Best cash back credit cards

If you're looking for a credit card that can help you earn cash back on your everyday purchases, it can be overwhelming because there are so many options to choose from. As you know, not all cash back credit cards are created equal, and some offer more rewards value than others. 

In this post, we'll explore the top 5 cash back credit cards that give you the most bang for your buck. We'll also break down the pros, cons, annual fees, benefits, and redemption options for each card.

Let’s get started!

1. SoFi Credit Card

The SoFi Credit Card offers the highest cash back rewards value for everyday purchases for your first year. Cardholders can earn 3% cash back on all purchases when you set up direct deposit - then 2% back on all purchases thereafter. The SoFi app is modern and super easy to use, and the rewards can be redeemed for cash back, or transferred to invest in stocks or crypto.

Pros:

• High rewards rate when redeemed into an eligible SoFi account
• Simple cash back redemption process
• No annual fee
• No foreign transaction fees
• It is one of the few cards that offers stock and crypto redemption options

Cons:

• Setting up direct deposit required to earn 3% cash back on all purchases for the first year
• Must redeem rewards into an eligible SoFi account for best value
• Complicated sign-up bonus: $50 with a deposit of $1,000 - $4,999; $250 with a deposit of $5,000+

Annual fee:

• $0

Benefits:

• Access to World Elite Mastercard Benefits, including Lyft discounts, concierge services and ShopRunner membership
• 1% APR discount after making twelve on-time payments
• Free cell phone insurance when you pay your cell phone bill with your SoFi card (up to $800 per claim, $1,000 per 12-month period)

Redemption options:

• Redeem to eligible SoFi account for cash back, stocks or crypto
  

2. Citi Double Cash Card

If you prefer a super simple way to earn cash back without setting up a direct deposit account, the Citi Double Cash Card is one of the best cash back credit cards on the market. Cardholders can earn 2% cash back on all purchases - 1% when they make the purchase, and another 1% when they pay it off. There are no complicated rotating categories or spending requirements to worry about, and the rewards can be redeemed for statement credits, checks, or gift cards.

Pros:

• High rewards rate on all purchases
• Simple cash back redemption process
• No annual fee

Cons:

• No sign-up bonus
• Foreign transaction fee

Annual fee:

• $0

Benefits:

• Citi Entertainment, which offers exclusive access to entertainment events and experiences
• Access to Citi Private Pass, which offers special access to events and experiences

Redemption options:

• Cash back in the form of a statement credit, check, or gift card
• Redemption minimum of $25
  

3. Chase Freedom Flex

The Chase Freedom Flex is another excellent cash back credit card, offering a rotating 5% cash back category each quarter and 1% cash back on all other purchases. Cardholders can also earn a $200 sign-up bonus after spending $500 on purchases in the first 3 months. The card has no annual fee and comes with a range of benefits, including purchase protection and extended warranty protection.

Pros:

• High rewards rate on rotating categories
• Sign-up bonus for new cardholders
• No annual fee

Cons:

• Foreign transaction fee
• Rotating categories may not always align with your spending habits

Annual Fee:

• $0

Benefits:

• Purchase protection
• Extended warranty protection

Redemption options:

• Cash back in the form of a statement credit or direct deposit
• Redemption minimum of $20

4. American Express Blue Cash Preferred Card

The Blue Cash Preferred Card from American Express is a great cash back credit card for those who spend a lot on groceries and gas. Cardholders can earn 6% cash back on up to $6,000 in purchases at US supermarkets each year, and 6% cash back on select US streaming subscriptions. They can also earn 3% cash back on US gas station purchases and transit expenses, and 1% cash back on all other purchases. The card comes with a $95 annual fee, but the rewards can more than make up for it.

Pros:

• High rewards rate on groceries, gas, and streaming subscriptions
• Sign-up bonus for new cardholders
• Amex Offers for additional savings

Cons:

• $95 annual fee
• Limited redemption options

Annual fee:

• $0

Benefits:

• Amex Offers for additional savings
• Car rental loss and damage insurance

Redemption options:

• Cash back in the form of a statement credit or gift card
• No redemption minimum

5. Discover it Cash Back

The Discover it Cash Back card is a popular choice for those looking to earn cash back rewards on their everyday purchases. This card offers 5% cash back in rotating categories, such as grocery stores, gas stations, and restaurants, and 1% cash back on all other purchases. 

Pros:

• Discover matches your cash back earned in the first year
• Intro offer of 0% APR for 14 months on purchases and balance transfers
• No annual fee

Cons:

• 5% cash back categories rotate quarterly, so you’ll need to keep track of them to maximize rewards

Annual fee:

• $0

Benefits:

• No late fee the first time you pay late
• No foreign transaction fees
• An account-freezing function
• Social security number alerts

Redemption options: 

• Redeem for cash back, gift cards, and merchandise
• No redemption minimums

Let us help you find the right card

Still not sure which card is best for your needs? Beami can help you maximize your cash back rewards. Simply fill out our quick questionnaire and share a little bit about your spending habits. We’ll then tell you which card or mix of cards meet your requirements. And it’s free to check!

Conclusion

In conclusion, these five cash back credit cards offer excellent rewards value for those looking to earn cash back on their everyday purchases. The SoFi Credit Card, Citi Double Cash Card, Chase Freedom Flex, American Express Blue Cash Preferred Card and Discover it Cash Back cards all have their own unique benefits and rewards structures. When choosing a cash back credit card, it's important to consider your spending habits, credit score, and the rewards rate, annual fee, benefits, and redemption options of each card. Remember to use your card responsibly, pay your bills on time, and avoid carrying a balance to fully enjoy the benefits of these cards.