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Two Cards Have Hit The Market With Up to 5% Cash Back Offers

Banks are fiercely competing for your business. Take advantage by getting a card that pays you up to 5% cash back.

Right now, there's a real battle going on between credit card issuers. In the latest round of this industry fight, one issuer has revamped their cash back cards, boosting the amount of cash they pay to levels we've never seen before. Two cards in particular offer the chance to earn an unbelievable 10% cash back in your first year. 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™

With the unique sign up bonus in the first year, you can earn an insane 10% cash back when you use the Discover it® Cashback Match™. Here’s how the Cashback Match™ works: with this card you earn 5% cash back in rotating categories each quarter like gas stations, Amazon.com, restaurants, wholesale clubs and more, up to the quarterly maximum each time you activate. Plus, 1% cash back on all other purchases. 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 during your first year. 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 5% 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, this card also offers an intro APR of 0% for 14 months, 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 intro APR of 0% for 14 months 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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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 this balance transfer card as you would using the Discover it® - 18 Month Balance Transfer Offer. The big difference between the two is that this card offers an intro APR of 0% for 18 Months on balance transfers. 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’ll have an intro APR of 0% for 14 months on purchases, while still earning the 10% rewards rate as described above.

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At A Glance: The High-Paying Cash Back Cards

Highlights

Year 1 Cashback

Annual Fee

Discover it® Cashback Match™

Highlights

  • 10% on major categories* (ex. restaurants, Amazon etc.)

Year 1 Cashback

$528 **

Annual Fee

$0

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

More Details
Discover it® - 18 Month Balance Transfer Offer

Highlights

  • 10% on major categories* (ex. restaurants, Amazon etc.)
  • 0% Intro APR on Balance Transfers for 21 Months

Year 1 Cashback

$528 **

Annual Fee

$0

Plus: 0% Intro APR on Balance Transfers for 21 Months

More Details

*5% doubled at the end of the year to get to 10%.