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Best Cashback Credit Cards for October 2020

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Best Cashback Credit Cards for October 2020

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

This article was last updated Oct 01, 2020. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.

Cashback credit cards are incredibly popular, and for good reason. They offer straightforward rewards and can help you earn anywhere from 1% to 6% back when you make a purchase with the card. Based on our research of cards available through CompareCards, as well as top cards offered by major issuers, we selected seven of the best cashback credit cards that offer high cashback rates, helpful benefits and either charge a low or no annual fee.

Best cashback card overall: Citi® Double Cash Card – 18 month BT offer

Best for: This is one of the top flat-rate cashback cards we recommend. If you have excellent credit and are looking for a simple cashback program that doesn’t have any spending limits or requires you to switch categories every quarter, there’s a lot to like about the Citi® Double Cash Card – 18 month BT offer.

Why we like it: The Citi® Double Cash Card – 18 month BT offer has a $0 annual fee, and you’ll earn 2% on every purchase with unlimited 1% cash back when you buy, plus an additional 1% as you pay for those purchases. This is a great flat rate on all purchases and provides an incentive to pay your bill quickly.

Note that you can earn the 1% as you pay even by making the minimum payment due. If you miss a payment, however, you’ll miss the cash back you would have earned.

You can redeem cash back for checks, statement credits or Citi ThankYou® points (which can be redeemed for gift cards, travel purchases at select retailers and more).

If you want a card that gives you all your cash back up front (that is, upon making a purchase), competing 2% cashback cards include the Fidelity® Rewards Visa Signature® Card and the PayPal Cashback Mastercard®.

Other card details: There’s a lengthy intro 0% for 18 months on balance transfers, after which an APR of 13.99% – 23.99% (variable) applies. The balance transfer fee is 3% of each balance transfer; $5 minimum. Plus, Citi Entertainment provides exclusive access to a variety of events like entertainment and sports.

Best cashback card for travel: Wells Fargo Propel American Express® card

Best for: The Wells Fargo Propel American Express® card offers generous rewards on a wide variety of travel and dining purchases. If you want a flexible cashback travel card with a $0 annual fee, this one is hard to beat.

Why we like it: Earn 3X points on eating out, ordering in and popular streaming services, 3X points on gas stations, rideshares and transit, and 3X points on travel including flights, hotels, homestays and car rentals. Earn 1X points on other purchases.

Here’s what’s included in the transit and travel category:

  • Airlines
  • Passenger railway and passenger trains
  • Hotels, motels and timeshares
  • Vehicle and auto rentals
  • Limousines
  • Taxis
  • Cruise lines
  • Travel agencies and discount travel sites
  • Campgrounds
  • Ferries
  • Toll bridges and highways
  • Parking lots and garages

And here are the services that earn streaming rewards:

  • Apple Music
  • Hulu
  • Netflix
  • Pandora
  • Sirius XM Radio Inc.
  • Spotify Premium

Other benefits: The Wells Fargo Propel American Express® card also offers helpful benefits such as lost luggage reimbursement, car rental loss and damage insurance and cell phone protection.

Best cashback cards for rotating 5% categories

Discover it® Cash Back

  • 0% for 14 months on purchases and Balance Transfers, then 11.99% - 22.99% Variable.

  • Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically. *

  • Get a dollar-for-dollar match of all the cash back you've earned at the end of your first year, automatically*

Highlights
  • INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.
  • Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate.
  • Plus, earn unlimited 1% cash back on all other purchases - automatically.
  • Redeem cash back in any amount, any time. Rewards never expire.
  • Use your rewards at Amazon.com checkout.
  • Get an alert if we find your Social Security number on any of thousands of Dark Web sites.* Activate for free.
  • No annual fee.
  • Discover is accepted nationwide by 99% of the places that take credit cards.
  • See Rates & Fees

See additional details for Discover it® Cash Back

More Info

Best for: If you’re looking for one of the highest cashback rates available, as well as a generous cashback match the first year, the Discover it® Cash Back ranks high on the list — so long as you’re willing to make the effort to activate rotating categories each quarter.

Why we like it: Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, gas stations and when you pay using PayPal, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases – automatically. Here are the 5% cashback categories for 2020.

And for new cardmembers, Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. Just a dollar-for-dollar match.

The annual fee is $0.

Other benefits: This card comes with benefits that include free access to your FICO® Score and the ability to freeze and unfreeze your card in case you misplace it. You’ll also be able to receive alerts if your Social Security number is found on the dark web, though you’ll have to sign up for that service.

Chase Freedom Flex℠

  • Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. And earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.

  • 0% Intro APR on Purchases for 15 months

  • 14.99% - 23.74% Variable

Highlights
  • Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
  • Earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
  • Earn 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate. Enjoy new 5% categories each quarter!
  • Earn 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1% on all other purchases.
  • No annual fee.
  • 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
  • No minimum to redeem for cash back. Cash Back rewards do not expire as long as your account is open.

See additional details for Chase Freedom Flex℠

More Info

Best for: The Chase Freedom Flex℠ also offers a similar rotating category cashback program as the Discover it® Cash Back card — as well as rewards in certain ongoing categories. However, unlike with the Discover it® Cash Back card, Chase’s rotating cashback categories are announced quarterly instead of all at once at the beginning of the year.

This is a good card to pair with the Chase Sapphire Preferred® Card or Chase Sapphire Reserve®, since you can transfer rewards earned with the Chase Freedom Flex℠ to your Sapphire card, then redeem points for travel through the Ultimate Rewards portal.

Why we like it: Earn 5% cash back on eligible purchases in rotating categories, 5% on travel purchased through Chase, 3% on dining and drugstores, and 1% on all other purchases. Check out the 5% cashback categories announced for 2020 so far.

Plus, the sign-up bonus is generous for having such a low spending requirement: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. And earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.

The has a $0 annual fee.

Other benefits: You can get complimentary membership to DashPass for three months — a subscription service from DoorDash that offers unlimited delivery for a $0 delivery fee on orders of more than $12. (Note that after the three months are up, you’re automatically enrolled in DashPass at 50% off for the next nine months.) Activate by Dec. 31, 2021 to receive this benefit.

Plus, enjoy purchase protection, extended warranty protection, auto rental damage collision waiver, trip cancellation/interruption insurance and World Elite Mastercard benefits, such as cellphone protection.

Best cashback card for dining and entertainment: Capital One® SavorOne® Cash Rewards Credit Card

Best for: Avid foodies will love the Capital One® SavorOne® Cash Rewards Credit Card’s rewards for dining, while those who enjoy events such as going to a movie or a sports event can appreciate earning cash back on entertainment expenses.

Why we like it: This card earns 3% Cash Back on dining; 3% Cash Back on entertainment; 2% Cash Back at grocery stores; 1% Cash Back on all other purchases; as well as 3% Cash Back on select streaming services, including Netflix, Hulu and Disney+, through Sept. 30, 2020. That’s one of the highest cashback rates on dining and entertainment that you’ll find on a card with a $0 annual fee.

Plus, the sign-up bonus offers great value for a low spending requirement: Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening.

Other benefits: The Capital One® SavorOne® Cash Rewards Credit Card’s benefits include travel accident insurance, virtual card numbers for shopping online and special access to events such as concerts, sports events and more.

Best cashback card for U.S. supermarket spending: Blue Cash Preferred® Card from American Express

  • $300 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months.*

  • 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). 6% Cash Back on select U.S. streaming subscriptions. 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more). 1% Cash Back on other purchases.

  • 1% back on other purchases*

Highlights
  • Limited Time Offer: Earn a $300 statement credit after you spend $3,000 in purchases on your new Card within the first 6 months. Offer Expires 12/10/2020
  • Limited Time Offer: $0 introductory annual fee for one year, then $95. Offer Expires 12/10/2020
  • 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%).
  • 6% Cash Back on select U.S. streaming subscriptions.
  • 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more).
  • 1% Cash Back on other purchases.
  • Plan It® gives the option to select purchases of $100 or more to split up into monthly payments with a fixed fee and no interest.
  • Cash Back is received in the form of Reward Dollars that can be redeemed as a statement credit.
  • Terms Apply.
  • See Rates & Fees

See additional details for Blue Cash Preferred® Card from American Express

More Info

Best for: If you have excellent/good credit and grocery shopping makes up a big part of your budget, the Blue Cash Preferred® Card from American Express offers a very generous cashback rate on U.S. supermarket purchases.

Why we like it: Earn 6% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases (then 1%). 6% Cash Back on select U.S. streaming subscriptions. 3% Cash Back at U.S. gas stations and on transit (including taxis/rideshare, parking, tolls, trains, buses and more). 1% Cash Back on other purchases. 3% Cash Back on U.S. gas stations and transit (e.g., taxis/rideshare, parking, tolls, trains, buses and more).

There’s a $0 introductory annual fee for one year, then $95 annual fee, but if you spend at least $1,584 on purchases eligible for the 6% cashback rate, you’ll recoup the amount of the fee in cash back (that’s not counting the first year welcome offer).

Other benefits: Benefits include return protection, two-day shipping on eligible items with ShopRunner and ticket presales and exclusive seats with Entertainment Access® for concerts, sporting events and more.

To see rates & fees for Blue Cash Preferred® Card from American Express please click here.

Best cashback card for gas: Bank of America® Cash Rewards credit card

Best for: If you’re a road warrior who’s looking to offset some fuel costs, or if you want a flexible card that lets you choose your 3% category, the Bank of America® Cash Rewards credit card is a great card to have in your wallet. It’s even better if you’re a Bank of America Preferred Rewards member — you’ll earn 25% to 75% more cash back on every purchase.

Why we like it: Earn 3% cash back in the category of your choice, 2% cash back at grocery stores and wholesale clubs for the first $2,500 in combined choice category/grocery store/wholesale club quarterly purchases, 1% cash back on every purchase. Categories you can choose from to earn 3% cash back on include the following:

  • Gas
  • Online shopping
  • Dining
  • Travel
  • Drug stores
  • Home improvement/furnishings

You have the option to change your 3% cash back category each month.

This card charges a $0 annual fee.

Sign-up bonus: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.

FAQ on cashback credit cards

What is cash back? In the credit card world, cash back is one type of rewards program that some issuers offer. You earn a percentage of your purchase back in rewards — some cards offer a flat rate of 1.5% or 2% cash back per $1 spent, while others offer higher rewards in certain categories. For example, two of the cards in this article offer 5% back per $1 spent in rotating categories.

Some cards will allow you to redeem cash back in any amount, while others have minimum redemption amounts of $25. Ways to redeem often include as statement credits to your credit card, as deposits to a bank account or as gift cards for popular merchants.

Can I get unlimited cash back? There are cards that offer cash back with no spending limit. Other cards set a limit on how much cash back you can earn at higher rates, then drop you down to a 1% cashback rate once you hit a quarterly or annual spending maximums.

What is the best cashback card with no annual fee? Many of the cards in this article offer great cashback rewards and charge no annual fee. The best cashback card will depend whether you want a flat-rate 2% cashback card, a card that earns 5% cash back in rotating categories or a card that offers a higher cashback rate in certain categories such as gas, dining or supermarkets.

The information related to the Chase Freedom® has been independently collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.


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