The Wells Fargo Active Cash℠ Card is making a splash among the growing list of 2% flat-rate cards on the market. The $0-annual-fee card offers the following:

  • Rewards: Unlimited 2% cash back on all purchases. That’s a higher ongoing rate than the standard 1.5% flat rate that many rewards cards offer.

  • Sign-up bonus: New! Earn a $200 cash rewards bonus after spending $1,000 on purchases in the first 3 months.

  • Interest rate: 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 14.99% – 24.99% Variable APR.

  • Cell phone insurance: A minor but useful perk, not often found on 2%-back cards.

Here’s a closer look at how the Wells Fargo Active Cash℠ Card stacks up to the market.

Citi® Double Cash Card – 18 month BT offer

Annual fee: $0.

Rewards: 2% cash back on all spending: 1% when you make the purchase and another 1% when you pay your bill.

Sign-up bonus: None.

APR: 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 13.99% – 23.99% Variable APR.

It earns 2% back in the form of 1% when you make a purchase and 1% when you pay it off. However, the card doesn’t offer a welcome bonus like the Wells Fargo Active Cash℠ Card. Plus, with the Wells Fargo Active Cash℠ Card, you’ll earn your cash back all at once, not in pieces like you would with the Citi® Double Cash Card – 18 month BT offer.

If you want to use your rewards for travel, the Citi® Double Cash Card – 18 month BT offer offers more options. That’s because you can choose to convert your cash rewards into Citi ThankYou points and then use those points to redeem for travel, or transfer to a host of travel partners.

Although both cards do offer introductory APR periods, the Wells Fargo Active Cash℠ Card wins out with an interest-free widow for both purchases and balance transfers. The Citi® Double Cash Card – 18 month BT offer offers an intro APR promotion only for balance transfers.

Alliant Cashback Visa® Signature Credit Card

Annual fee: $0 intro for the first year, then $99.

Rewards: 2.5% cash back on everything, up to $10,000 in qualifying purchases per billing cycle.

Sign-up bonus: N/A.

APR: The ongoing APR is 12.24% – 12.24% Variable APR.

How it compares with the Wells Fargo Active Cash℠ Card: The Alliant Cashback Visa® Signature Credit Card features rewards that top what most flat-rate rewards cards offer: 2.5% cash back on up to $10,000 in purchases per billing cycle. Although most everyday spending won’t get you near the card’s monthly cap, it does limit how much you can earn — especially if you’re a big spender. By comparison, the Wells Fargo Active Cash℠ Card earns unlimited cash back.

While the Alliant card could earn more rewards, that ability comes at a cost: You’ll pay an annual fee of $0 intro for the first year, then $99. But it won’t cost you anything to hold the Wells Fargo Active Cash℠ Card.

Another caveat of the Alliant Cashback Visa® Signature Credit Card is the fact that you are required to join the Alliant Credit Union to get it. Although joining the credit union is as simple as becoming a member of an eligible charity, it’s another hoop to jump through.

The Alliant Cashback Visa® Signature Credit Card doesn’t charge a foreign transaction fee, whereas the Wells Fargo Active Cash℠ Card does — which can make it costly to travel with.

PayPal Cashback Mastercard®

Annual fee: $0.

Rewards: Unlimited 2% cash back on all purchases.

Sign-up bonus: None.

APR: The ongoing APR is 19.99% – 26.99% Variable APR.

How it compares with the Wells Fargo Active Cash℠ Card: Another high-earning, $0-annual fee flat-rate card is the PayPal Cashback Mastercard®. The card will get you an unlimited 2% back on all of your purchases, both in stores and online. However, you’ll only be able to earn those rewards if you have a PayPal account and you’ll have to redeem them directly into your PayPal balance. If you already have a PayPal account, this won’t pose much of a hurdle. On the other hand, if you would prefer fewer restrictions and more flexibility when it comes to redeeming your rewards, the Wells Fargo Active Cash℠ Card is a better bet.

In terms of additional benefits, the Wells Fargo Active Cash℠ Card takes the cake with its introductory offers. The PayPal Cashback Mastercard® doesn’t offer a sign-up bonus, nor does it feature an introductory interest-free period. However, the card doesn’t charge a foreign transaction fee, which can save you money if you use it abroad.

SoFi Credit Card 

Annual fee: $0.

Rewards: Unlimited 2 points per $1 spent on eligible purchases.

Sign-up bonus: Earn up to $100 when you open and fund a SoFi Money and a SoFi Invest account after getting approved for the SoFi Credit Card (See Terms).

APR: The ongoing APR is 12.99% – 24.99% Variable.

How it compares with the Wells Fargo Active Cash℠ Card: Rewards earned on the SoFi Credit Card come with some conditions. The $0 card can potentially earn 2% on all purchases. However, to earn that full rate, you’re required to redeem points toward an eligible SoFi loan. Redeeming rewards points for cash back as statement credit will only get you a value of 0.5 cent per point.

The $0-fee card offers a sign-up bonus like the Wells Fargo Active Cash℠ Card, but again, earning it is tied to opening and funding a SoFi Money and a SoFi Invest account.

Fidelity® Rewards Visa Signature® Card

Annual fee: $0.

Rewards: 2% cash back on all purchases.

Sign-up bonus: None.

APR: The ongoing APR is 13.99% Variable.

How it compares with the Wells Fargo Active Cash℠ Card: The $0-annual fee Fidelity® Rewards Visa Signature® Card earns 2% cash back on all purchases, but to get the full cash back, you must deposit rewards into an eligible Fidelity account. Unless you have a qualifying account — such as a retirement account, 529 college savings plan or an health savings account with Fidelity — you’ll earn a paltry points value for non-cash back redemption options with the card.

Conversely, the Wells Fargo Active Cash℠ Card earns the same 2%-back rewards rate without redemption requirements. It also features a useful welcome bonus, unlike the Fidelity® Rewards Visa Signature® Card.

What’s next

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