September 21, 2016
Cash Back credit cards offer great incentives for the savvy spender. For every dollar you spend, you receive a certain portion back in the form of cash rewards – generally around 1% of your purchases. Look for cards that offer percentage bonuses in shopping categories that match your spending habits. Cash Back reward cards are best suited for people who use their credit card for everyday purchases, but pay off the balance each month.
|Annual Fee||Purchase APR||Balance Transfer APR||Cash Advance APR||$0||19.95%||1.95% on Balance Transfers for six months||19.95%|
|Annual Fee||Purchase APR||Balance Transfer APR||Cash Advance APR||$0||20.99%||0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee||22.99% (21.99% for Quebec residents)|
|Annual Fee||Purchase APR||Balance Transfer APR||Cash Advance APR||$9.99/month (Equals a total fee of $119.88 annually)||20.99%||N/A||21.99%|
|Annual Fee||Purchase APR||Balance Transfer APR||Cash Advance APR||$0||19.99%||22.99%||22.99%|
|Annual Fee||Purchase APR||Balance Transfer APR||Cash Advance APR||$99||19.99%||22.99%||22.99%|
The key to getting the right credit card is to make sure the card works for you, not against you. For example, if you have a habit of carrying a monthly balance then it's advisable to choose a card with a low interest rate. Generally, rewards cards and cash back cards do not have low interest rates. However, if you pay off your balance every month then using a rewards card can actually add to your bottom line.
Cash back credit cards offer a no-hassle way to earn rewards on all your purchases. There's no points to keep track of and you can always get exactly what you want with cash. As the saying goes, "cash is king."
Choosing the best cash back credit card depends on your spending habits and goals. Take advantage of special offers and spending categories. Remember rewards based cards generally do not have low interest rates so don't carry a monthly balance on them.