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Ring in the new year with cash back.


Key points

  • Cash back cards can be great for large purchases, thanks to easily attainable sign-up bonuses and intro APR offers.
  • You can use cash back cards to maximize rewards in nearly any category.
  • Anyone with a business, no matter the size, can take advantage of cash back business credit cards.

With the holidays nearly upon us, the rest of 2022 will speed by in a flurry of feathers and tinsel. Before that happens, take some time to reflect on your finances of the past year — and the upcoming one.

As you reflect, spend at least a few moments considering your credit cards. Have your current credit cards worked well for you this past year? What changes would make them work better in the next?

There are any number of reasons you may want to add a new cash back rewards card to your collection next year. Here are just a few to consider while you contemplate the year to come.

Big purchases on the horizon

If you know that 2023 will bring with it a large purchase or three, a new cash back card may be a good idea.

For one thing, most cash back cards offer pretty solid sign-up bonuses. You can find ones with small spending requirements — as low as $500 in some cases — or with larger requirements that also net you larger bonuses. If you already know you have some large purchases coming up, then using them to earn a sign-up bonus is an easy win.

Another big reason to consider a cash back card for your large purchases is that most of them also come with intro 0% APR offers. These deals let you pay off your purchase over time without worrying about accruing lots of interest fees. The best intro APR cards have introductory periods of 18 months or more.

Closing a gap in your rewards strategy

Many of us collect rewards credit cards for, well, the rewards. If all that reflecting has revealed some gaps in your rewards maximization strategy, a new cash back card may be just the ticket.

There is a cash back card for nearly any type of spending. Here are a few places to start your search for the perfect fit:

To start maximizing your rewards, begin with the categories in which you spend the most. Then, work from there. So, if your top three spending categories are groceries, gas, and streaming services, make sure you have cards that provide bonus rewards in those categories.

But you can also maximize purchases you make less frequently. Do you spend big at the hardware store each spring? Find a card with rotating categories or that lets you choose your bonus categories so you can maximize even your seasonal spend.

Starting — or growing — your business

The new year is a great time to think about the future of your business, be it starting a new one or growing the one you have. And a small business credit card can be an important tool in the process.

As with personal cards, you can find cash back business credit cards of all types. Do you want something with no annual fee that you can use for purchases between invoices? Or do you want to maximize the rewards you earn for your quickly growing company?

If you’re going to be looking at both personal and business cards in 2023, be sure to do a little strategizing so you don’t run into any hurdles. For example, most issuers won’t report business cards to your personal credit, but some may — and this could impact your applications elsewhere.

Cash back cards may not be as flashy as their travel rewards counterparts. But there are plenty of good reasons you may want to add one to your wallet in 2023.

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