While the five-year estimates we've included are derived from a budget similar to the average American's spending, you may earn a higher or lower return depending on your shopping habits. All rewards total estimations are net the annual fee. General purchases include items such as housekeeping supplies, clothing, personal care products, prescription drugs and vitamins, and other vehicle expenses.ĬNBC Select used this budget to estimate how much the average consumer would save over the course of a year, two years and five years, assuming they would attempt to maximize their rewards potential by earning all welcome bonuses offered and using the card for all applicable purchases.
You can read more about their methodology here.Įsri's data team created a sample annual budget of approximately $22,126 in retail spending. The company's data development team provided the most up-to-date and comprehensive consumer spending data based on the 2019 Consumer Expenditure Surveys from the Bureau of Labor Statistics. We also considered additional perks, the application process and how easy it is for the consumer to redeem points.ĬNBC Select teamed up with location intelligence firm Esri. We compared each card on a range of features, including rewards, welcome bonus, introductory and standard APR, balance transfer fee and foreign transaction fees, as well as factors such as required credit and customer reviews when available. To determine which credit cards offer the best value, CNBC Select analyzed 234 of the most popular credit cards available in the U.S. Likewise, if you are a consumer who likes to keep many credit cards in your wallet, you might get more value out of a specialized rewards card, like the PenFed Platinum Rewards Visa Signature® card that delivers 5X points on gas and is one of the best credit cards to use at the pump. On the other hand, if you are a consumer who gets a thrill from taking an active role in your rewards spending, the Chase Freedom® card, which offers 5% cash back on categories that rotate every quarter, could be a better option to help you maximize your rewards. Its $200 welcome bonus is particularly valuable if you plan on spending $500 or more within your first three months from account opening.
For those who want 1.5% cash back on all spending and the ability to easily cash in rewards, the Capital One Quicksilver card is worth a look. The Capital One Quicksilver Cash Rewards Credit Card requires good to excellent credit, but unlike many cards that dazzle consumers with double or triple miles, the value of this card is in its simplicity. Additional benefits of the Capital One Quicksilver Cash Rewards Credit Card Extreme optimizers might be able to achieve more value, and you may earn a higher or lower return depending on your spending habits. This assumes that cardholders are redeeming cash back for a typical value of 1 cent each. Here's a breakdown of how much cash back you can earn in each category, annually:īased on the annual spending budget from Esri, the average American can earn an estimated $482 in the first year of card membership (assuming you earn the welcome bonus) and $1,809 over five years. We worked with the location intelligence firm Esri, who provided us with a sample annual spending budget of $22,126. Though this program is known for lowering the value of travel miles, your Quicksilver cash back has a 1:1 value on Amazon.ĬNBC Select calculated how much cash back the average American can earn if they optimize the way they use their Capital One Quicksilver Cash Rewards Credit Card. As of November 2019, all rewards earned on Capital One cards can be redeemed on Amazon through Shop with Points.
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