It seems that the rich would not need credit cards because they can pay for everything with cash, right? Well, the rich did not get that way by leaving money on the table. They know that using credit cards, they can become big cash back for every purchase they make up 6%. But this strategy is not limited to the wealthy. All you have to do is use the right card for purchases that you will do anyway. If you pay your balance each month, you will not be charged an interest rate or / delay penalty.
Those who want to maximize their earnings know to have some credit card "specialty" that give them the most money back in different categories and using these cards specifically in these categories, then a general purpose card with a high base rate cash back they can use for everything else. For example, you can use a credit card that gives 6% cash back at supermarkets for shopping, one that gives you 3% back on gas every time you fill your tank and one that gives you 2% on all purchases for everything else.
Best for groceries: Blue Cash Card from American Express preferred
To maximize your earnings to the store, get the card Preferred Blue Cash from American Express (a NextAdvisor advertiser ), the No. 1 choice in our Cash Back Card Analysis. With this card, you will earn 6% cash back at supermarkets (for up to $ 6,000 of purchases per year), and 3% cash back for gas, 3% back at some department stores and 1 % cash back on everything else. American Express is also running a special offer that earns you 5% cash back on up to $ 4,000 in eligible travel purchases made during the first 6 months of membership card - that is up to $ 200 cash back! And get a $ 150 bonus when you spend $ 1,000 in the first three months, and a generous 0% Intro APR for the first 12 months of card membership. This card has an annual fee of $ 95, but it is more than worth it for most cardholders. If the tax is a deal-breaker, you may want to check out the daily cash the credit card from American Express that offers similar rewards (including special offers 5% on travel purchases) no annual fee .
Best for Gas: BankAmericard Cash Rewards Credit Card
If you move every day or spend much time in the car, you should get a card that gives you the most rewards on gas. The Blue Cash Preferred card above is an excellent choice for gas as well, as it gives unlimited 3% for gas purchases. But for those who want to avoid a $ 75 annual fee for this card, the BankAmericard rewards credit card cash gives you 3% cash back on gas, 2% cash back on food and wholesale clubs (for the first installment of $ 2,500 combined gas / grocery / big club buys each quarter) and 1% cash back on everything else, no annual fee. In addition, you get a 0% Intro APR for the first 12 billing cycles, and a $ 100 bonus when you spend $ 500 during the first three months. Another way to make money is to link your card to your Bank of America account so that you will have 10% additional cash back when you redeem your rewards directly into that account. And if you are a customer Bank of America with Gold, Platinum or Platinum Honors account, you can earn 25% - 75% bonus on every single purchase (bonus replaces the 10% bonus mentioned above and requires a minimum balance healthy, but if you have the profile, it is an amazing way to make more money).
Best for all other purchases: Citi Card Double Cash
For those who want the convenience of a high cash back rates for all their purchases, or just want to maximize cash back for purchases that do not fall within the specific categories, there is the Double Cash Card Citi. This card gives you 2% cash back on all effective you purchase no annual fee. We say "effective" because it gives you 1% when you purchase and the other 1% when you pay for it (and for nerds math, if you redeem a statement credit instead of a check , you actually get back 1.99%). Yet for most people, that in particular the rich are sure to pay the full balance each month, it is 2% cash back, the highest base rate of cash back that we've ever seen a consumer card.
Ideal for those with less-than-perfect credit: Capital One Venture and Capital One Quicksliver
The maps we have mentioned require much excellent credit (generally considered to have a credit rating of about 750 or more). But you can still get the benefits of a high-end card if your credit is simply "good" (usually around a 700 credit score) or average (650). If your credit score is "good", the Capital One Venture card you earn premium travel rewards. You can get the equivalent of a $ 400 introductory bonus to spend on travel if you spend $ 3,000 on your card during the first three months. You will also have 2% cash back to spend on travel for each purchase without limit. If you are not sure you want to redeem your rewards for travel, Capital One Quicksilver will give you a right to 1.5% cash back on everything, plus a $ 100 bonus intro when you spend just $ 500 over the three first months.
For those who have simply "average" (a credit score of 650 or more) credit, Barclaycard Rewards MasterCard can make you feel rich, giving you 2 points per $ 1 spent (in fact 2% cash back) on gas, grocery shopping and public services, and 1 point per $ 1 spent (actually 1% cash back) on everything else. Given this card also no annual fee, it is our first choice for those with medium credit.
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