Navigating the world of credit card offers can leave your head spinning. Sifting through card details such as balance transfers, APR percentages and annual fees can be confusing, to say the least. Here we break down four credit cards with the best cash-back promotions.
Capital One Quicksilver Cash Rewards Credit Card
After spending $500 in the first three months, you will receive $150 cash back credited to your account. In addition, you will get unlimited 1.5 percent cash back on every purchase, every day. There is no limit on how much you can earn, and no expiration date for the life of your account.
American Express Cash Magnet Card
This card gives you a $150 statement credit after you spend $1000 or more within the first three months. Cash back is equal to 1.5 percent unlimited on all purchases, and can be redeemed for credits toward your statement, gift cards or merchandise. The American Express credit card used to have limited acceptance at retailers due to the fee that retailers and merchants have to pay back to the credit card companies in order to accept their cards as forms of payment. (With Visa and Mastercard this is between 1.5 to 2.5 percent, while American Express charges a fee of between 2.5 to 3.5 percent). But more merchants are now accepting American Express worldwide, and 1.5 million more establishments in the U.S. started accepting the card in 2017 alone.
Bank of America Cash Rewards Credit Card
This credit card offers a $150 online cash bonus after you spend $500 on purchases in the first 90 days. The rewards rate of 3 percent can be applied to your choice of category. You will also get 2 percent at grocery stores and wholesale clubs, and an unlimited 1 percent on all other purchases. You are not stuck in your choice of the 3 percent rewards category, and are able to change the category up to one time each month on future purchases.
Capital One Savor Cash Rewards Card
Spend $3000 within your first three months and be rewarded with $500 cash back. Also receive 4 percent cash back on all dining and entertainment, 2 percent at grocery stores and 1 percent on all other purchases. There is no limit to how much you can earn in cash rewards, and no expiration on cash back for the life of the account.
Know Your Spending Habits
If you are in the market for a credit card with cash-back offers, it is important to understand all of your options. The four credit cards highlighted above give some of the greatest incentives, but there are many more credit cards out there with similar offers. It is imperative to do your research prior to signing up for a new credit card. Taking a hard look at your spending habits and how they line up with credit card incentives is also a good practice.