Best Cash Back Credit Cards – December 2020

What’s the easiest and fastest way to get rewarded for everyday purchases? A cash back credit card, of course! Not only do these cards make earning rewards simple, but they also have the best versatility and benefits of any credit card. 

Of course, there is no one-size-fits-all cash back credit card. You have dozens of options to choose from, which means you have to be careful to pick the right one for you. Ideally, that means selecting a card that matches your spending habits and offers rewards that will maximize your savings.

To help you get started, check out US News My Money’s top choices for the best cash back credit cards for December 2020.

Best Overall

Chase Freedom Flex

With the Chase Freedom Flex, you can earn $200 just for spending $500 in the first three months you open an account. You can also receive 5% cash back on the first $12,000 you spend at the supermarket during your first year (excluding Target and Walmart). 

Chase also offers 5% cash back on combined purchases up to $1,500 in quarterly rotating spending categories (activation required). This way, you can earn more points in a new category every few months!

On top of that, you can get 5% cash back whenever you book your travel plans through Chase, with an extra 3% on dining and drugstores and 1% on everything else. Rewards never expire and there’s no minimum when you want to redeem your points.

As if it couldn’t get any better, there’s no annual fee, and you pay no interest for the first 15 months. After that, the Chase Freedom Flex has a variable APR between 14.99% and 23.74%.

Best For Frequent Flyers

Chase Sapphire Preferred

The Chase Sapphire Preferred will give you an incredible 60,000 bonus points when you spend at least $4,000 within three months after opening a new account. If you redeem your points through the Chase Ultimate Rewards portal, that’s a $750 value!

With this card, you can enjoy double the points on any purchases related to travel and dining from anywhere in the world. That includes qualifying delivery services, takeout, dining, and one point for every dollar you spend on anything else.

When you redeem your points for travel with Chase Ultimate Rewards, you can earn 25% more value from your rewards. Chase offers Pay Yourself Back, which also gives you 25% more value when you exchange them for statement credits to cover the cost of current purchases and qualifying spending categories.

The Chase Sapphire Preferred also comes with one-year free delivery and discounts from DashPass when you spend at least $12 on eligible food purchases (must activate by 12/31/2021).

You can also earn double the points on the first $1,000 you spend each month until April 30, 2021, including qualifying pick-up and delivery.

Best For Flexibility

Chase Freedom Unlimited

Like the Chase Freedom Flex cash back credit card, you can earn $200 when you make at least $500 worth of purchases within three months after opening an account. 

You can also receive 5% cash back on the first $12,000 you spend at the grocery store annually (Target and Walmart excluded). Once you reach that limit, you can continue earning 1.5% cash back on everything else.

Besides everyday purchases, the Chase Freedom Unlimited is also an excellent choice for frequent fliers. You can earn 5% cash back when you book your trip with Chase and enjoy an additional 3% at your favorite restaurant or drugstore. And again, 1.5% on any other purchase.

This card has no annual fee or interest payments for the first 15 months. After that, you pay 14.99% to 23.74% APR, depending on your creditworthiness. And, like most cash back cards, you don’t have to meet a certain threshold to redeem your points, and you don’t have to worry about them expiring. 

Best For Everyday

Discover it Cash Back

The Discover it Cash Back card has one of the best introductory offers on the market. After your first year, Discover will automatically match your cash back point-for-point. Additionally, you don’t have to meet a minimum spending requirement to get this benefit, and there’s no limit on the number of rewards you can collect. 

What makes the Discover it card great for the things you buy every day is the chance to earn 5% cash back on new quarterly bonus categories, including Amazon, supermarkets, dining, gas stations when you pay with PayPal. While there is a limit on the amount you can earn each quarter, you can still save big with 1% cash back on every other purchase.

There’s no annual fee, no limits or expiration to redeem your rewards, and Discover will ensure you stay protected with automatic alerts about fraudulent activity.


  • Harzog, Beverly. “Best Cash Back Credit Cards.” U.S. News & World Report, U.S. News & World Report, 7 Dec. 2020,
Ian Schindler