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Many credit card companies try to entice you with some type of rewards programs. Their hope is
that you’ll apply for their cards, end up paying some interest fees, and they’ll still profit despite
the cashback or rewards you earn. However, if you use your credit card perfectly, you can
actually make a profit yourself.
Some of the best credit card rewards programs only come with cards that have an annual fee.
The key is make sure you earn enough in rewards to offset the annual fee, plus a bit extra. On
the other hand, there are plenty of good cash back credit cards with no annual fee too.
If you’re looking to make the most of your spending, check out our choices for the best cash
back and rewards credit cards.
American Express Gold Card
The American Express Gold Card is rightly considered one of the best all-around credit cards for
cash back. You’ll earn extremely generous rewards, but you’ll have to fork over a $250 annual
fee in exchange. The good news is that you can easily earn more than $250 in rewards every
year.
There’s a 60,000 point welcome bonus if you spend $4,000 in the first six months. The points
continue to rack up, with 4X earned on restaurants, takeout, and delivery, 3X on certain travel
expenses, and 1X on every other purchase.
Beyond the points, there are hundreds of dollars of annual statement credits available. There’s
$10 a month ($120 a year) on Grubhub and Goldbelly deliveries. There’s another $120 annually
for Uber rides and UberEats orders. Experts suggest that you can earn roughly $1,100 in cash
back in the first year alone.
Alliant Cashback Visa Signature Card
While the additional perks of the AmEx Gold Card are nice, the Alliant Cashback Visa Signature
skips jumping through the hoops and offers straight cash back – and lots of it.
You’ll earn 2.5% cash back on all qualifying purchases, to a maximum of $250 back per billing
cycle. That’s pretty generous, and helps make up for the fact this card doesn’t offer a welcome
bonus of any kind. The $99 annual fee is still fairly cheap, especially when you realize it’s
waived for the first year.
This card is great for its simplicity. You don’t have to activate offers or track spending categories.
Just use your card normally and watch the cash pile up. You do have to be a member of the
Alliant Credit Union to apply, though.
Blue Cash Preferred AmEx
One of the very best rewards cards is the Blue Cash Preferred Card from American Express. It
offers an amazing 6% cash back bonus at U.S. supermarkets, up to $6,000 a year in purchases
(1% after that). It also offers 6% back on streaming services, 3% back at gas stations, and 3%
back on transit like buses, trains, parking, and taxis or rideshares. All other purchases earn 1%
cash back.
That’s a lot of rewards! The downside is a $95 annual fee, but you should be able to recoup that
easily in rewards without trying too hard. There’s also a $350 bonus offer, which you can claim
by spending $3,000 on your card in the first six months.
The Blue Cash Preferred Card is only recommended for those with Good or Excellent credit (as
are most of the cards on this list). The APR usually sits between 17% and 28%, depending on
your creditworthiness.
Bank of America Customized Card Rewards Visa
The Bank of America Customized Cash Rewards Visa is great if you don’t always have the
same spending habits every month. Instead, you can pre-select a certain category (grocery,
gas, online shopping, travel, etc) to earn the top rate of 3% cash back on. After that, you’ll earn
2% on grocery store and wholesale store shopping, and 1% on everything else.
This card doesn’t have an annual fee of any kind, and comes with a fairly easy-to-obtain
welcome bonus of $200. There are a couple drawbacks, though. The selected category with the
top cash back rate comes with a spending limit (up to $2,500 per quarter). You also have to
remember to pick the category, or you’ll risk not earning maximum cash back
Overall, this Bank of America Visa is still a great choice. Throw in an 18-month 0% APR
introductory rate for purchases and balance transfers (within the first 60 days), and it has the
potential to save you a lot of money.
Amazon Prime Rewards Visa Signature
This one is a no-brainer for anyone deeply invested in the Amazon ecosystem. There’s no
annual fee, but an Amazon Prime membership is required. If you already have one, though, it
makes sense to take advantage of the cash back the Amazon Prime Rewards Visa Signature
offers.
You’ll get 5% cashback on purchases made on Amazon.com and at Whole Foods Market. You’ll
earn 2% back on dining, gas stations, and drugstores. Finally, there’s a blanket 1% back on all
other purchases. There’s also a $50 Amazon.com gift card as a welcome bonus, which you get
immediately without having to reach any spending thresholds.
If you’re a frequent Amazon user (or shop exclusively at Whole Foods), this is a no-brainer.
Rough estimates suggest you can earn between $500 and $600 in cash back every year.
Capital One Venture Rewards
Last but not least is the Capital One Venture Rewards card. It’s aimed more towards frequent
travelers than some of the others on this list. With a $95 annual fee and a generous welcome
bonus, this card will earn you plenty of points to cash in on your next vacation.
You’ll earn 5X miles on hotels and rental cars booked through Capital One Travel. Every other
purchase will earn 2X miles. The 75,000 mile welcome bonus can be achieved by spending
$4,000 in the first three months. There’s also a $100 credit towards Global Entry or TSA
PreCheck applications, making your travel even easier.
Unfortunately, there’s no introductory APR for purchases or balance transfers. On the other
hand, if you travel a lot, you can rack up bonus miles in a hurry. If you are a frequent flier,
consider looking into the upgraded Venture X Rewards card for even better reward rates.
