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Cash back rewards are the easiest to use and the most straightforward. You simply get a specific percentage back from purchases charged to a cash back credit card. Cash back rewards can be redeemed for statement credits, cash or gift cards. Cash is the most desirable redemption option, but not all issuers offer it. If they do, your cash will be deposited to your bank account or the issuer will send you a check. Redemptions are usually offered in increments like $25, $50, $100 and so on. Your cash back can be deposited to your account (or sent via check) automatically every time a certain amount is reached or you can accrue cash back as long as you wish, whichever option is available or suits you.

Cash back rewards are easy to understand and use, but you should know about possible catches. Your cash back card may have rotating categories that require enrolment, specific shopping categories may have tiered cash back or limits. Always read the rewards program terms to make sure you earn maximum rewards for all your expenses.