Best Cash Back Credit Cards of November 2023

Best Cash Back Credit Cards of November 2023

Cash back credit cards have become a popular choice among consumers seeking to maximize their spending. These cards offer a straightforward way to earn money back on everyday purchases, making them an attractive option for those who prefer tangible rewards. Cash-back credit cards come in various forms, each with its own unique features and benefits.

Chase Freedom Flex℠

Best for: Flexible Cash Back

The Chase Freedom Flex℠ card is an excellent choice for those who value flexibility in earning cash-back rewards. It's typically available to individuals with a credit score in the "Good" to "Excellent" range, around 700 to 749.

Credit Score: Good, Excellent (700 - 749)

Applicants for the Chase Freedom Flex℠ card should have a credit score in the "Good" to "Excellent" range, typically around 700 to 749, to be eligible for this card.

Annual Fee: $0

This card doesn't charge an annual fee, making it a cost-effective option for cash-back enthusiasts.

Welcome Bonus: $200 Cash Back

New cardholders have the opportunity to earn a $200 cash-back bonus after spending $500 on purchases within the first three months of card ownership.

Regular APR: 20.49% - 29.24% Variable

The regular APR for the Chase Freedom Flex℠ card varies from 20.49% - 29.24%and is dependent on the cardholder's creditworthiness.

Chase Freedom Unlimited®

Best for: Unlimited Cash Back

The Chase Freedom Unlimited® card is ideal for those who want to earn unlimited cash back on all purchases. It's typically available to individuals with a credit score in the "Good" to "Excellent" range, around 700 to 749.

Credit Score: Good, Excellent (700 - 749)

Applicants should have a credit score in the "Good" to "Excellent" range, typically around 700 to 749, to qualify for the Chase Freedom Unlimited® card.

Annual Fee: $0

This card has no annual fee, making it a budget-friendly option for those looking to earn cash back on their everyday spending.

Welcome Bonus: $200 Cash Back

New cardholders can earn a $200 cash-back bonus after spending $500 on purchases in the first three months of card ownership.

Regular APR: 20.49% - 29.24% Variable

The regular APR for the Chase Freedom Unlimited® card varies from20.49% - 29.24%, depending on your creditworthiness.

Capital One SavorOne Cash Rewards Credit Card

Best for: Dining and Entertainment Rewards

The Capital One SavorOne Cash Rewards Credit Card is tailored for those who frequently dine out and enjoy entertainment. It's typically available to individuals with a credit score in the "Good" to "Excellent" range, around 700 to 749.

Credit Score: Good, Excellent (700 - 749)

Applicants should have a credit score in the "Good" to "Excellent" range, typically around 700 to 749, to qualify for this card.

Annual Fee: $0

This card doesn't come with an annual fee, making it an attractive option for those who enjoy dining and entertainment.

Welcome Bonus: $200 Cash Back

New cardholders can earn a $200 cash back bonus after spending $500 on purchases within the first three months of card ownership.

Regular APR: 19.99% - 29.99% Variable

The regular APR for the Capital One SavorOne Cash Rewards Credit Card varies from 19.99% - 29.99%, depending on your creditworthiness.

Wells Fargo Active Cash® Card

Best for: Flat-Rate Cash Back

The Wells Fargo Active Cash® Card is an excellent choice for those who prefer a flat-rate cash back structure. It's typically available to individuals with a credit score in the "Good" to "Excellent" range, around 700 to 749.

Credit Score: Good, Excellent (700 - 749)

Applicants should have a credit score in the "Good" to "Excellent" range, typically around 700 to 749, to qualify for this card.

Annual Fee: $0

This card does not have an annual fee, making it a cost-effective option for earning cash back.

Welcome Bonus: $200 Cash Rewards

New cardholders can earn a $200 cash rewards bonus after spending $1,000 on purchases within the first three months of account opening.

Regular APR: 20.24%, 25.24%, or 29.99% Variable APR

The regular APR for the Wells Fargo Active Cash® Card varies from 20.24%, 25.24%, or 29.99%, depending on the cardholder's creditworthiness.

Discover it® Cash Back

Best for: Cash-Back Card for Rotating Categories

The Discover it® Cash Back credit card is an excellent choice for those who want to earn cash back in rotating categories throughout the year. With no annual fee and a unique Cashback Match™ offer, it provides a compelling opportunity to maximize your rewards.

Credit Score: Excellent/Good

This card is accessible to individuals with an Excellent/Good credit score (typically ranging from 700 - 749).

Annual Fee: $0

You won't be charged an annual fee to enjoy the benefits of this card, making it a cost-effective choice for cash-back rewards.

Welcome Bonus: Cashback Match™

One of the standout features of this card is the Cashback Match™ offer. At the end of your first year as a card member, Discover automatically matches all the cash back you've earned during that year, with no minimum spending or maximum rewards limit. This effectively doubles your cash back for the first year.

Regular APR: 17.24% - 28.24% Variable APR

The Discover it® Cash Back card offers a variable APR ranging from 17.24% to 28.24%, depending on your creditworthiness. It also provides a 0% introductory APR for 15 months on purchases and eligible balance transfers, making it a suitable option for financing larger purchases or consolidating debt.

Discover it® Balance Transfer

Best for: Balance Transfers with Cash Back

The Discover it® Balance Transfer card is designed for individuals looking to transfer and pay down existing credit card balances while earning cash back rewards. It's typically available to those with a credit score in the "Good" to "Excellent" range, approximately 700 to 749.

Credit Score: Good, Excellent (700 - 749)

Applicants should have a credit score in the "Good" to "Excellent" range, typically around 700 to 749, to qualify for this card.

Annual Fee: $0

This card doesn't charge an annual fee, which can help cardholders save money while managing their balances.

Welcome Bonus: Cashback Match

Discover offers a unique welcome bonus they matches all the cash back you've earned at the end of your first year.

Regular APR: 17.24% - 28.24% Variable APR 

The regular APR for the Discover it® Balance Transfer card varies from 17.24% - 28.24%, depending on your creditworthiness.

Blue Cash Preferred® Card from American Express

Best for: Supermarkets and Streaming Services

The Blue Cash Preferred® Card from American Express is an excellent choice for those who spend heavily on groceries and streaming services. It's typically available to individuals with a credit score in the "Good" to "Excellent" range, around 700 to 749.

Credit Score: Good, Excellent (700 - 749)

Applicants should have a credit score in the "Good" to "Excellent" range, typically around 700 to 749, to qualify for this card.

Annual Fee: $0 introductory annual fee for the first year, then $95

While there is an annual fee of $95 after the first year, the rewards for supermarket and streaming service spending can more than offset this cost for many cardholders.

Welcome Bonus: $250 statement credit

New cardholders can earn a $250 statement credit after spending $3,000 in purchases on the card within the first six months.

Regular APR: 19.24%-29.99% Variable

The regular APR for the Blue Cash Preferred® Card from American Express varies from  19.24%-29.99%, depending on your creditworthiness.

What is Cash Back on a Credit Card?

Cash back on a credit card is a financial benefit that has gained popularity in recent years. This feature involves the cardholder receiving a small percentage refund of the amount spent on purchases, typically above a specified dollar threshold. These cash back rewards can take the form of actual cash applied to the credit card bill, a check, or a deposit into the cardholder's bank account.

It's a way for credit card users to earn a financial incentive based on their spending. It's important to note that while cash back can be a valuable perk, some rewards programs may have associated annual fees or a high annual percentage rate (APR). Cash back on a credit card provides consumers with a tangible and flexible benefit, allowing them to earn a return on their everyday purchases. 

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How Does Credit Card Cash Back Work?

Cash-back programs emerged in 1986 with the national launch of the Discover card, marking the introduction of this concept. Since then, cash-back programs have become widespread, with almost every major credit card issuer incorporating this feature into at least one of their products. These programs serve as incentives for existing customers to utilize their cards frequently and to attract new clients or entice them away from competitors.

In contrast to traditional rewards points, which are typically redeemable for specific goods, services, or gift cards offered by the card issuer, cash-back rewards provide actual cash to the cardholder. This cash is typically credited to the cardholder's account and reflected in their monthly credit card statement.

Cardholders have various options for receiving their cash-back rewards. It can be deposited directly into a linked bank account, applied as a statement credit to reduce the current month's bill, issued as a gift card, or delivered by mail in the form of a physical check.

Cash-back rewards offer consumers the flexibility and convenience of receiving actual cash that can be used however they prefer. This form of reward has gained popularity due to its simplicity and the tangible financial benefit it provides to cardholders.

How to Get Cash Back from a Credit Card?

Getting money back from your credit card is like a reward for using it to buy things. It's called 'Cash Back,' and it's a cool way to get some of your money back. But how do you actually get this cash? That's what we're here to talk about! We'll go through the steps, easy and clear, so you know exactly how to do it. Let's find out how to get that cash back from your credit card.

Understand Cash Advances

Know that when you get cash from your credit card, it is treated as a cash advance. This means the amount you withdraw is added to your credit card balance, and you'll need to repay it with potentially higher fees and interest rates.

Check Your Card's Terms

Review the terms and conditions of your credit card. Understand the fees associated with cash advances, including service charges, ATM fees, and any other related costs.

Withdraw from an ATM

• Insert your credit card into the ATM or use a cardless ATM option.
• Enter your credit card PIN.
• Select the cash advance or withdrawal option.
• Enter the amount of cash you want to withdraw.
• Be aware of any fees charged by the ATM and your credit card issuer.
• Complete the transaction and take your cash and receipt.

Visit a Bank

• If an ATM is not available, visit your bank.
• Speak to a teller or ambassador who can assist you in getting cash.
• Bring a form of photo ID, such as a driver's license or passport.

Use Convenience Checks

• Some credit cards provide convenience checks.
• Fill out a check, make yourself the payee, and cash or deposit it.
• Be sure to understand the terms and conditions, including applicable fees and interest rates.

Get Cash Without a PIN

• If you don't have a PIN, visit your bank to get cash.
• Alternatively, use convenience checks provided by your credit card company.

Beware of Online Cash Advance Loans

• Avoid online payday loans, as they come with high interest rates and fees.
• These loans can lead to financial challenges, including overdraft fees and penalties.

Consider Costs

• Be aware of the costs associated with getting cash, including fees and higher APR for cash advances.
• Understand the potential impact on your credit scores, particularly the credit utilization ratio.

Review Credit Card Terms Regularly

• Stay informed about changes in your credit card's terms and conditions.
• Regularly review fees, interest rates, and any other relevant details.

Can You Get Cash Back with a Credit Card at a Grocery Store?

Yes, in many cases, you can get cash back with a credit card at a grocery store. While it is possible to get cash back with a credit card at a grocery store, there are important factors to consider, including additional costs, security risks, and alternative options. Here's a summary of the key points:

• Fees: Grocery stores may charge a fee for cash-back transactions, which can add to the overall cost. It's important to consider this fee and assess whether it outweighs the convenience of getting cash back.
• Higher Interest Rates: Cash advances with a credit card often carry higher interest rates compared to regular purchases. If you choose to get cash back, it's crucial to be aware of the potential impact on your interest charges and repayment costs.
• Security Risks: Obtaining cash with a credit card at a grocery store poses security risks. Others present at the store could observe your transaction and potentially gather your credit card information, leading to fraud or identity theft. It's important to be vigilant and protect your card information.
• Lost or Stolen Cards: If your credit card is lost or stolen after obtaining cash at a grocery store, someone could use it to make unauthorized charges. It's crucial to report a lost or stolen card immediately to your credit card issuer to minimize the risk of fraudulent activity.
• Alternative Options: Consider alternatives to getting cash back at a grocery store with a credit card. For example, withdrawing cash from an ATM using a debit card or requesting a cash advance through your credit card issuer may be cheaper and more secure options.

When deciding whether to get cash back with a credit card at a grocery store, carefully weigh the convenience against the potential costs and security risks involved. Understanding your credit card terms and exploring alternative methods of obtaining cash can help you make an informed decision.