Best cash back credit cards for 2020

CNN Underscored evaluations monetary merchandise akin to bank cards and financial institution accounts primarily based on their general worth. We might obtain a fee by means of The Factors Man affiliate community if you happen to apply and are accepted for a card, however our reporting is at all times unbiased and goal.

The previous saying “Money is king” may by no means have been as true as it’s proper now. Among the finest perks of utilizing a bank card is you can earn rewards in your on a regular basis spending, and whereas many individuals prefer to earn journey factors or miles to redeem for a once-in-a-lifetime journey, these plans are on pause for a lot of proper now.

So, as a substitute of utilizing a bank card that earns rewards for a trip which may not be occurring within the close to future, you might be higher off with a card that offers you money again virtually immediately. Having money in your pocket now permits you to use that money on something you want — or reserve it for the longer term.

? Then take a look at our listing of the perfect money again bank cards to resolve which one will greatest suit your wants.

Citi® Double Money Card: Finest general card for money again
Blue Money Most well-liked® Card from American Categorical: Finest for US supermarkets
Costco Anyplace Visa® Card by Citi: Finest for gasoline purchases
Chase Freedom Flex: Finest for eating places, together with takeout and supply
Chase Freedom Limitless: Finest for flexibility
Uncover it® Money Again: Finest sign-up bonus
U.S. Financial institution Money+™ Visa Signature® Card: Finest for streaming
Financial institution of America® Money Rewards Credit score Card: Finest for journey

The knowledge for the Uncover it Money Again, U.S. Financial institution Money+ and Financial institution of America Money Rewards playing cards has been collected independently by CNN Underscored. The cardboard particulars on this web page haven’t been reviewed or supplied by the cardboard issuers.

Why did we choose these playing cards as our greatest money again bank cards for 2020? CNN Underscored’s complete bank card methodology compares each facet of every money again bank card to our “benchmark bank card” to find out which playing cards can probably earn you probably the most money. So let’s dive into the small print of every card and see how they stack up.

Finest general card for money again

Why it’s nice in a single sentence: The Citi Double Money Card is very simple, because you earn 2% money again on each buy — 1% while you purchase and 1% while you pay your assertion — all for no annual charge.

This card is correct for: Folks in search of a straightforward and simple technique to earn money again with out having to fret about class bonuses.

Highlights:

Signal-up bonus: None.

What we like in regards to the Citi Double Money: When in comparison with all the different main no-annual-fee bank cards, the Citi Double Money gives the best ongoing flat-rate return on each single buy. With this card you’ll earn 2% in money again — 1% while you purchase one thing and one other 1% while you pay it off — on each buy you make. There’s no most on the money again you possibly can earn, and also you don’t want to fret about monitoring class bonuses.

The Citi Double Money additionally gives a comparatively lengthy 18-month introductory zero% rate of interest interval for steadiness transfers — a good way to repay your debt (although be sure you pay it off, as a result of the speed jumps to a variable 13.99% to 23.99% after the introductory provide ends). And you’ve got as much as 4 months after you open the account to make your first steadiness switch and nonetheless have it qualify for the introductory provide.

Associated: See CNN Underscored’s listing of the perfect steadiness switch bank cards.

Consultants will take pleasure in pairing this card with one of many premium Citi ThankYou bank cards, such because the Citi Premier or Citi Status. That’s as a result of if you happen to even have a premium ThankYou card, you possibly can really convert your money again from the Citi Double Money to Citi ThankYou factors after which switch these factors to one among Citi’s airline companions or redeem them for airfare at 1.25 cents per level when going by means of the Citi journey portal with the Citi Premier (although this price will drop to 1 cent per level after April 21, 2021).

One factor that may very well be higher: Though the Citi Double Money card will earn you probably the most money again in your on a regular basis purchases, it doesn’t have any class bonuses. This is usually a draw back if you happen to routinely make numerous purchases in a selected class.

You’ll additionally discover that the Citi Double Money doesn’t include many perks, akin to journey or buy protections. That is additionally not the cardboard to make use of for worldwide purchases, as you’ll be charged a three% international transaction charge while you’re abroad, which greater than offsets the rewards you’d earn.

Why it’s our benchmark card: The benefit of use and simple top-of-market money again incomes price of the Citi Double Money are why CNN Underscored presently makes use of the Double Money as our “benchmark” bank card to match the options of different bank cards and decide in the event that they’re higher or worse general.

You possibly can learn extra about our benchmark bank card idea in our bank card methodology information or dig into our full assessment of the Citi Double Money.

Study extra in regards to the Citi Double Money Card.

Finest for US supermarkets

Earn bonus money again at US supermarkets with the Blue Money Most well-liked bank card.

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Why it’s nice in a single sentence: The Blue Money Most well-liked Card from American Categorical earns 6% money again at US supermarkets (as much as $6,000 per 12 months in purchases, then 1%), making this among the best bank cards 12 months after 12 months to your grocery purchases.

This card is correct for: Individuals who spend a big quantity at US supermarkets whereas additionally wanting a card that avoids excessive rates of interest on their purchases for his or her first 12 months as a card member.

Highlights:

Welcome bonus: Earn a $250 assertion credit score after you spend $1,000 in purchases in your new card inside the first three months after opening the account.

What we like in regards to the Blue Money Most well-liked: For a lot of People, a good portion of the month-to-month household finances goes to grocery store and gasoline station bills. The Blue Money Most well-liked card dials up the bonus money again on these two classes, making a go-to in your pockets for these routine purchases.

Plus, not solely will you make more money again within the grocery and gasoline departments, however you’ll additionally earn a big amount of money again on all of your US streaming subscriptions. This contains over 20 completely different suppliers, akin to Disney+, HBO, Netflix, Spotify and YouTube TV, amongst others. And when transit begins to make a comeback, you’ll additionally get a pleasant return, with three% money again on these transactions as effectively.

Associated: Earn extra rewards in your groceries with these bank cards.

The Blue Money Most well-liked additionally comes with a stable return safety coverage, which might come in useful once in a while. Return safety permits you to return an eligible merchandise inside 90 days from the day of buy if the service provider gained’t take it again. So long as you used your Blue Money Most well-liked to pay for the acquisition, American Categorical will refund the complete buy value (excluding delivery and dealing with). Claims are capped at $300 per merchandise, as much as a most of $1,000 per card account per calendar 12 months.

One factor that may very well be higher: Most of the bonus classes on the Blue Money Most well-liked are restricted to purchases made inside the US. There’s additionally a 2.7% international transaction charge on the cardboard, which doesn’t make this a super selection for worldwide journey.

The Blue Money Most well-liked comes with a $95 annual charge, which is considerably larger than many different bank cards providing money again. Nonetheless, if you happen to want a no-annual-fee card that additionally gives a powerful return on groceries, you may take into account the Blue Money On a regular basis® Card from American Categorical as a substitute.

Whereas the Blue Money On a regular basis earns a decrease three% money again at US supermarkets (as much as $6,000 per 12 months, then 1%), it has no annual charge. Meaning if you happen to spend lower than $three,166 in grocery purchases yearly, it could be a better option, because the first $95 you earn in money again solely offsets the annual charge of the Blue Money Most well-liked.

Associated: Amex Blue Money Most well-liked vs. Amex Blue Money On a regular basis.

The place it beats our benchmark card: Welcome bonus, an introductory rate of interest on purchases, return safety and automotive rental harm protection.

The place our benchmark card is healthier: The Citi Double Money has an introductory rate of interest on steadiness transfers, and its money again will be transformed to Citi ThankYou journey factors when mixed with the Citi Status Card or Citi Premier Card.

Study extra in regards to the Blue Money Most well-liked Card from American Categorical.

Finest for gasoline purchases

Earn bonus money again on gasoline purchases, each at Costco and different gasoline stations.

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Why it’s nice in a single sentence: The Costco Anyplace Visa Card by Citi gives Costco members huge rewards on many sensible purchases, akin to four% money again on eligible gasoline purchases worldwide (capped on the first $7,000 in purchases per 12 months, then 1% thereafter), three% money again at eating places and on eligible journey purchases and a pair of% money again on all Costco and costco.com purchases.

This card is correct for: Costco members who need robust rewards when shopping for at Costco and filling up their gasoline tank.

Highlights:

Signal-up bonus: None

What we like in regards to the Costco Anyplace Visa: For these trying to replenish their tank, the Costco Anyplace Visa gives probably the most money again when in comparison with different top-earning bank cards.

Incomes four% money again on all gasoline purchases worldwide can add up rapidly and prevent some critical cash over the course of the 12 months. And except for the incomes potential on gasoline, incomes three% money again at eating places and eligible journey purchases is on par — and plenty of instances higher — than what you’ll see with different money again bank cards.

The Costco Anyplace Visa additionally gives buy safety, which is a superb profit for all purchases. You’ll be coated in case your merchandise is broken or stolen inside 120 days of buy (90 days for New York residents). The protection is sweet for as much as $10,000 per merchandise and $50,000 yearly. Whereas Costco has a positive return coverage for many of its merchandise, electronics and main home equipment solely have a 90-day return window, which makes the advantages of this bank card further helpful.

Additionally, with the cardboard’s prolonged guarantee protection, you’ll obtain an extra two years of guarantee on prime of the conventional producer’s guarantee for any merchandise you buy with the cardboard. Each the prolonged guarantee and buy safety advantages apply not solely to purchases made at Costco but in addition to some other retailer so long as you employ your Costco Anyplace Visa as your cost methodology.

One factor that may very well be higher: One huge drawback of the Costco Anyplace Visa is that you need to wait a full 12 months to obtain your rewards, that are despatched within the type of an annual certificates after your February billing assertion closes every year. The certificates will be redeemed for Costco purchases or exchanged for money at your native Costco retailer and can expire if they don’t seem to be redeemed by December 31 of that calendar 12 months.

Additionally, though this card doesn’t carry an annual charge, to be a card member, it’s essential to have a Costco membership, which begins at $60 per 12 months.

The place it beats our benchmark card: Prolonged guarantee and buy safety, and no international transaction charges. Additionally, the Costco card is a Visa bank card, which is accepted at Costco in-store and at costco.com — Credit cards just like the Citi Double Money should not accepted in-store.

The place our benchmark card is healthier: With the Citi Double Money, you obtain your money again on a month-to-month foundation — as a substitute of yearly — and also you don’t must bodily go right into a retailer to alternate your rewards for money.

Learn our full Costco Anyplace Visa bank card assessment.
Study extra in regards to the Costco Anyplace Visa Card by Citi.

Finest for eating places, together with takeout and supply

The Chase Freedom Flex has each mounted and rotating bonus classes.

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Why it’s nice in a single sentence: The brand-new Chase Freedom Flex bank card gives each mounted class bonuses — together with one particularly for eating — and a set of rotating class bonuses, plus cellphone safety as effectively.

This card is correct for: People who find themselves in search of a no-annual-fee card that earns bonus money again at eating places, even when they’re simply getting supply or takeout, together with different a number of different classes.

Highlights:

Signal-up bonus: Earn $200 bonus money again after you spend $500 on purchases within the first three months after opening the account, plus earn 5% money again on grocery retailer purchases (not together with Goal or Walmart) on as much as $12,000 spent within the first 12 months after opening the account.

What we like in regards to the Chase Freedom Flex: Whilst you may join the Chase Freedom Flex for its sign-up bonus, it’ll seemingly turn out to be one among your long-term go-to playing cards, due to its rotating 5% bonus classes and ongoing three% class bonuses at eating places and drugstores.

The Chase Freedom Flex earns 5% on journey booked by means of Chase Final Rewards, three% at drugstores and three% at eating places. And even if you happen to’re not bodily consuming out at eating places proper now, you’ll nonetheless obtain the elevated money again on takeout and supply.

Along with these three mounted bonus classes, the cardboard additionally gives a set of 5% bonus classes that rotate every quarter. For the upcoming quarter that runs from October by means of December, these classes embody Walmart and PayPal. Since you need to use PayPal to pay at many on-line retailers, this implies you possibly can earn as a lot as $75 in bonus money this 12 months on many objects you purchase on-line.

Except for the bonus classes, this card additionally comes with many distinctive advantages that differ from most different Chase playing cards. Certainly one of our favorites is cellphone safety. So long as you employ your Chase Freedom Flex to pay your month-to-month cellphone invoice, you’ll be coated towards theft or harm to your cellphone, as much as $800 per declare and $1,000 per 12 months, with a $50 deductible per declare and a most of two claims in a 12-month interval. That is presently the one no-annual-fee Chase bank card that provides this extremely sought-after profit.

One factor that may very well be higher: Whereas there’s no most on how a lot money again you possibly can earn within the three mounted bonus classes, the rotating 5% money again classes have a cap of $1,500 in purchases — after that, you’ll solely earn 1% money again in these classes for the remainder of the quarter. And also you’ll want to recollect to activate the rotating classes every quarter with a purpose to earn bonus money again in them.

The place it beats our benchmark card: Signal-up bonus, class bonuses and cellphone safety.

The place our benchmark card is healthier: The Citi Double Money has an introductory price on steadiness transfers.

Study extra in regards to the Chase Freedom Flex.

Finest for flexibility

Money again earned with the Chase Freedom Limitless will also be used as factors for journey, and at a higher worth.

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Why it’s nice in a single sentence: If you wish to earn bonus rewards on all of your purchases however aren’t positive whether or not you’d want money again or journey rewards, the Chase Freedom Limitless permits you to do each when paired with the Chase Sapphire Most well-liked or Chase Sapphire Reserve card.

This card is correct for: Individuals who need most flexibility in a no-annual-fee bank card.

Highlights:

Signal-up bonus: Earn $200 bonus money again after you spend $500 on purchases within the first three months after opening the account, plus 5% money again on grocery retailer purchases (not together with Goal or Walmart) on as much as $12,000 spent within the first 12 months after opening the account.

What we like in regards to the Chase Freedom Limitless: For those who want money again now however suppose dose of journey is in your future as soon as journey returns to regular, the Chase Freedom Limitless can provide the better of each worlds.

Once you pair the Freedom Limitless with a premium Chase Final Rewards bank card, such because the Chase Sapphire Most well-liked or Chase Sapphire Reserve, you possibly can convert your money again to journey factors at a price of 1 cent per level. Then you definitely’re in a position to redeem these factors for journey at an elevated worth of 1.25 to 1.5 cents apiece by way of the Chase journey portal.

Even higher, when you’ve transformed the money again to factors, you possibly can switch them to any of Chase’s 13 airline and lodge loyalty companions. This wonderful flexibility is why CNN Underscored’s accomplice The Factors Man values Final Rewards factors at 2 cents apiece. At that price, because you’re incomes 1.5% money again in all nonbonus classes with the Freedom Limitless, you possibly can successfully find yourself with a three% return in your on a regular basis purchases.

One factor that may very well be higher: The Citi Double Money comes with a better money again incomes price on on a regular basis purchases, and you can too convert its money again to journey factors together with a premium Citi card.

However Citi’s journey companions aren’t as spectacular as Chase’s, and whereas the Double Money doesn’t have any bonus classes, the Freedom Limitless has the identical trio of bonus classes because the Chase Freedom Flex (although you gained’t obtain cellphone safety with the Chase Freedom Limitless).

The place it beats our benchmark card: Signal-up bonus, bonus classes, buy safety, prolonged guarantee safety and introductory price on purchases for 15 months.

The place our benchmark card is healthier: For those who’re solely trying to earn flat-rate money again on each buy you make, the Citi Double Money will earn you extra in your on a regular basis purchases.

Study extra in regards to the Chase Freedom Limitless.

Finest sign-up bonus

For its sign-up bonus, the Uncover it Money Again card matches all money again earned within the first 12 months.

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Why it’s nice in a single sentence: The rotating classes and money again match bonus on the Uncover it Money Again card imply you possibly can earn a ton of money again within the first 12 months you’ve got the cardboard.

This card is correct for: Folks in search of a card with an incredible sign-up bonus and who routinely spend cash on well-liked rotating classes — akin to groceries, gasoline stations, ride-sharing, eating places, Amazon.com and extra.

Highlights:

Signal-up bonus: Obtain a match of all money again earned on the finish of your first 12 months.

What we like in regards to the Uncover it Money Again: Incomes 5% money again on a quarterly foundation, as much as $1,500 per quarter, permits the money again to actually add up. The 2020 schedule on the Uncover it Money Again card contains these classes (2021 classes haven’t but been introduced):

January by means of March 2020: Grocery shops, Walgreens and CVS
April by means of June 2020: Fuel stations, Uber, Lyft, The Dwelling Depot and Wholesale Golf equipment
July by means of September 2020: Eating places and PayPal
October by means of December 2020: Amazon.com, Walmart.com and Goal.com

On prime of that, all of the money again you earn on the Uncover it Money Again might be matched on the finish of the primary 12 months for brand spanking new card holders, making this a super card to have if you already know you’ll be spending loads in your bank card over the subsequent 12 months. This implies these rotating bonus classes are value 10% within the first 12 months, and all of your purchases outdoors of the bonus classes earn a stable 2% return the primary 12 months.

Along with an incredible money again rewards program, new card holders also can reap the benefits of a zero% introductory curiosity on all purchases and steadiness transfers for the primary 14 months, although the speed will increase to a variable 11.99% to 2.99% on the finish of the 14-month interval.

Associated: Tight on money? These bank cards cost zero% curiosity on purchases.

One factor that may very well be better: You gained’t receives a commission out in your sign-up bonus till you’ve had the cardboard for a whole 12 months, whereas many different bank card welcome gives are paid out inside a couple of months of assembly the minimal spend requirement. You additionally must pay shut consideration to the money again calendar and manually activate the classes on the Uncover it Money Again every quarter, on-line or by cellphone, earlier than you make purchases with a purpose to earn the bonus money again.

The place it beats our benchmark card: No international transaction charges or introductory curiosity on purchases, and the money again match within the first 12 months equals the incomes price of the Citi Double Money for on a regular basis purchases and considerably beats it within the bonus classes.

The place our benchmark card is healthier: After the primary 12 months when the money again match bonus ends, the Citi Double Money earns a better return on on a regular basis purchases.

Finest for streaming

Select “streaming” as one among your 5% bonus classes on the U.S. Financial institution Money+ Visa.

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Why it’s nice in a single sentence: Card holders earn 5% money again in two classes they choose from an inventory — together with choices like streaming providers — each quarter all year long, as much as $2,000 in purchases per quarter.

This card is correct for: Individuals who desire a no-annual-fee bank card that provides the flexibleness to earn money again within the classes that work greatest for them primarily based on their private spending habits.

Highlights:

Signal-up bonus: Earn a $200 rewards bonus after you apply on-line and spend $500 in eligible purchases inside the first 90 days of account opening.

What we like in regards to the U.S. Financial institution Money+ Visa: When in comparison with the opposite 5% rotating class playing cards, the U.S. Financial institution Money+ Visa Signature Card is the one one which permits you to customise your money again classes to pick out two that work greatest to your quarterly spending habits. With the opposite playing cards, the elevated quarterly classes are chosen by the issuer and might’t be modified by the cardboard holder.

With roughly a dozen class choices to select from, the 5% money again classes on the U.S. Financial institution Money+ Visa embody:

Since streaming providers are well-liked today, you possibly can choose this as one among your two choices. And whereas the Blue Money Most well-liked Card by American Categorical earns barely more money again for US streaming providers, it comes with a $95 annual charge, which you gained’t have to fret about with the U.S. Financial institution Money+ Visa.

With the U.S. Financial institution Money+ Visa, you’ll additionally earn 5% money again on as much as $2,000 in purchases in your two chosen classes throughout every quarter, the place different related playing cards cap your money again at $1,500 throughout the identical timeframe. Meaning you possibly can earn as much as an additional $100 money again per quarter or as much as $400 per 12 months.

On prime of the 5% money again choices, you’ll additionally be capable to choose one class to earn 2% money again every quarter, with no cap on the quantity you possibly can earn. These 2% classes usually contains well-liked selections akin to:

One factor that may very well be higher: You should activate the money again classes each quarter on the U.S. Financial institution Money+ Visa, and also you’ll solely earn the elevated 2% or 5% money again after activation — rewards can’t be retroactively utilized. This implies you actually must be on prime of your bank card and bear in mind the classes that you choose on a quarterly foundation.

The 5% money again choices additionally don’t embody some extra mainstream classes. As a substitute, on a regular basis purchases, akin to shopping for groceries and filling up your gasoline tank, are within the inferior 2% money again bucket.

The place it beats our benchmark card: Signal-up bonus, selectable bonus classes and an introductory provide on steadiness transfers.

The place our benchmark card is healthier: The Citi Double Money has an extended introductory provide on steadiness transfers and earns a better 2% flat-rate money again on all of your on a regular basis purchases for many who don’t need to fear about class bonuses and a most cap.

Finest for journey

Select “journey” as your three% money again bonus class on the Financial institution of America Money Rewards card.

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Why it’s nice in a single sentence: The Financial institution of America Money Rewards Credit score Card permits card holders to pick out one money again class — together with journey — to earn an elevated three% money again, however they will change their possibility on a month-to-month foundation.

This card is correct for: These trying to enhance their money again for all travel-related purchases with out having to pay for an annual charge.

Highlights:

Signal-up bonus: Earn $200 money rewards bonus after making a minimum of $1,000 in purchases within the first 90 days of account opening.

What we like in regards to the Financial institution of America Money Rewards: The Financial institution of America Money Rewards card is the one card that permits you to choose a class of your option to earn bonus money again however the place you possibly can change your choice each single month. This lets you plan forward and actually maximize your earnings primarily based on upcoming purchases.

That is additionally the one no-annual-fee money again card that will provide you with an elevated three% money again on journey. This contains something from air journey and lodge stays to automotive leases, prepare journey, tolls and extra. Whereas there are different playing cards that mean you can earn 3x factors on a journey — such because the Chase Sapphire Reserve card — you’re taking a look at a $450 annual charge.

With the Financial institution of America Money Rewards, you’re capped at a better $2,500 per quarter to obtain the two% and three% money again classes. For those who’re in a position to max out the bonus on a quarterly foundation on the three% money again classes alone, that can earn you an additional $75 each quarter.

Financial institution of America Most well-liked Rewards members, that are clients who’ve a minimum of $20,000 in mixed qualifying balances of their Financial institution of America and/or Merrill funding accounts, can earn an extra 25% to 75% on their rewards earned on the Financial institution of America Money Rewards. There are three completely different tiers, with Gold members incomes a 25% bonus, Platinum members a 50% bonus and Platinum Honors members a 75% bonus.

Meaning if you happen to’re a Most well-liked Rewards member, you’re taking a look at an elevated three.75% to five.25% money again within the three% money again classes. After all, this requires parking a big sum of money in your Financial institution of America financial institution or funding account, however it will probably pay out extraordinarily effectively for loyal Financial institution of America clients.

On the advantages entrance, one of the vital distinctive perks of the Financial institution of America Money Rewards card is Financial institution of America’s “Museums on Us” program. Flash your Financial institution of America Money Rewards bank card at a collaborating museum and also you’ll obtain complimentary basic admission to greater than 225 cultural establishments throughout the US on the primary full weekend of each month. For museum lovers, this lets you go to completely different museums in your metropolis or whereas touring for completely no price.

One factor that may very well be higher: Though the Financial institution of America Money Rewards card can earn bonus money again in your journey purchases, there are only a few journey perks that include this card. For those who journey loads all year long and are in search of a card that provides you journey credit, lounge entry, complimentary International Entry or TSA PreCheck and journey protections, you may need to as a substitute take into account one other journey rewards card, such because the Financial institution of America®️ Premium Rewards®️ bank card — though it carries a $95 annual charge.

The place it beats our benchmark card: Signal-up bonus, bonus classes, an introductory provide on purchases and complimentary museum entry.

The place our benchmark card is healthier: The Citi Double Money has an introductory provide on steadiness transfers and earns a better 2% flat-rate money again on all of your on a regular basis purchases for many who don’t need to fear about class bonuses and a most cap.

Searching for a brand new bank card that earns journey rewards? Try CNN Underscored’s listing of the greatest journey bank cards of 2020.

Get all the most recent private finance offers, information and recommendation at CNN Underscored Cash.