Top 10 Credit Cards for Earning Cashback in 2024: Maximize Your Rewards!

In today’s financial landscape, cashback credit cards remain a popular choice for savvy consumers looking to make the most of everyday purchases. With rising living expenses, earning cashback on purchases is an effective way to keep more money in your pocket. But with so many options out there, which cards offer the best rewards? Here’s an in-depth guide to the top 10 credit cards for earning cashback in 2024, complete with pros, cons, and tips for choosing the right card.

Why Choose a Cashback Credit Card?

Cashback credit cards give you a percentage back on every purchase, typically based on spending categories such as groceries, gas, dining, and travel. The benefits of cashback cards are straightforward and user-friendly: there’s no need to worry about complex point systems or blackout dates for redeeming rewards. Whether you’re a frequent traveler, a foodie, or simply want to save on daily expenses, there’s likely a card suited to your needs.

What to Look for in a Cashback Card in 2024

1. Rewards Rate: Look for high cashback rates in categories where you spend the most.
2. Annual Fees: Cards with no or low annual fees can help maximize your cashback benefits.
3. Introductory Offers: Consider welcome bonuses, especially those with easy requirements to meet.
4. Redemption Options: Some cards let you redeem cashback for statement credits, direct deposits, or even travel.
5. Other Perks: Look for extra benefits such as travel insurance, price protection, or extended warranties.

Now, let’s dive into the top 10 cashback credit cards for 2024 and see how each stacks up.

1. Chase Freedom Flex℠

Key Features:

• 5% Cashback: Earn 5% on rotating categories each quarter (activation required).
• 3% Cashback: Restaurants and drugstores.
• 1% Cashback: All other purchases.
• Sign-up Bonus: Earn a $200 bonus after spending $500 in the first three months.

Pros:

• No annual fee.
• Versatile cashback categories.
• Introductory 0% APR on purchases.

Cons:

• Requires activation for bonus categories.
• 5% categories change quarterly.

Chase Freedom Flex is a great choice for those who enjoy rotating rewards and want to maximize cashback on specific categories.

2. Citi Custom Cash℠ Card

Key Features:

• 5% Cashback: On your top eligible spending category each billing cycle, up to $500 spent.
• 1% Cashback: On all other purchases.
• Sign-up Bonus: $200 cashback after spending $750 within the first three months.

Pros:

• No annual fee.
• Automatically maximizes cashback based on spending habits.

Cons:

• 5% limit applies only to $500 spent per billing cycle.
• Limited eligible spending categories.

The Citi Custom Cash Card is ideal for users with predictable monthly expenses who want to maximize rewards on one high-spending category.

3. Wells Fargo Active Cash® Card

Key Features:

• 2% Unlimited Cashback: On all purchases.
• Sign-up Bonus: $200 after spending $1,000 in purchases in the first three months.

Pros:

• No annual fee.
• Straightforward rewards structure.
• No rotating categories or caps.

Cons:

• No special rewards for specific categories.
• Limited redemption options.

With unlimited 2% cashback, Wells Fargo Active Cash is perfect for those who value simplicity in rewards without tracking categories.

4. Blue Cash Preferred® Card from American Express

Key Features:

• 6% Cashback: On groceries (up to $6,000 per year, then 1%).
• 3% Cashback: Gas and transit.
• 1% Cashback: Other purchases.
• Sign-up Bonus: Varies by offer period, usually up to $250 after meeting a spending requirement.

Pros:

• Excellent grocery and transit cashback rates.
• Valuable for families and commuters.

Cons:

• $95 annual fee (after first year).
• Caps on grocery cashback.

The Blue Cash Preferred card is a good choice for households with substantial grocery and transit expenses.

5. Capital One SavorOne Cash Rewards Credit Card

Key Features:

• 3% Cashback: On dining, entertainment, streaming, and groceries.
• 1% Cashback: On all other purchases.
• Sign-up Bonus: $200 after spending $500 within the first three months.

Pros:

• No annual fee.
• Broad range of 3% categories.

Cons:

• No higher rewards rate for non-categorized purchases.

Capital One SavorOne is excellent for those who spend frequently on dining and entertainment.

6. Discover it® Cash Back

Key Features:

• 5% Cashback: On rotating quarterly categories (activation required).
• 1% Cashback: On all other purchases.
• Sign-up Bonus: Cashback Match – Discover will match all cashback earned in the first year.

Pros:

• First-year Cashback Match doubles rewards.
• No annual fee.

Cons:

• Requires category activation each quarter.
• 5% cashback cap on specific categories.

Discover it® Cash Back is best for those willing to activate categories and take advantage of the Cashback Match program in year one.

7. Bank of America® Customized Cash Rewards

Key Features:

• 3% Cashback: In a chosen category (gas, online shopping, dining, travel, drugstores, or home improvement).
• 2% Cashback: Grocery stores and wholesale clubs.
• 1% Cashback: All other purchases.

Pros:

• No annual fee.
• Flexible category selection.

Cons:

• 3% and 2% rewards capped at $2,500 in combined purchases each quarter.

This card is ideal for Bank of America customers who prefer to customize their cashback category.

8. U.S. Bank Cash+® Visa Signature® Card

Key Features:

• 5% Cashback: On two chosen categories each quarter (up to $2,000 combined).
• 2% Cashback: On one “everyday” category (e.g., gas, groceries).
• 1% Cashback: All other purchases.

Pros:

• High 5% cashback on customizable categories.
• No annual fee.

Cons:

• Requires quarterly category selection.
• 5% cap at $2,000 per quarter.

U.S. Bank Cash+ Visa Signature Card is great for those who can plan their spending around select categories.

9. Apple Card

Key Features:

• 3% Cashback: On Apple purchases, select merchants, and through Apple Pay.
• 2% Cashback: On purchases using Apple Pay.
• 1% Cashback: On all other purchases.

Pros:

• No fees.
• Easy rewards management through Apple Wallet.

Cons:

• Best rewards only accessible via Apple Pay.

Apple Card is best for Apple product users who frequently shop with Apple and use Apple Pay.

10. Amazon Prime Rewards Visa Signature Card

Key Features:

• 5% Cashback: On Amazon.com and Whole Foods.
• 2% Cashback: On restaurants, gas stations, and drugstores.
• 1% Cashback: On other purchases.

Pros:

• High rewards rate for Amazon and Whole Foods.
• No annual fee for Prime members.

Cons:

• Requires Amazon Prime membership.
• Limited high-reward categories.

This card is ideal for Amazon Prime members who shop frequently on Amazon and Whole Foods.

Final Thoughts: Choosing the Right Cashback Card for 2024

Selecting the best cashback card largely depends on your spending habits and financial goals. If you’re a frequent traveler, a card with travel perks may add more value. Alternatively, if you want simplicity, flat-rate cashback cards offer effortless rewards without needing to track spending categories.

Each card in this list comes with its own unique benefits and considerations, so take a close look at your spending, then apply for the card that best aligns with your lifestyle and financial needs. Happy spending—and happy saving!