Are cash back cards a good idea?

If you rely on credit cards to manage your expenses, using a cash back card is a smart way to earn money back on the spending you have to do anyway. However, if you struggle with debt and paying your credit card bill on time, it’s a good idea to avoid credit cards in general.

What credit card gives you 3% back?

There aren’t any credit cards that provide a flat 3% back across the board. However, several cards offer 3% back in certain spending categories, including the Amex EveryDay® Preferred Credit Card, Bank of America® Customized Cash Rewards Credit Card, and Capital One SavorOne Rewards.

How do you get 5% cash back on everything?

There is no cash back card that provides 5% back on all purchases. However, several cards offer 5% cash back on popular spending categories like groceries and gas, including the US Bank Cash+ Visa Signature ® Card, Credit One Bank Platinum X5 Visa, and Discover it Cash Back card.

How much is 1.5% cash back on $1,000?

If you spend $1,000 in eligible purchases on a card that offers 1.5% back, you’d earn $15 in cash back.

Is there a downside to cash back?

There is no downside to earning cash back. However, it’s not a good idea to spend money on a credit card that you can’t afford to pay back just to earn cash back. Missing payments results in late fees and harm to your credit.

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12 BEST CASH BACK CREDIT CARDS OF JANUARY 2025

12 best cash back credit cards: Up to 5% back