These cards provide simple and strong POINTS on all purchases.
Citi Double Cash Mastercard
Interest rate: 13.99% to 23.99%
Annual Fee: None
Typical annual rebate: $480
Citi Double Cash takes top honors in this category year after year because its rewards are simple and plentiful: You get 1% cash back when you make a purchase and an additional 1% back when you pay the bill, for a total of 2% on all spending. Redeem a cashback balance of at least $25 for a check, a deposit into a linked Citi savings or checking account or any checking account you’ve paid your credit card bill at least twice, or a statement credit. (If you choose a statement credit, you won’t receive 1% cash back on the payment.) Rewards expire if you don’t earn cash back for 12 months.
PayPal Cashback Mastercard
Interest rate: 19.99% to 26.99%
Annual Fee: None
Typical annual rebate: $480
If you have a PayPal account, check out this card. It offers 2% cash back on every purchase, and you can use it anywhere that accepts Mastercard payments. Redeem cash back to your PayPal account; you can transfer it to a linked bank account. Or use it to make purchases or send money to other PayPal users if you have a Cash or Cash Plus account.
Capital One Quicksilver
Interest rate: 0% for 15 months, then 15.49% to 25.49%
Annual fee: None
Signup bonus: Spend $500 in the first three months and get $200 back
Typical annual rebate: $360
Earn 1.5% cash back on every purchase, which you can redeem in any amount for a check or a statement credit. The card has no foreign transaction fee, making it a good option to keep in your wallet when you head overseas. It may be issued on the Mastercard or Visa network.
Best Cashback Credit Cards: Flat-Rate Cash Back (Worth the Fee)
Farmers Insurance Federal Credit Union Crystal Visa
Interest rate: 0% for six months, then 12.99% to 18%
Annual fee: $99, waived the first year
Signup bonus: Spend $5,000 in the first three months and get $100 back
Typical annual rebate: $720 the first year; $501 from the second year on
For the first year, pay no annual fee and get an outstanding 3% return on all purchases. After that, you’ll pay a $99 annual fee but earn a still-impressive 2.5% on all spending. Rewards are tracked as points, which you can exchange at a penny rate each for a bank account deposit or statement credit (minimum redemption amount: 5,000 points). Or you can redeem points for travel, merchandise, or event tickets, but point values and minimum redemption amounts vary. Anyone can become a member of Farmers Insurance FCU by joining the American Consumer Council and depositing $5 into a savings account.
Alliant Cashback Visa
Interest rate: 12.24% to 22.24%
Annual fee: $99, waived the first year
Typical annual rebate: $600
The Alliant Cashback Visa provides 2.5% cash back on all spending. Rewards earnings are capped at $250 ($10,000 in purchases) per monthly billing cycle. When you’ve accumulated at least $50 in cash back, you can redeem it as a statement credit or deposit it into an Alliant Credit Union checking or savings account. Cash back expires from four to five years after you earn it.
To join the credit union, you can become a member of the Foster Care to Success charity (Alliant pays the $5 membership fee on your behalf). You must also open a savings account; Alliant makes a complimentary $5 deposit into it for you.
Best Cashback Credit Cards: Rotating Categories
Chase Freedom Flex Mastercard
Interest rate: 0% for 15 months, then 14.99% to 23.74%
Annual fee: None
Signup bonus: Spend $500 in the first three months and get $200 back
Typical annual rebate: $511
Last year, Chase introduced Freedom Flex, which offers high rebates in rotating quarterly categories and other categories that remain steady. All year, you get 5% back on travel that you book through Chase’s Ultimate Rewards program, 3% back on restaurant and drugstore purchases, and 1% back on another spending.
You’ll also earn 5% back in a category that changes each quarter (5% rewards are limited to $1,500 spent per quarter). In 2021, the quarter-one categories included wholesale clubs (note that in its stores, Costco Wholesale accepts credit card payments only from cards issued on the Visa network); Internet, cable, and phone services; and select video- and music-streaming services.
Quarter-two categories are gas stations and home improvement stores. Categories for quarters three and four were not announced at press time. As a temporary benefit, through March 2022, you get 5% back on rides with ride-sharing service Lyft. Rewards come in Chase Ultimate Rewards points, which are worth 1 cent each for cash back (redeemable in any amount), travel, or gift cards (minimums may vary).
U.S. Bank Cash+ Visa
Interest rate: 13.99% to 23.99%
Annual Fee: None
Signup bonus: Spend $500 in the first 90 days and get $150 back
Typical annual rebate: $503
With this card, pick two categories each quarter that earn 5% cash back on up to $2,000 spent in combined purchases. Recently, the 12 options included TV, internet, and streaming services; ground transportation; home utilities; cell phone providers; fast food; and department stores. You also get 2% back in one choice category: gas stations, restaurants, or grocery stores. All other spending gets 1% back. Redeem rewards as a statement credit or deposit into a U.S. Bank checking or savings account. Or get a U.S. Bank prepaid debit card ($25 minimum). Cash back expires after three years.
Discover It Cash Back
Interest rate: 0% for 14 months, then 11.99% to 22.99%
Annual fee: None
Signup bonus: A match of cash back earned after one year, doubling your rewards
Typical annual rebate: $395
Discover It offers 5% cash back on up to $1,500 spent in a new category each quarter. In 2021, the 5% category included grocery stores, Walgreens, and CVS purchases in the first quarter. The 5% rebate applies to gas stations, wholesale clubs, and select video and music-streaming services in quarter two; restaurant and PayPal purchases in quarter three; and Amazon.com, Walmart.com, and Target.com in quarter four—convenient for holiday shopping. All other spending earns 1% cash back. Redeem rewards in any amount for a charitable donation, bank-account deposit, or statement credit or to make purchases directly with select merchants. Or, with a $20 minimum balance, redeem cash back for gift cards.
Best Cashback Credit Cards for Saving Goals
Fidelity Rewards Visa
Interest rate: 13.99%
Annual Fee: None
Typical annual rebate: $480
If you need the motivation to stash your rewards into savings, consider this card from Fidelity Investments. You get two points per dollar on every purchase, resulting in a 2% payback if you redeem points as a cash deposit into an eligible Fidelity account. You can split rewards among up to five accounts, including a brokerage account, a cash management account, an IRA, a health savings account, a 529 college-savings plan, or a charitable-giving account. Or direct rewards to a friend or family member’s account—say, depositing them into a grandchild’s 529 plan. If you instead redeem points for travel, merchandise, gift cards, or statement credits, they’re worth only about half the value. You need at least 2,500 points for any type of redemption.
TD Double Up Visa
Interest rate: 14.99% to 24.99%
Annual Fee: None
Signup bonus: Spend $500 in the first 90 days and get $75 back
Typical annual rebate: $480
Get a 2% return on every dollar spent if you redeem your rewards into an eligible TD Bank checking or savings account. You earn one point per dollar on every purchase, and points are worth a penny each when you redeem them for cash into a TD Bank account (2,500-point minimum redemption). TD deposits an additional 1 cent into the account for every point redeemed. If you redeem points for a statement credit, cash back into a non-TD bank account, travel, or gift card, points are worth at least a penny apiece (a 1% return on spending), but TD doesn’t match deposits or credits.
SoFi Mastercard
Interest rate: 12.99% to 24.99%
Annual Fee: None
Typical annual rebate: $480
This card from financial-technology company SoFi provides two points for every dollar spent, and it incentivizes saving by offering a 2% payback on every purchase if you deposit your rewards into a SoFi cash-management account or investment account. Or apply cash back to your SoFi student loan or personal loan. If you redeem points for statement credit, they’re worth only half the value.
Best Travel Rewards Credit Cards (No Annual Fee)
Chase Freedom Unlimited Visa
Interest rate: 0% for 15 months, then 14.99% to 23.74%
Annual fee: None
Signup bonus: Spend $500 in the first three months and get $200 back
Typical annual rebate: 45,518 points, worth $455
Chase Freedom Unlimited, which Chase revamped last year, now offers five Ultimate Rewards points per dollar spent on travel bookings through the Chase Ultimate Rewards portal, as well as three points per dollar on restaurant and drugstore purchases. Plus, Lyft rides earn five points per dollar through March 2022. Get 1.5 points per dollar on all other spendings—higher than the standard one point or 1% that many cards offer on purchases outside their maximum rebate categories. Points are worth 1 cent each for cash back (redeemable in any amount), travel, or gift cards (minimums may vary). Leave this card at home if you travel abroad—it charges a 3% foreign transaction fee.
Bank of America Travel Rewards Visa
Interest rate: 0% for the first 12 months, then 13.99% to 23.99%
Annual Fee: None
Signup bonus: 25,000 points if you spend $1,000 in the first 90 days
Typical annual rebate: 37,500 points, worth $375 in travel and dining statement credits
Rewards are uncomplicated with this card: You earn three points per dollar spent when you book travel through Bank of America’s Travel Center and 1.5 points per dollar on another spending. Points are worth 1 cent apiece when you redeem them for statement credits on travel and restaurant purchases, or 0.6 cents each when you exchange them for cash back, such as a check or deposit into a Bank of America deposit account or Merrill cash management account (2,500-point minimum redemption for any of those options). Point values vary for gift card redemptions (3,125-point minimum).
Best Travel Rewards Credit Cards (Annual Fee)
Capital One Venture
Interest rate: 17.24% to 24.49%
Annual fee: $95
Signup bonus: 50,000 miles if you spend $3,000 in the first three months; get an additional 50,000 miles if you spend $20,000 in the first 12 months
Typical annual rebate: 54,000 miles, worth $445 in statement credits on travel purchases after subtracting the annual fee
Capital One Venture clinches the gold medal for its simple but lucrative rewards structure: You earn five miles per dollar spent on hotel and car rental purchases made through Capital One Travel and two miles per dollar on everything else. Miles are redeemable in any amount at a rate of a penny apiece for statement credits on travel purchases or travel bookings through Capital One; miles are worth 0.5 cents each if you redeem them for a statement credit on non-travel purchases. Or transfer your miles to any of more than a dozen participating hotel and airline loyalty programs, including those of Air France, JetBlue, and Wyndham Hotels & Resorts (you get 1.5 points or miles from most loyalty programs for every two Capital One mile transferred).
Another nice perk for travelers: Every four years, they receive reimbursement of the application fee for Global Entry ($100) or TSA PreCheck ($85); each provides expedited security screening at the airport. The card may be issued on the Visa or Mastercard network.
U.S. Bank FlexPerks Gold American Express
Interest rate: 14.49% to 24.49%
Annual fee: $85
Signup bonus: 30,000 points if you spend $2,000 in the first four months
Typical annual rebate: 43,146 points, worth $562 in travel redemptions after subtracting the annual fee
This card offers five points per dollar on prepaid hotel and car rentals booked through U.S. Bank’s FlexPerks Rewards Center, three points at restaurants, two points on airline and gas-station purchases, and one point on another spending. The key to maximizing the value of points is to trade them for travel bookings through the rewards center (1,000-point minimum redemption), for which they’re worth a strong 1.5 cents each.
Or trade them at a rate of a penny each for non-travel redemptions, such as a statement credit or deposit into a U.S. Bank deposit account (5,000-point minimum redemption). Points expire five years from the end of the calendar quarter in which they were earned. Cardholders also enjoy reimbursement of up to $100 for a TSA PreCheck or Global Entry application fee and complimentary Boingo Wi-Fi hotspot access.
Bronze Medal: Citi Premier Mastercard
Website: www.citi.com
Interest rate: 15.99% to 23.99%
Annual fee: $95
Signup bonus: 60,000 points if you spend $4,000 in the first three months
Typical annual rebate: 52,526 points, worth $430 in gift cards and travel redemptions after subtracting the annual fee
Earn three points per dollar spent in a solid collection of categories: restaurants, supermarkets, gas stations, and air travel and hotels. All other spending earns one point per dollar. Trade points at a rate of 1 cent each for gift cards ($10 minimum redemption) or travel bookings through Citi’s ThankYou rewards portal. You can also transfer ThankYou points to participating airline frequent-flier programs, including those from JetBlue and Virgin Atlantic (most transfers are at a 1:1 ratio). Each calendar year, the Premier card provides a $100 discount on a prepaid hotel stay of $500 or more.
