Five percent cash back is another way of saying that you will earn $50 in rewards for every $100 spent. The best credit card that gives 5% cash back on certain purchases is the Chase Freedom Flex® Credit Card, which offers 5% back on travel and quarterly bonus categories. Overall, the card’s rewards rates range from 1 - 5% cash back, as different types of purchases have different earning rates.
Currently, there aren’t any major credit cards that offer 5% cash back on all purchases. But there are some that offer it for certain purchase categories, and you can check out the top options below.
Best 5% Cash Back Credit Cards
Overall:Chase Freedom Flex® Credit Card
See AlsoKnow how to redeem your Reward pointsCashback can help you save by giving you money after you make an online purchase. How does cashback work and how do cashback sites make money? Here’s a quick guide to cashback, including how to make the most of cashback rewards.10X the Cash – Maryland LotteryChase Freedom Flex® Credit Card
Learn MoreLearn More- Gas & Military Base Purchases:
USAA® Cashback Rewards Plus American Express® Card
Learn MoreLearn More - Categories of Your Choice:
U.S. Bank Cash+® Visa Signature® Card
Learn MoreLearn More - Rates & FeesTop Spending Category:
Citi Custom Cash® Card
Learn MoreLearn Moreon issuer's website
- Overall:
- Gas & Military Base Purchases:
- Categories of Your Choice:
- Top Spending Category:
How 5% Cash Back Works
You make purchases on your card, and then rewards equaling 5% of those purchases appear in your account, which can sometimes take one to two billing periods. Then, you can usually redeem that cash back as a statement credit or a deposit to a bank account, and sometimes for a check. Some issuers might even let you redeem your cash back directly for gift cards, travel or merchandise.
You can check out WalletHub’s editors’ complete picks for the best cash back credit cards to find a cash back card that meets your needs and spending habits.
This answer was last updated on 07/02/24 and it was first published on 01/17/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
