5 credit cards that let you redeem rewards as cash back toward your billing statement

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An array of popular credit cards let you cash in your rewards for statement credits that reduce how much you owe on your card.
This option can be a good one if you don’t find other possibilities, like travel redemptions, very appealing right now.
Some credit cards on this list, like the Citi® Double Cash Card and the Chase Freedom Unlimited®, don’t charge an annual fee. Some of them also offer exceptional welcome bonuses you can earn after you meet a minimum spending requirement in the first three months.
If you want to “get ahead” with rewards, make sure you follow the golden rule of credit cards. Never carry a balance from month to month, and avoid credit card interest like the plague.
See Business Insider’s list of the best cash-back credit cards.

Rewards credit cards offer different types of incentives based on your spending, which can include airline miles, hotel points, cash back, and flexible travel points. Some of the best rewards cards earn points that can be redeemed in more than one way, like Chase points and Amex points, while others stick to basic options like letting you redeem your rewards for a check in the mail.

In today’s financial climate, you may prefer cards that let you redeem for statement credits above all else. Statement credits let you reduce the amount of money you owe on your credit card bill, so you might even consider them a “discount” on your purchases.

Just remember that, to get ahead with credit card rewards, you have to pay your credit card balance in full each month and never, ever pay interest on a revolving balance.

If you’re in the market for a credit card that lets you redeem rewards for statement credits, there are many options to consider. Here are some of the best credit cards that make redeeming points for statement credits a breeze.

Discover it® Cash Back
Get cash back on rotating bonus categories: Discover it® Cash Back

The Discover it® Cash Back earns 5% cash back on up to $1,500 spent in quarterly bonus categories (then 1%) as well as 1% back on all other purchases. Discover will also match all the rewards you earn the first year with no limits to what you can earn.

Discover has already announced all of its bonus categories for 2020. These include gas stations, Uber, Lyft, and wholesale clubs (April – June), restaurants and Paypal (July – September), and Amazon.com, Walmart.com, and Target.com (October – December).

When it comes to redeeming your rewards, you can use them for gift cards or cash back, or for statement credits applied to your account.

Chase Freedom Unlimited®
1.5% cash back on every purchase: Chase Freedom Unlimited®

The Chase Freedom Unlimited® starts you off by letting you earn $200 in cash rewards after you spend $500 on your card within three months of account opening. You also earn a flat 1.5% cash back on every dollar you spend, and there’s no …read more

Source:: Business Insider


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