Top best cash back credit cards

In today’s financial landscape, credit cards have evolved from mere tools of convenience into instruments of financial strategy, offering a wide range of rewards to savvy users. Among these rewards, cash back stands out for its simplicity and versatility, appealing to a broad spectrum of consumers, including Filipinos who value straightforward benefits and savings. This article takes you into the world of cash back credit cards, guiding you through the process of earning and maximizing cash back, and highlighting the top cards that cater to various spending habits.
What is cash back?
Cash back refers to a credit card benefit that refunds a small percentage of the total amount spent on purchases back to the cardholder. Unlike points or miles, which can be complicated to understand and redeem, cash back is straightforward—essentially offering a discount on every purchase made with the card. This feature is particularly appealing because it translates directly into savings, providing tangible value that can be used for future expenses or savings goals.
How to get cash back?
Earning cash back is a simple process: use your cash back credit card for everyday purchases, and you’ll receive a percentage of those purchases as cash back. The rate at which you earn cash back can vary depending on the card and the type of purchases. Some cards offer a flat rate on all purchases, while others provide higher rates on specific categories like groceries, dining, or gas. To maximize your earnings, it’s crucial to choose a card that aligns with your spending patterns and to pay attention to any category restrictions or caps.
What are the best cards to get cash back?
Several cash back credit cards stand out for their ability to fit seamlessly into the financial habits of Filipinos, offering valuable cash back rewards on everyday purchases. While the specific cards and their benefits may evolve, some of the current favorites include:
- Citi Cash Back Card: renowned for its generous cash back on groceries and utility bill payments, the Citi Cash Back Card is a favorite among Filipino families looking to maximize savings on their regular expenditures. With up to 6% cash back on supermarket purchases and up to 2% on Meralco bill payments through Citibank Online, it’s a practical choice for managing household budgets;
- HSBC Red Mastercard: offering a versatile cash back program, the HSBC Red Mastercard provides 4% cash back on all online purchases, making it an excellent option for the tech-savvy and online shopping enthusiasts. Additionally, it offers 1% cash back on all other purchases, ensuring that every swipe adds value;
- EastWest EveryDay Titanium Mastercard: tailored for those who spend heavily on essentials, the EastWest EveryDay Titanium Mastercard offers up to 5% cash back on supermarket, fuel, and drugstore purchases. This card encourages responsible spending by increasing the cash back rate as you spend more, making it a smart choice for budget-conscious individuals;
- Security Bank Complete Cashback Mastercard: a comprehensive cash back card, the Security Bank Complete Cashback Mastercard provides a tiered cash back system that covers a wide range of spending categories. Cardholders can enjoy up to 5% cash back on groceries, 4% on fuel, 3% on utilities, 2% on dining, and 1% on shopping, making it one of the most versatile cash back cards available to Filipinos;
- BPI Amore Visa Platinum: for those who enjoy shopping and dining at Ayala Malls, the BPI Amore Visa Platinum card offers not only cash back but also Amore Points, which can be redeemed for Ayala Mall vouchers. With up to 4% rebate on qualifying purchases at Ayala Malls, this card combines the benefits of cash back with the exclusivity of shopping rewards.
Are there other ways to get cash back?
Beyond credit cards, several apps, websites and loyalty programs offer cash back on purchases made through specific platforms or with partner merchants. These can be a great way to supplement your earnings from cash back credit cards, especially if you frequently shop online or have favorite retailers. Combining the use of cash back credit cards with these apps and programs can significantly increase your overall savings.
Here are a few options to consider:
- Cash Back Apps: these apps work by partnering with retailers to offer you a percentage of your purchase back when you shop at their stores. You can link your debit or credit card to the app, and then whenever you make a purchase at a participating store, the cash back will be deposited into your account;
- Cash Back Websites: similar to apps, cash back websites let you earn rewards on your online shopping. You just need to visit the retailer’s website through the cash back portal before making your purchase;
- Debit Cards with Cash Back Rewards: some debit cards offer cash back rewards on purchases, often focused on specific categories like groceries or gas.
- Retailer Loyalty Programs: many stores have their own loyalty programs that reward you with points or cash back for shopping at their stores. These programs can be a great way to save money on the things you already buy;
- Receipt Scanning Apps: these apps allow you to upload photos of your receipts to earn cash back on everyday purchases. While rewards may be smaller, they can add up over time.
Here are some additional tips for maximizing cash back:
- Shop around for the best rewards programs. There are many different cash back options available, so it’s important to compare programs and find the ones that offer the highest rewards for the things you buy the most;
- Be aware of any fees or limitations. Some cash back programs have fees associated with them, or they may limit the amount of cash back you can earn each month;
- Combine multiple strategies. You can often stack cash back rewards by using a cash back credit card in conjunction with a cash back app or website.
By using a combination of these strategies, you can save money on your everyday purchases and put some extra cash back in your pocket.
Conclusions
Cash back credit cards offer a straightforward and effective way to save money on everyday expenses. By choosing a card that matches your spending habits and making the most of the cash back opportunities available, you can turn your regular purchases into valuable savings. Whether you prefer a flat-rate card for simplicity or a card with bonus categories for higher earnings, there’s a cash back credit card out there that’s right for you.
Frequently asked questions
Q: How do I choose the best cash back credit card for me?
A: Consider your spending habits and where you spend the most money. If your spending is varied, a flat-rate cash back card might be best. If you spend a lot in specific categories, look for a card that offers higher cash back rates in those areas.
Q: Are there any downsides to using cash back credit cards?
A: To benefit from cash back credit cards, you should pay off your balance in full each month. Interest and fees can quickly negate the value of any cash back earned if you carry a balance.
Q: Can I use cash back to pay off my credit card balance?
A: Yes, many cash back credit cards allow you to apply your cash back as a statement credit, effectively reducing your credit card balance.
Q: Do cash back rewards expire?
A: Policies vary by card issuer. Some cash back rewards may expire if not redeemed within a certain period or if your account is inactive for a specified time. Always check the terms and conditions of your credit card.
In the world of personal finance, cash back credit cards are a powerful tool for earning rewards on everyday purchases. By carefully selecting the right card and strategically planning your spending, you can maximize your cash back earnings and enjoy the financial benefits that come with savvy credit card use.
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