Best Cash Back Credit Cards

August 28, 2009 by Jim

ash back credit cards were everywhere. Today, the offers are harder to find as company hunker down and deal with the financial crisis we’re facing. Despite the economic climate, cash back credits are still out there and you can still get a little cash back on your purchases.

How do cash back credit cards work? Each credit card company does it differently but the basic idea is the same. Every time you make a purchase with the credit card, your cash back or rewards account goes up in value. When you reach a certain threshold, you can cash out your cash back. Some companies will write you a check (Citi), while others will directly credit your account balance (Discover).

Is cash back worth the hassle? The answer is it depends. Some cards offer high cash back percentages on certain purchases and you can optimize your cash back by using several cards. I don’t recommend using more than two or three cards because the return on your time will decrease as you get more cards (you may find it helps to write down the cash back categories on the card itself).

Best Cash Back Credit Cards

Discover More Card

The Discover More Card offers 5% cash back on “Get More purchases” and 1% on everything else. Get More purchase categories change every season but fit a theme. For example, in the summer the categories are usually travel related – like gas, hotels, zoos, bookstores, and theme parks. Other categories include airlines, hotels, car rentals, cruises, home, department stores. If you don’t want to carry multiple cards, Get More is a very versatile program.
Miles Card from Discover® Card

Miles by Discover

The Miles by Discover is one of the only airline mileage loyalty programs that does not charge an annual fee. They will give you 2x miles on the first $3,000 in travel and restaurant purchases and then 1% miles on everything else. They also offer 12,000 bonus miles in the first year, 1,000 miles each month you make a purchase. And finally, they also offer 0% intro APR on balance transfer and purchases for the first six months.
TrueEarnings® Card from Costco and American Express

TrueEarnings® Card from Costco and American Express

The TrueEarnings® Card from Costco and American Express is my favorite credit card because you can get up to 3% cash back on gas and restaurant purchases, 2% back on travel, 1% everywhere with no annual limit, and you get a $25 bonus after your first purchase. It is also accepted at Costco, which makes their already affordable products even cheaper. The best part? There are no cash back games or gimmicks, they send you a check.
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Citi FORWARD Visa Card

The Citi FORWARD Visa Card is offers 5% cash back points on books, movies, music and restaurants, 1% cash back points on everything else. You get 6000 points once you make $50 in purchases within the first three months, 100 points each pay period when you pay on time and stay under your limit, plus 5000 points when you sign up for paperless statements within 3 months of opening. If you satisfy all those requirements, you can get 11,100 points in the first month, worth $111.
Citi® mtvU™ Platinum Select® Visa® Card

Citi mtvU Platinum Select Visa Card

The Citi mtvU Platinum Select Visa Card is my second favorite credit card because you get 5% cash back points on books, movies, music and restaurants, 1% cash back points on everything else. You also get up to 2000 points for having a good GPA and 25 points a month when you pay on time and stay under your credit limit.

Some of the cards listed offer the cash back in the form of reward points and they are included only if you are able to convert those reward points into a statement credit or a check.

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