Cards that earn 5% Cash Back

Cash Back Credit Cards – Advice on Maximizing your Cash Back

Some of the highest Cash Back rates can be achieved by using a card that has bonus Cash Back rates on various categories of purchases, that change every quarter.  In the example below this Cash Back card pays a 5% cash back amount on Restaurant purchases in Q1, Grocery Stores in Q2, Gas Stations in Q3 and big box stores in Q4.  What is especially rewarding with this type of card is that most of us actually spend regularly on these spending categories. 

Tip #1:  Use your 5% Cash Back card on your everyday purchases, in sync with your card’s category calendar. 

Cash Back Rewards Cards

Credit Recommended

Average/Fair/Limited/Good/Excellent

Apply Now

  • Intro (Purchases): See website for Details*
  • Intro (Transfers): See website for Details*
  • Regular APR: See website for Details*
  • Annual Fee: See website for Details*
  • Intro Rate: See website for Details*
  • Intro Period: See website for Details*
  • Intro (Balance Transfers): See website for Details*
  • Earn up to 3% cash back on all purchases
  • Redeem cash back in the form of checks, statement credits, gift cards, merchandise or towards free travel
  • Earn sign-up bonuses after meeting initial spending thresholds
  • Terms vary by partner offer. Please see each banks application for terms and conditions.
  • Clicking will take you to CreditSoup.com to compare Cash Back Credit Cards from participating partners

Cash Back cards you’ll be able to Compare and Review:

Citi® Double Cash Card

  • Earn 2% on every purchase with unlimited 1% cash back when you buy,
  • plus an additional 1% as you pay

Chase Freedom Flex℠

  • 5% cash back on up to $1,500 in combined purchases in bonus categories

Citi Custom Cash℠ Card

  • Earn 5% cash back on purchases in your top eligible spend category.

Credit One Bank® Platinum Rewards Visa

  • Earn up to 5% cash back on specific categories.

Fortiva® Mastercard® Credit Card

  • Earn up to a 3% cash back reward.  See additional details.

Capital One QuicksilverOne Cash Rewards Credit Card

  • Earn unlimited 1.5% cash back on every purchase.

How much Cash Back $ can I earn with a 5% Cash Back Card?

Let’s start off with a simple example.  Let’s assume that we have one credit card.  It pays 5% every quarter on rotating spending categories.  Let’s assume our card pays 1.5% on all other purchases.  Most Cash Back cards with rotating categories pay 1% or 1.5% on all other purchases.  And let’s assume the quarterly spending in each category is as summarized below.

If you make sure you use that 5% Cash Back credit card in the quarters it applies, you would get $95.00 in cash back just for that quarter.  Using your 1.5% Cash Back option in the other quarters, you would get back $28.50.  So an extra $66.50 in Cash Back when that 5% option applies.

But what if you had 3 different 5% Cash Back cards with different rotating calendars.  That calendar might look like this:

Tip #2: Explore other 5% Cash Back Credit Cards that meet your needs.

How much Cash Back $ can I earn with more than one 5% Cash Back Card?

Believe it or not, there are many Cash Back Credit Cards that offer 5% Cash Back on rotating quarterly categories.  If you had three 5% Cash Back Cards, like in our example above , with same quarterly spending amounts, you would earn $285 over a 3 quarter period. 

 

Things to know about Cash Back Credit Cards

There are many to choose from 

  • ·    Many of the banks you know offer Cash Back cards to choose from.
  • ·    With a flat-rate card, you’ll earn a set amount of cash back, usually between 1% and 2%, on every purchase.
  • ·    Some also offer tiered category cards that offer higher cash back rates, usually 2-6% on specific categories of purchases, then1% cash back on all other purchases.  Common tiered categories include dining, groceries, travel, gas and others.

Cash Back Rewards Cards

Credit Recommended

Average/Fair/Limited/Good/Excellent

Apply Now

  • Intro (Purchases): See website for Details*
  • Intro (Transfers): See website for Details*
  • Regular APR: See website for Details*
  • Annual Fee: See website for Details*
  • Intro Rate: See website for Details*
  • Intro Period: See website for Details*
  • Intro (Balance Transfers): See website for Details*
  • Earn up to 3% cash back on all purchases
  • Redeem cash back in the form of checks, statement credits, gift cards, merchandise or towards free travel
  • Earn sign-up bonuses after meeting initial spending thresholds
  • Terms vary by partner offer. Please see each banks application for terms and conditions.
  • Clicking will take you to CreditSoup.com to compare Cash Back Credit Cards from participating partners

What type of Credit is required for a Cash Back card?

  •     A rule of thumb is that when applying for a credit card you should have a detailed credit history, a reliable source of income and a credit score that is acceptable to the bank’s standards
  •     You’ll usually need at least fair credit to get a cash back card. And generally the better the credit rating, the better the cash back card components. Many banks will note whether average, good or excellent credit types are most likely to be successful in applying for a specific card.  

Upgrade Triple Cash Rewards Visa®

Credit Recommended

(620+) Excellent, Good, Fair, Average

Apply Now

  • Regular APR: 14.99% - 29.99% APR
  • Regular Transfer APR: 14.99% to 29.99% APR
  • Annual Fee: $0
  • Return Payment Fee: $0
  • Foreign Trans Fee: Up to 3%
  • Balance Transfer Fee: Up to 5%
  • Late Payment Fee: $0
  • Penalty APR: N/A
  • Cash Advance Fee: N/A
  • Cash Advance APR: N/A
  • Intro (Balance Transfers): N/A
  • Intro (Purchases): N/A
  • Credit Line: See website for Details*
  • $200 bonus after opening a Rewards Checking Plus account and making 3 debit card transactions*
  • Unlimited cash back on payments: 3% on Home, Auto, and Health categories and 1% on everything else after you make payments on your purchases
  • No annual fee
  • Combine the flexibility of a credit card with the predictability of a personal loan
  • No touch payments with contactless technology built in
  • See if you qualify in minutes without hurting your credit score
  • Great for large purchases with predictable payments you can budget for
  • Mobile app to access your account anytime, anywhere
  • Enjoy peace of mind with $0 Fraud liability

*To qualify for the welcome bonus, you must open and fund a new Rewards Checking Plus account through Upgrade and make 3 qualifying debit card transactions from your Rewards Checking Plus account within 60 days of the date the Rewards Checking Plus account is opened. If you have previously opened a checking account through Upgrade or do not open a Rewards Checking Plus account as part of this application process, you are not eligible for this welcome bonus offer. Your Upgrade Card and Rewards Checking Plus account must be open and in good standing to receive a bonus. To qualify, debit card transactions must have settled and exclude ATM transactions. Please refer to the applicable Upgrade VISA® Debit Card Agreement and Disclosures for more information. Welcome bonus offers cannot be combined, substituted, or applied retroactively. The bonus will be applied to your Rewards Checking Plus account as a one-time payout credit within 60 days after meeting the conditions.