In the world of cash-back credit cards these days, your choices are almost an overwhelming number of options from what feels like every different bank on the planet. Between sign-up offers, perks, benefits, and promises, there are almost too many cards to choose from.
Because of the number of available cards, one individual on Quora hopes to narrow things down a bit. In their quest for a no-nonsense cash-back card, there is a question about whether such a card even exists. While they throw out a few options, there is also a reminder that this is a subjective debate, and this couldn’t be more accurate.
The reality is that right now, cash-back cards are more enticing than travel cards, which makes choosing just one card all the more complicated.
The Post
In the case of this post, this individual knows that people are looking for what they like to call the “holy grail” of credit cards or the one that “offers the most bang for your buck.” This is what they call and believe to be the cash-back credit card, but they also recognize that choosing just one can be downright impossible.
At the top of their suggestion list is the Chase Sapphire Preferred card, which focuses more on travel and dining than cash-back, so this one is out. The Blue Cash Preferred Card from American Express is a Reddit favorite, but even with 6% cash-back on streaming services and groceries, there is also the notion that it has an annual fee in the back of your mind. But it is still a contender for the top spot.
The Citi Double Cash Card is another Reddit favorite, offering 1% on every purchase and another 1% when you pay off your balance. Lastly, the Capital One Venture Rewards credit card is, again, a travel favorite, so it’s out of the running. This leads us directly to the comment section on the post in the hopes of finding one universally loved cash-back no-nonsense credit card.
No-Nonsense Choices
Unsurprisingly, the Quora comments on this post balance whether travel or cash-back is the best choice, but there is no shortage of recommendations for those who love cash-back cards. While I like the idea of the Citi Double Cash card getting close to the concept of being the no-nonsense choice for everyone, it doesn’t quite get there.
This makes this challenging because you want to choose a card like the Blue Cash Preferred or Chase Freedom Flex with their (rotating) categories and increased percentages. However, doing so and remembering what gets charged on which card to maximize rewards is the opposite of no-nonsense.
For this reason, 5% rotating category cards can be an excellent choice for many people, especially if you can take advantage of the quarterly offers. However, the best option right now would be the Wells Fargo Active Cash Card or the Fidelity 2% card, which offer a flat rate of 2% unlimited cash-back on every purchase.
The Wells Fargo card stands out because it offers an additional bonus of up to $600 of cell phone protection against damage or theft. Fidelity doesn’t provide this, but it does offer you a $100 Global Entry or TSA PreCheck benefit, so if you travel regularly, this perk might come in handy.
Ironically, the smaller bank of PNC offers the best flat-rate 2% cash back card, which often goes unnoticed by more prominent bank customers. In addition to its flat rate of 2% and $800 in cell phone protection, you can redeem your rewards as a statement credit, gift cards, or travel bonus.
For this reason, the PNC card, while lesser known, is arguably the best nonsense credit card you can get today. If you don’t want to bother with PNC, Fidelity or Wells Fargo are the next best.
One Card For Everything
In the grand scheme of things, the 5% rotating category card has grown in popularity in a big way, but it might not be the best choice for everyone. Instead, consider using just one 2% card offering straight cash-back on every purchase without worrying about fees, special restrictions, or caps. You can find our top choices in this category here: https://247wallst.com/go/qs/cc/cashback
Top Gaining Stocks
Top Losing Stocks