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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, pending the rotating categories, you can get 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. You'll also need to sign up for the bonus categories each quarter. 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 up to 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.
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 14 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 14 months, while still earning up to the 10% rewards rate as described above.
Another Great Option: 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. The cash back rates are unprecedented: 6% back at U.S. supermarkets, 3% cash back on U.S. gas stations, 3% back at select U.S. department stores like Macy's, Nordstrom and JC Penny, and 1% back on other purchases. If the Blue Cash Preferred sounds too good to be true, note that there are some caveats: the 6% at US supermarkets is only on the first $6,000 you spend. So if you spend more than $500 a month on items at US supermarkets, you'll receive 6% back until you reach $6,000 in a year, then 1% back on everything over that. Note: you'll want to make sure you spend more than $30/week on items at US supermarkets in order to cover the $95 annual fee. But aside from those details, we have no hesitation recommending the Blue Cash Preferred
The Blue Cash Preferred also pays a $150 cash intro bonus, after spending $1,000 in purchases on your new card within the first 3 months. 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 U.S. supermarkets combined with the 3% on U.S. gas stations, 3% in select U.S. department stores and 1% on all other purchases.
Least Appropriate For : If you don't spend $100 or more on items at US supermarkets 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 items at US supermarkets and 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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