There are numerous cards offering 2% cash back, but most require special banking arrangements and/or have restrictions on bonus categories. Others, like the SoFi Credit Card*, allow you to redeem rewards at a fee and deposit them into an eligible Fidelity account or use them toward paying down student or personal loans from SoFi.
1. Easy to Understand
Contrary to other credit card rewards programs that can involve intricate terms and regulations, most 2% cash back cards offer a straightforward experience. They feature a flat rate across all spending categories without additional bonus earning categories or exclusions – making it simple for you to keep track of your total earnings and plan ahead accordingly.
To take full advantage of a 2% cash back card, it’s essential that you’re intentional about how and when you use it. That means creating a plan for what kinds of purchases and when they will occur; for example if purchasing something such as furniture or electronics may benefit from being postponed until later in the year when sales may be more likely.
Consider carefully how you’d like to redeem your rewards. Some cards allow you to choose how and what type of merchandise or gift card to redeem your points for, while others may automatically convert your points to statement credit – depending on what best meets your needs.
There is an assortment of 2% cash back cards available, but only the best offer a simple earning rate and straightforward redemption process – some even without an annual fee! Citi Double Cash card, Synchrony Premier World card and Wells Fargo Active Card are popular choices among cash back fans.
Capital One Spark Cash Plus card can make an excellent choice for businesses. This card provides a hefty welcome bonus and unlimited 2% cash back on all purchases (excluding those made using Apple Pay). Before selecting this card, be sure to read all fine print carefully – your rewards may become worth less when used for specific items or ways.
The Evergreen Rewards Visa Signature Card* offers another reliable 2% cash back option with no annual fee and an attractive welcome offer. However, there is a 3% foreign transaction fee and few extra features; nonetheless it remains a reliable choice for anyone searching for a straightforward rewards card experience.
2. Easy to Redeem
A 2% flat-rate cash back card can be an ideal solution for anyone who prefers earning credit card rewards in dollars, rather than points. Redeeming them can be done whenever it suits your schedule without expiration dates or changing point values becoming an issue; making this card ideal for new users who seek consistent financial benefits in return for their use of it.
A credit card that offers 2% cash back can be used on all purchases, with rewards available as statement credits or transferred directly into your bank account. Some cards even allow users to redeem their rewards by purchasing gift cards and e-certificates – an especially convenient feature during the holidays! These options make earning and redeeming cash back easy regardless of spending habits or type of store frequented by users.
For maximum cash back rewards, consider finding a card without an annual fee, such as Citi Double Cash Card or Wells Fargo Active Cash Card. However, consider your current spending habits before selecting one – for instance if you frequently shop at one particular retailer, opting for one offering higher percentage rewards may be worthwhile.
Every wallet should contain at least one 2% cash back card, whether as the primary card or as part of an overall mix-and-match strategy. A 2% cash back card can make for an effective supplement to other cards with bonus categories or travel perks – perhaps one offering lucrative cash back rewards such as the Chase Freedom Unlimited(r) card or other travel cards with similar rates of return.
Make sure to abide by key credit card rules, like making on-time and full payments of your balance each month; otherwise, interest charges could eat into any rewards you’ve earned – which is why it is prudent to get a 2% cash back card only when certain you can manage its use responsibly.
3. Easy to Add to Your Budget
Utilizing a 2% cash back card can be an excellent way to add a substantial sum back into your wallet each month, provided that you pay your balance off in full each month. Just remember other credit card rules, like not carrying an outstanding balance, to ensure the rewards don’t dwindle due to interest charges which could potentially nullify them!
Selecting the ideal card can depend on several factors, including how often and in what categories you make purchases and your desire to receive either flat rate cash back or tailored rewards. To maximize its potential benefits, pairing a 2% cash-back card with higher rewards in specific areas like gas/groceries/dining out/travel can maximize the rewards from all transactions while still earning decent returns from each category of spending.
Assess the value of extra features offered by some 2% cash-back cards, such as cell phone protection or travel insurance. These features may prove helpful if you travel often or make large purchases not covered by traditional credit card insurance policies; however, for everyday expenses it may be more suitable to choose a simpler card without such benefits.
Many 2% credit cards provide various redemption options, enabling you to convert your points into statement credits, bank deposits or gift cards – though these typically offer less value than direct deposits into accounts or loans/investments with issuers.
Forbes Advisor suggests choosing a card offering at least 2% cash back that also provides redeeming opportunities, such as Apple Card’s. Wells Fargo Active Cash, Citi Double Cash and PayPal Cashback Mastercard could meet this criterion.
4. Easy to Manage
Contrasting rotating bonus categories that require you to keep track of which card is being used for what purchase, 2% cash back credit cards typically offer one flat rate across all spending. This can be especially helpful for new credit card users or those wanting to ensure they’re reaping rewards with every dollar spent.
As well as offering a fixed rate of earning, 2% cash back cards may provide other valuable services that add extra value, such as insurance coverage, cellphone protection and travel services. When considering all these extra perks in relation to the cash back rate offered by your card it is important to carefully weigh their costs against its 2% cash back rate; you should also be wary of any introductory APRs available as failing to clear off your balance by its end could incur interest charges and incur fees in terms of late fees and additional interest charges.
One advantage of 2% cash back cards is that they may be easier to manage than other cards. While some cards can reward your purchases with a straightforward flat-rate reward program, others may feature more complex redemption programs and limits that make keeping track of purchases difficult while maximizing rewards earned more challenging.
The best 2% cash back cards offer an intuitive, user-friendly method for earning and redeeming rewards, with competitive interest rates and fees. Furthermore, pairing two such credit cards can increase rewards even further: Clark uses his Costco Anywhere Visa card for earning 2% back outside retailers such as Costco while carrying both his Citi Double Cash card as well.
There is an abundance of credit cards offering 2% cash back, making it essential to find one that is tailored to fit your lifestyle and spending habits. We did extensive research into terms, conditions, fees and rewards in order to compile a list of our top picks for the best 2% cash back cards.