Cash Reward

Cash reward credit cards also commonly known as cash back credit cards are designed to give customers a simple rewards program of cash back on each purchase. The reward is usually calculated as either a percent of the purchase, or you earn points for each dollar spent. Redemption availability may differ but most cards offer a statement credit, direct deposit, or an old fashioned check in the mail. Most cards carry a minimum redemption amount of $20 or $25.

Many cards will have restrictions on how much cash back you can earn. One type of restriction to look out for is the merchant category code or MCC for short. If the MCC isn't listed on the credit card agreement you won't earn any rewards on purchases from that merchant.