credit cards with cash back
Rewards cashback cards are highly sought after for their ability to offer tangible value with every purchase. Among the myriad options, a few stand out due to their unique advantages and trade-offs. Below, we analyze some of the top contenders, comparing them with the PayPal Cashback Mastercard to help you make an informed decision.
1. Wells Fargo Active Cash Card
Advantages:
- Sign-Up Bonus: Earn a $200 bonus after spending $1,000 within the first 3 months.
- Cell Phone Protection: Offers up to $600 of coverage, adding significant value.
Disadvantages:
- Flat Rate Earnings: Limited to 2% cashback on all purchases, lacking the 3% cashback option for PayPal-eligible purchases.
- Redemption Restrictions: Cashback can only be redeemed electronically if you bank with Wells Fargo; otherwise, it’s available as statement credit or a paper check.
Verdict: While the sign-up bonus and cell phone protection are appealing, the lack of a 3% cashback rate on PayPal purchases makes this card less versatile than the PayPal Cashback Mastercard. However, if the PayPal card’s sign-up bonus returns, the Wells Fargo Active Cash becomes less competitive.
2. Citi Double Cash Card
Advantages:
- Flexible Redemption Options: ThankYou points can be redeemed for more than $0.01/point for specific airline and hotel transfers.
- Enhanced Earnings: When paired with Citi Rewards+, the Double Cash can effectively earn 2.22% cashback due to a 10% rebate on redemptions, making it a strong choice for maximizing rewards.
Disadvantages:
- Limited Earnings: Capped at 2% cashback with no elevated rates for PayPal-eligible purchases unless paired with Citi Premier for full travel partner benefits.
- Redemption Thresholds: Requires larger redemption denominations, such as $25 or $50.
Verdict: The Citi Double Cash card offers solid value for frequent travelers who can leverage the ThankYou points system. With the Rewards+ pairing, it gains an edge for disciplined spenders. However, for general cashback purposes, the PayPal card’s straightforward redemption process and 3% PayPal-specific rate give it the edge.
3. Alliant Cashback Visa Signature Credit Card
Advantages:
- Higher Earnings Cap: 2.5% cashback on the first $10,000 spent per billing cycle.
- No Foreign Transaction Fees: Ideal for international travelers.
Disadvantages:
- Complex Requirements: Requires an Alliant checking account with a $1,000 minimum daily balance and monthly deposits.
- Capped Rewards: Cashback drops to 1.5% after spending $10,000 in a billing cycle.
Verdict: For high spenders, the Alliant Cashback Visa Signature offers strong potential. However, the hassle of maintaining a checking account and the reduced cashback rate after the cap makes it less appealing than the PayPal Cashback Mastercard’s unlimited rewards.
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4. Apple Card
Advantages:
- Apple Pay Integration: Seamless experience for iPhone users.
- No Foreign Transaction Fees: Useful for international purchases.
Disadvantages:
- Limited Rewards: Only 2% cashback via Apple Pay and 1% on other purchases. The PayPal card’s 3% rate for PayPal-eligible purchases outshines this.
- Restricted Usability: Fewer opportunities to earn higher rewards compared to the PayPal card.
Verdict: The Apple Card may suit loyal Apple users, but its limited cashback potential and reliance on Apple Pay make it less competitive overall.
5. Synchrony Premier World Mastercard
Advantages:
- None notable.
Disadvantages:
- Flat Earnings: Limited to 2% cashback with no elevated rate for PayPal transactions.
- Delayed Cashback: Rewards can take up to two billing cycles to be credited.
Verdict: This card lacks the features to stand out in the crowded cashback card market, especially compared to the PayPal Cashback Mastercard.
6. Bread Cashback American Express
Advantages:
- AmEx Offers: Access to exclusive merchant discounts and purchase protection.
- No Foreign Transaction Fees: Suitable for global travelers.
Disadvantages:
- Limited Rewards: Capped at 2% cashback, with no 3% rate for PayPal-eligible purchases.
Verdict: While the Bread Cashback American Express card provides additional perks, the PayPal Cashback Mastercard’s superior earning potential makes it the better choice for cashback enthusiasts.
7. SoFi Credit Card
Advantages:
- First-Year Bonus: 3% cashback in the first year (up to $12,000).
- Savings Opportunities: High APY on SoFi savings accounts (currently 4.0%).
Disadvantages:
- Complex Requirements: Requires creating and funding three SoFi accounts with direct deposit.
- Limited Long-Term Rewards: Reverts to 2% cashback after the first year.
Verdict: The SoFi Credit Card may appeal to those already banking with SoFi or seeking a high APY savings account. For others, the additional effort and limited long-term rewards make it less attractive than the PayPal Cashback Mastercard.
8. Fidelity Rewards Visa Signature Card
Advantages:
- Automatic Investments: Cashback is deposited directly into a Fidelity investment account.
Disadvantages:
- Limited Accessibility: Cashback must be converted to cash through the sale of investments.
- Flat Rate: Capped at 2% cashback.
Verdict: This card is ideal for disciplined investors with Fidelity accounts. However, its limitations in flexibility and earnings make it less competitive than the PayPal Cashback Mastercard for most users.
9. Evergreen by FNBO
Advantages:
- Sign-Up Bonus: 20,000 FNBO Rewards points ($200) after spending $1,000 in the first 3 months.
Disadvantages:
- Flat Rate: Limited to 2% cashback.
- Delayed Rewards: Cashback is not instantly available.
Verdict: The FNBO Evergreen card is a decent alternative for those seeking a sign-up bonus. However, the PayPal Cashback Mastercard’s instant cashback and higher earning potential make it a stronger contender.
10. Venmo Visa
Advantages:
- Costco Compatibility: All Costco purchases, including online, warehouse, and tire center, are coded as groceries, earning 3% cashback if groceries are your highest spend category for the month.
Disadvantages:
- Category-Based Rewards: Requires careful tracking of spending categories to maximize rewards.
Verdict: For frequent Costco shoppers, the Venmo Visa provides an excellent opportunity to maximize rewards. However, the PayPal Cashback Mastercard remains more straightforward with its consistent earning structure.
11. Capital One Venture X
Advantages:
- Versatile Miles: Earns 2x miles per dollar spent.
- Perks: No annual fee effectively for many users due to travel credits and perks.
Disadvantages:
- Travel Focused: Best suited for those who can leverage the travel-centric benefits.
Verdict: The Venture X is a compelling choice for travelers looking to maximize value through miles. However, for everyday cashback, the PayPal Cashback Mastercard offers a simpler and higher earning rate.
12. PayPal Cashback Mastercard
Advantages:
- Superior Rewards: Unlimited 3% cashback on PayPal-eligible purchases and 2% cashback on all other purchases.
- Straightforward Redemption: Cashback is instantly credited to your PayPal balance, providing unparalleled flexibility.
- No Annual Fee: Offers significant value without additional costs.
Disadvantages:
- PayPal Dependency: Requires a PayPal account for full functionality.
Verdict: The PayPal Cashback Mastercard is a top-tier choice for anyone seeking a simple yet powerful cashback card. Its 3% PayPal-specific rate, combined with unlimited 2% cashback on other purchases, makes it a standout option for everyday spending.
