% Cash Back Credit Cards

If you pay your monthly balances on time, a credit card with cash back rewards is just the thing for you. Cash back means that you will get a percentage of what you spent using your credit card in the form of a monetary amount. Whenever you make a purchase, you will receive 0.5% to 2% of your total expenditures depending on the card issuer’s rewards scheme. There are also some companies that provide up to 5% cash back, which can be claimed annually.

Pros and Cons of Cash Back Cards

Unlike other rewards cards, the logic of cash back credit cards is plain and simple. Pay for your purchases using your card and you will eventually get cash rebates. The percentage of the rebates may differ, depending on the issuer and on the account that you have. Even if the ad says that customers can be offered 5% cash back, this does not mean that this may always apply to you as well. Often, issuers will take a look at your credit score to determine whether you get the deal or not.

It is easy to take full advantage of cash back cards. If you pay for your purchases using the card, you can get more rewards. Most issuers today grant huge cash back rewards to consumers that use their cards for paying at department or grocery stores and pharmacies. The same thing happens to those who use their cards to pay for fuel. As a matter of fact, gas cash back rewards cards are quite popular among the customers in the United States.

This type of card also comes with great benefits for those who don’t have excellent credit history. Moreover, your nonexistent credit report is not a problem. The approval rate is high and this can serve as your initial step in establishing credit.

Clearly, cash rebates are attractive and useful to consumers. However, there are also drawbacks. The most prominent is the reality that these cards have high interest rates. If you carry a balance from month to month, the high interest will cast a shadow on the rewards that you have earned. It is also common for these cards to have a high annual fee.

Cash Back Credit Cards

The Blue Cash EverydaySM Card from American Express gets a huge number of votes from consumers as one of the leading cash back cards today. Get instant cash rebates when you spend enough credits within the specified time. If you often purchase with your card at supermarkets, you can earn big rewards. They can be redeemed in the form of real hard cash. You can also opt to convert them to gift cards, merchandise, or statement credits.

Another great credit card to consider is Chase Freedom® Visa. Earn hundreds of bonus cash back rewards if you spend adequate credits. This card is not only an excellent cash back card; it also comes with 0% APR on both purchases and balance transfers for more than a year. There are also quarterly bonuses that you can sign up for without the need to pay an activation fee.

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