Cashback reward is an incentive program which is operated by credit card companies. Here a percentage of the amount spent on any expenditure is paid back to the customer. Cashback credit cardholders have the facility to redeem the rewards as a deposit in the bank or as a statement credit and use them to purchase gift cards, merchandise, or even donate these rewards for other programs.
- 1 Best Cash Back Credit Cards of 2019
- 1.1 Capital One Quicksilver Cash Rewards Credit Card
- 1.2 Blue Cash Preferred Card from American Express
- 1.3 Wells Fargo Cash Wise Visa Card
- 1.4 Citi Double Cash Card
- 1.5 Chase Freedom Unlimited card
- 1.6 HSBC Cash Rewards Mastercard Credit Card
- 1.7 American Express Cash Magnet Card
- 1.8 U.S. Bank Cash Visa Signature Card
- 1.9 ABOC Platinum Rewards Credit Card
- 1.10 Blue Cash Everyday Card from American Express
- 2 Conclusion
Best Cash Back Credit Cards of 2019
Cashback credit cards can be categorized into three types:
- Category Bonus Cashback cards
- Tiered Rewards Cashback cards
- Simple Cashback cards
Credit card companies hence release their cash back credit cards based on any of these categories, and the top ten best cashback credit cards as of 2019 having different characteristics and benefits are discussed below.
Capital One Quicksilver Cash Rewards Credit Card
The Capital One Quicksilver Cash Reward Credit Card has a very simple and easy to understand cashback policy. The card offers 1.5% cashback on any purchase, everywhere and does not have any rotating categories or spending capitals.
This card is beneficial for those who are opting to spend on a wide range of categories but is again it is not recommended if you want to expand your expenditure on specific categories (like travel and grocery shopping).
Blue Cash Preferred Card from American Express
The Blue Cash Preferred Card from American Express is an excellent choice if you like to shop frequently at supermarkets. This card offers a 6% cashback on all supermarket transactions only in the US. The annual limit is $6000, crossing which gives you a 1% cashback on purchases with no upper limit.
Other facilities include 6% cashback on online digital media and streaming providers. You will a 3% cashback on each dollar spent at any gas station or transit operators with no spending limit.
The only impediment to this card is that it does not include superstores like Walmart, wholesalers like Costco into its all supermarket category. Hence the cardholders do not get any cashback at purchases here.
Wells Fargo Cash Wise Visa Card
The Wells Fargo Cash Wise Visa Card is another card that offers unlimited 1.5% cashback on any purchase. Another advantage of this card is that it gives you an additional cashback of $150 on the purchase of an amount of $500 within the first three months of this card’s issue.
On clearing the $20 cashback threshold, you will be to collect your rewards from any Wells Fargo ATM, nationwide. On clearing the $25 cashback threshold, you will be able to redeem your rewards for paper cheques, credit statements or even deposit them into your Wells Fargo bank account.
Citi Double Cash Card
The Citi Double Cash Card falls in the category of tiered rewards cashback. It has a two-tiered cashback program for cardholders who pay off their full balance each month.
You are guaranteed a 1% cash back on eligible purchases that post to your Double Cash account. You can achieve their 2% cashback rate only if you pay off your balance in full under normal circumstances of the card’s policy.
Chase Freedom Unlimited card
The Chase Freedom Unlimited card is very much similar to that of the flagship Chase Freedom Card, the only difference it has that this card offers a 1.5% cashback on all purchases online the 1% cashback and rotating 5% cashback offered by the flagship card.
You can redeem the rewards having any amount virtually with the Chase Unlimited Rewards online portal.
HSBC Cash Rewards Mastercard Credit Card
The HSBC Cash Rewards Mastercard Credit Card is similar to other cashback cards with an unlimited 1.5% cashback on any purchase. This has an introductory offer for first-time cardholders, which gives you up to $300 cash back if fully exploited.
This card also gives you 10% cashback on your cardmember anniversaries and offers a 0% APR introductory promotion.
American Express Cash Magnet Card
The American Express Cash Magnet Card is a general spending card for those who do not purchase categorically. This card too offers unlimited 1.5% cash back on eligible purchases. It has a limited-time welcome offer for new cardholders that gives you a bonus cashback of up to $150.
Other facilities include balance transfers and a 15 month 0% APR promotion. The only setback is the redemption threshold being $25 makes it difficult for small purchases.
U.S. Bank Cash Visa Signature Card
The U.S. Bank Cash Visa Signature Card falls under the tiered cashback category, with a three-tiered cashback policy. The top tier gives 5% cashback on purchases on any two categories of your choice.
The second one gives unlimited 2% cashback on eligible purchases in categories of your choice. You have to activate your categories for each quarter failing to do so will get you the card’s baseline 1% cashback.
ABOC Platinum Rewards Credit Card
The ABOC Platinum Rewards Credit Card is another two-tiered rewards program provider that gives you 5 points for every $1 spent up to $1500 in combined category purchases.
The card has a special welcome offer for new cardholders giving you a $150 credit statement on eligible purchase of a minimum $1200. You can redeem your accumulated rewards for cashback via statement credit, gift cards, travel, etc.
The Blue Cash Everyday Card from American Express gives you cashback on your day to day expenditures like food, fuel, clothing, home goods, etc. with this card you will get 3% cashback for purchases at US supermarkets up to an annual limit of $6000. After this, you will get 1% cashback on eligible purchases.
This card too gives you a 2% cashback at selected US department stores and gas stations. You can reclain your compensation as a statement credit.
Customers who pay off their monthly credit card statements have the most facility of using these cashback cards. Again getting back a certain percentage of money on your day to day purchases helps you save money. Therefore cashback credit cards are beneficial for many things such as easy returns, redeemable rewards, 0% APR, etc. making them a useful medium for customers.