Cash Back Rewards Credit Cards

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Cash back credit card basics

How cash back credit cards work

Cash back rewards are based on a percentage of qualified purchases. These percentages can vary from 1% to as high as 5%. Some issuers will provide a percentage for any purchase, whereas others will have varied percentages based on purchasing categories, such as groceries or gas.

Applying for a cash back card

Not only can a higher FICO Score potentially get you a better APR, it could also get you a better rewards card. If you have a fair FICO Score, you may still qualify for a cash back card, but working on your credit and FICO Score could help you get the cash back card you want.

Additional things to look for

Issuers can also incentivize with additional cash back rewards. There are some cash back cards that reward you when you purchase and when you pay your bill, and some issuing banks will reward you again if you deposit the cash back into a qualified checking or savings account. Others will also offer higher cash back percentages for purchases made at a specific brand or store, and these may also include an annual or member fee.

Maximizing cash back rewards

Know your FICO Score: When you know what FICO Score range you’re in it can help you stay on top of your credit and will keep you informed with what offers are best matched for you. With your FICO Score, you will know the factors impacting your credit, so that you have a smarter way of achieving the goals you set.
Pay your credit card bill on time: When you miss a payment, you may pay a late fee of up to $35. If you had cash reward credit card with 1% rewards, then you would have to spend $3,500 to receive $35 in cash rewards. Paying a late fee could negate your cash rewards quickly, and it can negatively impact your FICO Score.
Pay off your credit card bill every month: When you pay off your bill every month, you can avoid paying any interest charges and grow your cash rewards. Carrying a high balance could negate the rewards benefits you have accumulated, and even put you in the red. High balances could also affect your FICO Score negatively. If you had spent $1,000 on a cash back credit card with 1% rewards that had an average APR, and only paid the minimum payment of $25 when the bill was due, then the interest you pay for that month could be $15. In this case, the $10 cash back for spending the $1,000 would be wiped out and you would actually owe more because of the interest accrued.
Consider avoiding cash advances: Typically, there is a fee associated with cash advances. For example, an issuer may charge $10 or 5%, whichever is greater. If you took an advance of $100, 5% would be $5, and since it is the lower of the two, you would have to pay a fee of $10, which in this case turns out to be a 10% fee. You would then have to spend $1,000 on a 1% cash back card, just to get that $10 fee back.

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^☉Credit score calculated based on FICO^® Score 8 model. Your lender or insurer may use a different FICO^® Score than FICO^® Score 8, or another type of credit score altogether. Learn more.

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