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Advertiser Disclosure Updated: Sep 30, 2020, 1:17pm

The Best Cash Back Credit Cards Of October 2020 (Forbes Review)

Updated: Sep 30, 2020, 1:17pm
Alexandra Talty
Alexandra Talty contributor
Editorial Note: Forbes may earn a commission on sales made from partner links on this page.- test default
The Best Cash Back Credit Cards Of October 2020 (Forbes Review)

Travel rewards credit cards can earn great returns if you’re willing to track point values and optimum redemption options. But sometimes, you just want to earn rewards in a way you can easily understand – dollars and cents. To help you find a cash back card that fits your spending patterns, we’ve assembled our picks for the best cash back credit cards of 2020.

Featured Credit CardFeatured Card

Best for Cash Back

Milestone® Mastercard® (Forbes Review)

Welcome Bonus
Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.
Annual Fee
See Terms
Regular APR
24.90% (Fixed)
Credit Score
Bad Credit (0 - 649)

Best for Cash Back

Milestone® Mastercard® (Forbes Review)
Click Here To Apply Now

Milestone® Mastercard® (Forbes Review)

Apply Now
On Genesis FS Card Services's Secure Website
On Genesis FS Card Services's Secure Website
Partner Offer

If you regularly travel to Latin American countries such as Argentina and Costa Rica, it’s worth getting to know this credit card.

Pros

  • Bonus miles
  • 15% discount on
    LifeMiles purchases
  • Partner airlines

Cons

  • Has a $59 Annual fee
  • Complicated rewards
  • 1% Foreign transaction fee
  • Card designs to fit your personality at no extra charge
  • Less than perfect credit is okay
  • Mobile account access at any time
  • Our application is quick and easy with instant pre-qualification available
  • Protection from fraud, if your card happens to be lost or stolen
  • Unsecured credit card, no deposit required
  • Pre-qualifying today will not affect your credit score
Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Featured Credit CardFeatured Card

Best for Travel

Chase Freedom Unlimited® (Forbes Review)

Welcome Bonus
Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.
Annual Fee
$0
Regular APR
16.99% - 25.74% Variable
Credit Score
Excellent/Good (700 - 749)

Best for Travel

Chase Freedom Unlimited® (Forbes Review)
Click Here To Apply Now

Chase Freedom Unlimited® (Forbes Review)

Partner Offer

If you regularly travel to Latin American countries such as Argentina and Costa Rica, it’s worth getting to know this credit card.

Pros

  • Bonus miles
  • 15% discount on
    LifeMiles purchases
  • Partner airlines

Cons

  • Has a $59 Annual fee
  • Complicated rewards
  • 1% Foreign transaction fee
  • New Offer! Double Cash Back: Earn 3% cash back on all purchases in your first year up to $20,000 spent. After that earn unlimited 1.5% cash back on all purchases.
  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.99-25.74%. A Balance transfer fee is 3% of the amount transferred, $5 minimum
  • No minimum to redeem for cash back
  • Cash Back rewards do not expire as long as your account is open
  • Free credit score, updated weekly with Credit Journey℠
  • No annual fee
Double Cash Back: Earn 3% cash back on all purchases in your first year up to $20,000 spent. After that earn unlimited 1.5% cash back on all purchases.
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Featured Credit CardFeatured Card

Best for Travel

Credit One Bank® Unsecured Visa® with Free Credit Score Access (Forbes Review) *

1
1
Welcome Bonus
Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.
Annual Fee
$0 - $99
Regular APR
17.99% to 23.99% Variable
Credit Score
Bad Credit (0 - 649)

Best for Travel

Credit One Bank® Unsecured Visa® with Free Credit Score Access (Forbes Review)
Click Here To Apply Now

Credit One Bank® Unsecured Visa® with Free Credit Score Access (Forbes Review) *

If you regularly travel to Latin American countries such as Argentina and Costa Rica, it’s worth getting to know this credit card.

Pros

  • Bonus miles
  • 15% discount on
    LifeMiles purchases
  • Partner airlines

Cons

  • Has a $59 Annual fee
  • Complicated rewards
  • 1% Foreign transaction fee
  • See if you Pre-Qualify without harming your credit score
  • This unsecured card requires no deposit and can help build your credit
  • Track your progress with free online access to your Experian credit score, terms apply
  • Build your credit history—we report to the credit bureaus monthly
  • Accounts are automatically reviewed for credit line increase opportunities
  • Enjoy the flexibility to choose your payment due date, terms apply
  • Receive 1% cash back rewards on eligible purchases, terms apply
  • No need to fret—you’re covered by $0 Fraud Liability
  • See Rates & Fees
Earn a $150 Bonus after spending $500 on purchases in your first 3 months from account opening.
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.

Methodology

Forbes combed through numerous bank profiles of cashback credit cards. The concentration was on major banks and standout credit cards at lesser known ones with online accessibility, of course. We looked for credit cards that outperformed other cards in certain ways such as having the best cash back rate, little to no fees, cashback categories, signup bonus,rewards and features appealing to small businesses or students.

Alliant Cashback Visa Signature Credit Card

Many of the cashback cards on this list come with great rewards. But a moderate-to-high interest rate can make rewards cards unpleasant for cardholders that are revolvers, meaning people who keep a balance on their credit cards. The Alliant Cashback Visa Signature credit card has one of the lowest interest rates in the cashback space.

Its APR is the prime rate plus 6.99% to 9.99%, depending on your creditworthiness. As of October 2019, the resulting APR is 12.24% to 15.24%. To compare, the other cards on this list have their lowest APR starting at or just about 15%.

Beyond the APR, this card’s cash back rewards are excellent. The first year you’ll earn 3% on all purchases. After that, the rate settles in at 2.5% on all purchases. Even factoring in the $99 annual fee (waived the first year), this card will yield more rewards than a 2% credit card for those who charge more than $20,000 a year to the card.

Rewards: Earn 3% cash back on all net purchases in the first year and then 2.5%. Cash back is unlimited

Annual fee: $0 for the first year; $99 thereafter

Bonus offer: None

Other benefits or drawbacks: The Alliant Cashback Visa Signature card works for high spenders with excellent credit. Those aren’t our words, but straight from Alliant’s webpage. With Visa Signature as Alliant’s partner, cardholders stand to benefit from no foreign transaction fees and accident and theft insurance. There’s up to $5,000 of identity theft protection, 90 days of purchase protection, up to $250,000 of free travel accident insurance and car rental collision coverage.

In addition, you must become a member of the Alliant credit union to get this card. It’s easy to become a member, however. Simply become a member of the charity, Foster Care to Success (FC2S). According to Alliant, “FC2S awards grants and scholarships for higher education and provides care packages, mentoring and internships.” The cost to join is $5, and Alliant will pay this amount on the new member’s behalf.

Factors to Consider When Choosing a Cash Back Card

Deciding on a cash back credit card isn’t much different from choosing a credit card, in general. The cash back credit card must fit into your lifestyle and it must have a goal. Having a purpose for a card is the reason why we chose a best cash back credit card in different sub-categories. We wanted you to know that there’s a credit card set up to fit the way you shop and support your lifestyle.

Once you’ve identified a purpose, you’re ready to compare credit cards and shop for the best one for you. As you compare cards and credit card issuers, there are some things that you should incorporate into your evaluations.

Consider the following factors:

  • Fees – Is there an annual fee? How much would you have to spend on the card to earn enough cash back to at least cover the annual fee? What other fees might you have to worry about?
  • Annual percentage rate (APR) – For revolvers, you should pay attention to how much interest you might incur on purchases and balance transfers. If you pay your bill off every month, this might not be anything you have to worry about.
  • Cash back rate – Cash back rates can go from 1% to 6%, but 2% and above is considered a competitive rate.
  • Shopping categories – Will you be able to take advantage of the shopping categories? If the card offers 3% on gas and groceries, but you take the train and prefer to dine out then that’s not the cash back card for you.
  • Redemption and rewards – Can you use the cashback the way you want to? Many cash back cards offer various ways to redeem what you earn, such as statement credit, a check, a deposit into a savings or investment account, discounted travel packages, and so on. But then there are cards that only offer one form of redemption and you should make sure you will be okay using that form.

Finding the Best Cash Back Card for You

There are many great cash back cards on the market, but the card that will earn you the greatest rewards depends on your spending habits. Before committing to a card, take a look at your budget and see where you spend most frequently. Then choose the card that fits most with your lifestyle.

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Forbes adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
Alexandra Talty
Alexandra Talty
contributor

Based in Lebanon, I cover travel and personal finance topics for millennials. I'm committed to a life of adventure and have lived in four countries before turning 30. My work appears regularly in Playboy Magazine, Outside Magazine and AFAR Magazine, among others. Before becoming a full-time writer, I was the founding Editor-in-Chief of StepFeed in the Middle East.

First Published: Sep 30, 2020, 12:17pm
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