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Compare credit cards with rewards8/6/2023 If you spend $1,000 a month on a 2% cash-back credit card, you’ll earn $240 in cash per year. While there are many different types, these cards have one thing in common: they put money in your pocket. Some cash-back cards cap the amount of cash you can earn if you pass a certain spending limit. Some cards pay as much as 5% cash back on certain spending categories like restaurants or live entertainment. Is one example.) The cash will typically arrive as a deposit in your bank account, a statement credit that lowers your balance, or on a gift card. Some pay you 2% back on every purchase, so if you spend $100, you get two bucks back. Who couldn’t use a little extra cash these days?Ĭash-back cards come in a variety of styles. and we’re all feeling the pinch of higher prices. Inflation is stickier than an August day in Washington, D.C. See also: What’s the best way to get rid of credit-card debt - pay off the smallest balance first or the one with the highest interest rate? My reasons 3, which is not cash-back, not travel, but is a low interest rate,” Rossman said. “Credit-card interest rates are so high that if you have debt, you should pick door No. No amount of cash back or travel points outweighs the cost of credit-card debt. The average credit-card interest rate is currently 20.37%, according to Bankrate, the highest since Bankrate started tracking rates almost 40 years ago. The verdictīut before we proceed, it’s important to note that neither of these options works if you carry a credit-card balance, said Ted Rossman, senior industry analyst at. Exploring cash-back and travel-rewards credit cards is a chance to think about how our credit cards can work for us instead of the other way around. When you’re carrying a balance, it can feel like your credit card is controlling your life. adults have a credit card, according to the Federal Reserve, and credit-card balances just hit a historic high. But what about cash-back credit cards, which can pile up a few dollars every time you make a purchase? If you’re in the market for a new credit card, which one gives you more bang for your buck, a cash-back card or a travel-rewards card? Why it mattersĬredit card companies are always trying to grab our attention and our business.
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