Cashback cards can help simplify your finances, earn you funds for spending, and allow you to take advantage of extra perks that debit cards don’t offer.
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But cashback credit cards have both benefits and drawbacks. Depending on your spending habits, another type of card may offer better rewards for your situation or save you more money. Here are some pros and cons to cashback credit cards.
What are the benefits of a cashback credit card?
While cashback credit cards each have their own earning process, they all offer a straightforward, easy-to-use benefit: cashback for each dollar spent. Some offer rewards at a flat rate, such as 1% back on all purchases, while others provide higher cashback percentages on certain categories, such as gas or groceries.
Other benefits cash back credit cards may offer include ways to safeguard your purchases or save you money. Another benefit could include 0% APR (annual percentage rate or interest rate) on purchases or balance transfers for a limited time.
This would allow you to pay down a large purchase or existing debt without paying interest — as long as you pay it off within the timeframe of the offer.
