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.

Advertisement

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 two 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.

Up to 10% 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 December 2016, you'll get the bonused 10% on all your spending at Amazon.com, major department stores and Sam's club. So effectively, you get 10% cashback on shopping. 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 14 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 14 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.

More Details >

Up to 10% With A 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.

More Details >

 

At A Glance: The High-Paying Cash Back Cards

Highlights
Year 1 Cashback
Annual Fee

Discover it
 Cashback Match

  • 10% on major categories*
  • (ex. restaurants, Amazon etc.)
  • 0% Intro APR on Balance Transfers for 14 Months
$528 00 **
$0

Discover it
18 Month Balance Transfer Offer

  • 10% on major categories*
  • (ex. restaurants, Amazon etc.)
  • 0% Intro APR on Balance Transfers for 18 Months
$528 00 **
$0

At A Glance:
The High-Paying Cash Back Cards

Blue Cash Preferred
from American Express
Year1 Cash Back Highlights
Year 1 Cash Back
Annual Fee
6% on items at US supermarkets
3% on gas
$644**
$95

Plus: 0% Intro APR on Balance Transfers for 12 Months
(3% balance transfer fee)

More Details >
Discover it
Cashback Match
Year1 Cash Back Highlights
Year 1 Cash Back
Annual Fee
10% on major categories*
(ex. restaurants, Amazon etc.)
$528**
$0

Plus: 0% Intro APR on Balance Transfers for 14 Months

More Details >
Discover it
18 Month Balance Transfer Offer
Year1 Cash Back Highlights
Year 1 Cash Back
Annual Fee
10% on major categories*
(ex. restaurants, Amazon etc.)
$528**
$0

Plus: 0% Intro APR on Balance Transfers for 18 Months

More Details >

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