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Cash Back Credit Cards
Selecting the Best Cash Back Credit Card

The rewards you'll receive by using your cash back credit card are based on what you spend, so they're not "fast tracks to easy money."

Credit cards allow you to shop without having to carry cash, buy the items you need in an emergency and splurge on special things even when pay day is still a few days away. And although you'll pay for this convenience either in the form of annual fees, interest rates or both, cash back credit cards can actually help offset the cost of using your card.

However, cash reward credit cards can provide you with some real benefits. So if you're ready to find a card that gives you something in return, think about how you use your credit card and do some comparison shopping. Here are a few questions to consider that'll help you make an informed decision:

  • Which types of purchases will earn the reward? Some cash reward credit cards only allow you to earn cash back on internet purchases, while others cast a wider retail net. By reading the terms & conditions you can find out what types of purchases will help you earn cash back then you can choose the right card based on your shopping habits.

  • What percentage of your purchases will be returned to you? The percentage of money back you can receive on qualifying purchases is typically 1%. However, depending on your card, that percentage could vary so find out what percentage you can expect to receive before choosing a card.

  • How are the rewards received? Depending upon the terms your contract, your cash back rewards may be received in the form of a check or a credit on your account.

  • Does the cash reward credit card carry an annual fee? If the card does carry an annual fee and your spending is light, your rewards value may not exceed the annual card fee. If this is the case, it may be wiser to apply for a different, no-annual-fee rewards credit card.

  • Does the card let you choose cash back or rewards? Some credit cards give you the option of selecting cash back or rewards for goods and services, depending on your preference.

When you're shopping for a cash back credit card, don't overlook the interest rate. Many cash reward credit cards offer competitive rates plus the perks of getting cash back-so you can get the spending power you need plus the benefits you want.

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