10 Best Cash Back Credit Cards of 2023 – According to Experts
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Sometimes you just want to earn rewards in a way that you can easily understand, that is, in dollars rather than points and miles. A cashback credit card allows you to earn cash rewards for card purchases that can be redeemed for checks, bank deposits, or statement credits. You will redeem cash depending on your issuer’s terms.
To earn a nice chunk of bonus cash with a cashback credit card, you need to go for the best. The best card is one that earns the best cash rewards on the categories you spend most. To help you pick the best cashback credit card, we have selected the top 10 cashback credit cards that offer high rates in different categories.
Top 10 Best Best Cash Back Credit Cards on the market in June – 2023
- Blue Cash Preferred® Card from American Express – Editor’s Choice
- Citi® Double Cash Card – Best for automatic bonus category
- Chase Freedom Flex – Best for cashback on eligible travel
- Discover it® Cash Back – Best welcome bonus for big spenders
- Savor® Rewards from Capital One® – Best for entertainment and dining
- Amazon Prime Rewards Visa Signature Card – Best for Amazon prime members
- Wells Fargo Active Cash – Best for 2% cash reward
- Capital One® Walmart Rewards® Card – Best for Walmart shoppers
- U.S. Bank Cash+™ Visa Signature® Card – Best flexible bonus categories
- Bank of America® Customized Cash Rewards credit card – Best for flexible cash back category
The Lineup At A Glance
10 Best Cash Back Credit Cards of 2023
Blue Cash Preferred by American Express
If you spend a significant amount at US supermarkets and want to avoid a high-interest rate at the same time, Blue Cash Preferred Card is the right one for you.
- Automatic cashback without enrollment
- High cash back rewards in the U.S. supermarkets
- No rotating categories to worry abou.
- High cash advance fee
- 2.7% foreign transaction
You can earn 6% cashback at U.S. supermarkets on up to $6,000 per year in purchases then 1%. The 6% cashback can also be earned on select U.S. streaming subscriptions.
Blue Cash Prefered is also one of the best travel rewards credit cards you will come across. Travelers also earn 3% cashback at U.S. gas stations and transit. These include taxi or ride-shared, train, buses, parking, troll, and more.
Other benefits include 1% cashback on all purchases and 0% APR on all purchases for the first 12 months, then 13.99% to 23.99% variable. The welcome bonus is also awesome as you stand to earn $300 after spending $3,000 in purchases within the first six months of opening your account. Though it charges an annual fee, new cardholders will not pay an annual fee for the first year.
Citi® Double Cash Card
Citi Double Cash stands out among flat-rate cash back cards that don’t charge an annual fee.
- You can convert the rewards to thank you points
- Offers a lengthy 18-month 0% introductory APR on balance transfers
- Competitive rewards
- The rewards expire if the card isn’t used in more than 12 months
- No signup bonus
You earn 2% cashback on every purchase including unlimited 1% cash when you make a purchase and an additional 1% cashback when you pay it off. This makes this credit card one of the best for everyday spending.
The best part is there is no rotating or bonus category to deal with. Even more, this unlimited high comes at a $0 annual fee. Though it doesn’t offer 0% intro purchase APR, 13.99% to 23.99% variable APR is pretty low for a rewards card.
However, this is one of the few cash-back credit cards that don’t offer welcome bonuses.
Chase Freedom Flex
This card offers a pump-up earning structure that covers a range of expenses including travel, drugstores, dining, and households that you will probably find appealing.
- Generous rewards rate in several categories
- Come with a lucrative sign up bonus
- Offers a lengthy 15-month 0% introductory APR on purchases
- You will have to keep track of all cash back categories
- Travel bookings must be made through Chase to earn 5% cash back
This card has one of the best welcome bonuses among all the cards you will meet. You will earn an unlimited $250 bonus if you spend $500 or more during your first three months. This is no doubt the lowest bonus spending thresholds among the cards profiled here.
As if that is not enough, new cardholders still stand to get 5% cashback on grocery store purchases (on up to $12,000) during the first year. However, this doesn’t include Target or Walmart purchases.
It features a rotational bonus category that will earn you 5% cashback on up to the first $1,500 you spend each quarter in combined purchases. You also stand to earn 5% cashback on travel purchased through Chase Ultimate Rewards.
Other rewards include 3% on dining and drugstores and 1% on all other purchases. All these come at a $0 annual fee.
Discover it® Cash Back
Moderate spenders or students who are willing to activate the 5% rotating categories and track the quarterly spending cap will find this card ideal.
- No minimum cashback redemption
- Automatically match all the cash back you’ve earned at the end of your first year
- No annual fee and no foreign transaction fees
- Bonus categories must be activated quarterly
- Low 1% base reward rate on everything else
Discover will automatically match all the cashback you have earned at the end of your first year and is guarded by a 14-month 0% intro purchase and balance transfer APR (then a low 11.99% to 22.99% variable APR). If your expenditure is good, this match will easily beat the bonuses you can earn from other cards.
The reward includes 5% cashback on up to $1,500 each quarter in rotating categories with activation. The card issuers announce their quarterly cashback categories the year before, instead of a quarter ahead. This will help you plan your purchases.
Savor® Rewards from Capital One®
If you spend a lot on entertainment, Savor® Rewards from Capital One will be a better hand.
- Offers cash back rewards on entertainment which is hard to find
- 4% cash back on eligible categories
- Unlimited reward earnings
- Has an annual fee
- No introductory APR for purchases or balance transfers
Capital One Savor Cash Reward credit is among the few cash-back credit cards that will offer you cashback on entertainment. The entertainment categories that you are set to benefit from include sporting events, movies, plays, aquariums, tourist attractions, zoos, and more.
The rewards include earning 4% cashback on entertainment and popular streaming services as well as dining. You also earn 3% cashback at grocery stores and 1% on all other purchases.
Lastly, you only need to spend $3,000 on purchases within 3 months from account opening and earn a one-time $300 cash bonus.
Amazon Prime Rewards Visa Signature Card
For existing Prime members who frequently shop at Amazon and Whole Foods, the 5% rewards rate is a great deal.
- Earn a welcome bonus without a spending requirement
- Visa Signature benefits
- Unlimited 5% back at Amazon and Whole Foods
- No intro APR offer
- High balance transfer fee
If you are an Amazon addict or love purchasing foodstuff at Whole Foods, Amazon Prime Rewards Visa Signature Card will help you with everything you want from Amazon with big rewards.
You will earn 5% in rewards at Amazon.com and Whole Foods Market with an eligible Prime membership. In addition, you also earn 2% at restaurants, gas stations, and drugstores and 1% on all other purchases.
The card offers a $100 Amazon.com gift card welcome bonus upon approval. All these perks come at a $0 annual fee.
Wells Fargo Active Cash
If you have hopes of earning good rewards, this would be a nice choice for you. You will not need to spend too much to get the bonus.
- There are no rotating categories
- No enrollment requirements
- Awesome welcome bonus
- Qualifying balance transfers must be made within 120 days
- You may be missing out on maximizing earnings in your top spend categories
Wells Fargo Active Cash will earn you unlimited 2% cash rewards on everyday purchases which is pretty high for a cashback credit card with no annual fee. Their introductory bonus is also impressive as you stand to earn up to $200 cash rewards when you spend $1,000 within the first three months.
Other benefits include no rotating categories to keep track of and no enrollments required. In addition, the card comes with other perks like cell phone protection and Visa Signature Concierge benefits at select hotel properties worldwide.
Capital One® Walmart Rewards® Card
The credit card offers an awesome reward for those who frequently shop online at Walmart.
- Up to 5% cash back
- Annual fee $0, foreign transaction fee $0
- Applicants with average credit may qualify
- No intro APR offer
- High to very high APR, depending on creditworthiness
Those who shop online at Walmart will find this cash-back credit card a great deal. This is because you stand a chance of earning 5% cash back for purchases at Walmart.com, including those for pickup and delivery. However, if you shop at Walmart stores, you only earn 2% cash back for purchases.
The credit card also offers a 5% back in Walmart stores for the first 12 months when you use your Capital One Walmart Rewards Card with Walmart Pay. This is the quick and secure way to pay with your phone at Walmart. All these are offered at a $0 annual fee.
U.S. Bank Cash+™ Visa Signature® Card
If you don’t mind opting into your preferred bonus categories each quarter, you can try this credit card and get an impressive cash-back reward.
- Up to 5% cash back in eligible categories
- Introductory APR on balance transfers
- Awesome welcome bonus
- Foreign transaction fee
- Balance transfer fee
This credit card offers you an opportunity to choose your own bonus rewards adventure each quarter. You will earn up to 5% cashback on your first $2,000 in combined eligible purchases each quarter in two categories you choose. And you can also earn 2% in one “everyday” category, like supermarkets, gas stations, or restaurants.
You will have a whole 120 days to spend only $1,000 in eligible purchases and earn a $200 rewards bonus.
Bank of America® Customized Cash Rewards Credit Card
If you are looking for a flexible cash back category, this will suffice.
- Offer competitive sign up bonus
- You can change your bonus category per calendar year
- 3% cash back on the category of your choice
- It lacks travel benefits
- 3% foreign transaction fee
You will have the freedom to tailor your rewards to your spending habit since you have the freedom to change your bonus category once per calendar month. Bonus categories include online shopping, travel, gas, drug stores, dining, and home improvement/furnishings.
The rewards include 3% cashback on the category of your choice. You also earn 2% cashback at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter, then earn 1%).
We also found their sign-up bonus of $200 if you spend $1,000 in your first 90 days competitive.
Factors to Consider When Choosing a Cash Back Card
As you do your evaluation for the best cashback credit cards, consider the following:
Annual fee: If the card charges an annual fee, then you need to evaluate the amount you will have to spend on the card to earn enough cashback to at least cover the annual fee. Also, compare the benefits you stand to gain with the ones that don’t charge an annual fee.
Cash Back Rate: First, consider the area of your lifestyle where you spend most. If the card offers a good rate in that category then it is for you.
Redemption and Rewards: Credit cards often offer various ways to redeem what you earn. But some cards are more restrictive than others. You should be able to pick a card that allows you to redeem the cashback where you want.
Annual percentage rate (APR): Consider a credit card with an introductory 0% APR offer or one that is good for balance transfer if you feel you are able to pay off your credit card in full each month.
Finding The Best Cash Back Card For You
As we mentioned before, the best card for you will depend on your spending habit. For that reason, you need to evaluate your budget and see where you spend most and choose your card.
For instance, if you spent more on dining and entertainment, choose Savor® Rewards from Capital One®.
However, some credit card issuers might give you other options. If you have the choice to convert your cash back to travel rewards, you could potentially get a better value.
Cash-Back Credit Cards That Require A Membership
Some cash back credit cards require membership during which you will have to incur a membership fee. These types of cards are always restricted to particular people and you will have to be eligible to join.
Most of them earn huge rewards to eligible members. An example is Amazon Prime Rewards Visa Signature Card.
How Do Cash-Back Credit Cards Work
Cash back credit cards allow you to earn money from what you spend, by rewarding you back a percentage of what you spend or giving you reward points.
Most of them will allow you to redeem your cash back as a statement credit, which will lower your credit card balance. Other common redemption options include gift cards, checks, and direct deposits to your bank account.
Common Types Of Cash-Back Credit Cards
Flat rate: These are probably the simplest reward cards you will find in the market. They offer a set amount of cash back, usually between 1% and 2%, on every purchase. An example includes the Citi Double Cash Card.
Tiered category: Cash back rates for tiered categories can be quite high. For instance, a card that offers between 3% to 5% cash back on supermarket purchases.
Rotating or Customized Bonus Category: The difference between these cash back credit cards and the tiered category is that the categories change, usually each quarter. An example is the Bank of America® Customized Cash Rewards credit card.
How to maximize cash-back credit cards
Select the card that best suits your spending: For instance, if most of your spending goes on groceries, it is prudent to seek a card that earns a high rate in supermarkets.
Strategize spending on bonus categories: Most credit cards release their bonuses annually or quarterly which makes it easier to strategize. You can match these categories with your personal calendar. You can identify the occasion when you spend most such as vacations, birthdays, or holidays to redeem your bonuses.
Pair cards to fill in reward gaps: Every card has its limitations including the most robust one. Let’s say you have a great flat-rate cash back card that earns 2% on general purchases but feels like you’re missing out on potential travel rewards. You can pair that with Chase Ultimate Reward which earns 5% cashback on travel.
Frequently Asked Questions (FAQs)
A cashback credit card is a type of credit card that allows you to earn a percentage of your expenditure back on your credit. This reward can be issued either as a check sent via mail, a statement credit, or deposited directly into a qualifying bank account.
There is no one best cash-back credit that will be best for everyone. The credit card that will earn you the best cashback rewards will depend on your spending habit.
Some cash-back credit cards don’t expire while others may require card activity to prevent your reward from expiring. Check your card’s terms and conditions to make sure you don’t accidentally lose any earnings
If you will be able to pay your balance in full each month, getting a cashback may be worth it. In addition, you have to ensure the card you get offers a cashback earnings that is greater than any fees the card charges.
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