10 Best NO FEE Rewards Credit Cards of November 2017

There are an abundance of no fee rewards credit cards available, so how do you best determine which one to keep in your wallet? Most earn a measly 1% on your spending, while others have no rewards at all. To help, we’ve dug deep into our database of thousands of rewards cards to find the very best no annual fee rewards credit cards of 2017 for each category.

While you might find rewards credit cards with an annual fee can give you the best rewards, we’re sticking to no fee cards that are available even if you don’t have truly excellent credit (good credit should be fine for most of these).

The first cards we list here offer unlimited double rewards on everything you purchase, while the remaining offer 3% or better rewards on spending in popular categories so you can mix and match to maximize your rewards, or they offer the chance for better earning if you use your rewards for travel.

1. Double Rewards on Everything, NO FEE – Citi® Double Cash Card

Citi® Double Cash Card – 18 month BT offer Citi offers you rewards twice. First, you get 1% cash back when you make a purchase. Then, you get another 1% cash back as you pay it off. All with no annual fee and no spending cap. This lets you earn rewards twice as good as standard reward cards.

If you like to maximize things and want to earn more rewards in special spending categories, consider pairing this with one of the no fee cards we list below.

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2. Honorable Mention: 2% Fidelity Rewards Visa Signature, NO FEE

Fidelity® Rewards Visa Signature® Card Fidelity provides no annual fee 2% cash rewards on purchases if you deposit the cash you earn into a Fidelity account. But you don’t need to have any stocks or investments to have an account. Fidelity has no fee cash accounts where you can deposit your rewards, then withdrawal when you’re ready to spend. Be aware this card is designed for people with Excellent credit, while the Citi® Double Cash Card might be easier to get.

Both cards offer you the flexibility to earn double rewards on anything you purchase; so either one of these is a nice addition to a rewards strategy. The advantage of the Fidelity card over the Citi® Double Cash Card is that its foreign transaction fees are just 1% versus 3% for the Citi® Double Cash Card. But setting up the Fidelity card and rewards is more cumbersome than the dead simple Citi® Double Cash Card.

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on Fidelity’s secure website

If you want to earn more than 2% rewards here’s a rundown of the best no fee rewards credit cards that earn 3% or more in the most popular categories. You can click on each category for our take and details:

  • Rotating 5% categories: Chase Freedom®, Discover it® Cashback Match™, Nusenda Platinum Cash Rewards
  • Restaurant spending: AARP® Credit Card from Chase Bank – 3%
  • Travel spending: AAA Member Rewards Visa Signature® Card – 3%
  • Gas spending: Fort Knox Credit Union Visa Platinum – 5%
  • Grocery spending: Blue Cash Everyday® Card from American Express – 3% (up to $6,000 of spend annually), Golden 1 Credit Union Platinum Rewards – 3%

And if you’re interested in traveling, here are the best no fee rewards credit card deals:

If you like to dig, we also have a complete (and long) list of cards that earn more than 3% on purchases in many more special categories, including cards with an annual fee.

3. Restaurant Spending: AARP® Credit Card from Chase Bank – 3% Rewards, NO FEE

AARP® Credit Card from Chase Bank Although AARP is known for serving Baby Boomers, foodies of any age can sign up for this card – AARP membership not required. You get 3% cash rewards at restaurants as well as gas stations. You also earn 1% rewards on all other purchases.

The information related to AARP® Credit Card from Chase Bank has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of this card.

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4. Travel Spending: AAA Member Rewards Visa Signature® Card – 3% Rewards, NO FEE

AAA Member Rewards Visa Signature® Card No need to be an AAA member to take advantage of this rewards card. You earn cash back when you shop at travel merchants including airlines, car rental agencies, hotels, cruise lines and travel agencies. Along with the 3% cash rewards for travel, you earn 2% cash rewards on gas, grocery and drugstore purchases. On everything else you get 1% rewards.

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on Bank Of America’s secure website

5. Gas Spending: Fort Knox Credit Union Visa Platinum – 5% Rewards

Fort Knox Federal Credit Union Visa® Platinum Card Spend a lot of cash at the pump? The Fort Knox Credit Union Visa Platinum offers 5% cash back for gas. On all other retail purchases, you get 1% cash back. Anyone can join the Fort Knox Credit Union by becoming a member of the American Consumer Council for $5.

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on Fort Knox Federal’s secure website

6. Grocery Spending: Blue Cash Everyday® Card from American Express – 3% Rewards

Blue Cash Everyday® Card from American Express Blue Cash Everyday® Card from American Express offers 3% cash back on US supermarket purchases up to $6,000 per year. You also get 2% rewards at US gas stations and select US department stores. On everything else you earn 1% rewards.

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7. Honorable Mention: Golden 1 Credit Union Platinum Rewards – Unlimited 3% Grocery Rewards

Golden 1 Platinum Rewards Credit Card If you live in California, the Golden 1 Credit Union Platinum Rewards card will give you 3% cash rewards for purchases on groceries without the caps on the Blue Cash Everyday, along with gas and restaurants and 1% rewards on all other purchases. Also in California, the JCB Marukai Premium card offers unlimited 3% cash rewards on all purchases after your first $3,000 in spending each year. The catch is there’s a $15 annual fee on the card.

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on Golden1’s secure website

5% Cash Rewards in Rotating Categories: NO FEE

Cards with a rotating reward program can give you 5% cash rewards with no annual fee, but you’re limited to spending in special categories each quarter and there’s a cap on how much spending earns the 5%. You also have to opt into the 5% cash back rewards program each quarter.

8. Chase Freedom® – 5% in rotating categories, $0 ANNUAL FEE

Chase Freedom<sup>®</sup> Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories every 3 months. Unlimited 1% cash back on all other purchases.

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9. Discover it® Cashback Match™ – 5% in rotating categories, $0 ANNUAL FEE

Discover it® - Cashback Match<sup>TM</sup> With the Discover it® Cashback Match™, you can earn 5% cash back in rotating categories each quarter on up to the quarterly maximum ($1,500 of combined purchases) when you activate. All other purchases get 1% cash back. You can redeem your cash back for any amount at any time. And your cash back never expires. Discover will match all the cash back you’ve earned at the end of your first year on the credit card – only for new cardmembers.

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10. Platinum Cash Rewards Visa from the Nusenda Credit Union – 5% in rotating categories, NO FEE

Cash Rewards Card from Nusenda CU 5% cash rewards on groceries, gas expenses, movies, restaurants, home improvement, education and travel. This quarter, cardholders will earn cash back on restaurants, hotels and airfare purchases. There’s a cash back cap of $1,500 per quarter. Anyone can join the Nusenda Credit Union by donating $10 to the New Mexico Wilderness Alliance; contact a customer representative for details. The advantage of this card is that its categories tend to be more broad, and not store-specific like those on the Chase Freedom® and Discover it® Cashback Match™, so it’s a great way to get you closer to 5% rewards on everything you spend.

If you’re going to go through the effort of enrolling in a rewards program, consider all three cards to see which categories will benefit you the most. But, if you’re looking for freedom to spend without restrictions, sticking with the Citi® Double Cash Card may be your best simple bet.

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Honorable mentions for travelers

No foreign transaction fees with plain cash back: Capital One® Quicksilver® Cash Rewards Credit Card – 1.5% Rewards

Capital One® Quicksilver® Cash Rewards Credit Card The Capital One® Quicksilver® Cash Rewards Credit Card gives you 1.5% cash back on all purchases. And like all Capital One credit cards, there are no foreign transaction fees. Even though you earn less rewards than the Citi® Double Cash Card or Fidelity American Express, this card is a better option for your international spending, since you avoid fees of 1 to 3%.

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Real airline miles: The Amex EveryDay® Credit Card

The The Amex EveryDay® Credit Card Credit Card from American Express is a no annual fee rewards credit card that earns Amex Membership Rewards points, which you can turn into real

The Amex EveryDay® Credit Card from American Express airline miles with several airlines, including Delta SkyMiles, Virgin Atlantic Flying Club, JetBlue True Blue, and Virgin America Elevate. It’s the only no annual fee card you can apply for online that can net you real Delta SkyMiles. When you want to convert points to Delta miles, just go to the Amex site, and transfer your points to Delta or the other participating airline programs any time.

Points for travel on any airline: Bank of America® Travel Rewards Credit Card

Bank of America® Travel Rewards Credit Card The Bank of America® Travel Rewards Credit Card earns a base 1.5x points per dollar you spend, and you can use the points to erase travel purchases from your statement. Every 10,000 points is worth $100 when you use them for travel, so each point is worth one cent. Where the card gets interesting is if you’re a Bank of America customer with a checking, savings, or IRA account. If you are, you’ll get a 10% bonus on what you earn each year, so the card effectively earns you 1.65x points per dollar. Even better, if you’re a Platinum level member of Bank of America Preferred Rewards (which you get by keeping a lot of your money with them), you can earn up to 2.625x points per dollar, which is an incredible deal. There are also no foreign transaction fees to worry about.

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on Bank Of America’s secure website

How can you get the most value from a rewards credit card?

In order to best benefit from no annual fee rewards credit cards, follow these tips:

  • Narrow your focus: Before choosing a no annual fee rewards credit card (or cards), take a look at your budget and several months’ worth of bank statements. Then, pick cards that’ll offer you the most cash back for things you already buy. You shouldn’t change your spending habits to match a rewards program.
  • Give your rewards cards a job: Don’t spread out your spending onto too many cards without a purpose or you risk making less cash back overall. Choose a few cards and assign them a job so you know what purchases to make on each one to maximize your cash back.
  • Don’t get overzealous: Rewards shouldn’t justify overspending, especially if you’re struggling with debt. It’s a reward for making legitimate purchases. After all, you won’t make enough back to put a big dent in your monthly statement. For instance, $2,500 spent on the Fidelity American Express card equals a $50 deposit. It’s a great perk, but it shouldn’t be your sole reason for buying something.
  • Read the fine print: Understand the implications of each rewards program. For the rotating category cards, you get a huge amount of cash back, but you’ll have to strategize your spending each quarter to earn it. And you have to enroll into the program by the deadline to qualify. Set a reminder on your smartphone or calendar if necessary. You don’t want to miss out on a cash back category for an entire quarter.

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The Best Cash Back Credit Cards for Every Category – 3% and More in November 2017

credit card and dollar close-up

MagnifyMoney keeps a database of over 2,000 credit cards and their features, including cash back cards you can compare with our tool. We used it to find the absolute highest cash back rewards you can earn in each category, more than the standard 1-2% you usually see.

If you’re ready for cash back there are over 25 categories where you can earn 3% or more in pure cash back on your credit card purchases.

Scroll down and you’ll find links to the best cash back credit cards we’ve found that earn more than 2% cash back in special categories. These are cards that let you get pure cash value, not complicated points that can be used only for travel.

Before you dig into categories, every cash rewards wallet should have one of these cards, with double cash back on everything you spend:

Fidelity® Rewards Visa Signature® Card
Citi® Double Cash Card – 18 month BT offer

Once you have one of these, you can add other cards that earn more than 2% in special categories to really boost your cash rewards.

The best cash back credit cards with no limit rewards

Maybe you don’t want to mess with rotating categories or remembering limits on cash back. If that’s you, there are only a handful of cards that you need to carry to get the most in totally unlimited cash back.

As you’ll learn below, you may be leaving about $500 a year or more on the table by not holding at least some of these cards.

They are all no annual fee cards, and they ensure you will earn more than 2% cash back on your total spending with absolutely no limits. Some cards have higher cash back rates with limits, and you can see those below this list in our review of cards for each category.

Airfare: PenFed Premium Travel Rewards – 4.25%

PenFed Premium Travel Rewards American Express® Card

This card advertises 5x points on airfare, but there is a bit of a catch. When you redeem the points it earns for the closest thing to cash, a prepaid Visa card, your points are worth about 0.8 cents each, so that 5x points is really about 4.25% cash back on your airfare spending.

Travel: AAA Member Rewards Visa – 3%

AAA Member Rewards Visa Signature® Card

While the PenFed Premium Travel Rewards wins for airfare spending, the AAA Member Rewards Visa offers 3% back on airfare, plus  all kinds of travel, including hotels, car rentals, and cruises. You don’t have to be a AAA member to get the card.

Supermarkets: PenFed Platinum Rewards – 2.55%

PenFed Platinum Rewards Visa Signature®Card

The card earns 3x points on supermarkets, but the points are worth about 0.85 cents each when you redeem them for a prepaid Visa gift card, so the real unlimited cash back rate is about 2.55%.

If you spend less than $6,000 a year ($500 a month) on groceries, then the Amex Blue Cash Preferred offers 6% back on the first $6,000 each year. The $95 annual fee on this card is a better deal vs the PenFed Card if you spend about $3,000 a year in groceries (about $250 a month).

Note that if you live in California, you may earn 3% unlimited cash back on groceries with the Platinum Rewards card from Golden 1 Credit Union.

Gas: Fort Knox Credit Union Platinum Visa – 5%

Fort Knox Federal Credit Union Visa® Platinum Card

You might not have heard of this credit union, but anyone can join. You just need to pay $5 to join the American Consumer Council / Kentucky and you’re eligible.

The Sam’s Club MasterCard also offers 5% at the pump on up to $6,000 worth of gas purchases a year at any gas station, plus 3% on travel and dining, but you need to be a Sam’s Club member to hold the card.

Dining: Chase AARP Visa – 3%

AARP® Credit Card from Chase Bank

You don’t have to be 55+ to hold this card, it’s available to anyone who is interested and meets the credit standards. So you can enjoy your ‘senior discount’ on dining any time. Capital One also offers a Premier Dining Rewards card with 3% back on dining and 2% on groceries.

(The information related to the AARP Visa and Chase Ink Cash Business credit cards has been collected by MagnifyMoney and has not been reviewed or provided by the issuer of these cards.)

Everything else: Citi Double Cash (up to  1% + 1%) or Fidelity Investment Rewards Visa (2%) 

If you’re willing to pay an annual fee, the Alliant Visa Signature card earns 2.5% cash back unlimited. The $59 fee is worthwhile if you spend over $1,000 a month on the card. Alliant is targeting this card to people with high income who spend $10,000 or more a month, so it might be tough to get approved.

If you have a military affiliation, USAA offers some members the USAA Limitless cash back card, with 2.5% unlimited cash back if you make $1,000 a month in direct deposits to USAA. This card is only targeted to select members, so you won’t see it advertised on their website and no guarantees you will be offered the card.

Or if you live in California, the JCB Marukai Premium card gives you 3% cash back on all purchases beyond $3,000 in yearly spending.

Just mark each of the cards you pick in your wallet with a sticker for each category so you remember which to use, and you’ll rack up lots of cash with minimal hassle. And afraid to have more than one card? Well if you’re responsible with credit, a few additional inquiries might have less of an impact than you think. See our experience with scores and getting several cards for the rewards.

For unlimited retailer-specific discounts, also consider:

If you want to maximize absolutely everything, read on…

We’ve organized cash back cards for each of the over 25 spending categories that are currently eligible for more than 2% in cash back rewards.

They include both year round and quarterly rotating categories like those on the Discover It. Pick the categories that matter most to you, and you’ll see the opportunities you have to earn 3-5% if you’re willing to keep track of some limits and quarterly changes.

Remember, these are all cards that let you earn cash value rewards, with no restriction on where you spend the rewards, unlike travel points.

You’ll find three flavors of cash back rewards, in the order of hassle factor:

  • Unlimited cash back – This is the simplest form. You usually won’t find the very highest 5%+ rewards this way, but we’ve found some great cards that get you 3% or more in some popular categories.
  • Cash back with limits – This is where a card limits the cash back you earn by putting a cap on the spending which earns the cash back in the specific category, on a combination of categories, or the card as a whole.
  • Quarterly rotating categories – These are the cards with the big headline 5% rates. Don’t be fooled. While you can earn the 5% rate, you may have to opt in to categories each quarter manually and be hit with caps on how much you can earn.

Advertising Services

With Limits

3%:  SimplyCash Plus Business Credit Card from American Express– up to $25,000 in purchases in bonus categories

Airfare

Unlimited

With limits

  • 3% – Huntington Voice – up to $2,000 in spending a quarter in one category of your choice

Quarterly category in 2017

  • 5%: Nusenda Cash Rewards – Oct – Dec – up to $1,500 – Anyone can join the Nusenda Credit Union (formerly the New Mexico Educators Credit Union) by becoming a member of the La Montanita Food Co-op.

Amazon.com

Unlimited

5% Quarterly Category in 2017

  • [DiscoverCashbackCategoryBonus]5%: Discover it – up to $1,500 – October – December[/DiscoverCashbackCategoryBonus]

Book stores

With limits

  • 5%: U.S. Bank Cash+ up to $2,000 / quarter across two 5% categories you choose

Car Rentals

Unlimited

With limits

Cell phone

With limits

Cable / Satellite / Landline Phone / Internet

Clothing Stores

With limits

  • 5%: U.S. Bank Cash+ up to $2,000 / quarter across two 5% categories you choose
  • 3%: Huntington Voice – up to $2,000 in spending a quarter in one category of your choice

Commuting, Taxis

Unlimited

Quarterly category in 2017

  • [DiscoverCashbackCategoryBonus]5%: Discover it – up to $1,500[/DiscoverCashbackCategoryBonus] January – March

Department Stores

Unlimited

With limits

  • 5%: U.S. Bank Cash+ up to $2,000 / quarter across two 5% categories you choose
  • 3%: Huntington Voice – up to $2,000 in spending a quarter in one category of your choice

Quarterly category in 2017

  • 5%: Citi Dividend – October – December – up to $300 total cash back on card (no longer open to new applicants)

Discount stores

  • 3%: Huntington Voice – up to $2,000 in spending a quarter in one category of your choice

Drug stores

With limits

Education

Quarterly category in 2017

  • 5%: Nusenda Cash Rewards – July – Sept – up to $1,500 – Anyone can join the Nusenda Credit Union (formerly the New Mexico Educators Credit Union) by becoming a member of the La Montanita Food Co-op.

Electronics

With limits

  • 5%: U.S. Bank Cash+ up to $2,000 / quarter across two 5% categories you choose
  • 3%: Huntington Voice – up to $2,000 in spending a quarter in one category of your choice

Quarterly category in 2017

  • 5%: (Best Buy only) Citi Dividend – October – December – up to $300 total cash back on card (no longer open to new applicants)

Furniture

With Limits

  • 5%: U.S. Bank Cash+ up to $2,000 / quarter across two 5% categories you choose

Quarterly Category in 2017

  • 5%: Citi Dividend – January – March – up to $300 total cash back on card (no longer open to new applicants)

Gas

Unlimited

With limits

Quarterly category in 2017

  • [DiscoverCashbackCategoryBonus]5%: Discover it – up to $1,500 January – March[/DiscoverCashbackCategoryBonus]
  • 5%: Nusenda Cash Rewards – July – September – up to $1,500

Grocery Stores

Unlimited

With limits

Quarterly category in 2017

Gyms

With Limits

  • 5%: U.S. Bank Cash+ up to $2,000 / quarter across two 5% categories you choose

Home improvement

No limits

With limits

  • 3%: Huntington Voice – up to $2,000 in spending a quarter in one category of your choice

Quarterly category in 2017

  • 5%: Nusenda Cash Rewards – April – June – up to $1,500
  • 5%: (Home Depot only) Citi Dividend – January – March – up to $300 total cash back on card (no longer open to new applicants)
  • [DiscoverCashbackCategoryBonus]5%: Discover it – up to $1,500 – July – September[/DiscoverCashbackCategoryBonus]

Hotels

Unlimited

With limits

Quarterly category in 2017

  • 5% – New Mexico Educators Cash Rewards – Oct – Dec – up to $1,500
  • 5%: (Hilton Hotels only) Citi Dividend – July – September – up to $300 total cash back on card (no longer open to new applicants)

Movie Theaters

With Limits

  • 5%: U.S. Bank Cash+ up to $2,000 / quarter across two 5% categories you choose

Quarterly category in 2017

Office Supply Stores

With limits

Online Retail

Unlimited

Restaurants

Unlimited

With Limits

Quarterly category in 2017

  • [DiscoverCashbackIntroBonus]5%: Discover it – up to $1,500[/DiscoverCashbackIntroBonus] – July – September
  • 5%: Nusenda Cash Rewards – April – June & Oct – Dec – up to $1,500

Shipping

Sports

With limits

Target

Unlimited

Trains, Cruises, Other Vacation

Unlimited

With limits

Utilities

  • 3%: Huntington Voice – up to $2,000 in spending a quarter in one category of your choice

Walmart

  • 3%: Huntington Voice – up to $2,000 in spending a quarter in one category of your choice

Warehouse Clubs

 

The post The Best Cash Back Credit Cards for Every Category – 3% and More in November 2017 appeared first on MagnifyMoney.

Best Cash Back Cards for Grocery Shopping in November 2017

groceries_lg

Shopping for groceries can be a painful experience. There are numerous aisles, thousands of items and long checkout lines to contend with. Then there’s one more blow: watching the dollars add up at the register.

But signing up for a solid cashback credit card can be a good way to earn a percentage of your grocery purchases back and take some of the sting out of that shopping trip.

Here are the best cashback cards for grocery shopping.

Blue Cash Everyday® Card from American Express

Blue Cash Everyday® Card from American Express

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The Blue Cash Everyday® Card, offers 3% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%) with no annual fee. This is a great rate for habitual shoppers so long as you spend up to $3,167 a year at supermarkets. If you spend more than that, then you might be better off with the Blue Cash Preferred® Card from American Express, which comes with an annual fee but higher cashback potential.

In addition to a high cash back rate on groceries, you earn 2% cash back at U.S. gas stations and select U.S. department stores, and 1% on other purchases. The Welcome Offer of a $150 statement credit after you spend $1,000 within the first three months is a good way to maximize your rewards.

Blue Cash Preferred® Card from American Express

Blue Cash Preferred® Card from American Express

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on American Express’s secure website

The Blue Cash Preferred® Card offers the highest cashback rate for big grocery spenders — 6% cash back at U.S. supermarkets (on up to $6,000 per year in purchases, then 1%). This card does come with a $95 annual fee and you need to spend $1,584 a year on groceries to break even. If you spend $3,167 a year ($264 a month) or more on groceries you will benefit from this card more than the Blue Cash Everyday® Card. You’ll also earn a high 3% cash back at U.S. gas stations and select U.S. department stores and 1% back on other purchases. There’s an added bonus of a $200 statement credit after you spend $1,000 in purchases within the first three months.

Bank of America® Cash Rewards Credit Card

Bank of America® Cash Rewards Credit Card

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The Bank of America® Cash Rewards card offers a decent cashback rate for groceries, however it is lower than what you’ll find with competing cards. You’ll earn 2% cash back at grocery stores and wholesale clubs and 3% on gas for the first $2,500 in combined grocery/wholesale club/gas purchases each quarter. All other spending will earn 1%. There is no annual fee and you can redeem your cash back directly into a Bank of America checking or saving account for a 10% bonus. People who will benefit most from this card are those who are Bank of America Preferred Rewards clients. As a Preferred Rewards client, you could increase your bonus to 25-75%, making your grocery cash back an effective 2.5-3.5%. If you apply online and spend $500 in the first 90 days, you also receive a $150 online cash rewards bonus.

Huntington Voice Credit Card®

Huntington Voice Credit Card

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on Huntington Bancshares’s secure website

The Huntington Voice Credit Card® has no annual fee and earns you 3X points in one of 13 categories. Simply choose to earn 3X points at grocery stores once you open your account. The rewards you earn at the 3X rate are capped at $2,000 each quarter or 6000 points, with all other purchases earning 1X points. You also have the freedom to change your 3X category every quarter to suit your spending. But be aware that if you switch from grocery stores to another category, you’ll only earn 1X points on grocery spending.

Which card is the right fit for me?

With numerous credit cards available to help maximize your grocery rewards, it can be confusing to know which to choose. Some cards provide unlimited rewards at a high rate, while most have caps on grocery spending.

The table below breaks down which grocery card may be a good fit for you when factoring in annual grocery spending, cashback rate and annual fee. (Sign-on bonuses are not reflected.) Keep in mind: This only factors in spending on grocery purchases and doesn’t consider if you
spend in other categories or at the other cashback rates.

Here are a few key takeaways:

  • If you spend about $3,000 a year on groceries, you will benefit more from the Blue Cash Everyday® Card from American Express or the Huntington Voice Credit Card®.
  • If you spend more than $4,000 a year, you will benefit more from the Blue Cash Preferred® Card from American Express.
  • The Bank of America® Cash Rewards Credit Card earns you subpar cash back unless you have $100,000 in a Bank of America checking or savings account.
  

Card

Huntington Voice Credit Card®

Blue Cash Everyday® Card from American Express

Blue Cash Preferred® Card from American Express

Bank of America® Cash Rewards Credit Card: without BofA checking/
savings

Bank of America® Cash Rewards Credit Card: with $100,000 in BofA checking/
savings

Spending

$1,000

$30

$30

-$35

$20

$35

$2,000

$60

$60

$25

$40

$70

$3,000

$90

$90

$85

$60

$105

$4,000

$120

$120

$145

$80

$140

$5,000

$150

$150

$205

$100

$175

$6,000

$180

$180

$265

$120

$210

$7,000

$210

$190

$275

$140

$245

$8,000

$240

$200

$285

$160

$280

$9,000

$250

$210

$295

$180

$315

$10,000

$260

$220

$305

$200

$350

The post Best Cash Back Cards for Grocery Shopping in November 2017 appeared first on MagnifyMoney.

Best Cash Back Credit Cards for Gas – November 2017

Gas in car_lg

Whether you’re hit by high gas prices in your area or you’re a heavy commuter, finding a credit card that offers a high rewards rate on gas purchases will definitely come in handy. There are cards that can earn you up to 5% cash back on eligible gas purchases, which can take the sting out of a stop to top off the tank.

Here are our top picks for gas credit cards.

Fort Knox Credit Union Visa® Platinum

The Fort Knox Credit Union Visa® Platinum card offers unlimited 5% cash back on gas purchases. This is a great rate that can earn you significant rewards. There is also no annual fee. Since Fort Knox is a credit union, you will have to join in order to obtain this card. Anyone can join for $15, of which $5 represents one share in the credit union; the remaining $10 covers your one-time membership fee. This card is great for big spenders in gas who don’t mind working with a credit union.

Fort Knox Federal Credit Union Visa® Platinum Card

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on Fort Knox Federal’s secure website

Costco Anywhere Visa® Card by Citi

The Costco Anywhere Visa® Card by Citi offers 4% cash back on eligible gas worldwide, (including Costco) for the first $7,000 per year, and 1% thereafter. Most gas credit cards limit you to only U.S. gas purchases and often exclude wholesale gas purchases, but not this card. In addition, you’ll earn 3% cash back on restaurant and eligible travel purchases worldwide, 2% on all other purchases at Costco and at costco.com, and 1% on everything else. There is no annual fee for this card, but you need to have a Costco membership (currently $60). The main catch with this card is it’s not simple to redeem rewards — cash back will be provided as an annual certificate in February billing statements, redeemable for cash or merchandise at US Costco Warehouses.

Costco Anywhere Visa® Card by Citi

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on Citibank’s secure website

Wells Fargo Propel American Express® Card

The Wells Fargo Propel American Express® Card earns 3X points at U.S. gas stations. There is no limit to the amount of rewards you can earn at this rate. In addition, earn 2X points at U.S. restaurants and 1X points on all other purchases. Points can be redeemed for cash by applying them to your qualifying Wells Fargo account or requesting a paper check. Keep in mind: Points expire after five years. You’ll also earn 20,000 bonus points after spending $1,000 in the first three months. Wells Fargo offers an annual relationship bonus of 10% on nonbonus rewards points if you maintain a qualifying consumer Wells Fargo checking or savings account, or Portfolio by Wells Fargo® product suite account.

Wells Fargo Propel American Express® Card

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on Wells Fargo’s secure website

Bank of America® Cash Rewards Credit Card

The Bank of America® Cash Rewards card offers a good cashback rate for gas purchases. You’ll earn 3% on gas purchases and 2% at grocery stores and wholesale clubs for the first $2,500 in combined grocery/wholesale club/gas purchases purchases each quarter. All other spending will earn 1%. There is no annual fee and if you redeem your cash back into a Bank of America checking or saving account you can receive a 10% bonus. Cardholders who will have the most benefit are Bank of America Preferred Rewards clients. As a Preferred Rewards client, you can increase your bonus to 25-75%, making your gas cash back an effective 3.75%-5.25%. There’s a sign-up bonus that can kickstart your rewards: If you apply online and spend $500 in the first 90 days of your account opening, you also receive a $150 cash rewards bonus.

Bank of America® Cash Rewards Credit Card

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on Bank Of America’s secure website

 

Which card is the right fit for me?

Since there are many credit cards for you to maximize your rewards from gas purchases, it can be confusing to choose a card. There are cards that offer high rates without caps. Others come with additional bonus categories to consider.

The table below breaks down which gas card may be a good fit for you when factoring annual gas spending, cashback rate and annual fee. (Sign-on bonuses are not reflected.) Keep in mind: This only factors in spending on gas purchases and doesn’t consider if you spend in other categories or at the other cashback rates.

Here are several key takeaways:

  • The Bank of America® Cash Rewards Credit Card will earn you the most cash back ONLY if you’re a Preferred Rewards member with at least $100,000 in a BofA checking/savings account. Otherwise, the Fort Knox Credit Union Visa® Platinum will earn you the most cash back.
  • Although the Costco Anywhere Visa® Card by Citi doesn’t earn you the most cash back, it may be a better fit for Costco shoppers due to the other high-cashback categories
  • The Wells Fargo Propel American Express® Card earns you subpar cash back compared with the others we reviewed.
  • You won’t earn the best cashback rate with the Bank of America® Cash Rewards Credit Card unless you’re a Bank of America Preferred Rewards client with $100,000 in a checking or savings account — allowing you to benefit from a 75% redemption bonus
  

Card

Fort Knox Credit Union Visa® Platinum

Costco Anywhere Visa® Card by Citi

Wells Fargo Propel American Express® Card

Bank of America® Cash Rewards Credit Card: without a BofA checking/savings

Bank of America® Cash Rewards Credit Card: with $100,000 in a BofA checking/savings

Spending

$1,000

$50

$40

$30

$30

$53

$2,000

$100

$80

$60

$60

$105

$3,000

$150

$120

$90

$90

$158

$4,000

$200

$160

$120

$120

$210

$5,000

$250

$200

$150

$150

$263

$6,000

$300

$240

$180

$180

$315

$7,000

$350

$280

$210

$210

$368

$8,000

$400

$290

$240

$240

$420

$9,000

$450

$300

$270

$270

$473

$10,000

$500

$310

$300

$300

$525

The post Best Cash Back Credit Cards for Gas – November 2017 appeared first on MagnifyMoney.

5 Credit Cards with Consistent Cash Back Rates for Every Purchase

Credit cards are a super convenient financial tool, but they can often be confusing.

[Disclosure: Cards from our partners are reviewed below.]

Cash back credit cards often reward certain forms of spending more than others. But if your spending habits don’t heavily favor a specific purchase type, a card with the same cash back rate for all purchases could be the better choice.

Here are five credit cards that provide consistent cash back no matter what you’re buying.

1. Citi Double Cash Card

Rewards: 1% cash back on purchases with an additional 1% cash back upon payment.

Sign-Up Bonus: None

Annual Fee: $0

Annual Percentage Rate (APR): 0% APR for 18 months on balance transfers, then variable 14.49% to 24.49% APR; variable 14.49% to 24.49% APR on purchases.

Why We Picked It: For each paid purchase, you get 2% cash back.

For Every Purchase: All purchases automatically earn 1% cash back, and an additional 1% is awarded once you pay. In other words, you have the potential to earn double cash back on everything.

Drawbacks: If you don’t pay your minimum due each month, you won’t earn your full cash back.

2. Chase Freedom Unlimited Credit Card

Rewards: 1.5% cash back on all purchases.

Sign-Up Bonus: $150 bonus cash back if you spend $500 in the first three months.

Annual Fee: $0

APR: 0% APR for 15 months on purchases and balance transfers, then variable 15.99% to 24.74% APR.

Why We Picked It: You get a solid cash back rate on every purchase.

For Every Purchase: You’ll earn unlimited 1.5% cash back with every purchase you make. There’s also a $150 sign-up bonus with a low spending requirement.

Drawbacks: The balance transfer fee is 5% of the transfer amount with a minimum of $5, which many other cards can beat.

3. Wells Fargo Cash Wise Visa Card

Rewards: 1.5% cash back on all purchases.

Sign-Up Bonus: $200 bonus cash back if you spend $1,000 in the first three months.

Annual Fee: $0

APR: 0% APR for 12 months on purchases and balance transfers, then variable 13.99% to 25.99% APR based on your credit.

Why We Picked It: This card offers cash back on all purchases and a big sign-up bonus.

For Every Purchase: All purchases earn 1.5% cash back. There is a 1.8% cash back incentive for mobile wallet purchases, but that rate reverts to 1.5% after one year. And if you can spend $1,000 in the first three months, you’ll get a nice $200 sign-up bonus.

Drawbacks: For some, the spending requirement for the sign-up bonus may be out of reach.

4. Capital One QuicksilverOne Cash Rewards Credit Card

Rewards: 1.5% cash back on all purchases.

Sign-Up Bonus: None

Annual Fee: $39

APR: Variable 24.99% APR.

Why We Picked It: Good cash back rates aren’t limited to those with excellent credit.

For Every Purchase: Those with average credit can earn a competitive 1.5% cash back rate on every purchase.

Drawbacks: The starting APR is quite high, which is normal considering the lower credit requirements. There’s also a $39 annual fee.

5. Barclaycard CashForward World MasterCard

Rewards: 1.5% cash back on all purchases.

Sign-Up Bonus: $200 bonus cash back if you spend $1,000 in the first 90 days.

Annual Fee: $0

APR: 0% for 15 months on purchases and balance transfers, then variable 15.99%, 20.99%, or 25.99% APR based on your credit.

Why We Picked It: This card has a decent cash back rate and offers extra value as you redeem.

For Every Purchase: All purchases earn 1.5% cash back. When you redeem, 5% of the redemption amount is credited back into your account, giving your earnings a little boost every time you cash in your rewards.

Drawbacks: You must have at least $50 in cash back earnings before you can redeem.

How to Choose a Card with a Consistent Cash Back Value

If you’re choosing a credit card for its consistent cash back value, you’ll probably want the card that offers the best rewards rate on all purchases. Cards with 1.5% cash back for all purchases are commonplace, so don’t settle below that threshold. Some cards offer more, but they may require you to jump through extra hoops.

You should also review any available sign-up bonuses, as they can boost the initial value of the card. If you’re looking to avoid interest on purchases or balance transfers, look for 0% intro APR offers.

Remember that cash back cards should be paid off in full each month before interest is applied. Otherwise, interest can reduce the value of your rewards.

What Credit Is Required for a Card with Consistent Cash Back?

Cash back cards are available to consumers with a wide range of credit scores. While the best cards are usually reserved for those with excellent credit, those with bad credit aren’t necessarily locked out of rewards. No matter your credit standing, you should check your credit score before you apply. You can check your credit report for free at Credit.com.

At publishing time, the Citi Double Cash Card, Chase Freedom Unlimited Credit Card, Wells Fargo Cash Wise Visa Card, Capital One QuicksilverOne Cash Rewards Credit Card, and Barclaycard CashForward World Mastercard are offered through Credit.com product pages, and Credit.com is compensated if our users apply for and ultimately sign up for any of these cards. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer(s). Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved, or otherwise endorsed by the issuer(s).

Note: It’s important to remember that interest rates, fees, and terms for credit cards, loans, and other financial products frequently change. As a result, rates, fees, and terms for credit cards, loans, and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees, and terms with credit card issuers, banks, or other financial institutions directly.

Image: Peopleimages

The post 5 Credit Cards with Consistent Cash Back Rates for Every Purchase appeared first on Credit.com.

5 Credit Cards with Consistent Cash Back Rates for Every Purchase

Credit cards are a super convenient financial tool, but they can often be confusing.

[Disclosure: Cards from our partners are reviewed below.]

Cash back credit cards often reward certain forms of spending more than others. But if your spending habits don’t heavily favor a specific purchase type, a card with the same cash back rate for all purchases could be the better choice.

Here are five credit cards that provide consistent cash back no matter what you’re buying.

1. Citi Double Cash Card

Rewards: 1% cash back on purchases with an additional 1% cash back upon payment.

Sign-Up Bonus: None

Annual Fee: $0

Annual Percentage Rate (APR): 0% APR for 18 months on balance transfers, then variable 14.49% to 24.49% APR; variable 14.49% to 24.49% APR on purchases.

Why We Picked It: For each paid purchase, you get 2% cash back.

For Every Purchase: All purchases automatically earn 1% cash back, and an additional 1% is awarded once you pay. In other words, you have the potential to earn double cash back on everything.

Drawbacks: If you don’t pay your minimum due each month, you won’t earn your full cash back.

2. Chase Freedom Unlimited Credit Card

Rewards: 1.5% cash back on all purchases.

Sign-Up Bonus: $150 bonus cash back if you spend $500 in the first three months.

Annual Fee: $0

APR: 0% APR for 15 months on purchases and balance transfers, then variable 15.99% to 24.74% APR.

Why We Picked It: You get a solid cash back rate on every purchase.

For Every Purchase: You’ll earn unlimited 1.5% cash back with every purchase you make. There’s also a $150 sign-up bonus with a low spending requirement.

Drawbacks: The balance transfer fee is 5% of the transfer amount with a minimum of $5, which many other cards can beat.

3. Wells Fargo Cash Wise Visa Card

Rewards: 1.5% cash back on all purchases.

Sign-Up Bonus: $200 bonus cash back if you spend $1,000 in the first three months.

Annual Fee: $0

APR: 0% APR for 12 months on purchases and balance transfers, then variable 13.99% to 25.99% APR based on your credit.

Why We Picked It: This card offers cash back on all purchases and a big sign-up bonus.

For Every Purchase: All purchases earn 1.5% cash back. There is a 1.8% cash back incentive for mobile wallet purchases, but that rate reverts to 1.5% after one year. And if you can spend $1,000 in the first three months, you’ll get a nice $200 sign-up bonus.

Drawbacks: For some, the spending requirement for the sign-up bonus may be out of reach.

4. Capital One QuicksilverOne Cash Rewards Credit Card

Rewards: 1.5% cash back on all purchases.

Sign-Up Bonus: None

Annual Fee: $39

APR: Variable 24.99% APR.

Why We Picked It: Good cash back rates aren’t limited to those with excellent credit.

For Every Purchase: Those with average credit can earn a competitive 1.5% cash back rate on every purchase.

Drawbacks: The starting APR is quite high, which is normal considering the lower credit requirements. There’s also a $39 annual fee.

5. Barclaycard CashForward World MasterCard

Rewards: 1.5% cash back on all purchases.

Sign-Up Bonus: $200 bonus cash back if you spend $1,000 in the first 90 days.

Annual Fee: $0

APR: 0% for 15 months on purchases and balance transfers, then variable 15.99%, 20.99%, or 25.99% APR based on your credit.

Why We Picked It: This card has a decent cash back rate and offers extra value as you redeem.

For Every Purchase: All purchases earn 1.5% cash back. When you redeem, 5% of the redemption amount is credited back into your account, giving your earnings a little boost every time you cash in your rewards.

Drawbacks: You must have at least $50 in cash back earnings before you can redeem.

How to Choose a Card with a Consistent Cash Back Value

If you’re choosing a credit card for its consistent cash back value, you’ll probably want the card that offers the best rewards rate on all purchases. Cards with 1.5% cash back for all purchases are commonplace, so don’t settle below that threshold. Some cards offer more, but they may require you to jump through extra hoops.

You should also review any available sign-up bonuses, as they can boost the initial value of the card. If you’re looking to avoid interest on purchases or balance transfers, look for 0% intro APR offers.

Remember that cash back cards should be paid off in full each month before interest is applied. Otherwise, interest can reduce the value of your rewards.

What Credit Is Required for a Card with Consistent Cash Back?

Cash back cards are available to consumers with a wide range of credit scores. While the best cards are usually reserved for those with excellent credit, those with bad credit aren’t necessarily locked out of rewards. No matter your credit standing, you should check your credit score before you apply. You can check your credit report for free at Credit.com.

At publishing time, the Citi Double Cash Card, Chase Freedom Unlimited Credit Card, Wells Fargo Cash Wise Visa Card, Capital One QuicksilverOne Cash Rewards Credit Card, and Barclaycard CashForward World Mastercard are offered through Credit.com product pages, and Credit.com is compensated if our users apply for and ultimately sign up for any of these cards. However, this relationship does not result in any preferential editorial treatment. This content is not provided by the card issuer(s). Any opinions expressed are those of Credit.com alone, and have not been reviewed, approved, or otherwise endorsed by the issuer(s).

Note: It’s important to remember that interest rates, fees, and terms for credit cards, loans, and other financial products frequently change. As a result, rates, fees, and terms for credit cards, loans, and other financial products cited in these articles may have changed since the date of publication. Please be sure to verify current rates, fees, and terms with credit card issuers, banks, or other financial institutions directly.

Image: Peopleimages

The post 5 Credit Cards with Consistent Cash Back Rates for Every Purchase appeared first on Credit.com.

PayPal Launches a 2% Cash Back Rewards Card: Double is the New Rewards Standard

Source: iStock

PayPal’s new Cashback Mastercard, launched Aug. 30, is packed with features that pin it head to head with the current highest no-fee flat-rate cash back credit card on the market.

The PayPal Cashback Mastercard® is a no-fee rewards card that offers users a flat 2 percent cash back upfront on all eligible purchases made using the credit card. The offer is a step up from the current leading cash back card, the Citi® Double Cash Card, which credits 1 percent upfront and another 1 percent on what cardholders pay off each billing cycle.

The digital and mobile payment company partnered with Synchrony Bank to launch the Cashback Mastercard, which grants users benefits exclusive to PayPal and Mastercard members.

Although it boasts a generous cash back offer, the PayPal Cashback Mastercard® has its drawbacks.

“The 2 percent cash back rate is a solid offer. But the PayPal Cashback Mastercard® falls short in three main ways: no sign-up bonus, high APR and no 0% introductory period,” says Chris Mettler, president of our sister site CompareCards.com.

How the PayPal Cashback Mastercard® works

PayPal is clearly targeting PayPal users with this new cash back rewards card. The application for PayPal’s new credit card is only open to existing PayPal customers. Access to the application is granted after users submit a username and password to log in to a PayPal account.

They are then redirected to an application on the Synchrony Bank website. After filling in sensitive information, applicants have the option to set the card as a default payment option in their PayPal wallet and purchase Synchrony Bank’s card security program before submitting the form.

If approved, customers are charged one of three variable interest rates — 16.99%, 24.99% or 27.99% — based on creditworthiness and other factors like income. PayPal doesn’t charge cardholders an annual fee.

Cardholders can earn an unlimited, flat 2 percent cash back on all eligible purchases made using the PayPal Cashback Mastercard®. The cash back rewards are credited directly to the user’s digital wallet on PayPal. The money stored on PayPal wallet can be used to make purchases where PayPal is accepted, sent to peers, or cashed out to a bank account.

Cardholders don’t need to wait for a physical card to show up in the mail before they can start earning rewards. Users have immediate access to the line of credit through their PayPal account. PayPal’s Cashback Mastercard will show up right away in their PayPal wallet, where it can be used to make purchases or pay bills online.

How to qualify for the PayPal Cashback Mastercard®

Borrowers with good or excellent credit scores are most likely to qualify for the PayPal Cashback Mastercard, but those working to better a poor credit score may qualify for a card, too.

Applicants are approved for one of three interest rates, based on creditworthiness and other factors. The lowest rate, 16.99%, is offered to applicants with the best scores, whereas the highest rate, 27.99%, is reserved for applicants who are a greater credit risk.There is a 24.99% APR that’s likely to go to anyone that falls in between.

What we like about the PayPal Cashback Mastercard®

2 percent cash back on all eligible purchases

PayPal’s Cashback Mastercard® is now the highest, no-fee rewards card on the market. The 2 percent cash back feature is the greatest value to credit card users who want a simple, straightforward way to earn rewards. This cash back card is ideal for users who make most of their everyday purchases on a credit card and pay off the card’s balance each month.

Cardholders will get 2 percent cash back on all eligible purchases made at Paypal.com, eBay.com and anywhere Mastercard is accepted using the PayPal Cashback Mastercard®.

Automatically added to PayPal Wallet

The credit card is automatically linked and added to the PayPal wallet, a digital wallet that lets users pay for purchases online with linked bank accounts, credit and debit cards, or money on the account balance. That means users opening the card to make a purchase can gain access to the line of credit and earn rewards for spending right away.

Redeem cash rewards to PayPal balance

To use any cash back earned, users must transfer the money to their PayPal balance. Once in the digital wallet, that money can be used to complete online purchases, pay bills, or send money to peers all over the world.

No cash back restrictions

PayPal doesn’t cap the amount of cash back users can earn or set a minimum on the amount of cash back a user can redeem. Plus, cash back rewards won’t expire, so users aren’t pressured to use the money or lose it by a certain date.

Mastercard benefits

PayPal Cashback Mastercard® users also gain exclusive Mastercard cardholder benefits. They include doubling the length of warranty coverage on purchases up to one year, 60-day price protection, and Mastercard’s identity theft protection service.

What we don’t like about the PayPal Cashback Mastercard®

For PayPal customers only

You must have a PayPal account in order to apply for a PayPal Cashback Mastercard® account and keep the account open to maintain the credit account.

If your PayPal account is closed, or you unlink the card from your PayPal account, your card account will be closed. If you have cash back available, you won’t be able to redeem those awards, and they will be forfeited.

If your PayPal account is suspended for any reason, you won’t be able to redeem cash back to your PayPal balance until the account is back in good standing.

No sign-up bonus

The PayPal Cashback Mastercard® misses an opportunity to offer users even more value by omitting a sign-up bonus. If users are looking to earn a boost in credit rewards after a few months of use, they may have more luck with a cash back card like Chase Freedom®, which offers 1 percent back on all purchases and a $150 signing bonus after cardholders spend $500 in the first three months the account is open.

No interest-free period

The card’s benefits also exclude an interest-free period. So while users can make a purchase with the line of credit immediately after opening the account using the PayPal wallet, they should avoid making large purchases as interest will begin to accrue right away.

Credit users should instead use a credit card with an interest-free period like the Discover it Cash Back® credit card, so they have more time to pay off the balance of the purchase before interest kicks in. The card offers an 0% introductory APR for 14 months on purchases and balance transfers.

A high APR

Cardholders should be careful not to carry a balance on this card to avoid getting hit with interest charges. For borrowers with a poor credit rating, the card charges a super high 27.99% APR, which trumps any 2 percent cash back earned that period. To avoid paying interest and make the most of the Cashback Mastercard, cardholders should make sure to pay off the card balance each period.

3 percent foreign transaction fee

It costs cardholders 3 percent to swipe the PayPal Cashback Mastercard® overseas. Even with 2 percent cash back, users end up paying 1 percent to make foreign purchases.

Who the PayPal Cashback Mastercard® is best for

The PayPal Cashback Mastercard® is best for existing PayPal customers who want a straightforward way to earn cashback on all of their everyday purchases.

If a cardholder is a heavy online shopper, the Cashback Mastercard may also be a good choice because they can easily earn cash back from using the card as a payment option when they pay online using PayPal, then credit the cash back to their PayPal balance for future purchases.

PayPal Cashback Mastercard<sup>®</sup>

LEARN MORE Secured

on PayPal’s secure website

Alternatives to the PayPal Cashback Mastercard

PayPal Extras MasterCard

If you prefer to earn credit card rewards in points instead of cash back, you can apply for PayPal’s other no-fee credit rewards option, the PayPal Extras MasterCard®. This card has a traditional points reward structure. It awards cardholders three times points on each dollar spent at gas stations and restaurants, double points on purchases made through PayPal or eBay, and one point per dollar spent everywhere else.

Unlike the cash back card, rewards earned on the PayPal Extras Mastercard expire® within two years if unused or if no purchases are made using the card for one year.

Citi® Double Cash Card

PayPal’s 2 percent Cashback Mastercard is only for PayPal account holders. If the benefits and 2 percent cash back upfront aren’t enough to rope you into creating a PayPal account, the Citi Double Cash Card® is a good alternative.

The card rewards 2 percent cash back on all purchases, but not all at once like PayPal’s Cashback Mastercard® does. Cardholders earn 1 percent cash back when they spend, and then 1 percent cash back when they pay, instead of awarding the entire 2 percent upfront. The Citi® Double Cash Card also omits an interest-free period for purchases and a sign-on bonus. However, it does offer a 0% introductory 18-month balance transfer.

PayPal Cashback Mastercard® FAQ

Cardholders receive 2 percent cash back on all eligible purchases made at Paypal.com, eBay.com and anywhere Mastercard is accepted using the PayPal Cashback Mastercard®.

No, cash back rewards don’t expire and can be redeemed to your PayPal balance at any time.

If you are unable to pay off your statement balance in full, you will be charged a variable interest rate of either 16.99%, 24.99% or 27.99% on purchases made in the billing period and be required to make a minimum payment.

Cardholders can redeem cash back by transferring the cash back balance to their PayPal account balance. The funds can then be used to make purchases anywhere PayPal is accepted or transfer money to peers using PayPal.

Use a cash back credit card that fits your day-to-day spending needs best, pay your bill in full each month, and spend only what you can afford to pay off.

The post PayPal Launches a 2% Cash Back Rewards Card: Double is the New Rewards Standard appeared first on MagnifyMoney.

QuicksilverOne Review: Unlimited 1.5% Cash Back for Average Credit

For people with “average” or “fair” credit, Capital One offers QuicksilverOne Rewards.Every credit card issuer has a different definition of what “average” or “fair” credit means. Generally speaking, it means a FICO score between 580 and 669.

The QuicksilverOne Rewards card gives you an unlimited 1.5% cash back, which is a pretty sweet opportunity for consumers with less-than-perfect credit.

Just beware of the two catches: There’s a $39 annual fee and a high purchase APR.

QuicksilverOne® Rewards from Capital One

APPLY NOW Secured

on Capital One’s secure website

QuicksilverOne® Rewards from Capital One

Annual fee
$39 For First Year
$39 Ongoing
Cashback Rate
up to 1.5%
APR
24.99%

Variable

Credit required
fair-credit

Average

QuicksilverOne Card Overview

The QuicksilverOne Rewards program is low maintenance.

Unlike other programs with revolving categories and spending caps, this card doesn’t hold you to either. You will earn 1.5% cash back every time you swipe.

You can redeem cash back at any time for a check, account credit, or gift card. Cash back you earn never expires.

What We Like About This Card

No fuss.

We like that the cash back program terms are uncomplicated. There are no preset bonus categories that you have to adapt your spending to each month. You can also redeem cash back at any time without having to wait for the balance to reach a certain threshold.

Low credit score requirement.

The QuicksilverOne is one of the only cash back rewards cards around town for average credit. If you’re having trouble getting approved elsewhere, this is a card you need to seriously consider.

What We Don’t Like About This Card

The annual fee.

Since this card costs $39 per year, you need to spend at least $2,600 per year (or $217 per month) for the cash back to break even with the fee. Ideally, you’ll want to spend more than just the bare minimum for the rewards card to be worthwhile.

High APR.

This is a high interest rate. Avoid carrying a balance at all costs if you choose this card.

Who This Card Is Best For

Again, the QuicksilverOne is our top unlimited cash back pick for consumers who have trouble getting approved for other cash back cards.

According to Capital One, you may qualify for this card if:

  • You have defaulted on a loan in the past five years
  • You have limited credit history
  • You have had your own credit card or other credit for less than three years (this may include students, people new to the U.S., or authorized users on someone else’s credit card)

Keep in mind, these are just guidelines to give you a general sense of whether you’ll qualify. Your income, debt, and other credit limits are also factors used to make a decision.

Capital One has a nice feature where you can get preapproved online for offers without a hard credit inquiry. See if you prequalify for the QuicksilverOne card here.

Keep an eye out for the Quicksilver alternative while checking offers as well.

Quicksilver Rewards is the “big brother” of the QuicksilverOne card. It has no annual fee, and it’s for people with excellent credit. There’s no harm in checking to see if you prequalify for the Quicksilver card.

Is the QuicksilverOne card good for rebuilding credit?

Despite the lenient qualifying criteria, the QuicksilverOne card is not our top recommendation if you’re rebuilding credit, because of the annual fee.

Your focus should be keeping your credit utilization very low when rebuilding credit. You shouldn’t worry about having to earn enough cash back each month to cover a card’s annual fee.

Try a no-fee secured card like the Capital One Secured MasterCard or the Discover it Secured Credit Card instead.

QuicksilverOne Credit Card Benefits

QuicksilverOne offers:

  • Travel accident insurance and 24/7 roadside assistance. Travel insurance for death or loss of limbs. You can call in for help if your car breaks down.
  • Auto rental insurance. Insurance covers rental damage from collision or theft.
  • Extended warranty. Purchases made on your card will get an extended warranty.
  • Price protection. You can get reimbursed the difference if you find items you purchased on sale within 60 days.
  • Fraud coverage. Covered by $0 fraud liability if your card is lost or stolen.

Alternatives to the QuicksilverOne

QuicksilverOne doesn’t have much competition since it’s the best card for consumers with average credit. The following no-fee cash back cards officially require good to excellent credit but allow you to prequalify without a hard inquiry.

1.5% cash back, no fee

Chase Freedom Unlimited<sup>SM</sup>

Annual fee

$0 For First Year

$0 Ongoing

Cashback Rate

1.5%

APR

14.24%-23.24%

The Chase Freedom Unlimited card gives you an unlimited 1.5% cash back on all spending without category restrictions or caps. What’s great about Chase is it’s another credit card issuer that lets you prequalify for offers without a hard pull. Check out offers you may prequalify for here.

You can redeem cash back from your Chase Freedom Unlimited card at any time, and cash back never expires as long as you keep your account open. At times there is an intro APR deal or cash back bonus offer that add benefits to this card, and ongoing rates are sometimes lower than what you’d see on the QuicksilverOne.

Double cash back, no fee

Citi®Double Cash Card

Annual fee

$0 For First Year

$0 Ongoing

Cashback Rate

1% when you buy, 1% when you pay

APR

14.49%-24.49%

Variable

The Citi Double Cash card is another good choice for low-maintenance cash back rewards. It gives double cash back on all purchases. You earn 1% cash back when you spend on the card and another 1% cash back when you pay off the bill.

This is a card that members report qualifying for with a credit score in the high 600s. Citi lets you shop for prequalified offers on the website as well. If you’re interested in this card, see if you can get prequalified here. In addition, there are changing intro APR deals for this card that allow you to save interest early on, and ongoing interest rates are sometimes lower than with the QuicksilverOne.

Bottom Line

The QuicksilverOne Rewards is a good rewards card for those with average credit. If you have had difficulty being approved for other higher cash back rewards cards, you may be approved for the QuicksilverOne Rewards, which offers unlimited 1.5% cash back. Be aware that this card comes with an annual fee and high APR, so make sure to do your research and see if this card is right for you.

FAQ

You should not keep a balance on this credit card to benefit from the cash back. The high APR is a large amount of interest to be paying on purchases. If the interest charges you experience on this card coupled with the annual fee surpass the cash back you earn, this card is pointless.

No. You’re free and clear to spend money on anything, and it’ll earn 1.5% cash back. This is the beauty of an unlimited cash back card. However, cash advances and balance transfers will not qualify for cash back.

No, you can redeem cash back for any amount at any time.

No, cash back does not expire as long as your account remains open.

You can, but not with average credit. The QuicksilverOne card is the best unlimited cash back card there is specifically targeting people with fair credit. Another option you have is working to improve your credit first before applying for a credit card to qualify for a card that gives you more cash back.

The post QuicksilverOne Review: Unlimited 1.5% Cash Back for Average Credit appeared first on MagnifyMoney.

Review: PenFed Launches 1.5% – 2% Power Cash Rewards Credit Card

PenFed, a credit union that anyone can join (more on that later) has just introduced a new cash back rewards credit card. The card pays a high, flat cash back rate and brings a credit union approach to fees (low and not many of them) and simplicity. Here are the details on the cash back that you can earn:

  • Anyone with military service earns 2% cash back on all spending, with no limits or restrictions. That is the highest flat cash back rate in the market.
  • Anyone with a PenFed checking account (restrictions apply) earns 2% cash back on all spending, with no limits or restrictions. (If you keep $500 in the checking account, there is no fee and you earn 0.20% APY on the money).
  • If you do not have military service or a checking account, you can earn 1.5% unlimited cash back. At 1.5%, the card matches Chase Freedom Unlimited or Capital One Quicksilver, but it is still beat by Citibank’s Double Cash.
  • There is a minimum redemption amount of $5 for the cash back that you have earned.
  • There is a bonus offer: get $100 of cash if you spend $1,500 during the first 90 days.

In addition to the cash back, here are some additional features:

  • Chip with pin functionality: if you travel overseas, you might find chip + signature limiting. For example, trying to use a card with only signature functionality at kiosks across Europe (like the London Underground) can be challenging.
  • No annual fee and no foreign transaction fee.
  • Variable APR range of 9.24% – 17.99%. If you have excellent credit, the lowest APR at Citi (on the Double Cash product) is 13.49%. For people who revolve occasionally, this could be a better option. (Although our advice remains to pay your balance in full and on time. If you need to borrow money, personal loans and balance transfers remain cheaper options).

Our Verdict

Best Cash Back Credit Card for Military: 2% is the gold standard for a flat rate cash back credit card, and PenFed delivers for men and women who have served. This is better than any competing flat-rate cash back credit cards because of the lower APR and lack of foreign transaction fees.

Best Cash Back Credit Card for Spending Abroad: If you use Citi Double Cash, you would be hit with a foreign transaction fee of 3%. So, you would earn 2% but be forced to pay 3% in fees. Before this card, Capital One Quicksilver was our top choice because of a 1.5% earn rate and no foreign transaction fees. PenFed’s card now wins because (a) if you put $500 into a PenFed checking account you can earn 2% on this card, and (b) the card offers chip and pin functionality. If you spend $1,000 overseas this year, you would pay $10 to Citi, (2% cash back – 3% fees = -1%), would earn $15 with Capital One and would earn $20 with PenFed.

Tie: Best Flat-Rate Cash Back Credit Card: With both Citi Double Cash and PenFed you can earn up to 2%. Each card has its own unique differences, which is why they are tied for best flat-rate card in the market.

  • PenFed: You need to join the credit union, open a checking account and fund the account with $500 (or sign up for direct deposit) to ensure you get the full 2% and avoid fees. Financially it will make sense, but there are a number of obstacles to get the full rewards (unless you are military).
  • Citi Double Cash: It is easy to apply and get the card (no credit union membership or Citi checking account required). However, the card is actually 1% as you earn and 1% as you pay, so it takes longer to get the full 2%. The interest rates are higher and there is a foreign transaction fee.

There are still options to earn higher cash back rates in certain categories. You can find the best cash back credit cards by every category here. For example, you can earn 5% unlimited on gas with Fort Knox Credit Union or 6% (with limitations) on groceries at American Express.

If you want to learn more or apply, you can visit PenFed’s website.

LearnMore

Requirements To Earn 2%

Here are the details on how to ensure you get the full 2% earn rate:

Military: You are eligible to earn 2% if the primary or joint applicant is in military service, the National Guard, the Reserves, an honorary discharged veteran or retired from the United States military. Military members receive the 2% upon completion of the application – no further action is required.

Checking Account: If you do not meet the military requirements, you would need to open a checking account with PenFed. The account is called the “AccessAmerica Checking Account.” There are some decent benefits to the account (you can earn 0.20% APY interest on balances up to $20,000 and 0.50% APY on balances between $20,000 and $50,000). If you shift your monthly direct deposit of at least $500 to this account, you will not have a monthly fee. However, if you do not want to shift your direct deposit, you can deposit $500 and keep it there to meet the required minimum balance. This is actually the easiest way to earn the 2%, cash back rate and, given the 0.20% interest on the checking account, it can be financially worthwhile.

Join the Credit Union: There are multiple ways to join the credit union. If you are active or retired military, you are eligible to join for free. If you work for the US government or are a relative of a member, you can also join for free. But don’t worry if you are unable to meet those requirements. You might belong to an eligible organization (check here). You can also join an organization to become eligible for credit union membership. You can pay $17.00 (one time and non-refundable) to join Voices for America’s Troops or the National Military Family Association. By supporting a good cause, you become eligible for credit union membership. In addition to the credit card, PenFed is known for low rates on auto loans and mortgages.

The post Review: PenFed Launches 1.5% – 2% Power Cash Rewards Credit Card appeared first on MagnifyMoney.