Wells Fargo really disrupted the cash back credit card space when they released their Wells Fargo Active Cash® Card. It is hard to compete with what this card has to offer and we have broken down all of the details below.
Unlimited 2% Cash Rewards
The Wells Fargo Active Cash® Card offers unlimited 2% cash rewards on purchases. Other cards that offer higher percentages only do so on certain categories (groceries or gas, for instance) and usually limit how much you can earn in those categories. With the Wells Fargo Active Cash® Card you don’t have to worry about any caps, categories or activating your rewards since you’ll automatically earn 2% on all of your purchases. This 2% rate is tough to beat and makes this no annual fee card a stand out option for anyone with good to excellent credit that is looking for a low-maintenance cash rewards card that will allow you to accumulate cash rewards really quickly.
$200 Cash Rewards Bonus
There is also a sign-up bonus worth $200 in cash rewards that can be earned by spending at least $1,000 in the first three months after you are approved. This means you are getting another 20% back on the first $1,000 you spend.
Generous Introductory APR
Those seeking a 0% intro APR will be happy to hear that the Wells Fargo Active Cash® Card allows you to pay 0% interest for 15 months from account opening on purchases and qualifying balance transfers. After the introductory rate the 18.74%, 23.74%, or 28.74% variable APR will apply. There is an introductory balance transfer fee (3% for 120 days from account opening, then up to 5%; min: $5) but if you are paying interest on your other card(s) the fee is likely much lower than the interest charges you are accruing each month.
Another unique perk offered is cell phone protection. Simply use your Wells Fargo Active Cash® Card to pay your cellular telephone bill and you can get up to $600 of protection on your cell phone (subject to $25 deductible) against covered damage or theft. This will help give you peace of mind that your cell phone is protected while saving you money by not needing to pay out of pocket for the protection through another provider.
670 – 850*
Other Cash Back Options
We think the Wells Fargo Active Cash® Card is tough to beat but we have rounded up some other options from our partners that may appeal to those who tend to spend more in specific categories.
3% Back On Groceries, Dining & More
If you spend regularly on dining, entertainment, groceries and online streaming services, then the Capital One SavorOne Cash Rewards Credit Card would be a great addition to your wallet as cardholders earn unlimited 3% cash back in those categories. You will also earn 1% back on all of your other purchases. There is no annual fee and new cardmembers can also benefit from a 0% intro on purchases and balance transfers for 15 months, then 17.99% – 27.99% (Variable). There is a 3% balance transfer fee but that fee is likely worth it if you are paying interest each month on another card. You can also kick off your cash back earnings with a $200 welcome bonus that can be earned by spending $500 on purchases within the first 3 months. That is a much lower spending requirement than the other cards we have featured and it equates to 40% cash back on your first $500 in purchases.
Unlimited 3X Rewards on Restaurants, Travel, Gas & More
This brand new, $0 annual fee credit card is an exciting addition to the rewards card category that offers unlimited 3X points on restaurants, travel, gas stations, transit, popular streaming services and phone plans. There are no caps to worry about and no rewards calendars to keep track of. Plus you will also earn 1X on all of your other purchases. For a limited time, new card members can also earn a massive 30,000-point welcome bonus after spending $1,500 in the first three months. This bonus has a $300 cash redemption value and it is the biggest welcome bonus we have seen on a card that does not charge an annual fee. This lucrative welcome offer expires 1/10/2023 so make sure to apply today. In addition to the cash redemption option you can also redeem your rewards for travel, gift cards, and more. There is also a generous intro APR on purchases and many other premium benefits.
As you can see, it is a great time to be in the market for a new cash back credit card. Issuers are really stepping up their game and offering incredible perks to win your business. If you have good to excellent credit in the 670 – 850* range and have not recently applied for a new credit card then you should definitely apply for one of these stand out options today.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.
*CardCritics references a FICO® 8 score, which is one of many different types of credit scores. A financial institution may use a different score when evaluating your application.