[ad_1]
If you’re looking for a rewards credit card, the Wells Fargo Active Cash® Card and the Bank of America® Customized Cash Rewards Credit Card are the best options. However, Active Cash cards are superior to Customized Cash Rewards cards due to their unlimited usage, unmatched flexibility, and additional card features.
The Customized Cash Rewards card has its benefits, but is best suited for those who spend less than $2,500 per quarter, or who need a longer period to pay off large purchases or existing credit card debt.
What is the strongest card?
| card function | winner |
|---|---|
|
reward |
active cache |
|
welcome bonus |
tie |
|
Referral APR Offer |
customized cash rewards |
|
Additional card benefits |
active cache |
|
Annual fee |
tie |
Referral offerEarn a $200 Cash Rewards bonus when you spend $1,000 in your first 3 months
April19.24%, 24.24%, or 29.24% variation APR
Referral Purchase APR0% introductory annual interest rate for 15 months from account opening
Recommended credit excellent, good
- Earn Unlimited 2% Cash Rewards On Your Purchase
Annual fee$0
Trial balance transfer APR0% introductory annual interest rate for 15 months from account opening for eligible balance transfers
Balance transfer APR19.24%, 24.24%, or 29.24% variation APR
Balance transfer fee Max 5%; Min: $5
foreign transaction fee 3%
Penalty APR none
- Earn Unlimited 2% Cash Rewards On Your Purchase
Bank of America® Customized Cash Rewards Credit Card
Referral offer$200 Online Cash Rewards bonus when you spend $1,000 or more in the first 90 days of account opening
April18.24% – 28.24% Change APR for purchases and balance transfers
Referral Purchase APR0% introductory APR in 18 billing cycles of purchase
Recommended credit Excellent/Good
- Earn 3% cash back on select categories (up to $2,500 on combined select category/grocery/wholesale club quarterly purchases).
- Automatically earn 2% on Grocery and Wholesale Club (up to $2,500 on combined select category/grocery/wholesale club quarterly purchases).
- Earn unlimited 1% on all other purchases.
Annual fee$0
Trial balance transfer APR0% Introductory APR of BT’s 18 billing cycles created in the first 60 days. A 3% fee (minimum $10) applies.
Balance transfer APR18.24% – 28.24% Change APR for purchases and balance transfers
Balance transfer fee $10 or 3% of each transaction amount, whichever is greater.
late fee see terms
foreign transaction fee 3%
Penalty APR Up to 29.99% APR
- Earn 3% cash back on select categories (up to $2,500 on combined select category/grocery/wholesale club quarterly purchases).
- Automatically earn 2% on Grocery and Wholesale Club (select category/grocery/wholesale club combined quarterly purchases up to $2,500).
- Earn unlimited 1% on all other purchases.
our view
If you leave this page or visit any Bank of America Financial Center, this online exclusive offer may not be available. Apply now to take advantage of this offer.
Comparing Reward Programs
Winner: Active Cache
Here are the reward programs for both credit cards:
Wells Fargo Active Cash:
- 2% cash reward on your purchase
Customized Bank of America Cash Rewards:
- Earn 3% cash back on selected categories (up to $2,500 quarterly on select category, grocery and wholesale club purchases combined, then 1%).
- 2% in grocery and wholesale clubs (selected categories, up to $2,500 per quarter for combined grocery and wholesale club purchases, then 1%).
- 1% on all other purchases.
Customized Cash Rewards may seem more flexible, but ultimately cannot compete with Active Cash’s unlimited flat rewards on purchases, especially because of Customized Cash’s spending limits. At some point, Active Cash will overtake Customization Cash in terms of reward earnings.
For example, say you spend $5,000 each quarter. Maximize the top 3% reward categories with a customized cash card and get $75 in rewards when you spend $2,500. Spend the remaining $2,500 at the low 1% rate and earn an additional $25. This gives you $100 in revenue for the quarter.
With Active Cash you can get $100 when you spend $5,000 at a flat rate of 2%. If you spent $5,000 or more during the quarter, this is the point where Active Cash starts to move forward. Of course, if you can’t fully maximize the higher reward tiers of your customized cache, you may move forward faster.
But you don’t have to choose one or the other. Both cards can be used together to maximize your earnings. Use the Customized Cash card for purchases that earn 3%, and Active Cash for all other purchases.
welcome bonus
Winner: Draw
Both cards offer the same welcome bonus.
- Wells Fargo Active Cash: Spend $1,000 in your first 3 months and get a $200 cash rewards bonus
- Bank of America Customized Cash: $200 Online Cash Rewards bonus when you spend $1,000 or more in the first 90 days of account opening
The welcome bonuses on both cards are equally valuable and should be easily achieved with normal spending.
Referral APR Offer
Winner: Bank of America Customized Cash Rewards
Both Wells Fargo Active Cash and Bank of America Customized Cash will offer cardholders an introductory APR for purchases and balance transfers, but Bank of America Customized Cash will offer approximately three months longer than Active Cash. .
- Wells Fargo Active Cash: 0% Introductory APR for purchases and eligible balance transfers for 15 months from account opening (then 19.24%, 24.24%, or 29.24% variable)
- Customized Bank of America Cash Rewards: 0% introductory APR for 18 billing cycles of purchases and balance transfers made in the first 60 days (then 18.24% – 28.24% variable)
APR Introductory Offers are useful when you need to make a big purchase, are taking a long time to repay, and want to avoid interest. Alternatively, if you have existing credit card debt, you can use balance transfer to pay off your balance before accruing interest, but you’ll have to pay a balance transfer fee.
Active Cash charges an initial balance transfer fee of $5 or 3% of each balance transfer amount, whichever is greater, for 120 days from account opening. Then increase up to 5% (minimum $5). Customized cash cards are subject to a 3% (minimum $10) balance transfer fee.
The Customized Cash Rewards card has a longer introductory period, making it a good choice if you need more time to make purchases or pay off existing credit card debt.
Additional card benefits
Winner: Active Cache
Active Cash cards offer more perks than most cards with no annual fee, primarily due to their Visa signature status. Cardholders can enjoy protection against damage and theft of their mobile phones when paying their mobile phone bills with their card and save money at select hotels with Visa Signature Concierge and Luxury Hotel Collection.
The Bank of America Customized Cash Card is also a Visa Signature card and includes roadside dispatch, extended warranty and access to the Visa Signature Concierge. Active Cash is ahead as it offers greater value with mobile phone protection and Luxury Hotel Collection benefits.
Annual fee
Winner: Draw
Both credit cards have no annual fee. Both are inexpensive but rewarding options that work well in combination with other cards you already own.
Conclusion
If you spend $2,500 or more quarterly on purchases like gas and grocery stores, Active Cash may be a better fit for you. Overall, ActiveCash is the better card thanks to its high cash back on purchases and additional card features.
Bank of America’s customized Cash Rewards card is for people who spend less or want to spend more time paying for transferred balances and planned purchases.
Frequently Asked Questions
What are spending limits?
Certain reward credit cards offer higher reward rates for limited spending. There are yearly limits and quarterly limits, but once you reach the specified spending amount, the reward drops to 1% or 1x points depending on the card.
How many credit cards should you have?
There’s no hard and fast answer to how many credit cards you should have, but a good rule of thumb is to limit yourself to two or three. However, if you’re adept at managing your debt and maintaining the required monthly payments, you can get into even more debt.
What is the difference between cashback and points?
Generally speaking, 1% of cashback is always equal to 1 cent, but the value of points varies slightly depending on the method of redemption. Cashback usually has fewer redemption options compared to points.
The editorial content on this page is based solely on the objective and independent evaluation of our writers and is not influenced by any advertising or partnership. It is not provided or commissioned by any third party. However, we may receive compensation for clicking links to products or services offered by our partners.
[ad_2]
Source link
