Cash back credit cards rebate a percentage of your purchase amounts right back into your account. They are popular rewards cards for a very good reason: they pay you back based on the dollars you spend every day. Cash back rewards cards are a great way to save money as long as you stay within your budget and don't use them as a reason to spend more.
Many cash back rewards cards do charge interest, so you may save more if you have an excellent to good credit score and especially if you pay your balance in full each month. Shopping around--by comparing credit cards online and reading the terms and conditions--is the key to choosing the best cash back credit card that meshes with your lifestyle.
Cash is king … especially if you can earn cash with a cash back credit card. While it may seem counter-intuitive to use a credit card to earn money, you can earn as much as 1 to 5 percent on your regular purchases with a cash back rewards card. If you use your card for gas and groceries, you plan to pay all or most of your balance every month, and you like the incentive of gaining a little something in return for your credit card loyalty, a cash back credit card could be a good bet.
Up to 5% on gas paid at the pump with a qualifying PenFed product*