Top 5 Cash Back Credit Cards That'll Save You Hundreds
There are a lot of benefits when it comes to choosing credit cards that offer 5% cash back. Many credit card companies state that you can earn a certain percentage of cash back on any purchases you make with your credit card, while others state that you earn a varying percentage on different products and/or stores. As with any other credit card, such as Apple Card and PayPal cards, earning cash back on credit cards can be used towards future purchases or as a statement credit, depending on the credit cards you have. How do 5% cash back credit cards work, and which are the best to apply for? Read on to learn more about 5% cash back credit cards in this DoNotPay guide.
What Are 5% Cash-Back Credit Cards?
When you get a credit card that offers 5% cash back, you are essentially getting money back for everyday purchases. Even though the cash amount may seem small at first, it can quickly add up and save you money overall. Depending on the credit card you get, there may be varying cash-back stipulations. For example, your credit card may give 5% cash back on dining out and online purchases; however, you only get 1%-2% cash back when you make gas or grocery purchases. It all depends on the terms in your credit card company's policy.
How Can You Use 5% Cash-Back Credit Card Rewards?
When you earn cash back, you will most likely see your earnings in a separate area on your credit card account. The amount earned may be shown as "Cash Reward Balance" or "Reward Dollars." There are three ways in which most credit card companies allow customers to redeem cash-back rewards, and they are as follows:
Deposit Into Your Checking Account
One option that you have for redeeming cash back is to deposit the rewards into your checking account. This allows you to use the money to pay bills, buy groceries, and more.
Redeem as a Gift Card
An alternative to depositing your cash back is by choosing a gift card from the options the credit card companies to provide. Many credit card companies provide customers with gift card options for retail companies and restaurants. Some even offer vouchers for travel and more.
Use as a Credit on Your Statement
This third option allows you to use your cash back as a credit on your credit card statement. Statement credit is used to reduce the amount you currently owe. For example, if you had a $10 cash-back reward and you want to use it as a statement credit on a credit card amount of $100, it will reduce your total amount by $10 when your credit card statement comes in. This, in turn, will show that you owe $90 instead. However, credits do not replace the monthly amount that you may owe; it just helps you pay off your credit card sooner.
What Are the Best 5% Cash-Back Credit Cards to Get?
Here are the top five cash back credit cards that offer the option to earn 5% cash back:
|SunTrust Cash Rewards Credit Card||5% cash back for the quarter||1% after $1,500 is earned during each quarter|
|Chase Freedom Flex||5% cash back on places and items that are promoted quarterly||1% on all other purchases|
|Discover it Cash Back||5% cash back on places and items that are promoted quarterly||1% on all other purchases|
|Citi Custom Cash Card||5% cash back for the first year||1% cash back afterward|
|The Key Rewards by Capital One||5% cash back from online purchases and retail stores, 4% cash back from restaurants and grocery stores.||1% cash back on any other purchases|
All of the credit cards above do not have any annual fees. It is a good idea to look at all the terms and conditions before signing up for any credit card, as some may have limits on the amount of cash back you can earn. The following are the cash-back limits for the credit cards mentioned above:
|SunTrust Cash Rewards Credit Card||up to $6,000 cash back annually|
|Chase Freedom Flex||up to $1,500 cash back quarterly|
|Discover it Cash Back||up to $1,500 cash back quarterly|
|Citi Custom Cash Card||up to $500 cash back quarterly|
|The Key Rewards by Capital One||up to $5,000 cash back annually|
When it comes to getting cash back on credit cards, it can be difficult in deciding which ones have the best offers for you. It can require research and time as well. What if there was a way in which getting any cash back was made much simpler, all while saving you time as well? DoNotPay has the answer.
Solve Credit Card Cash-Backs With the Help of DoNotPay
DoNotPay offers the perfect solution when it comes to finding cash-back rewards for credit cards. DoNotPay not only helps you with credit card cash back but can also assist with getting cashback from other companies as well. When you use DoNotpay's Cash Back feature, you can find available cashback within minutes. It only takes three steps:
- Search for Cash Back on the DoNotPay website.
- Kick-off the process to find the right app or website for you.
- Answer some specific questions so that we can help you start making money!
And that's it. DoNotPay will send you the best cash back options we can find and help you to start earning more cash back on your purchases.
What Else Does DoNotPay Offer?
Finding cash-back rewards for credit cards can be made effortless by using DoNotPay. You can get any cash back in a fast, easy, and successful way. In addition to credit card cash-back assistance, DoNotPay also gives information concerning other cash-back areas. To learn more, check out the list below:
- Learn About Walmart's Cash Back Limit
- What Are The Best Cash Back Apps?
- Is It Possible To Get Cash Back With Apple Pay?
Get started with DoNotPay's Cash Back feature today and see all the difference it can make.
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