Best Cash Back Credit Cards of October 2024

Benzinga's top picks for the best cash back credit cards for this month include Chase Freedom Flex Card and Discover it Cash Back Card.

Cash back credit cards are popular as they reward consumers with cash back on everyday purchases, benefiting both consumers and credit card companies. When choosing a card, it's important to consider spending habits and benefits to maximize rewards. Look for cards with high cash back rates, flexible redemption options, and additional perks.

Benzinga reviewed some of the best cash back credit cards available on the market today to help you find the perfect card for you.

Quick Look at the Best Cash Back Credit Cards:

• Best for Rotating Rewards Categories: Chase Freedom Flex Card
• Best for Double Cashback: Discover it Cash Back Credit Card
• Best for Personalized Rewards: Bank of America Customized Cash Rewards Card
• Best for Everyday Spend Bonuses: Chase Freedom Unlimited Credit Card
• Best for Students: Citi Double Cash Card
• Best for Simplified Cashback: Capital One QuicksilverOne Cash Rewards Card
• Best for Grocery Bonus: American Express Blue Cash Preferred Card
• Best for Entertainment Bonus: Capital One SavorOne Cash Rewards Card
• Best for Flat Cash Back: Wells Fargo Active Cash Card
• Best for High Cash Back: PayPal Cash Back Mastercard
• Best for Free Credit Building: Step

Best Cash Back Credit Cards

Wondering what's the best credit card for getting cash back rewards? Explore your top options below.

1. Best for Rotating Rewards Categories: Chase Freedom Flex Card

Chase's Freedom Flex credit card offers rewards on rotating categories including travel, dining, drugstores and gas. With no annual fee, this Chase credit card has a generous rewards program, where you can earn 5% cash back in quarterly bonus categories. You can choose from quarterly bonus categories plus a flat rate of 1% cash back on all other categories. Additionally, this credit card offers other benefits such as no expiration on your rewards and no minimum cash back required for redemption.

New cardmember can earn $200 bonus after spending $500 on purchases within the first three months of membership. Plus, enjoy 0% intro APR (annual percentage rate) on purchases and balance transfers for 15 months from account opening.

Why We Picked It: With its rotating bonus categories, high rewards rate and no annual fee, Chase Freedom Flex Card is a solid choice for anyone looking to earn cash back on their spending. Plus, the credit card rewards never expire and there is no minimum cash back for redemption.

2. Best for Double Cashback: Discover it Cash Back Credit Card

Another option that will give you 5% rotating cash back categories is the Discover it Cash Back Credit Card. It will also help you track your quarterly spending cap. You'll get 1% cash back on all other categories. A no-annual-fee credit card can deliver tidy rewards outside of its ongoing 1% earning flat rate. Better yet, Discover automatically matches all the cash back earned at the end of the first year.

New cardmembers can also enjoy low intro APR on purchases and balance transfers for 15 months from account opening.

Why We Picked It:  With their 5% cash back and cash back match offers, this Discover card allows you to earn rewards faster.

3. Best for Personalized Rewards: Bank of America Customized Cash Rewards Card

Bank of America offers a unique customized cash back credit card option with no annual fee. If you qualify as a preferred rewards client, you'll get a 25% to 75% boost in cash back earnings. Even if you don't qualify for preferred rewards, you'll earn 1% cash back or more with bonuses. With Bank of America Customized Cash Rewards Credit Card, you have the option to change 3% bonus category every month. Plus, there is a $200 online cash rewards bonus for new cardholders who spend $1,000 in the first 90 days of opening an account.

Why We Picked It: With the card's flexible rewards categories, you can choose the categories that align with your spending habits. This unique opportunity gives you control over where you can earn the most cash back rewards.

4. Best for Everyday Spend Bonuses: Chase Freedom Unlimited Card

Chase Freedom Unlimited Card is a good overall credit card for flat-rate cash back. You can earn unlimited 1.5% cash back on all purchases. It also offers a low intro APR, no annual fee and transparent bonus structures. Cash back rewards do not expire as long as the account is open.

The credit card also comes with a variety of additional benefits, including purchase protection, extended warranty protection and fraud protection. These features can give you peace of mind knowing that your purchases are covered and your information is secure. New cardholders can earn $200 bonus after spending $500 on purchases within the first three months of membership.

Why We Picked It: This straightforward cash back credit card offers valuable rewards and benefits. Whether you're a frequent traveler, a savvy shopper, or just looking to maximize your spending, Chase Freedom Unlimited Credit Card has something to offer.

5. Best for Students: Citi Double Cash Credit Card

The Citi Double Cash Credit Card offers 1% cash back on purchases and another 1% as you pay them off. The card has no annual fee and a 0% intro APR on balance transfers for 18 months from the date of account opening. Remember, though, that there’s an intro fee of 3% on each balance transfer for the first four months and 5% after that. A variable APR of 18.74% - 28.74% applies after the introductory period.

Students can use this credit card to consolidate debt, earn rewards, enjoy liability and identity protection and manage emergencies as needed, but you must remember to pay on time to get your cash back.

Why We Picked It: We love Citi Double Cash Card because of its simplicity. There are no rotating categories to keep track of, and no limits on the amount of cash back you can earn. This makes it an easy credit card to use for all of your purchases, without having to worry about tracking spending in different categories.

6. Best for Simplified Cashback: Capital One QuicksilverOne Cash Rewards Card

The Capital One QuicksilverOne Cash Rewards Credit Card offers unlimited rewards — 1.5% cash back on every purchase you make. Plus, your card is regularly reviewed for credit line increases, you can monitor your credit score, tap to pay and protect yourself with fraud coverage. Use the online calculator to learn how much cash back you can earn each year with this simple, flat-rate cash back card from Capital One.

However, it has a $39 annual fee and a 29.99% variable APR, which is not the best offer.

Why We Picked It: Capital One QuicksilverOne Cash Rewards Credit Card is one of the best cash rewards credit card for individuals with average credit score. It offers a simple and straightforward cash back rewards structure and flexible redemption options.

7. Best for Grocery Bonus: American Express Blue Cash Preferred Card

The Blue Cash Preferred Card from American Express is perfect if you buy groceries often, love binging on your favorite shows and travel frequently. It offers a blend of everyday rewards and travel bonuses.

You get 6% cash back at supermarkets in the United States, for up to $6,000 in annual purchases and 6% cash back on select U.S. streaming subscriptions. You can earn 3% cash back on transit such as trains, taxicabs, rideshare services, ferries, tolls, parking, buses and subways. The credit card offers 3% cash back at U.S. gas stations and 1% cash back on other purchases.

You can get a welcome bonus of $250 in the form of statement credit after you spend $3,000 in purchases in your first six months of card membership. Plus, you can enjoy 0% intro APR on purchases and balance transfers for the first 12 months. A variable APR of 18.74% to 29.74% applies after the introductory period.

Why We Picked It: The credit card offers a compelling combination of high cash back rewards, valuable benefits, and a solid welcome bonus for new cardholders. 

8. Best for Entertainment Bonus: Capital One SavorOne Cash Rewards Card

If you spend a lot of time eating out or attending events, Capital One SavorOne Cash Rewards Credit Card is one of your best options. You can earn unlimited 3% cash back on dining and entertainment, popular streaming services and at grocery stores, and 1% on all other purchases.

Do you prefer ordering in? The credit card lets you earn 10% cash back if you order with Uber Eats. It also gives you privileges such as VIP experiences, discounts and on-site perks at select events.

Why We Picked It: The Capital One SavorOne Cash Rewards Credit Card is a great option for those who want to earn rewards on dining, entertainment, and grocery purchases without having to pay an annual fee.

9. Best for Flat Cashback: Wells Fargo Active Cash Credit Card

Wells Fargo Active Cash Credit Card offers an unlimited 2% cash rewards rate on purchases. There's no annual fee, which puts it in competition with the best flat-rate cash-back cards on the market. Wells Fargo's offering gives you the flexibility of flat-rate unlimited rewards without worrying about bonus categories, activations or spending limits.

The credit card also comes with a few extra perks. Cardholders can enjoy a 0% intro APR for the first 12 months on purchases and balance transfers (with a 3% balance transfer fee). This can be a great way to save money on credit card interest if you have a large purchase to make or want to transfer a balance from another credit card.

Why We Picked It: There are no categories to keep track of or rotating bonus categories to worry about – just a flat rate of 2% cash back on all your purchases. 

10. Best for High Cashback: PayPal Cashback Mastercard 

With PayPal Cashback Mastercard, you can earn 3% cash back when you check out using PayPal Digital Wallet. You get all the benefits of a rewards credit card, plus the convenience of a digital wallet. There is also a 1.5% cash back rewards on all other purchases everywhere else Mastercard is accepted. Additionally, you will have access to the benefits of Mastercard such as ID Theft Protection™ and advanced microchip technology.

Why We Picked It: With no annual fee and a competitive cash back rate, this credit card offers great rewards for those who frequently shop online or use PayPal for their transactions.

11. Best for Free Credit Building: Step

Step is a secured credit card that helps you build credit by reporting all your purchases to the three credit bureaus. It even works well for kids, parents teaching their kids about money, building from no credit or bolstering your credit. Plus, you get rewards like:

• 3% on food and delivery services
• 2% back on subscriptions and gaming
• 3% on charitable donations
• 8% on Step Black
• 1% on everything else

Why We Picked It: Step is perfect for everyone, and it allows you to build credit at no cost to you. You get rewards that are quite generous, and that can even teach kids how to use credit cards in the future—all while building the credit of any user.

What Are Cash Back Credit Cards?

Cash back credit cards allow you to earn a flat percentage or rotating rewards categories. For example, you might earn a flat rate of 1.5% cash back or earn up to 5% cash back in certain spending categories like travel, dining, gas, groceries or entertainment. Used responsibly, the best cash bonus credit cards can help you save more on everyday purchases.

How Do Cash Back Credit Cards Work?

Cash back credit cards work like any other type of credit card. When you apply for the credit card and are approved, you'll get a card with a set credit limit, cash back policies, an annual percentage rate on any debt and in some cases, new signup rewards.

When you make everyday purchases with cash back cards, the credit card company will apply the cashback directly as a statement credit or issue points you can redeem for cashback, gift cards or other shopping opportunities. Usually, the credit card issuers can offer cashback by sharing the credit card processing fee charged to retailers with the consumer.

Types of Cash Back Credit Cards

Here's an overview of the various types of cash back credit cards you can choose from.

• Flat rate: Flat-rate cash back cards offer a flat percentage back on all purchases. Usually, that's 1% to 1.5%. However, in some cases, card issuers may offer up to 2% cash back.
• Tiered: Tiered cash back credit cards are the most common cash back card structure. With tiered cards, the card issuer offers tiered rewards, which means higher cash back percentages on certain categories of purchases. For example, the credit card issuer might offer 3% cash back on gas and groceries, with 1% cash back on all other spending categories.
• Rotating category: Rotating category cash back credit cards offer higher rewards in a specific category for a set time, usually one to three months. For example, the card issuer might offer 5% cash back on gas purchases for three months or 3% cash back on entertainment in certain months. All other spend categories remain at a base cash back rate, usually 1%.

Common Reward Categories on Cash Back Cards

The different reward categories on cash back credit cards, include:

• Dining: You'll get a higher reward for restaurants and other dining purchases — a good option if you eat out frequently.
• Groceries: If you spend a lot on groceries, a cash back card that rewards grocery purchases can be a smart move. This usually only applies to U.S. grocery stores.
• Gas: If you drive and want to lower your gas bill, a cash back credit card that offers high rewards on gas can help you save more.
• Travel: One of the most popular types of cashback or rewards cards, many travel bonus cards offer mile points that you can redeem for cash, gift cards or travel bookings.
• Entertainment: This can include concert tickets, restaurants, museums and more, depending on the cash back card issuer.

Pros and Cons of Cash Back Credit Cards

While cash back credit cards can be a great way to save money and earn rewards, there are also potential pitfalls to be aware of. Here is an overview of the pros and cons:

​​How to Choose the Best Cash Back Credit Card

When choosing a cash back credit card, consider how you will use the card and look at your normal spending habits. Here is an overview of the key factors to consider to find the best rewards credit card to earn cash back.

• Main spend categories: Do you eat out frequently or spend more on groceries? What is your biggest monthly expense category? Choose a cash back card with high rewards in your primary spending category.
• Annual fees: The main benefit of a cash back card is the rewards. An annual fee can cost more than you earn in a year, so choose a card with no annual fees.
• Annual percentage rate: Choose a cash back card with a low APR.
• Introductory offers: Some cash back cards offer up to $500 in signup bonus rewards. Others have 0% intro APR offer for 12 to 18 months. These rewards can be a good incentive to choose a particular credit card, especially if they meet your other criteria.

How to Make the Most of Your Cash Back Credit Card

Here are some tips to help you maximize the rewards of your cash back credit cards:

• Choose the right cash back credit card for you: Consider how you will use the card. Choose the one that matches your spending habits.
• Use online portals: Many credit card issuers offer online shopping portals. This allows you to earn additional cash back rewards for purchases made at participating retailers.
• Stack your rewards: Try stacking your rewards with other promotions or discounts, such as using a cash back credit card with bonus rewards along with coupons or promo codes at checkout to save money.
• Take advantage of signup bonuses: Credit cards often offer signup bonuses to new cardholders who spend a certain amount within a specified time frame. These bonuses can provide a significant amount of cash back rewards. But it is important to ensure that you can meet the spending requirements without overspending.
• Pay your balance in full: Pay off credit card balances in full each month to avoid paying interest and negate the rewards earned.
• Don’t overspend just to earn cashback: While it may be tempting to focus on earning cashback rewards, it is important to prioritize responsible spending habits and make informed financial decisions to avoid overspending and potentially losing money in the long run.

Maximizing the Best Cash Back Credit Cards

The best cashback cards offer significant advantages to save more. It is important to consider your spending habits and the rewards structure of the card to maximize the rewards benefits. To get more from a cash back card, look for credit cards with a large signup bonus and no annual fees. You can find excellent rewards cards from Visa, Mastercard or American Express. Regardless of the card you choose, remember strong financial habits for credit cards. Don't fall into the trap of overspending just to earn cash back rewards. Focus on budgeting, saving and making informed financial choices that benefit your overall financial well-being.

Frequently Asked Questions