Credit cards when used correctly are a way that you can build your credit, earn points that can be used for rewards and receive cash back from. While points from credit cards are nice you have to convert those points into rewards and discounts towards things such as airline flights, hotel reservations, discounts on car rentals and other discounts.
With cash back credit cards however you can see immediately how buying things with your credit cards converts into cash back savings for you. This can mean greater discounts towards purchases when you buy things on sale as you spend the money upfront but then receive a percentage of the money you’ve spent back to your account. The cash back can then be used towards your balances or even transferred back to your bank account.
Annual fees and carrying balances however can eat into the cash back you receive as it’s an added tax for using the card. With interest rates rising and therefore credit card interest rates rising as well it’s best not to keep any balances and pay your credit card bill off every month. It makes sense to apply for and keep credit cards with no annual fee as no fees increases the worth of the cash back you receive from using the credit cards. In a previous article I went over hotel credit cards with no annual fee. In this article we’ll discuss the best cash back credit cards with no annual fee.
The amount of cash back varies based on the credit card you use and the category of purchases you make. Cash back can also vary depending on how you use the card. For instance, Apple’s credit card issued by Goldman Sach’s bank provides 2% cash back on all purchases made using Apple Pay irrespective of the category of purchase. The list below is by no means exhaustive and is not in any particular order. The list is mainly based on how much cash back you can receive and the categories included in the cash back deals.
10 Best Cash Back Credit Cards With No Annual Fee
- Chase Freedom Unlimited and Chase Freedom Flex cards. Chase offers two freedom cards which offer cash back and differ slightly with the cash back details. Both cards off a $200 bonus after you spend $500 on purchases in the first 3 months of account opening. Here are some of the differences between the two cards that Chase offers.
- Chase Freedom Unlimited – offers cash back on every purchase. You get at least 1.5% cash back on all purchases, 3% cash back on dining and drug store purchases and 5% cash back on travel purchases through Chase. This card starts off with 0% APR for 15 months and then has a variable APR of 20.24%-28.99% thereafter.
- Chase Freedom Flex Credit Card – this card offers up to 5% cash back on purchases in different categories which change each quarter and the 5% cash back is up to $1,500 dollars, meaning the most you can earn is $75 cash back through each category. You can also earn 5% cash back on travel purchase throug Chase and 3% on dining including takeout. For all other purchases you will earn 1% cash back.
- Citi double cash card – The Citi double cash card is Citibank’s no annual fee cash back rewards card. There are no categories, caps or annual fees with using this credit card. You can earn up to 2% unlimited cash back on all purchases. There are 3 different ways you can apply the cash back that you earn. You can have the cash bank deposited directly into your bank account, use it towards your unpaid balances as a statement credit or receive it via a check by mail. This card not only has no annual fee, but also offers 0% APR the first 18 months on balance transfers only. Although you can an up to 2% cash back the way the cash back works is different from other cards. You automatically earn 1% cash back on all purchases and then you will earn an additional 1% cash back when you pay on the purchases that you make.
- Discover It Cash Back Card – The Discover It cash back card comes with perks during the first year of owning the card. You will have 0% APR for the first 15 month on purchases and then a variable APR between 16.99% and 27.99% thereafter. The card also offers unlimited cash back match on all of the cash back you earned during the first year which is a huge bonus, especially if you’ve been paying off your credit card bill each month. Not only can you receive a check for your cash back balance, you can also use the cash back to shop online at Amazon. There are two levels of cash back that are offered with the card. You get 5% cash back on up to $1500 in certain categories that rotate quarterly. You earn 1% cash back in categories that are not included with the 5% quarterly cash back categories.
- Capital One Cash Back Cards – Capital one offers multiple cards which offer cash back. They offer cash back through 2 different card offerings, the Capital One Savor cards and the Capital One Quicksilver card. But what are the differences between the capital one quicksilver and capital one savor cards?
- Capital One Quicksilver – They offer 3 different tiers of cards based on how good your credit is. However only 2 tiers of unsecured card come with no annual fee. For people with fair credit there is an annual fee of $39. If you have excellent credit then you’ll receive more perks than if your credit is merely good.
- Quicksilver Rewards For People with Excellent Credit – with this card users receive 1.5% unlimited cash back on all purchases everyday. There is also a one-time $250 cash bonus offering if you spend $1,000 on purchases within 3 months from account opening. You can also earn 5% cash back on hotels and rental cars booked through Capital One Travel. This card comes with 0% APR for 15 months and then a variable APR of 19.99 – 29.99% after that.
- Quicksilver Rewards for Good Credit – with this card you also earn up to 1.5% unlimited cash back on all purchases. However, there is no cash bonus available, or 0% intro APR. You can also earn unlimited 5% cash back on travel booked through Capital One. This card has a much higher APR than it’s counterpart card. The APR on these cards start at 30.49%.
- Capital One Savor Rewards Card – Capital one also offers 2 tiers of Savor cards for people with Good Credit and people with excellent credit. Just like the Quicksilver card the Savor card offers a few more perks to people with excellent credit versus only good credit.
- SavorOne Rewards For Good Credit – With good credit you can get a card that offers unlimited 3% cash back on dining, entertainment, popular streaming services and at grocer stores, plus 1% on all other purchases. You can earn 8% cash back on Capital One Entertainment purchases.
- Savor One Rewards – The Savor One rewards card is geared towards people with excellent credit. This card offers all of the same rewards structure as the other card. However with this card you can earn a $200 cash bonus once you spend $1,000 on purchases within the first 3 months. This card also offers a 0% intro APR for 15 months and then a variable 19.99% – 29.99% APR after that. Both cards do not have an annual fee.
- Capital One Quicksilver – They offer 3 different tiers of cards based on how good your credit is. However only 2 tiers of unsecured card come with no annual fee. For people with fair credit there is an annual fee of $39. If you have excellent credit then you’ll receive more perks than if your credit is merely good.
- Bank of America Customized Cash Rewards Credit Card
- Blue Cash Everyday Card from American Express
- amazon rewards visa card
- Paypal cashback Mastercard
- TD Cash Credit Card
- PNC Cash Rewards Visa