How Much Cash You’d Earn by Spending $1,000 With the Right Credit Card

Score a nice bonus with one of these rewards credit cards.

Anyone who shops for a new credit card will find a plethora of offers available from a wide variety of financial institutions. And it can take some time to sort through them to find the best one for your financial needs.

But what if you could easily apply for a card that would reward you with a $150 to $200 cash bonus just for spending a certain amount of dollars within the first few months? Even better, what if that same card had other great perks — like rewards for every purchase you make and a zero annual percentage rate for a year or more?

If a credit card with a cash bonus and perks that will save you money sparks your interest, look no further. Find out just how much cash you can earn by spending $1,000 with the right credit card — as well as the details on some other pretty nice benefits you’ll snag just for signing up.

Take a look and see if any of these options qualify as one of the best rewards credit cards for your financial situation.

Bank of America Cash Rewards Credit Card

  • How much you earn by spending $1,000: $200

Once you make at least $1,000 worth of purchases in the first 90 days of opening this credit card, you’ll be eligible for the cash bonus. But the one-time $200 cash-back bonus isn’t the only thing that makes the Bank of America Cash Rewards credit card a good choice. The card features a 0% APR for the first 15 billing cycles — over a year of interest-free purchases. You’ll also earn cash-back rewards every time you use the card:

  • Earn 3% cash back in the category of your choice, such as gas, dining out, online purchases or travel
  • Earn 2% at supermarkets and wholesale clubs
  • Earn 1% back on all other purchases

Get More Perks: Best Store Credit Cards

American Express Cash Magnet® Card

  • How much you earn by spending $1,000: $150

All you have to do to earn the $150 cash back from American Express is use your American Express Cash Magnet® Card for $1,000 worth of purchases within the first three months of opening the card. Once you qualify, you’ll receive the $150 cash back in the form of a statement credit. Here are some of the other perks available with this card:

  • Unlimited 1.5% cash back on all purchases
  • Payment flexibility: pay in full or carry a balance each month
  • 0% intro APR for the first 15 months for purchases and balance transfers requested within the first 60 days of opening; after that a variable APR that is currently 14.49% to 25.49%
  • $0 annual fee

Other Cards To Check Out: Best Balance Transfer Credit Cards of 2019

Commerce Bank toggle

  • How much you earn by spending $1,000: $150

Earning a cash-back bonus is easy with Commerce Bank’s toggle credit card. All you have to do is spend $1,000 within three months after opening the account. In addition to the one-time statement credit of $150, you’ll also earn 1.5% cash back on every single purchase you make. You’ll also enjoy these other perks:

  • 0% APR for the first 12 billing cycles
  • An APR as low as 13.74% after promotional APR ends
  • No annual fee

Is the Initial Spending Requirement To Earn the Bonus Worth It?

If spending $1,000 seems steep, consider how you can use the card for everyday purchases like groceries, gas or eating out. Then, just reserve the cash you’d normally put toward those everyday purchases and use it to pay off the credit card bill each month. With this strategy, you’ll avoid racking up a credit card bill that you may have a difficult time paying off, and you’ll also earn the bonus.

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Last updated: Dec. 9, 2019

Rates and fees are subject to change. This content is not provided by Bank of America, American Express or Commerce Bank. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by Bank of America, American Express or Commerce Bank.

 

Editorial Note: This content is not provided by American Express. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been endorsed by American Express.

About the Author

Cynthia Measom is a Texas-based writer specializing in finance, business, parenting and education. With almost a decade of online writing experience, her work has appeared on websites such as Chron.com, The Bump and The Motley Fool. Measom received a Bachelor of Arts in English from the University of Texas at Austin.