Credit card companies are being surprising generous these days. Not only have some extended 0% balance transfer deals to 18 months, but many are offering perhaps the best cash back credit card promotions in years.

Last week, Chase unveiled the Chase Freedom® Visa – $100 Bonus Cash Back card, which gives consumers a $100 cash back bonus after they spend $799 within 3 months. This is by far the best cash back credit card deal on the market.

Discover, which had been offering a $50 cash back bonus to new cardholders after they spent $599 in three months recently improved its bonus cash back promotion. The revised Discover® More® Card – $75 Cashback Bonus® offers a $75 cash back bonus when $500 is spent within 3 months.

Apart from the initial cash back bonuses, these cards offer varying levels of cash back and carry no annual fees.  People who don’t currently carry credit card debt, and don’t plan to in the near future, can benefit the most from these offers.  However, anyone who currently has credit card debt will be better off with a credit card that offers a 0% APR on balance transfers, as these offers can save consumers significantly more than a $75 or $100 cash back bonus.

For example, a person with $2,000 of credit card debt being charged a 14% interest rate can save over $400 with a 0% APR for 18 months. Clearly, this trumps a $100 cash back bonus. (View current 0% balance transfer offers)

However, if you’re just looking to cash in on the unusual generosity of credit card companies, the Chase Freedom® Visa – $100 Bonus Cash Back and the Discover® More® Card – $75 Cashback Bonus® offer the best cash back signup incentives and decent overall cash back programs.

*Important Note: Credit card offers change frequently. All information is accurate as of the date of publication, but may change at any time. Please see the respective credit card applications for current terms. All information is presented “as is” and “without warranty.”

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