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When you’re looking to get a rewards credit card, the type of rewards you go for — more than the specific card you open — can make a big difference in the value you get.
The most important type is credit card transfers. Because it’s possible to earn anywhere from 1-5 points per dollar spent, and each point can be worth anywhere from 1¢ when purchased with cash, 1.25¢-1.5¢ when used for travel purchases, and unlimited amounts, even. 10-15¢ each, when transferred to the flight plan.
Which Credit Card Has The Best Cash Back Rewards
. Getting the best value often requires compromises, such as using transit points when you want to use them for something else, or working on blackout dates or looking for limited availability.
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Cash is king, and even though the three points on every dollar earned in the Chase Sapphire Reserve can earn you redemption value, cash is easy, flexible, and offers real, old value, rather than the value you know you can earn to farm points. for a flight that you will never pay for in cash.
Cash-back cards tend to be simple, straightforward, and rewarding. Best of all, some of the best are free of charge for the year.
Keep in mind that we’re focusing on rewards, rewards, and sign-up bonuses that make these cards a great choice, not things like interest rates and late fees, which can outweigh the value of any rewards.
When you’re working to get credit card rewards, it’s important to practice financial rules, such as paying off your entire loan each month (unless you’re using the introductory APR), making payments on time, and not spending more than that. you can pay. Basically, treat your credit card like a credit card.
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This card from Wells Fargo has one of the best rewards programs you can get on a card with no annual fee. Although marketed as earning “points,” those points are worth 1¢ each and can be redeemed for cash, even earning cash back.
Cardearn 3x points (basically 3% cash back) on all travel, dining, and select streaming services (and 1x points on everything else). If that sounds familiar, it’s because the categories are almost identical to those on the popular Chase Sapphire Reserve.
Of course, there are big differences between the cards. The Propel is a cash-back card with a number of redemption options, all of which are worth points at 1¢ each, while the Sapphire Reserve offers the most valuable redemption option. The propel does not require, like access to airline lounges, $300 annual travel insurance, travel delay insurance, etc.
The $300 welcome bonus, plus the top 3% rate on popular spending types including both dining and travel (and 1% on everything else), plus the $0 annual fee, make this a great choice for a cashback card. . . If I only wanted a refund, this would have to go to me.
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Click here to learn more about Wells Fargo Propel cards from our partner, The Points Guy. 2. Capital One Savor Cash Rewards Credit Card
The card earns 4% unlimited cash back on all dining and entertainment, 2% back on groceries, and 1% on everything else.
The flavor makes it easy to pay back the money quickly, but the downside is that it has an annual fee of $95, that is, it is written off the first year. Cash rewards can lower the fee in some cases, but if that’s too much for you, there’s an alternative: the Capital One SavorOne Cash Rewards Credit Card.
The SavorOne card has no annual fee, and offers a slightly lower – but still valid – earning rate of 3% cash back on dining and entertainment, 2% back on shopping, and 1% on everything else. It offers a sign-up bonus of $150 when you spend $500 in the first three months.
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Click here to learn more about Capital One Savor cards from our partner, The Points Guy. Click here to learn more about the Capital One SavorOne card from our partner, The Points Guy.
Read more: Capital One Savor offers 4% cash back on food and entertainment – but how much does the average American save each year with the card.
Welcome bonus: 3% cash back on all purchases in your first year up to $20,000. And 1.5% back on all purchases.
While Chase the Freedom Unlimited as “cash back,” it actually earns Ultimate Reward points that you can redeem for cash (1 point = 1¢).
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This means that if you also have a premium card like the Sapphire Reserve, you can put your points into two cards. Freedom Unlimited earns 3x points (or 3% cash back) up to $20,000 spent in the first year, then 1.5 points (or 1.5% cash back) per dollar spent, which is then combined with Sapphire Reserve, a premium credit card. for purchases that are not made with travel or food expenses. Then you can transfer the total number of points in the flight partnership programs or use them in travel books in Chase with a bonus.
Of course, if you’re just looking for cash back, Freedom Unlimited remains a strong contender. The introduction of a 3% cash-back rate can be increased quickly, and 1.5% is still a solid salary across the board, without the need to recognize bonuses for operating units.
Best of all, the card has no annual fee and typically has a 0% APR for the first 15 months on purchases and transfers. And there is a variable APR of 17.24%-25.99%. If you have a big purchase ahead of you, this introductory offer can be helpful.
Click here to learn more about Chase Freedom Unlimited from our partner, The Points Guy. 4. Blue Cash Preferred® Card from American Express
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Amex recently refreshed the card. Currently, new and existing cardholders get 6% cash back on certain American services and 3% back on all travel purchases. This bonus is available for 6% cash back on US super up to $6,000 in annual purchases (and 1% thereafter), 3% back at US gas stations, and 1% cash back on all other purchases.
The card already offers 3% back at some US stores. This is no longer available to new cardholders. For those with existing cards, they will remain available until the end of July.
TheBlue Cash Prefere offers a 0% intro APR on purchases and balance transfers for the first 12 months, before switching to a variable APR of 14.99%-25.99%.
TheBlue Cash Preferred comes with limited travel and repurchase protection. The cash back comes in the form of a credit card, so effectively you can use it to “off” purchases.
The Ultimate Cheatsheet: Best Cashback Credit Cards For Working Adults 2022
In terms of rewards, Citi Double Cash is the best cash back card. It makes 2% back on every purchase – 1% when you shop, and 1% when you pay your bills. Since you will have to pay your entire bill every month, that means you will get 2% back on every bill purchase.
First, there is no sign-up bonus. If you spend $15,000 in Double Cash a year, you’ll get $300 in cash back. At Freedom Unlimited, with a low income level, you only get $225 (but $450 in the first year with a 3% introductory offer).
Second, while it offers a 0% initial APR for 18 months, it’s only on cash transfers, not purchases, so you can’t use it to pay off large amounts without interest. After these 18 months, it’s 15.49%-25.49% APR variable.
And also, unlike Chase, you don’t have the flexibility to choose later to combine unredeemed cash with the card to generate points. The Citi Double Cash has a minimum redemption amount of $25, and if you don’t have an account for 12 months, unredeemed rewards may expire.
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However, 2% across the board is a good rate of return, and the $0 annual fee is attractive if rare. Although this is worth using on the registration bonus you are.
Chase Freedom is Freedom Unlimited’s big brother, and it’s pretty much the same card except for its cash back.
Liberty offers 5% cash back on a few different categories that change quarterly, on the first $1,500 of purchases. The card earns 1% on all other purchases, and there are bonus categories after spending $1,500.
Sometimes there is one major part of each quarter, while other times there may be different ones. Recent categories have included gas stations, urban transportation, department stores, grocery stores, drug stores, restaurants, movie theaters, and Amazon events. This year’s Q1 was one of the biggest: any payment made through a mobile app like Apple Pay, Chase Pay, or Android Pay.
Is This The Best Credit Card For Everyday Spend?
The usage rates vary from quarter to quarter, some are better than others. If I had to choose one, I would go with Freedom Unlimited. However, there’s no denying the potential value of bonus points, and luckily, Chase allows you to keep both cards.
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