There are some excellent cash back credit card products in the market, and it isn't uncommon to find a no annual fee credit card with a cash back rate as high as 2% on all purchases.
However, it isn't just about the headline cash back rate. Some no annual fee cash back credit cards have unique relationship benefits, rewards programs, and consumer protections that can make them extremely valuable to certain consumers. Here are three in particular that you might want to put on your radar.
Extra rewards for banking customers
The SoFi Unlimited 2% Credit Card is one of the newer cash back credit cards on the market, with an unlimited 2% cash back rewards rate (3% when used to book trips through SoFi Travel). It has no annual fee, no foreign transaction fee, and has some unique perks.
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First, it gives a 10% bonus for customers who have direct deposit to a SoFi Checking account, effectively making it a 2.2% unlimited cash back credit card (3.3% on SoFi Travel). It also has up to $1,000 in cellphone insurance when you pay your bill with the card, as well as World Elite Mastercard® benefits such as $5 in Lyft credits when you take three rides or more in a month.
Cellphone protection
The Wells Fargo Active Cash® Card is one of our favorite cash back rewards credit cards, with a 2% cash rewards rate on all purchases, with no limits. It generally has an excellent welcome bonus and intro APR offer.
It also offers one of the most generous cellphone insurance benefits in the market, providing as much as $600 per claim with an extremely low $25 deductible when you pay your bill with the card (in case you were wondering, the SoFi card requires a $50 deductible).
Ratings Methodology
Wells Fargo Active Cash® Card
Rating image, 5.00 out of 5 stars.
5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Rating image, 5.00 out of 5 stars.
5.00/5Our ratings are based on a 5 star scale.5 stars equals Best.4 stars equals Excellent.3 stars equals Good.2 stars equals Fair.1 star equals Poor.We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs. = Best = Excellent = Good = Fair = Poor
Credit Score:Falling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Recommended Credit Score required for this offer is: Good/Excellent (670-850)
Poor
Fair
Good
Excellent
300-579
580-669
670-739
740-850
Credit ScoreFalling within this credit range does not guarantee approval by the issuer. An application must be submitted to the issuer for a potential approval decision. There are different types of credit scores and creditors use a variety of credit scores to make lending decisions.
Good/Excellent (670-850)
Intro APR0% intro APR for 15 months from account opening on purchases and qualifying balance transfers
Purchases: 0% intro APR, 15 months from account opening
Balance Transfers: 0% intro APR, 15 months from account opening on qualifying balance transfers
Regular APR
20.24%, 25.24%, or 29.99% Variable APR
RewardsEarn unlimited 2% cash rewards on purchases.
2% cash rewards
Annual FeeN/A
$0
Welcome OfferEarn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
$200 cash rewards
This card’s unlimited 2% cash rewards on purchases is the highest we’ve seen for a flat-rate rewards card with no annual fee. It also has an incredibly easy-to-earn $200 welcome bonus and a generous intro APR offer. We simply haven’t come across this combination of top perks in one card before.
- Unlimited 2% cash rewards
- Long 0% intro APR offer
- Generous cash rewards welcome bonus
- No annual fee
- Cellphone protections
- Card perks
- Free FICO® Score updates
- No bonus categories
- Foreign transaction fees
- Balance transfer fee
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Choose your bonus category
Last but certainly not least, the Bank of America® Customized Cash Rewards credit card is actually in my wallet as I'm typing this.
Most cash back rewards cards fit into one of three broad categories. They either have a flat cash back rate on all purchases, have set bonus categories, or have bonus categories that rotate quarterly. The Bank of America® Customized Cash Rewards credit card is unique in the sense that you can choose one spending category to earn a 3% cash back rate on. There are six options:
- Gas and EV charging
- Online shopping (including cable, internet, phone, and streaming subscriptions)
- Dining
- Travel
- Drug stores and pharmacies
- Home improvement and furnishings
The card also earns a 2% cash back rate at grocery stores and wholesale clubs like Costco. Bonus cash back is limited to the first $2,500 in spending each quarter, and you can change your bonus category once per month if you want to.
Bank of America Preferred Rewards members also get a bonus of 25%-75% on their credit card rewards, depending on what status tier they are, so this could mean up to a massive 5.25% rewards rate on your chosen bonus category.
Which is right for you?
These are three different cards with different benefits, so there's no clear winner. All three are top cash back rewards credit cards. SoFi's and Bank of America's cards have excellent relationship benefits, so they could be the best choice for consumers who already have a relationship with either bank. And beyond that, it depends which benefits and reward programs appeal to you the most, based on your personal situation.
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