Top Cash Back Credit Cards Of 2022

In the ChooseFI community, we talk a lot about the benefits of travel rewards cards and how they can help you travel for almost nothing. While travel rewards cards are an incredible tool, they don’t matter too much to folks who don’t travel.

That’s why cashback credit cards are just as important. They offer cashback on your most common purchases and, when used responsibly, can earn you extra cash. You can then use that extra cash to keep up with your FI goals.

Types Of Cash Back Credit Cards

When it comes to cash back credit cards, there are two primary types: rotating category cards and general cashback.

Rotating Category Cards

Rotating cash back credit cards offer extra cashback on categories that rotate quarterly.

For example, one of the cards we’re going to discuss is the (now discontinued) Chase Freedom. This card offers 5% on categories that change every few months–the category as of this writing is grocery and home improvement stores.

The merchants usually included in these 5% categories are:

• Gas
• Groceries
• Dining out
• Entertainment
• Home improvement
• Amazon

General Cash Back Cards

General cash back credit cards offer one cashback rate, making them simple and easy to use.

One example below is the Capital One QuicksilverOne Cash Rewards Credit Card. It offers 1.5% cashback on all purchases, with no limitations.

ChooseFI’s Top Picks for Best Cash Back Cards

Chase Freedom

The (now discontinued) Chase Freedom is my personal favorite. The 5% rotating rewards category is a generous cash back offer, and we’ve found Chase’s redemption options to be the best.

Rewards

As we mentioned above, Chase Freedom offers 5% on quarterly rotating categories. For example, for the second quarter of 2019 (April – June 2019) was 5% back at grocery stores and home improvement stores.

The 5% category is capped at $1,500 for each quarter, and you’ll need to remember to activate your card online each quarter.

In addition, you’ll earn 1% cashback on all other purchases. Both the 5% and 1% cashback rewards won’t expire as long as you keep your account open.

Other Features

There’s a lot to love about Chase Freedom. Not only are the rewards generous, but Chase offers a decent cash bonus of $150 when you sign up. However, you’ll need to spend $500 in your first three months. That’s not the best sign-up bonus out there, but it has a low minimum spend.

One of the best perks of Chase Freedom is the fact that it has no annual fee! We’re big fans of no annual fees since they often eat into rewards.

Who It’s Best For

The Chase Freedom is a simple cash back card, and we’d recommend it as anyone’s first cash back card.

The only thing holding it back from being a higher-end card is the fact that you can find the better sign-up bonuses with the other cards mentioned below.

Capital One QuicksilverOne Cash Rewards Credit Card

The Capital One QuicksilverOne Cash Rewards Credit Card is best for those looking for a straightforward card that doesn’t involve activating quarterly categories or paying a high annual fee.

Rewards

The Capital One QuicksilverOne Cash Rewards Credit Card offers 1.5% cashback on all of your purchases, with no limitations. It doesn’t get much simpler than that.

You can redeem your rewards for cash, gift cards, or apply them to your purchases.

Other Features

One of the perks of this card is those with average credit can qualify for it. Another perk is the low annual fee; you’ll pay just $39 a year!

Who It’s For

This card is a great card for beginners. If you don’t have perfect credit, you can still qualify, and the simple unlimited cashback offer lets you earn on all of your purchases, not just specific categories.

Learn more about Capital One QuicksilverOne Cash Rewards Credit Card

Citi Double Cash Card

The Citi Double Cash Card offers a unique cash back system, where it offers cash back when you make a purchase and when you pay it off. But that’s not all the Citi Double Cash Card offers.

Rewards

As mentioned above, Citi rewards you twice with the Citi Double Cash Card. You’ll earn 1% cash back when you make a purchase and another 1% when you pay your card off. That puts this card above the Capital One QuicksilverOne Cash Rewards Credit Card in terms of cash back, but you’ll need to keep paying off your credit card in full to get the additional 1%.

Other Features

Another great feature of this card is the fact that it has no annual fee.

Citi offers special perks when you buy event tickets with your card. The Citi Private Pass gives special access to purchase tickets to thousands of events including concerts, sporting events, dining experiences, and more.

Who It’s For

The Citi Double Cash Card is great for folks who pay off their credit card in full each month and want a simple cash back card that still earns a decent amount of cash back.

Check out our full review of the Citi Double Cash Card here. 

Blue Cash Preferred® Card By American Express

If you’re looking for a card that offers the highest cash back, the Blue Cash Preferred® Card by American Express has you covered.

Rewards

The Blue Cash Preferred® Card by American Express card offers tons of cash back rewards in the form of a statement credit (See Rates and Fees). You’ll earn:

• 6% cash back at US supermarkets (on up to $6,000 per year in purchases, then you’ll earn 1%)
• 6% cash back on US streaming subscriptions
• 3% cash back on transit (rideshares, tolls, parking meters)
• 3% cash back at US gas stations
• 1% back on all other purchases
• Terms apply

You can also add an authorized user for anyone 13 and over, and you’ll earn cash back for their purchases as well.

Other Features

For all the cash back the Blue Cash Preferred® Card By American Express offers, the annual fee is actually fairly low. This card offers a $0 introductory annual fee for the first year. Then the fee is just $95, but the rewards you earn for spending in bonus categories far outweigh the fee. (See Rates and Fees).

And finally, you get a nice welcome offer. You can earn $300 back after you spend $3,000 in purchases in the first six months. 

Who It’s For

The Blue Cash Preferred® Card By American Express is for experienced cash back users that are looking for the most cash back possible. The 6% cash back categories alone are worth the $95 annual fee (See Rates and Fees).

Radius Bank Rewards Checking Debit Card

Are you eager to earn cash back but not so eager to own or use a credit card? We’ve got your solution. Radius Bank has a great product called the Rewards Checking Account. It’s a checking account that is a step above other checking accounts. And it comes with rewards.

Rewards

To earn rewards you’ll need to maintain an average balance of $2,500 or have a direct deposit of at least $2,500 per month… but the rewards are pretty sweet and worth that small effort.

First off, the Radius Bank Rewards Checking Debit Card will give you 1% cash back on “signature-based” transactions. (So when you sign, rather than enter your PIN.) This is a nice feature when you want to use your debit card, but still want to earn rewards cash.

Other Features

Along with 1% cash back on purchases made with your debit card, the Radius Bank Rewards Checking Account offers:

• Freedom from ATM fees worldwide
• Early access to Direct Deposit monies
• No monthly fees
• 1% interest on balances between $2,500 and $99,999.
• 1.7% on balances over $100,000
• No minimum balance after the $100 account opening minimum

Who It’s For

The Radius Bank Rewards Checking Cash Back Debit Card is for anyone who wants to earn cash back without having to use a credit card. Open your Radius Bank Account here.

Check out our full review of Radius Bank here

Why Cash Back Cards Are A Great FI Tool

For those on the road to FI who prefer not to travel, cash back cards should be your go-to type of credit card. They can actually help folks on their journey to FI.

They Earn You Extra Cash

If you use your card for frequent purchases and don’t spend just to spend, cash back cards earn you extra cash that you’d never get with debit cards or cash.

Cash back cards offer more than just cash back, they also offer sign-up bonuses, which is even more cash, just for choosing the right card!

They’re Easy To Use

Cash back credit cards are also easy to use. You can opt for a card that has one rewards rate and unlimited cash back to make your spending easy, or you can opt for a rotating category card that offers more cash back. You just need to keep track of which categories earn the most.

Luckily, you can sign-up for email alerts, and your card issuer should remind you what the rewards categories are.

Final Thoughts

For folks who don’t travel and have no need for travel rewards, cash back credit cards are a godsend. If you pay off the balance in full each month and only spend on items you really need, you’re essentially earning free money!

There are cash back cards for every spending category, from groceries and gas to dining out, so there’s definitely something for everyone.

To see the rates and fees for the American Express card featured, please visit the following link: Blue Cash Preferred® Card from American Express: See Rates and Fees. 

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