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Best Cash Back Rewards Credit Cards to Earn Money While You Spend in 2024

The Penny Hoarder Staff

by The Penny Hoarder Staff

Carmen Mandato/The Penny Hoarder
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Want to earn money just by making everyday purchases? Cash back rewards credit cards are a smart way to make your spending work for you. Whether you’re filling up your tank, stocking up on groceries, or grabbing dinner, a cash back credit card lets you earn a percentage back on everything you buy. In this guide, we’ll explore the top cash back credit cards for 2024 and how you can maximize your savings by choosing the right card for your spending habits.

Best Cash Back Rewards Credit Cards:

  • Blue Cash Everyday® Card from American Express
  • Capital One SavorOne Cash Rewards Credit Card
  • Blue Cash Preferred® Card from American Express
  • Chase Freedom Unlimited®

What to Look for in a Cash Back Rewards Credit Card

When choosing a cash back credit card, it’s essential to find one that aligns with your spending habits. Here are some key features to look for:

Rewards Structure

Cash back credit cards typically offer two types of rewards structures:

  • Flat-Rate Cash Back: These cards offer the same percentage of cash back on every purchase, making them ideal for people who don’t spend heavily in specific categories. For example, you might earn 1.5% or 2% back on all purchases.
  • Tiered Cash Back: These cards offer higher cash back rates for specific spending categories, like groceries, dining, or gas. For instance, you could earn 3% on groceries, 2% on dining, and 1% on all other purchases. If you spend a lot in one of these categories, a tiered card could offer you more value.

Redemption Flexibility

Some cards make it easy to redeem your cash back in multiple ways:

  • Statement Credits: Apply your cash back directly to your balance.
  • Bank Deposits: Transfer cash back to your bank account.
  • Gift Cards: Some cards allow you to redeem your rewards as gift cards for popular retailers. Choose a card that offers a redemption method that fits your financial preferences.

Sign-Up Bonuses

Many cash back credit cards offer sign-up bonuses that provide a cash boost if you meet a spending requirement within the first few months. These bonuses can range from $150 to $300 or more, giving you a great start on earning rewards.

Ongoing Rewards Rates

After the sign-up bonus period, focus on the card’s ongoing rewards rates. For everyday spending, a card with solid, consistent cash back rates will help you earn more over time.

Annual Fees and APR

Some cards come with annual fees, while others don’t. Consider how much you expect to earn in cash back to determine if the fee is worth it. Also, check the card’s APR, especially if you plan to carry a balance, as high-interest rates can offset your cash back earnings.

Comparing Cash Back Credit Cards

Let’s take a look at some of the top cash back credit cards for 2024 and how they stack up. Whether you prefer flat-rate rewards or higher earnings in specific categories, there’s an option for everyone.

1. Blue Cash Everyday® Card from American Express

Best for grocery, gas, and online rewards

Imagine this: You’re stocking up on groceries and filling your car with gas, and at the end of the month, you realize you’ve racked up some serious rewards. That’s exactly what the Blue Cash Everyday® Card from American Express can do for you. With no annual fee and some of the best rewards for everyday spending, it’s a go-to card for savvy shoppers.

Why It’s a Great Pick:

  • Cash Back on Everyday Essentials: Earn 3% cash back at U.S. supermarkets, gas stations, and online retail purchases (up to $6,000 per year, then 1%).
  • No Annual Fee: You get all the perks without paying a yearly fee.
  • Plan It® Feature: Pay off large purchases over time with a fixed monthly fee, making budgeting a breeze.

Things to Keep in Mind:

  • Shorter Intro APR Period: The 0% intro APR lasts 15 months (18.74% – 29.74% after intro), so if you have a large balance to pay off, you’ll need to be proactive.
  • High Regular APR: After the intro period, the APR can soar, so it’s important not to carry a balance for too long. (See Rates & Fees)

Real-Life Scenario: If you’re someone who regularly shops for groceries and gas and wants a card that offers great rewards without the hassle of an annual fee, the Blue Cash Everyday® Card is a solid choice.

Explore the Blue Cash Everyday® Card

2. Capital One SavorOne Cash Rewards Credit Card

Best for dining and entertainment

If your life revolves around dining out, catching the latest movies, and streaming your favorite shows, the Capital One SavorOne Cash Rewards Credit Card is a dream come true. Not only does it offer 3% cash back on all the fun stuff, but it also extends that bonus to grocery shopping and streaming services.

Why It’s a Great Pick:

  • Cash Back on Fun: Earn 3% cash back on dining, entertainment, streaming services, and grocery shopping.
  • No Annual Fee: Keep all your cash back without paying a yearly fee.
  • Special Perks for Uber Lovers: Enjoy 10% cash back on Uber and Uber Eats purchases, plus complimentary Uber One membership credits.

Things to Keep in Mind:

  • Not Great for Big Box Shoppers: The cash back rewards don’t apply to purchases at mega-stores like Walmart® and Target®.
  • Balance Transfer Fee: There’s a 3% fee on balance transfers during the intro period. (See Rates & Fees)

Real-Life Scenario: If you love eating out, going to concerts, or spending weekends streaming movies, the SavorOne card will reward you handsomely for doing what you enjoy.

Explore the Capital One SavorOne Cash Rewards Credit Card

3. Blue Cash Preferred® Card from American Express

Best for U.S. supermarkets

Do you have a growing family that goes through groceries like nobody’s business? The Blue Cash Preferred® Card is made for households that spend heavily on supermarkets, gas, and streaming services. Plus, it offers a generous 0% intro APR (18.74% – 29.74% after intro period) on balance transfers for 12 months.

Why It’s a Great Pick:

  • High Cash Back Rates: Earn 6% back at U.S. supermarkets and on streaming services, 3% back on gas, and 1% on other purchases.
  • $250 Statement Credit: After spending $3,000 within the first 6 months, you’ll receive a nice welcome bonus.
  • Intro Balance Transfer Offer: Get a 12-month 0% intro APR to help manage debt.

Things to Keep in Mind:

  • Annual Fee: After the first year, there’s a $95 annual fee. (See Rates & Fees)
  • Limited Rewards at Big-Box Stores: Walmart and Target purchases won’t qualify for the highest cash back rates.

Real-Life Scenario: If you’ve got a big family and love streaming TV shows or movies, this card can turn your everyday spending into serious cash back.

Explore the Blue Cash Preferred® Card

4. Chase Freedom Unlimited®

Best for dining and drugstores

Whether you’re grabbing takeout, booking a trip, or just stocking up on essentials, the Chase Freedom Unlimited® offers cash back on almost everything. Plus, it gives you a solid intro APR, perfect for managing balances while still earning rewards.

Why It’s a Great Pick:

  • Supercharged Rewards: Earn 5% on travel through Chase, 3% on dining and drugstores, and 1.5% on all other purchases.
  • Generous Intro APR: Enjoy 0% intro APR on purchases and balance transfers for 15 months (20.49% to 29.24% after intro period), making it easier to manage debt.

Things to Keep in Mind:

  • High Regular APR: Once the intro period ends, the APR can climb, so aim to pay off your balance during the intro period. (See Rates & Fees)
  • Shorter Intro Period: If you have a large balance, you might need more time to pay it down.

Real-Life Scenario: If you’re looking for a card that offers rewards across a variety of categories while giving you time to manage your debt, Chase Freedom Unlimited® is a smart choice.

Explore the Chase Freedom Unlimited® Card

Each of these cash back credit cards offers a unique set of perks, designed to fit different spending habits. Whether you’re all about groceries and gas or you’re more focused on entertainment and travel, there’s a card here to help you maximize your cash back rewards and save more on everyday purchases. Take a closer look and see which one best matches your lifestyle!

Each of these cards offers something different depending on how you spend. For those who don’t want to pay an annual fee, the American Express Blue Cash Everyday Card® saves you that yearly cost. If you spend more in specific categories, like groceries, the Blue Cash Preferred® Card from American Express might offer the highest returns, despite its annual fee.

Additional Perks of Using Cash Back Credit Cards

Beyond the cash back rewards, many of these cards come with extra perks that can add even more value:

Purchase Protection

Some cash back credit cards offer purchase protection, which covers purchases against damage or theft for a certain period after purchase. This can give you peace of mind when buying expensive items.

Introductory 0% APR

Many cash back cards offer a 0% APR on purchases and balance transfers for a limited time, usually 12-18 months. This is especially helpful if you plan to make a large purchase and want to pay it off over time without accruing interest.

Special Rewards Programs

Some cards provide additional rewards through special programs. For example, the Discover it® Cash Back card offers rotating categories like groceries, gas stations, and restaurants, where you can earn 5% cash back each quarter.

Travel and Shopping Perks

While most cash back cards don’t come with extensive travel perks, some cards—like the Blue Cash Preferred®—offer benefits like car rental insurance or access to exclusive discounts through the card’s shopping portal.

These perks can elevate your experience beyond just earning cash back, making the card even more useful for everyday spending and large purchases.

How to Choose the Right Cash Back Credit Card for Your Spending Habits

Finding the right cash back credit card depends on how you spend your money. Here are some factors to consider:

Where You Spend the Most

If you spend a lot on groceries, gas, or dining, look for a card that offers high cash back rates in those categories. For example, the Blue Cash Preferred® Card offers 6% back at U.S. supermarkets (on up to $6,000 per year), which can make a big difference for families with large grocery bills. If your spending is spread out across many categories, a flat-rate card like the Capital One Quicksilver® might make more sense.

Flat-Rate vs. Tiered Rewards

Flat-rate cards, like the Chase Freedom Unlimited®, are simple and straightforward. You’ll earn the same rate on all purchases, which is great for consistent rewards. Tiered rewards cards, like the Discover it® Cash Back, offer higher rewards in specific categories but require more attention to maximize the value.

Sign-Up Bonuses vs. Ongoing Rewards

If you’re looking for a quick return on your spending, a card with a generous sign-up bonus may be the way to go. However, if you want a card that offers lasting value, focus on the ongoing rewards rate. Consider how much you typically spend in bonus categories to calculate your long-term earnings.

Annual Fees

Some cards, like the Blue Cash Preferred®, come with an annual fee, but the higher rewards can often make up for the cost. If you don’t want to worry about fees, cards like the Chase Freedom Unlimited® and Capital One Quicksilver® offer great rewards without any fees.

By evaluating your spending habits and choosing a card that aligns with how you shop, you can maximize your cash back and earn more with every swipe.

Contributor Timothy Moore is a writer and editor in Cincinnati who covers banks, loans, insurance, travel and automotive topics for The Penny Hoarder.