Credit Cards

Best Cash Back Credit Cards Of 2020

Last updated on February 24, 2020 by
best cashback credit cards

Cash back credit cards are the most straightforward type of card you can get. You simply make purchases with your card, and earn a percentage back (usually anywhere between 1% to 6%). Cash back cards are great for people who would rather get rewarded in cash rather than points, and have more control over what you spend your rewards on. No one specific card is perfect for everyone. Each card offers different cash back rates depending on your spending categories, so choose from the list based on where you make purchases the most.

Best For

Flat-Rate Cash Back

Citi Double Cash Card – 18 month BT offer

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on Citi’s website

Cash Back Rate: 2% cash back on every purchase — 1% when you make it and 1% when you pay it off.

Interest Rate: 15.49% – 25.49% Variable

Annual Fee: $0

Recommended credit level: Good

The Citi Double Cash Card is the best flexible credit card that gives you a flat cash back rate on all purchases made. You get 2% back on every purchase made. However, it works a little differently than other cards. To encourage prompt payment of your balance, you get 1% back when you make a purchase, and another 1% back when you pay off your purchase. Additionally, there are no annual fees with this card.

The card comes with a balance transfer welcome bonus offer: 0% Intro APR for 18 months on balance transfers; after that, the variable APR will be 15.49% – 25.49% based on your credit score at the time.

Best For

Rotating Cash Back

Discover It Cash Back

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on Discover’s website

Cash Back Rate: 5% cash back on rotating category — 1% back on all other purchases.

Interest Rate: 13.49% – 24.49% Variable

Annual Fee: $0

Recommended credit level: Good

The unique cash back rates of this makes it almost a nobrainer to add to your wallet, especially considering it has no annual fee. The Discover It Card is a rotating category card. That means that throughout the year, you’ll earn a whopping 5% back on purchases made in certain categories. Which category that is will rotate every few months. The card also comes with a welcome offer of 0% balance transfer APR for 14 months, and a cashback match, where you can earn double the cash back for your first year.

Here are the rotating categories where you’ll receive the 5% back:
January-March: Groceries; April-June – Gas, Uber, Lyft; July-September: Restaurants, Paypal; October – December: Amazon, Target, Walmart.

Best For

Groceries And Gas

American Express Blue Cash Preferred Card

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on American Express’ website

Cash Back Rate: 6% cash back at US supermarketes, 6% back for US streaming subscriptions, 3% back for transit and gas (including Uber, public transit, parking, and tolls), 1% back on all other purchases.

Interest Rate: 0% intro APR for 12 months, then 14.49% to 25.49% Variable

Annual Fee: $95

Recommended credit level: Good

Welcome Offer: The American Express Blue Cash Preferred comes with a steeper annual fee than the other top cash back cards in our list, but it’s one of the few cards to come with such a large welcome bonus. It comes with a welcome bonus of $250 (when you spend $1000 in the first 3 months). You’ll also get a 0% intro APR on purchases and balance transfers for 12 months, then a variable APR, 14.49% to 25.49%.

This is the best card to shop for groceries with, as you’ll get the highest cash back rate on the market in that spending category at 6% (on up to $6,000 per year in purchases, then 1%).

Best For

Best Welcome Bonus With No Annual Fee

Chase Freedom Unlimited

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on Chase’s website

Cash Back Rate: 1.5% on all purchases.

Interest Rate: 0% intro APR for 15 months, then 16.49% – 25.24% Variable

Annual Fee: $0

Recommended credit level: Good

Welcome Offer: The Chase Freedom Unlimited Card has no annual fees, but offers $200 as a sign up bonus (when you spend $500 in the first 3 months). You also get a 0% intro APR for 15 months from account opening on purchases and balance transfers. After the intro period, a variable APR of 16.49% – 25.24%.

The Chase Freedom Unlimited Card offers a flat rate of 1.5% cash back on all purchases made with your card. In addition, some partner benefits you’ll receive with your card is the ability to earn 5% cash back on Lyft rides until March 2022, and complimentary 3 months of DashPass, then 50% off your subscription for the next 9 months if you continue to be a member.

Best For

Customizable Rewards + Big Welcome Bonus

Bank of America Cash Rewards Card

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on Bank of America’s website

Cash Back Rate: 3% cash back in the category of your choice, 2% back at grocery stores and wholesale clubs, 1% on all other purchases.

Interest Rate: 0% intro APR for 15 billing cycles, then 15.49% – 25.49% Variable

Annual Fee: $0

Recommended credit level: Good

Welcome Offer: The Bank of America Cash Rewards Credit Card also offers $200 as a sign up bonus (when you spend $1000 in the first 3 months). You also get a 0% intro APR for 15 billing cycles from purchases made in the first 6 months of account opening on purchases and balance transfers. After the intro period, a variable APR of 15.49% – 25.49%.

The Bank of America Cash Rewards Card is perfect for anyone who makes the majority of their purchases in one category of shopping. You can choose a category (gas, online shopping, dining, travel, drug stores, or home improvement/furnishings) to get 3% back on your purchases, which is higher than the best flat-rate cash back card. If you also use the card for groceries, where you’ll get 2% cash back, this could be the most sensible option for a lot of people.