Navigating Cash-Back Deals on Credit Cards

Another little item in the fine print: They won't pay you any cash back until you accumulate $50. And the terms of your agreement can change at any time with 30 days prior notice, which means you're going to have to keep reading through that legalese every time you get a new statement in the mail.

"The Citi CashReturns Card offers a simple way for customers to earn and redeem unlimited cash back automatically," says Samuel Wang, a vice president in public affairs at Citigroup Global Consumer Group.

"As with any credit card offer, we encourage prospective customers to fully comprehend our product marketing, terms and conditions, and even contact us directly with questions, prior to applying for our products."

The cash-rewards agreements can get complicated even before you agree to them. The Chase Freedom card, for example, gives you 3% cash back when you satisfy "if" clauses, such as spending in certain categories that can range from grocery to pet supply stores, and then it reverts to a 1% rebate after you reach $600 of spending in any given month.

"We're trying to be simple and not fool the consumer," says Sherri Silver, a senior vice president at Chase. She says people get 3% back when that's what they're promised.

"We want the consumers to know what they're getting and to get what they thought they would get. When that happens, then we have engaged and loyal customers."

Another issue to consider is whether your card will work at the stores where you're planning to spend. CardRatings.com's Curtis Arnold says he found that smaller merchants didn't always accept his American Express card, so he had to use a back-up one from Visa(V Quote) instead.