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Five Best Cashback Rewards Cards

Best Cashback Rewards Cards Have Generous Rebates With No Annual Fee


There are many good cashback rewards cards on the market.  The best of them have the most generous rewards with no annual fee plus lower than average interest rates. You'll need great credit to qualify for the best cashback rewards credit cards.

1. Bank of America Accelerated Cash Rewards American Express Card

The 1.25 percent cash-back spending rebate on this card is one of the richest in the industry.  Plus it's easy to earn an additional $75 in statement credits. 

To earn $50, you have to make $50 in purchases in the first 60 days after you open the account.  You also can earn an additional $25 if you first register the card (at www.amexnetwork.com/get25) and then use it at Walmart, Home Depot or T.G.I. Friday’s within 60 days.  How easy it that?

The $50 redemption threshold is a lot higher than the $20 minimum at Discover or the Chase Freedom Card, but the higher rebate percentage makes up some of the difference. 

2. PenFed Platinum Cashback Rewards Visa Card

This card from Pentagon Federal Credit Union also made our list of Best Balance Transfer Cards. But it also has a fabulous cash-back rewards program. You earn five percent back on gasoline purchases at the pump, two percent at supermarkets, one percent everywhere else.  That's pretty hard to beat.

The APR is only 13.99 percent on purchases, while the balance transfer rate is as low as 4.99 percent for two whole years.  So this is a great card whether you’re using it to earn rewards or to carry a balance at a low rate.

To take advantage of this offer, you must be a member of the Pentagon Federal Credit Union and have good credit.

3. BJ’s Visa Card

Technically, this isn't a cashback card, but the reward is as good as cash: Merchandise at BJ's Warehouse Clubs.

The BJ's Visa Card has one of the richest rebate rewards programs around.  You get a two percent rebate, or two points per dollar, on purchases at BJ’s and one percent, or two points per dollar, on purchases everywhere else. You also get 1,000 bonus points after you make your first purchase.

Redemption thresholds are very low. When you accumulate 2,000 points, or $20, Chase Bank will send you a voucher with your next statement redeemable for merchandise at BJ’s. Points expire after 36 months.

This is an excellent deal anyone who who shops frequently and spends a lot at BJs’. 

4. Capital One No Hassle Cash Rewards MasterCard (For Excellent Credit)

This card pays a full two percent back on purchases at gas stations and "major" grocery stores and one percent everywhere else.  Since it’s a MasterCard, it’s accepted at more places than Discover and American Express. That makes it easier to earn rebates.                          

The card also has a flexible rewards redemption feature.  You can redeem your rewards upon request, automatically at a set time each year, or automatically when you reach a specific amount such as $25 or $50.  You can also redeem your cash for gift cards starting at $20.  

Capital One also has a another version of this card for people with limited credit, but the $39 annual fee and the high APR make it much less attractive.

5. Chase Freedom Card

This card is basically Chase’s answer to the Discover Card. Freedom pays a full one percent back from the first dollar of spending, while Discover pays "up to one percent" cash back on purchases.  Also, since it’s a MasterCard or Visa card, it’s accepted at more places than Discover and American Express. 

You can also earn five percent back in selected shopping categories that change every quarter, such as drugstores and home improvement stores.  To get that bonus, you must proactively sign up with Chase, either by phone or online. 

Cash rewards can be redeemed for as little as $20; they can also be redeemed for travel, gift cards, and merchandise.

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