CNBC's best cash-back credit cards of 2023

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With the right cash-back card, you can earn hundreds of dollars in rewards each year.

There are many different types of cash-back cards with varying bonus spending categories, benefits and annual fees. To help you find the right card for you, we analyzed dozens of the most popular cash-back cards using a sample spending budget and dug into each card's perks and drawbacks to find the best of the best based on various consumer habits.

Here are CNBC Select's picks for the top cash-back credit cards of 2023. (See our methodology for more information on how we choose the best cash-back cards.)

• Best overall and best for no annual fee: Chase Freedom Unlimited® Card
• Best for flat-rate cash back: Citi Double Cash® Card
• Best for rotating bonus categories: Chase Freedom Flex®
• Best for students: Discover it® Student Cash Back
• Best for average credit: Capital One QuicksilverOne Cash Rewards Credit Card

Who's this for? The Chase Freedom Unlimited® Card is ideal for anyone who wants a robust rewards card with no annual fee. It's also excellent for those who have another Ultimate Rewards® card, like the Chase Sapphire Preferred® Card, as they'll be able to convert their cashback into fully transferable Ultimate Rewards® points.

Standout benefits: Cardholders can enjoy discounts and special perks with Lyft, Instacart, Gopuff and more — all for no annual fee.

Although the Chase Freedom Unlimited earns cash back, it can be paired with other cards that earn Chase Ultimate Rewards® points. If you have certain Chase credit cards such as the Chase Sapphire Preferred Card, the Chase Sapphire Reserve or Ink Business Preferred® Credit Card, you can transfer your cash-back rewards to those cards. This greatly expands the options you have for redeeming your rewards because you'll be able to transfer those points to all of Chase's airline and hotel partners.

Who's this for? The Citi Double Cash® Card is a solid choice if you're looking to maximize your money without having to worry about rotating reward categories. Earn 1% cash back on purchases and 1% when you pay off your bill. That makes the card's appeal almost universal, as you won't have to miss out on reward opportunities.

Standout benefits: There's no annual fee, an easy-to-use rewards program with no activation required and no limit to how much cash back you can earn.

In addition to cashback and gift cards, you can transfer the rewards you earn to three of Citi's travel partners: Wyndham, JetBlue and Choice Privileges. If you pair this card with the Citi Premier® Card, you can transfer your rewards to all of Citi's partner travel programs, including Turkish Airlines, Avianca and Singapore Airlines.

There are also various cardmember programs, including Citi Entertainment℠, which gives cardholders first access to purchase tickets for thousands of concerts and events, and Citi® Identity Theft Solutions, a service that will help you if you're a victim of identity theft.

Who's this for? If you're looking to maximize rewards, consider a rotating bonus category card like the Chase Freedom Flex®. This card earns 5% cash back on combined gas station and grocery store purchases (excluding Target and Walmart) on up to $12,000 spent in the first year, 5% cash back on up to $1,500 in combined purchases in bonus categories each quarter you activate, then 1%. The cash-back calendar changes every quarter. (Learn more about how Chase classifies bonus category purchases.)

Standout benefits: In addition to rotating rewards, you can discounts and special perks with partners like Lyft (through March 2025) and Instacart.

If you maximize the Freedom Flex card's rotating quarterly bonus categories you'd earn an extra $300 cash back throughout the year. But if you have a Chase card that enables Ultimate Rewards points transfers (like the Chase Sapphire Preferred), you can pool your rewards onto that card and have the potential to dramatically increase their value.

Who's this for? A student card, like the Discover it® Student Cash Back, can help you build credit while also earning cash back. To qualify, you need to meet a few requirements: attend a two- or four-year college, be over 18 and a U.S. citizen.

Standout benefits: The Discover it® Student Cash Back has no annual fee and no foreign transaction fees, which makes it a good choice for students studying abroad.

Who's this for? Many of the best cash-back cards require good or excellent credit, but there are some cards for people with fair/average credit that offer good cash-back rates. Capital One QuicksilverOne Cash Rewards Credit Card gives consumers a competitive 1.5% cash back on all purchases, with no limit on the amount of cash back you can earn.

Standout benefits: The Capital One QuicksilverOne Cash Rewards Credit Card charges no foreign transaction fees and comes with access to CreditWise, a service that monitors your TransUnion and Experian credit reports.

There are many types of credit cards that offer a range of perks and rewards programs, especially when it comes to cash-back credit cards. The three main types are flat-rate, bonus rewards and rotating category.

• Flat-rate cash-back cards offer the same amount of cash back on all purchases.
• Bonus rewards cash-back cards offer extra rewards on select purchases, such as gas, groceries, dining and travel.
• Rotating category cash-back cards offer higher cash-back rates on certain categories that change every month or quarter.

Depending on your spending habits, you can benefit from having one or more cash-back cards.

It can be hard to select just one cash-back card since there are so many to choose from. To choose the best card for your needs, you'll need to consider several factors. Here are some tips on how to choose a credit card:

1. Consider the annual fee: While many cash-back cards have no, or low annual, fees, consider if you're willing to pay for your credit card.

2. Do you want to take advantage of a 0% APR: Many cash-back cards provide an introductory 0% APR period that can save you money on interest charges. If you have large purchases coming up, or debt to refinance, consider a card with no interest for over a year, such as the Freedom Flex card with an intro 0% APR for the first 15 months on purchases and balance transfers (then 20.49% - 29.24% variable APR).

3. Review your spending habits: Taking the time to consider how you use your card, can help you narrow down the type of cash back you want to earn. If you spend a lot at the supermarket, consider a grocery rewards card, such as the Blue Cash Preferred® Card from American Express. Terms apply. But if your spending habits are unclear, stick with a flat-rate cash-back card, like the Citi Double Cash.

If you're having trouble narrowing down the best cash-back card for you, it can be helpful to compare credit cards. You should first list the benefits you're looking for and any deal breakers, such as an annual fee. Then make a list of cards that offer those benefits so you can do a side-by-side comparison.

For instance, if you want a simple cash-back card that doesn't require bonus activation, consider the flat-rate Citi Double Cash. But if you don't mind activating new categories every quarter and want to maximize rewards, opt for the Chase Freedom Flex.

To make the most of your cash-back card, you should familiarize yourself with the various credit card benefits and fees. Review the annual fee, foreign transaction fees and the APR. Plus consider the cash-back rates and redemption options.

Once you're familiar with the terms of your card, you can begin to optimize them. Set up autopay to ensure payments are made on time and consider how you want to redeem cash back. If there's an automatic redemption option, that can be a simple way to cash out your rewards.

And if you have multiple credit cards, make sure you know the best time to use each card. Let's say you have the Citi Double Cash Card and the Chase Freedom Unlimited Card. Use the Freedom Unlimited card for all your Chase Ultimate Rewards travel purchases; 6.5% cash back on travel purchased through Chase Travel℠, 4.5% cash back on drugstore purchases and dining at restaurants (including takeout and eligible delivery service), and 3% on all other purchases (on up to $20,000 spent in the first year). After your first year or $20,000 spent, enjoy 5% cash back on travel purchased through Chase Travel℠, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.

To determine which cash-back credit cards will put the most money back in your pocket, CNBC Select evaluated over 50 popular cash-back credit cards offered by major banks, financial companies and credit unions that allow anyone to join. We compared each card on a range of features, including cash-back rewards, annual fees, welcome bonuses, introductory and standard APRs, balance transfer fee and foreign transaction fees, as well as factors such as required credit and customer reviews when available. We also considered additional perks, the application process and how easy it is for the consumer to redeem rewards.

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For rates and fees of the American Express® Gold Card, click here.

For rates and fees of The Platinum Card® from American Express, click here.

For rates and fees of the Discover it® Student Cash Back, click here.

Information about the Bank of America® Travel Rewards for Students has been collected independently by Select and has not been reviewed or provided by the issuer of the card prior to publication.

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply.