Although similar in theory, cash back credit cards vary: percentage rates, overall benefits, participating merchants, and more. No two are the same, so selecting the right cash back credit card should be done with care and an honest appraisal of the applicant's financial practices.
Most cash back cards offer 5% cash back on “everyday” purchases made at grocery stores, pharmacies and gas stations. Some offer tiered programs, where the value increases proportional to the amount charged. Sill others are seasonal, which means the benefits change throughout the year. Because they offer better rewards than other credit cards, cash-back cards tend to have higher APRs, so if the cardholder makes a big purchase and spreads the total across many payments, any potential profit will be negated in the accrued interest.
The method of redeeming cash rewards varies by issuer: some issuers automatically process the cash back, while others require the cardholder to initiate the process through a phone call. It's important for the cardholder to know how this step works it’s not uncommon for the cash rewards to "expire" because the cardholder was unaware of how to redeem.
Once processed, the cash can also be delivered in several ways: The cardholder's account is credited, a check is mailed to the cardholder, a gift certificate or card is issued, or by direct deposit, usually only if the cardholder has a bank account with the issuer.
Below is our list of the best cash back credit cards available online. Compare the benefits of each card and apply for the card offer that best fits your needs.
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