My current credit card strategy is to carry three credits and only three credit cards. I have two that are focused like laser beams to give me the highest cash back possible on the things I spend money on and then a “catch-all” backup card that has no annual limit on rewards and can be used to get everything else. I don’t want to carry any more than three cards and I don’t feel carrying less than three will be as effective. Every additional card is more overhead, it’s another account to manage, it’s another account I can be late on paying, it’s just too much headache and hassle for very little return.

So, which cards do I consider the best? Well that depends on how much you’re spending and where. The “best” card for me may not be the best card for you. I buy groceries but it’s not my largest expense, you may have groceries as your largest; so your optimal card and my optimal card are different.

So, the best way to do this is to analyze your spending, probably best done through a budget, and select from the following list of best cash back and reward credit cards.

Discover Card is once again offering their 10% cashback promotion that normally runs during the holidays. Simply spend $100 at a participating mall on your Discover Card, bring the receipts to customer service, and receive a $10 gift card with a limit of five per account.

Terms & Conditions:

Get a $10 Discover® Gift Card when you make $100 in purchases with your Discover Card at a participating mall between 8/1/08–9/7/08, while supplies last. Original receipts and your Discover Card must be presented to a participating mall’s Customer Service by 9/7/08. Limit 5 Gift Cards per account, during the promotion period. See Gift Card terms and conditions for full details.

Are you looking for the best gas credit card now that we have $4 gas? Fortunately we have personal finance blogs to cut through the fluff and tell you straight which is the best card. Right now, the best gas credit card appears to be the American Express SimplyCash® card. It offers 5% cash back on gas and they credit it directly to your account. No shenanigans about requesting a check over $50, depositing a check, waiting, sometimes forgetting to request it, etc. Credit directly to your account FTW!

The only concern is that it’s a business card, which means you have to have a business right? Nope. You can apply as a sole proprietorship, use your social security number as your EIN, and you’re in luck. This is entirely legitimate and there are no tax implications of doing so.

The other cards mentioned, the Discover Open Road and the American Express Costco TrueEarnings cards are less desirable. The Discover Open Road limits your cashback to $20 a month (first $100 in purchases) and the TrueEarnings card has an annual fee unless you’re a Costco member (and is only 3% cashback, 5% for the business card version). You are better offer with the SimplyCash card.