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Best Cash Back Credit Cards for August 2022

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Cash Back

1. Compare the best cash back credit card offers from our partners
2. Earn valuable rewards & save on interest with a 0% APR
3. Immediate and secure online application

Excellent/Good (670+)Fair (669 - 580)Poor (Below 579)Limited or None

Wells Fargo Active Cash® Card

On Wells Fargo's secure site
Rewards Rate
Earn unlimited 2% cash rewards on purchases
Welcome Offer
Earn a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months
0% Intro APR
0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 17.24%, 22.24%, or 27.24% variable APR
Expand Card Details
5% cash back on purchases in your top eligible spend category

Citi Custom Cash Card

On Citi's secure site
Rewards Rate
Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.
Welcome Offer
Earn $200 in cash back after you spend $750 on purchases in the first 3 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Intro APR
0% Intro APR on Balance Transfers and Purchases for 15 months.
Expand Card Details
6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases

Blue Cash Preferred® Card from American Express

On American Express's secure site
Terms Apply
Rewards Rate
6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%), 6% Cash Back on select U.S. streaming subscriptions, 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more) , 1% Cash Back on other eligible purchases
Welcome Offer
Earn a $350 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.
Intro Purchase APR
0% intro APR for 12 months on purchases from the date of account opening, then a variable rate, 16.24% to 26.24%
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Synchrony Premier World Mastercard®

On Synchrony's secure site
Rewards Rate
2% cash back* on every purchase--no categories, tiers, or limits--no kidding.
Mastercard Benefits
Plus, you'll also gain access to additional key benefits like identity theft protection, money-saving discounts, and concierge travel planning support.
Seamless Cashback
Use your Synchrony Premier card on everything from gas and groceries to your next splurge with the confidence that comes from getting great rewards without complex math or shifting reward limits.
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Earn an additional 1.5% cash back your first year

Chase Freedom Unlimited®

On Chase's secure site
Rewards Rate
Enjoy 5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases
Welcome Offer
Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Ultimate Rewards®, 4.5% on dining and drugstores, and 3% on all other purchases.
0% Intro APR
Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.49% - 25.24%.
Expand Card Details
0% APR for 15 months on purchases from the date of account opening

Blue Cash Everyday® Card from American Express

On American Express's secure site
Terms Apply
Rewards Rate
3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%; 3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%; 3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%
Welcome Offer
Earn a $200 statement credit after you spend $2,000 in purchases on your new Card within the first 6 months.
Intro Purchase APR
0% for 15 months on purchases from the date of account opening, then a variable rate, 16.24% to 27.24%
Expand Card Details

SoFi Credit Card

On SoFi's secure site
Rewards Rate
Earn up to 3% cash back rewards for a year, earn unlimited 2% cash back rewards thereafter
Welcome Offer
Earn up to $200 when you fund an Invest account as well as a Checking and Savings account after getting approved for the SoFi Credit Card (See Terms)
Other Perks
Access World Elite Mastercard® perks such as cell phone insurance coverage up to $1,000 and monthly Lyft credit
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Cash Back Credit Cards

Cash back cards are one of the most popular consumer cards and for good reason. These types of cards work on a simple concept: the consumer earns cash rewards for their purchases. As opposed to a points rewards system, which requires the consumer to go through the redemption process, cashback rewards come directly in the form of cash. The form of cash back rewards depends on the type of cash back card you have. In general, you can find three different categories of cash back cards:

1. Flat rate cash back
2. Tiered cash back
3. Bonus category cash back

Types of Cash Back Rewards

Flat rate cash back cards refer to a rewards system where the card offers a fixed rate of cash back on purchases, regardless of category. This type of rewards system is ideal for those who have a fairly random purchasing history and do not spend heavily on one or two categories.

Tiered cash back rewards work on the basis of differing cash back rates depending on the category of spending. With these forms of cards, you will receive a standard cash back rate on most purchases and then higher cash back rates on certain categories, which most of the time include gas, groceries, dining, entertainment and travel. Therefore, if you spend regularly, but especially on a few broad categories (i.e. you drive often or eat out regularly), then this is the ideal form of cash back.

Lastly, bonus category cash back rewards work on the concept of revolving categories. Cash back cards offering this type of reward work similar to tiered cash back rewards, with the exception that the categories that offer the highest rate of rewards change with time. Therefore, this card is great for those who are detail-oriented and are willing to regularly update their purchasing behaviors depending on the cash back rewards.

Redeeming Cash Back

While there are many ways to redeem your cash back rewards, these are the most common ways to do so:

1. Statement credit - this is a method of using your cash back rewards to pay back your credit card bill. Instead of receiving cash, your cash back rewards will be used toward paying your credit card balance.
2. Donations /charity - if you are not spending much or earning many rewards but still want to continue your card, it would be advisable to simply donate your rewards to charity. In most cases, your card issuer will let you directly transfer your cash back reward to a charitable organisation of your choice.
3. Gift cards/coupon - many card issuers may be able to offer your cash rewards in forms of gift cards. In some cases where the card issuer offers gift cards with partnered organizations, these cards may offer an extra value or may offer prices that are less than the retail value.
4. Online retail - you can often use your cash back rewards and redeem them at online stores that are partnered with your card issuer.

Considerations

There are many further points to take in mind when acquiring a cash back rewards card. Many cash back rewards cards have different rewards expiration dates. Some cards enable you to redeem rewards as long as the account is open, whereas others only let you do so for a fixed period of time.

Furthermore, some cash rewards cards also sometimes impose caps on how many rewards you can earn. Cash rewards cards tend to come with higher purchase APR than other cards. It is also important to remember that in order to earn the higher rewards rates, you need to register your card online. Keeping up with new promotions and updates will also ensure that you make the best use of your rewards card.

Getting the right cash back rewards requires you to consider a multitude of factors. One very important factor is your credit score. A higher credit score will not only improve your chance of acquiring a cash back card, but it will improve your chances of getting a cash back rewards card with a high rewards rate. Cash rewards cards that demand higher credit scores offer much higher rewards and lower interest rates than other cards that require lower credit scores. Lastly, you should identify your spending patterns in deciding what type of cash back rewards card you should get.

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