Written by 17:17 Personal Finance

Top 5 Credit Cards for Cashback in 2024

The battle of the cashback cards is getting hotter! Let’s dive into the top contenders for maximizing your everyday spending in 2024.

1. Wells Fargo Active Cash® Card

  • The Simplicity Star: This card delivers a flat 2% cashback on all purchases. No juggling categories, no remembering to activate bonuses. It’s a straightforward way to earn consistent rewards.
  • Welcome Bonus: You can nab a cool $200 cash rewards bonus after spending $1,000 in the first 3 months.

2. Chase Freedom Flex℠

  • Rotating Category Champion: Chase Freedom Flex brings the heat with 5% cashback on rotating quarterly categories (up to $1,500 spent per quarter, then 1%). Think groceries one quarter, then gas stations or streaming the next. Plus, it offers other perks like travel and purchase protections.
  • Stat to Consider: In a recent survey, 35% of Chase Freedom Flex cardholders reported earning over $500 in cashback annually.

3. Citi® Double Cash Card

  • Unbeatable Long-Term Value: Earn 1% back when you buy and another 1% when you pay your bill. The result? A potential 2% cashback rate with no annual fee. This card is a keeper.
  • Best for: Those who prefer a simple strategy and want excellent long-term earning potential.

4. Blue Cash Preferred® Card from American Express

  • Grocery & Streaming Guru: Snag 6% cashback at U.S. supermarkets (up to $6,000 in purchases annually, then 1%) and on select streaming services. Plus, 3% cashback on transit, including rideshares, and at U.S. gas stations.
  • Noteworthy: Though it carries an annual fee ($95, see terms), power spenders in these categories can easily offset it.

5. Discover it® Cash Back

  • Intro Offer Powerhouse: Discover often sweetens the pot with a first-year cashback match. This means all the rewards you earn in year one are doubled!
  • Rotating Perks: Like the Chase Freedom Flex, Discover it® Cash Back has rotating 5% categories, making it a versatile earner.

Important Notes:

  • Your Spending Habits Matter: The “best” card is the one that aligns with how YOU spend. A gas guzzler might love the Blue Cash Preferred®, while a foodie might prefer the Citi® Double Cash.
  • Creditworthiness Is Key: Top-tier cards generally require good to excellent credit scores.
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