Best Cashback Credit Cards of February 2023

Last updated Feb. 6, 2023 | By Team FBZ

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Cashback credit cards are the easiest way to earn rewards for all your purchases. Whether you're buying groceries, gas, or enjoying a meal out, using a cashback card means money back in your bank account. 

There are dozens of cashback cards to choose from when you're looking for the best credit cards. The key is picking one (or two, or three) that align with your spending habits and personal finance goals, then using your cards responsibly. We've narrowed down the choices for you — all of these cards offer competitive cash back, many with generous welcome bonuses and no annual fee. 

In this article

Our picks for the best cashback credit cards

  • Wells Fargo Active Cash® Card
  • Capital One Quicksilver Cash Rewards Credit Card
  • U.S. Bank Cash+® Visa Signature® Card
  • Bank of America® Unlimited Cash Rewards credit card
  • Ink Business Cash® Credit Card
  • Bank of America® Customized Cash Rewards credit card
  • Blue Cash Preferred® Card from American Express
  • Citi® Double Cash Card
  • Chase Freedom Unlimited®
  • Blue Cash Everyday® Card from American Express

Current Offer

$200 cash rewards bonus after spending $1,000 in the first 3 months

Annual Fee

$0

Rewards Rate

Earn 2% cash rewards on purchases

Why We Like It

If you love earning cash rewards but prefer to avoid the hassle of tracking spending categories, the Wells Fargo Active Cash® Card could be a good option for you. Cardmembers can earn 2% cash rewards on purchases.

This card also offers a 0% intro APR on qualifying balance transfers and purchases for 15 months from account opening, then 19.49%, 24.49%, or 29.49% variable APR. Those looking for straightforward rewards and an introductory APR will likely find value in this card.

Card Details
  • Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months
  • Earn unlimited 2% cash rewards on purchases
  • 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 19.49%, 24.49%, or 29.49% variable APR; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5
  • $0 annual fee
  • No categories to track or remember and cash rewards don't expire as long as your account remains open
  • Enjoy a premium collection of benefits at a selection of the world's most intriguing and prestigious hotel properties with Visa Signature Concierge
  • Get up to $600 of cell phone protection against damage or theft when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
  • Select "Apply Now" to learn more about the product features, terms and conditions

Current Offer

Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening

Annual Fee

$0

Rewards Rate

1.5% cash back on every purchase, every day; and 5% cash back on hotels and rental cars booked through Capital One Travel (terms apply)

Why We Like It

If you want a rewards credit card and don’t want to worry about rotating spending categories, consider the Capital One Quicksilver Cash Rewards Credit Card. It’s a simple, easy-to-use card that offers a flat 1.5% cash back on every purchase you make, with no limit on how much you can earn.

The Capital One Quicksilver card also offers a competitive 0% introductory APR for 15 months on purchases and balance transfers, then a 19.24% - 29.24% (variable) APR. There is a 3% fee on balances transferred within the first 15 months.

The card also has a welcome bonus for new cardmembers, an unexpected perk for a card that has no annual fee.

Card Details
  • Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase, every day
  • $0 annual fee and no foreign transaction fees
  • Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
  • Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
  • No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
  • 0% intro APR on purchases and balance transfers for 15 months; 19.24%-29.24% variable APR after that; 3% fee on the amounts transferred within the first 15 months

Current Offer

Earn a $200 bonus after spending $1,000 in eligible purchases within the first 120 days of account opening

Annual Fee

$0

Rewards Rate

5% cash back on two categories you choose (up to $2,000 in combined eligible purchases each quarter) and on prepaid air, hotel and car reservations booked directly in the Rewards Center; 2% cash back on one everyday category, like gas stations/EV charging stations, grocery stores, or restaurants; and 1% cash back on all other eligible purchases

Why We Like It

For anyone who wants a powerful rewards card without paying an annual fee, check out the U.S. Bank Cash+® Visa Signature® Card.

You’ll earn 5% cash back on two categories you choose (up to $2,000 in combined eligible purchases each quarter) and on prepaid air, hotel and car reservations booked directly in the Rewards Center; 2% cash back on one everyday category, like gas stations/EV charging stations, grocery stores, or restaurants; and 1% cash back on all other eligible purchases. This card allows you to tailor the rewards to your own spending habits, maximizing your cash back.

This card has an introductory 0% APR offer for the first 15 billing cycles on purchases and balances transfers (then  18.99% - 28.99% (Variable)). If you transfer over high-interest credit card debt, this offer could give you over a year to pay down the balance without paying interest charges, allowing you to save money.

Card Details
  • $200 bonus after spending $1,000 in eligible purchases within the first 120 days of account opening.
  • 5% cash back on your first $2,000 in combined eligible purchases each quarter on two categories you choose
  • 5% cash back on prepaid air, hotel and car reservations booked directly in the Rewards Center
  • 2% cash back on one everyday category, like Gas Stations/EV Charging Stations, Grocery Stores or Restaurants
  • 1% cash back on all other eligible purchases
  • 0% Intro APR on purchases and balance transfers for the first 15 billing cycles. After that, a variable APR currently 18.99 - 28.99%
  • No Annual Fee
  • Terms and conditions apply.

Annual Fee

$0

Why We Like It

Easy, unlimited cash back without categories or caps on how much you can earn.

Competitive, introductory 0% APR on purchases and qualifying balance transfers for 18 billing cycles (then 18.24% - 28.24% Variable APR), with no annual fee.

Card Details
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
  • Earn unlimited 1.5% cash back on all purchases.
  • If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 1.87%-2.62% cash back on every purchase with Preferred Rewards.
  • No annual fee.
  • No limit to the amount of cash back you can earn and cash rewards don’t expire.
  • New longer intro period! 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Current Offer

Earn $900 bonus cash back after spending $6,000 in the first 3 months (limited time offer)

Annual Fee

$0

Rewards Rate

5% cash back at office supply stores and on internet, cable, or phone services (up to $25,000 combined annually); 5% cash back on Lyft; 2% cash back at gas stations and restaurants (up to $25,000 combined annually); and 1% cash back on everything else

Why We Like It

If you’re a freelancer, independent contractor, or small business owner in need of a business credit card that offers valuable rewards, consider the Ink Business Cash® Credit Card. It has no annual fee, a valuable sign-up bonus for new cardmembers, and rewards for common business purchases.

You don’t even need an Employer Identification Number (EIN) to apply; sole proprietors and people who run side hustles can take advantage of this card’s benefits, too.

With the Ink Business Cash card, you’ll earn 5% cash back at office supply stores and internet, cable, or phone services (up to $25,000 combined annually). You’ll also earn 2% cash back at gas stations and restaurants (up to $25,000 combined annually).

Card Details
  • Earn $900 bonus cash back after spending $6,000 in the first 3 months (limited time offer)
  • 5% cash back at office supply stores and on internet, cable, or phone services (up to $25,000 combined annually); 5% cash back on Lyft; 2% cash back at gas stations and restaurants (up to $25,000 combined annually); and 1% cash back on everything else
  • Intro purchase 0% APR offer: 0% for 12 months then 17.49% to 23.49% (variable)

Annual Fee

$0

Why We Like It

The Bank of America® Customized Cash Rewards credit card is a fantastic card for anyone who loves earning cash back on everyday purchases.

Earn 3% cash back on the category of your choice — dining, drugstores, gas, home improvement/furnishings, online shopping, or travel; 2% cash back at grocery stores and wholesale clubs (on the first $2,500 in combined choice category/grocery store/wholesale club purchases each quarter); and 1% cash back on all other purchases.

Cardholders also benefit from a long introductory APR on purchases and qualifying balance transfers.

Card Details
  • $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
  • Earn 3% cash back in the category of your choice, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
  • If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
  • No annual fee and no expiration on rewards.
  • New longer intro period! 0% Introductory APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR will apply. A 3% fee (min $10) applies to all balance transfers.
  • Contactless Cards - The security of a chip card, with the convenience of a tap.
  • This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

Current Offer

Earn a $250 statement credit after spending $3,000 on purchases in the first 6 months

Annual Fee

$95 (waived first year)

Rewards Rate

6% cash back at U.S. supermarkets (for first $6,000 per year, after that 1%) and on select U.S. streaming services, 3% cash back at U.S. gas stations and on eligible transit, and 1% cash back on other eligible purchases

Why We Like It

If you’re looking for a powerful rewards card, the Blue Cash Preferred® Card from American Express allows you to earn up to a whopping 6% cash back in select categories. 

You’ll earn 6% cash back at U.S. supermarkets (for first $6,000 per year, after that 1%) and on select U.S. streaming services, 3% cash back at U.S. gas stations and on eligible transit, and 1% cash back on other eligible purchases. Cash back is received in the form of statement credits.

The card does have a generous welcome offer and is a great card for large purchases and balance transfers.

Card Details
  • Earn a $250 statement credit after spending $3,000 on purchases in the first 6 months
  • 6% cash back at U.S. supermarkets (for first $6,000 per year, after that 1%) and on select U.S. streaming services, 3% cash back at U.S. gas stations and on eligible transit, and 1% cash back on other eligible purchases
  • Intro purchase 0% APR offer: 0% for 12 months then 18.49% to 29.49% (variable)
  • Intro balance transfer 0% APR offer: 0% for 12 months then 18.49% to 29.49% (variable)
  • Terms apply

Citi® Double Cash Card

Citi® Double Cash Card

Citi® Double Cash Card

Current Offer

Introductory APR on balance transfers: 0% intro APR on balance transfers for 18 months, then 18.24% - 28.24% variable APR after that

Annual Fee

$0

Rewards Rate

up to 2% cash back on all purchases: 1% when you buy and 1% as you pay for those purchases

Why We Like It

The Citi® Double Cash Card lets you earn cash back twice. Earn up to 2% cash back on all purchases: 1% when you buy and 1% as you pay for those purchases. To earn cash back, just be sure to pay at least the minimum due on time.

In addition to unlimited cash back on all your purchases with no confusing categories, this card also offers 0% intro APR on balance transfers for 18 months, then 18.24% - 28.24% (variable) APR, and no annual fee.

Card Details
  • Introductory APR on balance transfers: 0% intro APR on balance transfers for 18 months, then 18.24% - 28.24% variable APR after that
  • up to 2% cash back on all purchases: 1% when you buy and 1% as you pay for those purchases
  • Intro balance transfer 0% APR offer: 0% for 18 months then 18.24% - 28.24% (variable)

Current Offer

Earn an extra 1.5% cash back on all eligible purchases, on up to $20,000, in the first year

Annual Fee

$0

Rewards Rate

5% cash back on travel purchased through Chase Ultimate Rewards, 3% cash back on dining and drugstore purchases, and 1.5% cash back on all other purchases

Why We Like It

With no annual fee, the Chase Freedom Unlimited® card is a powerful rewards credit card. It has an easy-to-earn and potentially lucrative sign-up bonus for new cardholders.

When spending with this card, you can earn 5% cash back on travel purchased through Chase Ultimate Rewards, 3% cash back on dining and drugstore purchases, and 1.5% cash back on all other purchases. You can earn 5% on Lyft rides as well.

It's a fantastic everyday use card - you'll earn at least 1.5% cash back whenever you shop.

Card Details
  • Earn an extra 1.5% cash back on all eligible purchases, on up to $20,000, in the first year
  • 5% cash back on travel purchased through Chase Ultimate Rewards, 3% cash back on dining and drugstore purchases, and 1.5% cash back on all other purchases
  • Intro purchase 0% APR offer: 0% for 15 months then 19.24% to 27.99% (variable)
  • Intro balance transfer 0% APR offer: 0% for 15 months then 19.24% to 27.99% (variable)

Current Offer

Earn a $200 statement credit after spending $2,000 in purchases in the first 6 months

Annual Fee

$0

Rewards Rate

3% cash back at U.S. supermarkets, U.S. gas stations, and U.S. online retail purchases (up to $6,000 per year on purchases in each category, then 1%); and 1% cash back on other eligible purchases

Why We Like It

If you have good to excellent credit and want a rewards credit card that allows you to earn valuable cash back on your most common purchases, the Blue Cash Everyday® Card from American Express may be a good match for you.

You’ll earn 3% cash back at U.S. supermarkets, U.S. gas stations, and U.S. online retail purchases (up to $6,000 per year on purchases in each category, then 1%); and 1% cash back on other eligible purchases. Cash back is received in the form of statement credits. There’s also a welcome bonus, a nice perk for a card that has no annual fee.

The Blue Cash Everyday card is also good for large purchases with a 0% intro APR on purchases for 15 months, then 18.49% - 29.49% (variable) APR after that.

Card Details
  • Earn a $200 statement credit after spending $2,000 in purchases in the first 6 months
  • 3% cash back at U.S. supermarkets, U.S. gas stations, and U.S. online retail purchases (up to $6,000 per year on purchases in each category, then 1%); and 1% cash back on other eligible purchases
  • Intro purchase 0% APR offer: 0% for 15 months then 18.49% - 29.49% (variable)
  • Intro balance transfer 0% APR offer: 0% for 15 months then 18.49% - 29.49% (variable)
  • Terms apply



How to pick the right cashback card for you

When shopping for a credit card, you should always look to see whether the benefits of a card provide value to you. You can get started learning about a card by reading credit card reviews and comparisons.

For example, if you routinely spend money on takeout and travel purchases, a category card that gives you higher rewards (upon activation) for these specific type of purchases could be a good choice. A card that offers bonus rewards on groceries or gas might not provide as much value if those are lower spending categories for you. There are even a few cards that let you pick your highest rewards rate in the category of your choice.

Some cards will charge an annual fee, while others will not. If you don't think you'll get enough rewards to justify a card's annual cost, then you'll want to pick from the no-annual-fee cards.

In addition to earning cash rewards, some cashback cards also offer a 0% intro APR on purchases or balance transfers for a set time period, usually a number of months or billing cycles. If you're interested in transferring a balance to a new card to save on interest, make sure you review the fine print about balance transfer fees, which typically cost around 3-5% of the amount of each transfer. 

Whether you're planning to do a balance transfer or make a large purchase with your new 0% APR card, ensure you pay off the entire balance of your card before the introductory APR offer ends and the regular variable APR kicks in. Doing so can help you save on costly interest charges.

To evaluate different credit card offers, read through the card details so you can fully understand what benefits the card is offering, what your obligations are, what to expect in terms of rewards rate, how you can use the rewards you can earn, and what interest and fees are associated with the card. Many cards come with foreign transaction fees, cash advance fees, and balance transfer fees. Do your due diligence so you know what to expect.

Note: There are also cashback business credit cards with rewards categories tailored to typical small business expenses.

FAQs

How do cashback credit cards work?

When you use a cashback credit card, the issuer gives you back a percentage of what you spend on qualifying purchases but there are different types of cashback credit cards. For example, if you have a flat-rate cashback card that offers 1.5% back on all purchases and you buy a $10 birthday cake, the card issuer will give you 15 cents back. Certain cashback cards also offer rotating bonus categories, which typically vary from quarter to quarter. One quarter, bonus cashback categories might include eligible purchases while online shopping on Amazon, Target, or Walmart, and the next, you might earn bonus cash at a wholesale club or home improvement store, or on a streaming subscription. As an added bonus, some issuers will even match the cash back you earn at the end of your first year, up to a certain amount.

The rewards structure will vary from card to card, though redemption options may be similar across cards. Cash back is typically offered to you in either statement credits, direct deposits to your checking account, mailed checks, or credits you can use to purchase gift cards. Some issuers even let you donate your cash back to a charity.

What credit card gives the most cash back?

That’s a complicated question, as different people value different things with cashback cards. A card that offers a 5% cashback rewards rate on dining and entertainment won’t be as valuable to a family who doesn’t go out to eat much. However, a card that gives them 3% back at select U.S. grocery stores may greatly appeal to them, even though the percentage is lower.

What’s important is deciding what matters most to you and what your spending habits are, so you can look for cards that offer high cashback rates for the purchases you make most. High percentages are generally anything above 2%, as most cash back cards offer 1% or 1.5% on select purchases. And don't forget to pay attention to spending caps for certain categories, which are most often limits on your annual spending. 

Why do credit cards offer cash back?

Competition among credit card issuers is fierce and any kind of incentive program, such as rewards or cash back, can make one card more appealing than others. In a way, it’s all about getting your business.

The money you get back typically comes from transaction fees that merchants pay every time they process a charge. The issuer takes a percentage of those fees and passes it on to customers with cashback cards.

Getting a percentage of money back encourages consumers to swipe more, which results in more transaction fees collected from merchants by the issuer. You may also find that cashback cards often have higher interest rates than those without rewards. Because these cards are so popular, issuers can set their APRs higher and still gain new customers.

Is it better to get cash back or rewards?

Whether cash back or miles are better really depends on you and what you value most. Big travel spenders might appreciate rewards that can be traded in for airline tickets, statement credits, and hotel stays may be worth more than cash back. However, some credit cards offer cashback rewards that can save customers a lot of money annually, which may be more important for someone else. In the end, it’s up to you to decide which is better for your situation.

If you'd prefer more flexibility, certain cashback rewards cards also allow you to use your cash back to book travel. This can give you the best of both worlds if you're on the fence about which type of card to choose. For instance, if you have the Chase Freedom Unlimited, you can convert your cashback earnings into travel rewards and use them to book travel through the Chase Ultimate Rewards program.

What credit score do you need to get approved for a cashback credit card?

Every issuer will likely consider your creditworthiness when you apply for a new cashback card, though credit requirements will vary. Some issuers may require excellent credit for approval, while others may approve your application even if you have a lower credit score or a more limited credit history. Approval is at the issuer's discretion. To increase your options when it comes to credit cards, it's a good idea to learn more about how FICO Scores work and how to improve your credit score.


Methodology: How we chose these cards

To select the best cashback credit cards, we looked for cash rewards credit cards from our partners that offer bonus cash back-earning opportunities in popular spending categories, as well as strong welcome offers. We looked at these benefits in relation to each card's annual fee to determine which cards to include on our list. We did not include all cards available.

Lucrative, Flat-Rate Cash Rewards

Current Offer

$200 cash rewards bonus after spending $1,000 in the first 3 months

Annual Fee

$0

Rewards Rate

Earn 2% cash rewards on purchases

Benefits and Drawbacks

Benefits

  • $200 cash rewards bonus after spending $1,000 in the first 3 months
  • Earn unlimited 2% cash rewards on purchases
  • Intro APR on purchases and balance transfers
  • $0 annual fee

Drawbacks

  • Has foreign transaction fee
  • No bonus categories
Card Details
  • Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months
  • Earn unlimited 2% cash rewards on purchases
  • 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 19.49%, 24.49%, or 29.49% variable APR; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5
  • $0 annual fee
  • No categories to track or remember and cash rewards don't expire as long as your account remains open
  • Enjoy a premium collection of benefits at a selection of the world's most intriguing and prestigious hotel properties with Visa Signature Concierge
  • Get up to $600 of cell phone protection against damage or theft when you pay your monthly cell phone bill with your eligible Wells Fargo card (subject to a $25 deductible).
  • Select "Apply Now" to learn more about the product features, terms and conditions