Cash Back Credit Cards

There are several cash back credit cards available today. Choosing the best cash back credit card will take some legwork on your part.

For the newbies who are just starting to use credit cards and building your credit, cash back cards give you a percentage of your purchases back in cash. 

Depending on the bank or card issuer, the cash you get back can be deposited into a bank account, credit toward gift card purchases or a credit on your credit card, either lowering the outstanding balance or giving you a credit towards future purchases.

The best way to maximize your earnings on cash back credit cards is by not carring a montly balance on your credit card. Obviously, that also is the case for any credit cards.

Other benefits to cash back cards is the cash you earn isn’t subject to taxes. Using a cash back card for large purchases is an excellent way to boost your cash back. Again, that is beneficial if you’re able to pay the entire balance off every month, otherwise you may pay a lot more in interest charges than the cash you receive.

MBR has profiled a few of the better cash back credit card offers available today

Best Cash Back Credit Cards

American Express offers the “Blue Cash” credit card. With the Blue Cash credit card, you can earn up to 5 percent cash back at supermarkets, gas stations, and drugstores. In addtion, on all other purchases you earn .05 percent and once your total purchases add up to more than $6,500 you can earn an additional .75 percent, a rate of  1.25 percent for all your “other purchases.”

American Express and Costco offer the “TrueEarnings” cash back credit card. With this card you can earn 3 percent for gasoline purchases, for annual gasoline purchases of up to $3,000, 1 percent after. 3 percent for restaurant purchases, 2 percent for travel, and 1 percent on Costco purchases and everywhere else.

American Express also has a calculator you can use to figure out how much you might earn. You are also check on your running cash back total, the breakdown of cash back earned and prior years’ cash back earned.

American Express also offers the “Plum Card” for businesses. This card gives you a 1.5 percent discount if you pay the bill in full within 10 days of the statement closing date. The discount appears on the next bill as a credit. There is an annual $185 fee for this card, the fee is waived the first year.

Discover Bank offers the “Discover More Card.” With this card you earn 5 percent cash back on travel purchases, gas purchases, grocery purchases,  restaurant purchases, home improvement purchases, department store purchases and more. 5 percent to 20 percent cash back from certain online retail purchases, 1 percent cash back on all other purchases.

The “Discover Student Credit Card” earns you 5 percent cash back on travel purchases, gas purchases, grocery purchases, restaurant purchases and more. 5 percent to 20 percent cash back from certain online retail purchases, 1 percent cash back on all other purchases.