How to Find the Best Cash Back Credit Card

Finding the best credit card can put a bit of extra cash in your pocket. But "best credit card" can mean different things to different people. Here are a couple of tips and websites that can help you figure out how to get the most cash back from your card.

One is bankrate.com. According to their "about" page, Bankrate "surveys approximately 4,800 financial institutions in all 50 states in order to provide clear, objective, and unbiased rates to consumers". They have a special section that lists featured credit cards, which offer cash back, rebates, miles and other rewards. To narrow it down to cards that give cash back, click a link on the left side of the page.

Recently, the cash back results showed a couple of Discover cards that offer 20 percent cash back when you buy something online. There was also a Capital One MasterCard that offers two percent cash back on all gas purchases. Depending on whether you shop online a lot, or have a long commute - one of these may be the best credit card.

Another website that can help you find the best credit card for getting cash back is Creditcardflyers.com, which has a "Credit Card Rewards Wizard". You type in the amount you spend on things like gas, groceries, and utilities. Then, the Credit Card Rewards Wizard will show you what the best credit card is for you.

For example, if most of your budget is spent on gas and groceries, you'll see that an American Express card may be the best credit card. It offers five percent cash back on gas and food (other than restaurants), as long as you spend at least $6500 a year.

Before you zero in on the best credit card, financial expert and author Suze Orman has a couple of important recommendations in her book, "The Road To Wealth". Those include: avoid annual fees (page 8) and find cards with low interest rates. On page 7 she writes: "You want to choose the card with the lowest introductory rate, and the longer the low rate lasts, the better. If and when the rate goes up, it may be a good strategy to get another card with a low introductory rate."

She also recommends getting rid of your credit card debt, which makes sense. You might be getting some cash back, but if you're paying 17 percent interest on your balance, even the best credit card cash back program won't help.