Cash back credit cards have become increasingly popular due to their simplicity and ability to put money back into your pocket. With so many options available, it can be challenging to determine which card offers the best cash back rewards, fees, and perks.
In this comprehensive guide, we’ll explore the top cash back credit cards of 2024, their rewards programs, and other essential features to help you make an informed decision.
What is a Cash Back Credit Card?
A cash back credit card is a type of rewards credit card that provides you with a percentage of your eligible purchases back in the form of cash. This cash back can be redeemed as a statement credit, direct deposit into your bank account, or even converted into gift cards or other rewards. Unlike travel rewards cards, which offer points or miles for airline tickets or hotel stays, cash back cards provide a more straightforward and flexible way to earn rewards.
Top Cash Back Credit Cards of 2024
Citi Double Cash Card
- Cash Back Rate: 2% (1% when you make a purchase, 1% when you pay it off)
- Annual Fee: $0
- Welcome Bonus: None
- APR: 16.24% – 26.24% Variable
- Cash Back Cap: None
The Citi Double Cash Card is a no-annual-fee card that offers an impressive 2% cash back on all purchases – 1% when you make a purchase, and another 1% when you pay off that purchase. This straightforward rewards structure makes it easy to earn cash back on every eligible transaction without having to worry about rotating categories or activation requirements. With no cash back cap, this card is an excellent choice for those who want to maximize their cash rewards across all spending categories.
Chase Freedom Unlimited®
- Cash Back Rate: 5% on travel purchased through Chase, 3% on dining and drugstores, and 1.5% on all other purchases
- Annual Fee: $0
- Welcome Bonus: $200 cash bonus after spending $500 in the first 3 months
- APR: 17.24% – 25.99% Variable
- Cash Back Cap: None
The Chase Freedom Unlimited® card offers a competitive cash back program with no annual fee. You’ll earn 5% cash back on travel purchased through Chase, 3% on dining and drugstore purchases, and an unlimited 1.5% cash back on all other purchases. Additionally, new cardholders can earn a $200 cash bonus after spending $500 in the first three months. With no cash back cap and the ability to combine rewards with other Chase cards, this card is an excellent choice for those seeking a versatile and rewarding cash back program.
Bank of America® Cash Rewards Credit Card
- Cash Back Rate: 3% back in the category of your choice (gas, online shopping, dining, travel, drug stores, or home improvement/furnishings), 2% back at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly spend), and 1% back on all other purchases
- Annual Fee: $0
- Welcome Bonus: $200 cash rewards bonus after spending $1,000 in the first 90 days
- APR: 16.24% – 26.24% Variable
- Cash Back Cap: 3% and 2% cash back is capped at $2,500 in combined quarterly spend
The Bank of America® Cash Rewards Credit Card offers a unique cash back program that allows you to choose your 3% cash back category from a list of options, including gas, online shopping, dining, travel, drug stores, or home improvement/furnishings. You’ll also earn 2% back at grocery stores and wholesale clubs, and 1% back on all other purchases. New cardholders can earn a $200 cash rewards bonus after spending $1,000 in the first 90 days. However, keep in mind that the 3% and 2% cash back rates are capped at $2,500 in combined quarterly spend.
Discover it® Cash Back
- Cash Back Rate: 5% back in rotating quarterly categories (up to $1,500 per quarter, then 1%), and 1% back on all other purchases
- Annual Fee: $0
- Welcome Bonus: Discover will match all the cash back you’ve earned at the end of your first year, automatically
- APR: 14.24% – 25.24% Variable
- Cash Back Cap: 5% cash back is capped at $1,500 per quarter, then 1%
The Discover it® Cash Back card offers a unique cash back program with rotating quarterly categories that earn 5% cash back on up to $1,500 in purchases each quarter (then 1%). You’ll also earn an unlimited 1% cash back on all other purchases. What sets this card apart is Discover’s Cash Back Match, where they will automatically match all the cash back you’ve earned at the end of your first year. With no annual fee and a competitive APR, this card is an excellent choice for those who can maximize the rotating categories and take advantage of the Cash Back Match.
Wells Fargo Active Cash® Card
- Cash Back Rate: 2% on all eligible purchases
- Annual Fee: $0
- Welcome Bonus: $200 cash rewards bonus after spending $1,000 in the first 3 months
- APR: 19.24%, 24.24%, or 29.24% Variable
- Cash Back Cap: None
The Wells Fargo Active Cash® Card is a straightforward cash back card that offers an unlimited 2% cash back on all eligible purchases. There are no rotating categories or activation requirements, making it easy to earn cash rewards on every purchase. New cardholders can also earn a $200 cash rewards bonus after spending $1,000 in the first three months. While the APR is on the higher side, the absence of an annual fee and the simplicity of the rewards program make this card an excellent choice for those who prefer a hassle-free cash back experience.
| Credit Card | Rewards Rate | Annual Fee | Welcome Bonus | APR | Cash Back Cap |
|---|---|---|---|---|---|
| Citi Double Cash Card | 2% (1% when you make a purchase, 1% when you pay it off) | $0 | None | 16.24% – 26.24% Variable | None |
| Chase Freedom Unlimited® | 5% on travel purchased through Chase, 3% on dining and drugstores, and 1.5% on all other purchases | $0 | $200 cash bonus after spending $500 in the first 3 months | 17.24% – 25.99% Variable | None |
| Bank of America® Cash Rewards Credit Card | 3% in choice category, 2% at grocery stores and wholesale clubs (up to $2,500 combined quarterly spend), and 1% on other purchases | $0 | $200 cash rewards bonus after spending $1,000 in the first 90 days | 16.24% – 26.24% Variable | 3% and 2% cash back capped at $2,500 combined quarterly spend |
| Discover it® Cash Back | 5% in rotating quarterly categories (up to $1,500 per quarter, then 1%), and 1% on other purchases | $0 | Discover will match all cash back earned in the first year | 14.24% – 25.24% Variable | 5% cash back capped at $1,500 per quarter |
| Wells Fargo Active Cash® Card | 2% on all eligible purchases | $0 | $200 cash rewards bonus after spending $1,000 in the first 3 months | 19.24%, 24.24%, or 29.24% Variable | None |
Factors to Consider When Choosing a Cash Back Credit Card
While cash back rewards are the primary focus when selecting a cash back credit card, there are several other factors to consider:
Annual Fee: Most of the top cash back cards have no annual fee, but some premium cards may charge an annual fee in exchange for higher rewards rates or additional perks.
Bonus Categories: Some cash back cards offer higher rewards rates in specific bonus categories like gas, groceries, or dining. If you tend to spend heavily in certain categories, choosing a card that aligns with your spending habits can maximize your
