Best Cashback Credit Cards for Everyone in 2020
If your resolution for 2020 was to smarter with your finances, then the best cashback credit cards might be just the thing for you!
A useful rebate that pays you back a percentage of the money on the things you buy every day, cashback credit cards can be used to redeem rewards, basic cashback, and even gift cards on every purchase you make. But with cashback cards, there’s a caveat. You have to choose the right cashback card offers that match your spending habits!
To make that task easier, here are some of our top recommendations for cashback credit cards in 2020 that’ll definitely benefit you in the long run!
Citi® Double Cash Card
Topping Forbes’ list for the best cashback credit cards, the Citi Double Cash card offers a long-lasting APR offer, coming in at 0% intro. With no annual fee charges, the card offers a 2% cashback rate on all purchases, with no caps on any cashback earnings. With its simple structure and excellent cashback offer, the Citi Double Card is perfect for all shoppers out there.
However, with this card, there will be a 3% fee for any foreign transactions. Yet, with everything you get in return, even paying a 3% fee won’t be too financially overwhelming.
Alliant Cashback Visa® Signature Credit Card
An enticing option for any big spenders with excellent credit, the Alliant Cashback Visa Signature Credit Card offers a flat rate on all purchases – 2.5%. With a 3% cashback rate for the beginning year, and no foreign transaction fee, this card is an unbeatable choice.
But with the Alliant Card, there are some caveats. You must have excellent credit if you want to be approved. The annual fee is $99 though it is waived the first year and there will be no financing offers on the card. Also, in order to apply for the Alliant card, you have to be a member of the Alliant Credit Union. A simple, straightforward process, this might still tick off some customers who don’t want to do too much to get their card.
Amazon Prime Rewards Visa Signature Card
If you frequently shop at sites such as Amazon or Whole Foods, then the Amazon Prime Rewards Visa Signature Card is right up your alley. With a 2% category for rewards plus added benefits, unlimited 5% cashback on Whole Foods and Amazon, 2% cashback on gas station, restaurants and drugstores, and 1% on other purchases, as well as a welcome bonus even if you don’t spend money, the Amazon Visa card is perfect for saving money, while getting the stuff you need.
But, like any cashback card, there are some conditions. You will not be able to earn the 5% cashback if you purchase from any Amazon sites not located in the U.S. and the APR will be high. Additionally, if the balance transfer fee on the credit card will be high.
Discover it® Student Cashback
Very popular amongst college students in the U.S., the Discover it® cashback card offers younger people the chance to manage their credit, especially if they have limited or average scores. With no penalty on APR, no annual fee, and even a bonus for good grades, and an offer for 5% cashback rewards, this card is a practical godsend. Additionally, if your GPA reaches 3.0 or higher each school year, you’ll even get $20 statement credit. Think of it as a pat on the back from your bank!
Just be warned though; your bonus categories will need to be activated every quarter. Along with, your rate on bonus cashback will be limited to $1,500 each quarter. But for a student on a budget, this won’t pose any problem.
American Express Blue Cash Preferred Card®
This is an ideal choice if you frequently have to spend money on transport, gas, any rideshares, in addition to any spending you may do in the supermarkets.
A must-have for people with a big, busy family, this card offers various rewards for money spent in supermarkets, gas stations, along with other purchases. With a high cashback rewards program for various categories, the Blue Cash Preferred Card® from American Express offers an easy welcome bonus and automatic cashback, so you won’t even have to enroll.
The only requirements here are that you will need to pay a high cash advance fee, at least 5%. The annual fee is $95. Any foreign transactions will be marked with a 2.7% fee, and annual spending is capped at $6,000 at supermarkets with a 6% cashback rate.
If you have a student loan on your head, and adding up credit is not a viable option, try the repaye option, to get rid of the former first. Use this repaye calculator to know how much you need to pay each month.
Conclusion: The Best Cashback Credit Cards for Any Occasion
From big spenders to thrifty shoppers, any of the above cashback cards will be enough to set your troubles at ease. In addition, be sure to get the best store credit cards and the best credit cards for people with bad credit, for added benefits.