Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.

Two Cards Have Hit The Market With 10% Cash Back Offers

Banks are fiercely competing for your business. Take advantage by getting a card that pays you 10% cash back.

Right now, there's a real battle going on between credit card issuers. In the latest round of this industry fight, two issuers have revamped their cash back cards, boosting the amount of cash they pay to levels we've never seen before. Two cards in particular have included eye-opening 10% cash back features, while a third card offers an incredible 6% cash back on what many people spend the most on: groceries. The three cards dominated our recent head-to-head comparison of 6 high-paying cash back cards. If you're considering upgrading to a card paying more cash back than the card you use now, or you're looking to start earning cash back in the first place, you will be very hard-pressed to find a better card than the two we review below.

The 10% Card Without An Annual Fee: Discover it- Cashback Match

You can earn an insane 10% cash back the entire first year you use the Discover it card. Discover will count up all the cash back you earn, then double it at the end of the year. That means you'll be earning a minimum of 2% cash back on everything you spend, and an incredible 10% cash back on major categories that rotate each quarter. As an example, until the end of June 2016, restaurants are one of the categories. If you dine out with any frequency, the 10% can become really meaningful really quickly. Beginning in July, Amazon will become an eligible category, so you'll be able to earn 10% back on purchases there as well. Again, all of this cash back comes with no annual fee, a rarity among rewards cards that pay at this high a level. Note that the 10% rate applies to the first $1,500 in eligible spending per quarter, so if you hit the spending caps each quarter, you'll earn $600 in cash back just from this feature. Beyond the cash back rates, the Discover it also offers 12 months of 0% APR on purchases, so during the first year, you can shop, earn the 10% cash back, and carry a balance without paying any interest.

Pros : Extremely high cash back rates with no annual fees. In the first year, the card pays 2% cash back on all spending, with no limits, and 10% cash back in major spending categories that include restaurants and Amazon. The 12 month 0% intro APR on purchases also makes it a great card to use for large purchases during the first year.

Cons : The ultra-high 5%/10% cash back rates are capped at $1,500 in spending per quarter.

Verdict : A fantastic card for anyone who wants to earn industry leading cash back rates but does not want to pay an annual fee. Our recommended no-fee cash back card.

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The 10% Card With The Big Balance Transfer Offer: Discover it - 18 month balance transfer offer

You can earn the same insane 10% cash back the entire first year you use the balance transfer card as you would using the cash back match. The big difference between the two is that the balance transfer offers 18 months of 0% intro APR on any balance you transfer to it, while the Cashback Match offers 12 months of 0% intro APR on purchases. So it really boils down to this: if you have an existing balance and want to save money by transferring to a 0% card, but ALSO want to earn 10% on new purchases, you'll want to choose the balance transfer offer. If you don't have a balance currently, the Cashback Match makes more sense since you won't pay any interest on purchases for the first 12 months, while still earning the 10% rewards rate as described above.

The $500/Year Cash Back Card: Blue Cash Preferred from American Express

We wouldn't be doing our jobs if we didn't feature the Blue Cash Preferred Card (a LendingTree advertiser) in any list of high-paying cash rewards cards. While they recently terminated their own version of a 10% rewards program (as of June 15th, 2016) that was never the big source of value in the card. What really makes this card tick is the absolutely fantastic 6% cash back it pays in grocery spend. Our cash back card comparison showed that a typical user of the Bue Cash Preferred will earn almost $600 in annual cash back , clearing $514 per year after the annual fee. The cash back rates are unprecedented: 6% back on groceries, 3% back on gas, 3% back at major department stores like Macy's, Nordstrom and JC Penny, and 1% back everywhere else. If the Blue Cash Preferred sounds too good to be true, note that there are some caveats: the 6% in grocery stores is only on the first $6,000 you spend. So if you spend more than $500 a month on groceries, you'll receive 6% back on the first $500, then 1% back on everything over that. You'll also want to make sure you spend more than $30/week in grocery stores in order to cover the $95 annual fee ($75 if your application is received by 8/3/16). But aside from those two caveats, we have no hesitation recommending the Blue Cash Preferred as our Editor's Choice cash rewards card.

The Blue Cash Preferred also pays a $150 cash intro bonus , while charging no interest for the first 12 months on both new purchases with its 12-month 0% intro APR. It's an incredible bundle of rewards features, and is the reason the card came in first in our high paying cash back card analysis.

Most Appropriate For : Simple: those who spend enough to capitalize on the staggering cash back rates. The 6% in grocery stores is worth up to $360 in cash back, while the 10% on mobile provider spend is worth up to $200. That's $560 in cash back on just two categories. The card also pays 3% on gas, 3% in major department stores and 1% on all other spending. In our head-to-head spend analysis, we found that a typical user of the Blue Cash Preferred would earn about $500 in cash back each year.

Least Appropriate For : If you don't spend $100 or more on groceries per month, you won't be maximizing the value of this card, and would do better getting a card with no annual fee.

Verdict : If you spend a typical amount of money on groceries at on gas, this is hands-down the cash back card to get . The other features are nice, but make no mistake, this card is all about the amazingly generous cash reward rates.

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At A Glance: The High-Paying Cash Back Cards

Year 1 Cash Back Highlights
Year 1 Cashback
Annual Fee

Blue Cash Preferred from American Express

  • 6% on groceries
  • 3% on gas
$644 20 **
$95 00

Discover it
 Cashback Match

  • 10% on major categories*
  • (ex. resturants, Amazon etc.)
$528 00 **
$0

*5% doubled at the end of the year to get to 10%.
** View total Year 1 Cashback calcuations

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author's alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.