink Business Preferred® Credit Card (Review), which gives a 25% bonus for travel redemptions and allows point transfers to travel partners. Once again, this could let you reach cash back equivalents upwards of 10% with the Ink Business Cash.
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For rates and fees of the Blue Cash Preferred® Card from American Express, please click here.
The highest cash back credit cards offer 5% or 6% cash back in select categories. Some reward programs have stable bonus categories, while others change throughout the year or let you pick your own. There are even some ways to boost your cash back beyond the typical rates.
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The information related to Discover it® Cash Back has been collected by Credit Card Insider and has not been reviewed or provided by the issuer or provider of this product.
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