Here are what I feel are the best cash back credit cards available on the market today. I’m also a fan of cards that use points and miles, but here I am focusing on cash back only. Each of them works a little differently, so I’ve made a brief summary of each one so you can decide which ones are best for your spending patterns. Mix and match! With them, I can get benefits like fraud protection, expense tracking, and the most flexible of rewards, cold hard cash. Then I pay off my bill in full each month, and not a penny of interest is paid while I rack up hundreds of dollars a year in savings on things I would have bought anyway (over $300 last year).
Chase Freedom®. The Chase Freedom card offers unlimited 1% Cash Back on all purchases and You’ll enjoy new 5% categories every 3 months like gas stations, restaurants and Amazon.com. It’s free and easy to activate your bonus each quarter. From January 1st through March 31st, 2014 you can earn 5% cash back on up to $1,500 spent in the following categories: Gas Stations, Movie Theaters and Starbucks Stores. In addition, you can earn $100 bonus cash back after you make $500 in purchases in your first 3 months from account opening. Finally, you can get extra cash back when you shop through select merchants in the Chase Ultimate Rewards Mall. No annual fee and rewards never expire.
Citi® Dividend Platinum Select® Visa® Card. The Citi Dividend Platinum Select Visa Card offers 1% cash back on everything with no tiers and 5% cash back every quarter in must-have categories. Right now, on purchases at Macy’s, drug stores, and fitness clubs from 1/1/14 through 3/31/14, enrollment each quarter is quick and easy. There is no cap on the 5% back, except for the $300 overall cap on all dividend rewards annually. In addition, it offers an additional $100 bonus if you spend $500 within the first 3 months of the account opening. Finally, you can also get 0% introductory APR on balance transfers and purchases for 12 months. You may earn a total of up to $300 per calendar year. No annual fee.
Fidelity® Investment Rewards® American Express® Card. The Fidelity Investment Rewards American Express Card earns 2% on all purchases, deposited into your eligible Fidelity account. No sign-up bonus currently available. No annual fee.
The catch? You must open a brokerage trading account, IRA account, or 529 college savings plan with Fidelity, and all cash back earned must be deposited into that account. Withdrawals from IRA and 529 must be qualified according to IRS tax rules, or are subject to penalties.
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