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Ranking The Best Credit Cards For Cash Back Bonuses In 2014

Save while Spending

Our friends from Best2014CreditCards.com helped us pull together a list of the best cash back promotion cars on the market this September. Americans love to buy now and pay later. Billions of dollars are charged to credit cards annually for small, routine purchases as well as large, unexpected expenses including appliances and emergency repairs. Fortunately, consumers can regain a small portion of their expenditures through cash back bonuses and point systems offered by many major credit card issuers. Most cardholders enjoy monthly rewards amounting to 1% of all purchases, plus 5% for specific types of charges.

One of the first credit card companies to afford its customers a rewards program was Discover Card. Current members can sign up quarterly to receive 5% cash back for charges from select industry types such as hotels or department stores while enjoying 1% on all other purchases. The rewards can be direct deposited into the consumer’s bank account, credited to the following month’s statement, used as payment on preferred websites, donated to a charity, or received in the form of a gift card. The recipient can increase the reward amount by requesting cash back through a gift card for one of Discover’s many partners. The associates range from online florists to popular movie theaters. The bonus can actually be doubled with some partners.

Perhaps the best rewards program is offered by Citibank, who advertises a credit card with double cash back on every purchase. The cardholder receives 1% at the time of purchase, then an additional 1% when payment is made, regardless of the remittance method. No limit is placed on the earnings, and the program applies to all categories of purchase. Another popular choice, the Chase Freedom card, allows the consumer to earn $100 within the first three months after activation if purchases add up to $500. This reward is a big boost toward a significant savings account, particularly if the customer takes advantage of the special quarterly rewards that offer 5% on specific purchase types. Many cardholders choose to accumulate their rewards all year, then cash them to pay for holiday shopping or small vacation getaways. Others choose a credit card that offers points rather than cash back. For example, some Bank of America customers collect credit card points that can be traded for cruise line discounts.

A large cash back reward usually requires extensive spending, but consumers often build their accounts by charging regular daily expenses like groceries, gas, coffee, fast food, and postage, in addition to more costly purchases. Many cardholders pay their debt in full each month to avoid interest charges while enjoying the benefits of the credit card company’s rewards program.

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