Visa Cash Back Credit CardsPosted on May 30th, 2011 | admin
Visa Cash Back Credit Cards
When you use your card to make a purchase at any credit card terminal in a store the owners of the business have to pay a small percentage of the sale to their bank or merchant services provider as a commission. You never notice this because it’s an invisible part of the process that most people don’t even realize happens.
As a benefit of owning a credit card some banks split some of this commission with their customers and pay it back to them in various forms of rewards and one of these is in the form of what’s called cash back. What this means for you, as a card owner, is that you get up to 5% of your annual spend on your credit card as a cash rebate once per year. 5% is the higher end of the cash back rebate though – you can normally expect this to be in the 1% – 2% range.
On top of this you usually only qualify for the cash back rebate when you pay your credit card balance in full each month – although this does vary from one card provider to the next. Another potential pitfall is that if you use some cash back credit cards to withdraw cash from an ATM you can incur heavy interest charges and lose out on your cash rewards.
So if you’re not able to pay your card off in full each month or frequently use your credit card for ATM cash withdrawals then you may need to think twice. If, however, you can and do use your credit card to pay for your gas and groceries and other such weekly and monthly expenses then a cash back card might be ideal for you.
So let’s have a look at some of the best cash back credit cards available right now.
The Best Visa Cash Back Credit Card featuring Miles Application with No Annual Fees
Simmons First Visa® Platinum Rewards
Chase Freedom Visa
With this card you get up to 5% cash back if you spend $1,500 in specific categories each quarter. You can also earn up to $150 in cash back if you spend $500 with your Chase Freedom Visa card within the first 3 months – a very nice introductory bonus. Every quarter you’ll also receive new categories that qualify for the 5% bonus and these are things you’ll enjoying building points with like dining or even home decorating. Not only that but there are also hand picked online vendors where you can earn up to 10% cash back with your new Visa card!
Outside of the higher reward limit you also earn 1% on everything else you buy with no limit on how many reward points you can build up.
There is no annual fee for this card and the APR can be as low as 11.99%
Bank Americard Power Rewards Visa Signature Card
The first perk you get with this Visa cash back card is that if you spend up too $100 on retail purchases within the first 60 days you’ll get a $50 credit back to your account as a “cash” reward. The cash reward system for this card means that you get 3 points for every $1 you spend on either groceries, gas or goods in drug stores for the first 6 months. After that period has passed you then get 1 point for every $1 spent for all other purchases. You can then redeem these points for cash once you earn the required 2,500 points and there’s no limit to how many points you can earn.
The APR on this card varies between 12.99% and 20.99% and there’s no annual fee attached to the card.
To qualify for either of the above cards you need to have an excellent credit history and a FICO score of around the 750 mark. If you’ve experienced bankruptcy, you currently have delinquent debts or have a poor credit history this can affect your application.