When it comes to rewards credit cards, the first thing that comes to our mind is cash back rewards. Cash back rewards are one of the most desirable and popular form of credit cards. This is because, unlike the regular rewards credit cards, the top cashback review credit cards offer you easy to understand and tangible rewards. And, obviously, everyone likes to get actual cash deposited in their account or receive some credit on their credit card statement every month.
However, there are a lot of cash back credit cards available in the market. And, all of them offer different types of rewards and cash back benefits. Some provide you with similar cash back rates on all purchases and others provide high cash back rates on particular spending categories, like gas, groceries, departmental stores, etc., along with lower rates on other purchases. Some of them also offer other kinds of rewards too, like airline miles.
Deciding which one to choose from a plethora of such credit cards can prove to be quite difficult for people who want to opt for the best cash back credit card. Therefore, to make it easy for you, we have jotted down a list of the top cashback review credit cards of 2016. These cards are one of the best ones among so many.
Top cashback review credit cards of 2016
American Express’ Blue Cash Preferred Card
If you like shopping at the supermarket, this credit card offered by American Express is perfect for you. It is the best cash back credit card for everyday spending.
- With this top cashback review credit card, you get 6% cash back when you shop at supermarkets with the annual spending limit of up to $6000. And, when you reach the $6000 limit, you receive 1% cash back on all your supermarket purchases, without any upper limit. However, the ‘supermarket’ does not include stores like Walmart, alcohol retailers, and wholesale clubs such as Costco. You also receive 3% cash back per $1 that you spend at department stores and gas stations, and 1% back on all other purchases, without any spending limits.
- You can redeem your cash back rewards through a statement credit, with minimum redemption of $25
- Sign-up bonus: You get a sign-up bonus of $150 through a statement credit, when you spend $1000 on purchases within the first 3 months of your account opening
- Annual fee: $75
- APR: 0% interest rates on balance transfers and purchases for the first 15 months. After this, you have to pay a variable APR between 13.24% and 22.24%, as per the current interest rates as well as your creditworthiness
- Foreign transaction fees: 2.7%
- Balance transfer fees: 3% of each transaction amount or $5, whichever is greater
- Other benefits: If you want to return a product that you purchased within 3 months and the merchant does not accept it, then you will be refunded the entire purchase price of the item, up to $300 per product and $1000 per annum, as per the Return Protection policy of AmEx
Citi Double Cash Card
The Citi Double Cash Card stands true to its name, as it offers you double cash back rewards equaling 2 per cent. It is the top cashback review credit card for flat-rate rewards.
- The Citi Double Cash Card offers cash back of 1% on all purchases, without any spending categories or limits
- It also pays you extra 1% cash back on your every monthly balance payment at or over the minimum payment, even if you carry a balance on your card, provided that you pay the minimum balance limit
- Unlimited cash back earnings
- You can redeem your cash back rewards through paper check, statement credit, or gift card (not direct deposit), after you collect a minimum of $25
- APR: You get 0% interest rate on balance transfers and purchases for the initial 15 months of your account opening. After this period finishes, you have to pay a variable APR between 13.24% and 23.24%, as per your creditworthiness.
- Cash advance APR: 25.49%
- Penalty APR: 29.99%
- Annual fee: $0
- Balance transfer fee: 3% of the total transferred amount or $5, which one is greater
- Cash advance fees: 5% or $10, which one is greater
- Foreign transaction fees: 3%
- Other benefits: You get a refund up to $300 through Citi Price Rewind on your every individual purchase and up to $1200 in a year, when Citi finds a lower price on your purchased product within 2 months of your purchase. The card also gives up the first late fee after you sign-up
Capital One’s QuicksilverOne Cash Rewards Credit Card
The QuicksilverOne Cash Rewards Credit Card is best for people with a fair credit score.
- You receive unlimited 1.5% back on all purchases every time you shop with this top cashback review card, without any rotating categories or spending limits
- You can redeem your cash back for statement credits, bank account deposits, or gift cards, with the option of automatic redemptions at preset thresholds, which can be $25, $50, $100, or $200
- The card requires only average or fair credit to apply, which comes between the FICO score of 630 and 689. However, new cardholders do not get high credit limits. But, if you pay your monthly balances on time for 5 successive months, then you can get a higher credit line
- APR: 0% balance transfer and purchase interest rates till November 2016. After this period finishes, you need to pay a variable APR of 23.24%, as per the prevailing interest rates and your creditworthiness
- Annual fee: $39
- Foreign transaction fee: $0
- Cash advance fee: 3% of the amount transferred or $10, whichever is greater, in addition to the APR of 23.24%
- Other benefits: 20% discount on Uber purchases, VIP or exclusive access to events, and access to the Credit Tracker feature of Capital One
By reading the reviews of these top cashback review credit cards, you can decide which one is ideal for you, as per your expenses and needs. However, you must remember that two of these cash back credit cards require very good to excellent credit for their application, with generally a credit score over 700 or higher. Therefore, you should have a nice credit score, if you wish to apply for the respective credit cards.
Have a nice time!