Consumer Reports: Best credit card cash back rewards

With so many credit cards that offer cash back rewards, choosing the best one can be tricky.

So to help you get the most money back, Consumer Reports has a new online tool.

After a lot of tedious research, Audrey Mosello found three cash back rewards cards that she juggles to get the most money back.

One is primarily for gas. Another for groceries. And the third gave her a generous sign-up bonus.

"It's great. I love it. You know when you're on a budget it always helps to be able to save wherever you can," said Audrey.

Consumer Reports' Mike Saccucci has analyzed more than 50 cash back cards and says they can be a very good deal.

"It's like found money. Depending on your particular spending scenario, you could save hundreds of dollars each year, maybe even thousands," he said.

So what are the best cash back credit cards for the average American household?

If you use the American Express Blue Cash Preferred card for three years, that is your best bet.

It pays back six percent on groceries for the first $6,000 dollars you spend a year, three percent on gas, one percent on all other purchases.

Although it charges an annual fee, it could save the average household more than $1,300 dollars.

Two runners-up: Citi Double Cash Card and the Fidelity Rewards Visa Signature. Each pay back 2 percent on all purchases and charge no annual fee. They'll save the average family around $1,200 dollars in the first 3 years.

Mike created a free online tool to help you find the right card for your spending pattern.

You just enter your monthly spending for gas, groceries, restaurants, travel, and everything else, and up pop your best cards.

But keep in mind, if you don't pay the card off in full every month, your cash back rewards can be wiped out by interest charges.

And if you incur a late fee, you could lose your points for that month.

With any cash-back card, Consumer Reports says it's a good idea to check the card websites regularly to make sure the terms haven't changed.
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