Best Cash Back Cards of May 2024
“In new credit card wars, consumers emerge as big winners” – Newsweek
This year, credit card companies are competing intensely for your business, releasing brand-new cards with incredible cash back perks and easy-to-earn sign-up bonuses.
That’s great news for all of us! It also means that if you’re still using that same old credit or debit card, you could be missing out on hundreds or even thousands of dollars each and every year by not using a top card.
Our experts have sorted through hundreds of credit cards and rated the ones below as top picks for 2024. Some of the below offers include incredible perks, such as:
- Hefty sign-up bonuses - ranging from $200 to an unlimited cash back match intro bonus
- Outstanding cash rewards - you could earn up to 5% back
- Long 0% intro APR on purchases - avoid high interest rates into 2025
- $0 annual fee
Discover it® Cash Back
Great for: Unlimited Cashback Match
5.00 out of 5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor5.00 out of 5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor2024 AWARD WINNER
Our pick for Best Cash Back Credit Card of 2024 because it has the highest cash back earning potential we've seen!
Rewards Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.
1% - 5% Cashback
Welcome Offer N/A
Discover will match all the cash back you've earned at the end of your first year.
Intro APR
Purchases: 0%, 15 months
Balance Transfers: 0%, 15 months
Regular APR
17.24% - 28.24% Variable APR
- INTRO OFFER: Unlimited Cashback Match for all new cardmembers – 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. You could turn $150 cash back into $300.
- Earn 5% cash back on everyday purchases at different places you shop each quarter like grocery stores, restaurants, gas stations, and more, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases—automatically.
- Redeem your rewards for cash at any time.
- Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
- Get a 0% intro APR for 15 months on purchases. Then 17.24% to 28.24% Standard Variable Purchase APR applies, based on credit worthiness.
- No annual fee.
- Terms and conditions apply.
We think this card has among the highest cash back potential for cards with no annual fee. The key is the Unlimited Cashback Match — Discover automatically matches all the cash back new cardholders have earned at the end of the first year. That cash back can seriously add up when you earn 5% cash back on rotating bonus categories (when you activate them, up to the quarterly maximum) and 1% on other purchases.
Imagine paying no interest into 2025 on purchases and balance transfers and securing a rich sign-up bonus! Both are possible with Discover it® Cash Back . First, you earn 5% cash back on everyday purchases at different places each quarter like grocery stores, restaurants, gas stations up to the quarterly maximum of $1,500 on purchases and when you activate. Other purchases earn 1% cash back.
Best yet, Discover will match all cash back earned in the first year for new cardholders. So what can this actually add up to in the real world? We calculate you can secure $1,306* in the first year from the cards rewards and sign-up bonus - and that might be conservative. Not a bad return on investment for the 2-minute application process!
What's more, enjoy 0% intro APR for 15 months on both purchases and balance transfers. Since the go-to variable rate applies after the intro offer, it's smart to pay off balances before the offer expires. The cash rewards program and 0% intro APR offer alone are best-in-class, but you get both in one card. (See rates and fees.)
Wells Fargo Active Cash® Card
Great for: Flat-Rate Cash Rewards
5.00 out of 5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor5.00 out of 5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = PoorWelcome Offer Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
$200 cash rewards
Rewards Earn unlimited 2% cash rewards on purchases.
2% cash rewards
Intro APR 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers
Purchases: 0% intro APR, 15 months from account opening
Balance Transfers: 0% intro APR, 15 months from account opening on qualifying balance transfers
Regular APR
20.24%, 25.24%, or 29.99% Variable APR
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
This card’s unlimited 2% cash rewards on purchases is the highest we’ve seen for a flat-rate rewards card with no annual fee. It also has an incredibly easy-to-earn $200 welcome bonus and a generous intro APR offer. We simply haven’t come across this combination of top perks in one card before.
The Wells Fargo Active Cash® Card (see rates and fees) has earned a coveted 5-star rating from our experts, and it's easy to see why.
This is the first card we’ve seen that offers a best-in-class unlimited 2% cash rewards rate, and would be highly-rated based on that alone. But it also offers two additional highly sought-after features: a hefty $200 cash rewards sign-up bonus after spending $500 on purchases within three months, and a generous 15 months from account opening of 0% intro APR on purchases and qualifying balance transfers (20.24%, 25.24%, or 29.99% Variable APR thereafter). I’ve simply not come across this combination of top perks in one card before.
Add in the fact that you get all of this for $0 annual fee, and this card becomes a no-brainer for many consumers. I don't say this lightly: it's easily one of the best cash rewards cards we've seen.
Chase Freedom Unlimited®
Great for: Unlimited Cash Back with Bonus Categories
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website.
5.00 out of 5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor5.00 out of 5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor
Apply Now for Chase Freedom Unlimited®
On Chase's Secure Website.
Intro APR 0% Intro APR on Purchases and Balance Transfers for 15 months
Purchases: 0% Intro APR on Purchases, 15 months
Balance Transfers: 0% Intro APR on Balance Transfers, 15 months
Regular APR
20.49% - 29.24% Variable
Rewards Enjoy 5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 1.5% on all other purchases
1.5% - 5% cash back
Annual Fee N/A
$0
Welcome Offer Earn an extra 1.5% on everything you buy (on up to $20,000 spent in the first year) — worth up to $300 cash back. That's 6.5% on travel purchased through Chase Travel, 4.5% on dining and drugstores, and 3% on all other purchases.
Up to $300 cash back
- INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
- Enjoy 6.5% cash back on travel purchased through Chase Travel, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
- After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
- No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
- Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
- No annual fee – You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card
- Keep tabs on your credit health, Chase Credit Journey helps you monitor your credit with free access to your latest score, alerts, and more.
- Member FDIC
This card would be highly-rated based on its unlimited 1.5% - 5% cash back rates & 0% Intro APR offer alone. But the innovative sign-up bonus (worth up to $300 cash back) makes it particularly good if this would be your primary credit card. With the bonus, you’ll earn 4.5% cash back on dining and drugstores, 6.5% on travel booked through Chase Ultimate Rewards®, and 3% on all other purchases (on up to $20,000 spent in the first year). After the bonus, you’ll still earn the regular cash back rates on every purchase.
The Chase Freedom Unlimited® card is one of our favorite options if this would be your primary credit card.
First, it has top-notch unlimited cash back rates. At minimum, you’ll earn unlimited 1.5% cash back on purchases. But you’ll also earn unlimited 3% on dining (including takeout and eligible delivery services) & drugstores, and unlimited 5% on travel purchased through Chase Travel.
Even better, new cardholders earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) — that’s worth up to $300 cash back! That equals 4.5% cash back on dining and drugstores, 6.5% on travel booked through Chase Ultimate Rewards®, and 3% on all other purchases (on up to $20,000 spent in the first year).
0% Intro APR for 15 months on purchases and balance transfers is the cherry on top (20.49% - 29.24% Variable APR thereafter).
There's a right way to swipe
Credit cards with rewards and 0% intro APR offers are excellent, but remember, they are a tool to help you get the most out of your spending. The Ascent motto to follow:
- Pay off your card in full each month.
- Choose a card whose rewards are a good fit for you.
- Don't spend more than you already would.
Follow this and you'll be making your money work overtime for you. Live richly, not risky.
Our Credit Cards Experts
The Ascent brings financial expertise, trusted advice, and unbiased analysis to the world of daily personal finance decisions. Our mission is to help you live more richly.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
*How to earn $1,306 with the Discover it® Cash Back: You can receive $600 cash back in the first year by maxing out 5% categories. You'll earn $300 in this case, plus $300 from Discover for your cash back match in the first year. You can also earn $706 cash back in the first year in 1% categories — The average American budget* would result in earning $353.45 cash back each year in 1% categories, and Discover will match this amount in the first year for a total amount of $706. This adds up to $1,306 earned in your first year.
*Average American budget per https://www.fool.com/the-ascent/research/average-monthly-expenses/. Includes the following categories earning 1% cash back: utilities and household operations, healthcare, apparel and services, education, vices, miscellaneous, personal care, reading, food, transportation, and entertainment.
Wells Fargo is an advertising partner of The Ascent, a Motley Fool company. Discover Financial Services is an advertising partner of The Ascent, a Motley Fool company. JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Citigroup is an advertising partner of The Ascent, a Motley Fool company. Bank of America is an advertising partner of The Ascent, a Motley Fool company. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool has positions in and recommends Amazon, Bank of America, Costco Wholesale, JPMorgan Chase, Target, Uber Technologies, and Visa. The Motley Fool recommends Discover Financial Services. The Motley Fool has a disclosure policy.