You are currently searching for credit cards that offer cash back. However, within the search results, you can specifically be redirected to other categories of products including student credit cards and cash rebate credit cards. The information for rates and terms doesn't have a warranty. However, effort has been made to provide the most accurate information available, so you can review the terms and apply online if you want to.
Cash back cards, as the term suggests come with a rebate on the expenses for which you have charged the credit card. Some credit cards offer flat percentage off on all your expenses. Other credit cards offer variable cash rebates like 1% on all purchases, but up to 5% rebate on purchases at gas stations, drug stores and select retail stores. The cash rebate is offered to you in many different ways. Some credit cards, will offer it as a deduction automatically in the following month's credit card bill. Some credit cards will send you a cheque for the cash rebate, after you claim for it every month. There are some credit cards which could offer cash rebate in the form of discounts on select purchases too.
You can apply if: you have a long and positive credit history with a mix of credit types, you keep your balances low and make on time payments every month.
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General Features on Cash Back Cards
Cash back cards could earn card holders discounts worth 5% on their purchases, although one needs to focus on the fine print, to understand the reward system better.
How do they work?
Cash back credit cards can give you multiple rebate limits on different purchases. Most cash back cards could offer up to 5% discount on all purchases at supermarkets, gas stations and drug stores. There are some cash back cards which offer flat 1% on all purchases and special rebates for automobile repair, home improvement purchases, apparel, etc. A few cash back cards will allow you up to 5% off on all groceries. This could be a great reward, considering that the rising fuel prices have led to spiking up of food prices, increasing the expenses of every family.
Variable parameters on cash back cards
Cash back cards vary on many parameters. One of them could be flexibility of usage, where some cards offer cash back on purchases at all departmental stores, while some would need you to make purchases at specific retailers. Another parameter is the time available, where your highest discounts are available only during limited periods of time. The rewards could be offered in the form of direct cash deduction from bills every month or by awarding bonus points allowing you to purchase more at select retail outlets. There are also caps on spending, due to which you will not get cash back beyond a certain limit on your credit card. It is important to understand your card structure and use the conditions to make the greatest savings. Some credit cards even offer bigger cash back, for an annual fee and it is up to you to calculate which way you save more.
Downside of cash back rewards
Cash back reward cards could be confusing for a lot of card holders. The discount percentage could be different at different venues like gas stations, departmental stores, supermarkets, movie theatres, hotels and restaurants. There are thresholds on cash back available. Similarly, the cash back rewards vary based on loyalty too, where after crossing milestone expenses e.g. around $5000, the cash back percentage shoots up. The advantageous cash cards are those which are simple, offering direct cash at the end of the month, and an attractive rebate of 5% on all purchases, with unlimited spending, thus allowing the most saving possible.
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