All about cashback card
All about cashback card
Cash back credit cards give you a certain percentage of what you have paid for while purchasing goods using cashback card. This means that you can receive a certain percentage of the transaction on the total amount spent. You can redeem these received percentage for a gift card or receive the payment by check.
Can you get cash back from a credit card – is a common question many purchasers are keen to know about. Although offers will vary depending on the credit card company, the cash back rewards available on every money back credit card or cashback card. Your credit score is essential to determine the cash back credit cards that can be availed for your account.
A higher credit score will reflect your ability to pay on time and enable you to apply for the best cash back credit cards offered by major credit agencies. An average credit score of 670–850, which ranges from good to excellent, is mandatory.
Cash back credit cards offer different options when it comes to payments. Some cards offer a flat rate on the purchases made, while other cards offer bonuses for spending on gas, groceries, and dining.
How can you benefit from a cashback card or money back credit card?
Let’s take a look at some of the benefits:
- Groceries and gas are the two major expenditures for a family. Regular purchases on groceries and gas will also mean a good return in the form of cashback. The average weekly spending on groceries alone for a family of four is about $200. Some of the best cash back credit cards offer up to 5% on a quarterly basis. At this rate, you’ll have quarterly savings of $120 on an assumed average spending of $2400 for three months.
- For most types of purchases, cash back cards offer a flat rate between 1% to 1.5% on total purchases. There are credit institutions that offer double cashback. Here, cashback is available on the first purchase and a subsequent percentage after making timely card payments.
- Shopping cash back credit cards offer a 5% on select categories, enabling you to save on purchases. There are cash back rewards points that can be redeemed on shopping portals that accept these offer credit cards.
- Some cards offer 5% cash back on select categories with a quarterly cash back rewards points redemption.
- There are other cards with an additional 5% for meeting with the payments in full and on time.
The benefits of any cash back card can be availed only if payments are made on time. Other benefits of money back credit cards include no annual fee with a number of sign-up offers and rewards.
Take a look at balance transfer credit cards and no annual fee credit cards to check out other credit card features.
Best cash back cards 2017 and 2018
- For choosing your cash back options across a number of shopping categories, the U.S. Bank Cash+™ Visa Signature® Card is a popular choice.
- Get 3% dining cash back bonus with the Capital One® Savor℠ Cash Rewards Credit Card
- Avail a $150 cash bonus on sign up with a Bank of America® Cash Rewards Credit Card a $200 cash bonus with Wells Fargo Cash Wise Visa® Card
- Make the most of Spotify premium offer with Capital One® Quicksilver® Cash Rewards Credit Card
- Chase Freedom Unlimited® offers 1.5% cashback on all purchases
- Get the maximum cash back of 5% on a select list of categories with Discover it® Cashback Match™ and Chase Freedom®
- If you don’t want to pay any annual fees, Blue Cash Everyday® Card from American Express is a good option
- HSBC Cash Rewards Mastercard® credit card offers anniversary bonus
