If I Could Only Use One Credit Card Forever, This Is the One I'd Pick
KEY POINTS
- I'd pick the Wells Fargo Active Cash® Card for unlimited 2% cash rewards on everything.
- A flat rewards rate could prevent me from overspending on things I don't need.
- Other strong competitors include the Capital One Quicksilver Cash Rewards Credit Card and Robinhood Gold Card.
Confession time: I have a lot of credit cards. After closing a grand total of one credit card last month, four cards vie for my attention. It's a lot. It's especially daunting come payment time; I'm opening multiple accounts to check my balances. Making sure I get everything takes effort.
What's the big deal, you say? Well, a single late payment would wreck my credit score, possibly making it very difficult for me to take out affordable loans. Plus, I'm charged a 20-something percent interest fee when I carry a credit balance. I'm very not okay with that.
Despite my juicy credit rewards, I fantasize about spending with only a single card. I've looked into it and decided that if I could only use one credit card forever, I'd pick the Wells Fargo Active Cash® Card. (See rates and fees.) The reason is simple: 2% cash back on everything.
I'd pick the Wells Fargo Active Cash® Card
The Wells Fargo Active Cash® Card has been rolling around Reddit recently, gaining steam. It offers 2% cash rewards on everything with no caps. That's half as much as what many cards offer on their top categories, but it's twice as much as what cards offer on everything else.
That's a big deal. You earn about twice as much for swiping on whatever you want. Me? The less I have to think about my credit cards, the better. That's why I only use my Prime Visa card at Amazon and my DoorDash card for DoorDash orders. I get the maximum rewards without putting much thought into it.
But if I could only use one card, I'd want one like the Wells Fargo Active Cash® Card, which offers flat rewards on everything. It's not just easy; it's profitable for more reasons than one.
Good/Excellent (670-850)
Intro APR 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers
Purchases: 0% intro APR, 12 months from account opening
Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers
Regular APR
20.24%, 25.24%, or 29.99% Variable APR
Rewards Earn unlimited 2% cash rewards on purchases.
2% cash rewards
Annual Fee N/A
$0
Welcome Offer Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
$200 cash rewards
-
This card’s unlimited 2% cash rewards on purchases is the highest we’ve seen for a flat-rate rewards card with no annual fee. It also has an incredibly easy-to-earn $200 welcome bonus and a decent intro APR offer. We simply haven’t come across this combination of top perks in one card before. Read Full Review
-
- Unlimited 2% cash rewards
- Long 0% intro APR offer
- Generous cash rewards welcome bonus
- No annual fee
- Cellphone protections
- No bonus categories
- Foreign transaction fees
- Balance transfer fee
-
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Flat rewards prevent you from overspending
My DoorDash Rewards Mastercard® is great because it offers me 4% back on DoorDash. That was wonderful, right up until I started realizing I was spending too much ordering from DoorDash. I justified the cost by saying I was getting a good deal. 12 months later, I can confidently say that I was overspending.
Bonus categories that offer 4% to 5% back are great when you already spend on those categories. It's easy cash back. But problems arise when bonus categories incentivize you to spend much more than you typically would on things you don't need.
A flat-rate card that offers a single reward for everything has no weird incentives. It doesn't subtly push you to spend more on delivery or travel, which is a huge perk.
Shopping habits change
My spending habits will change as I age. I'll spend more on things like travel and groceries, so my credit card must offer good rewards no matter what I buy.
Flat-rate cards are the most flexible cards out there -- you get the same rewards rate on everything. As of writing, the Wells Fargo Active Cash® Card is the best widely available flat-rate card. It has downsides like foreign transaction fees, but offers solid rewards and no annual fees.
The Wells Fargo credit card stacks up well with similar cards
The Wells Fargo Active Cash® Card compares well to other flat rewards cards. Two alternatives I've considered are the Capital One Quicksilver Cash Rewards Credit Card and the Robinhood Gold Card.
The Capital One Quicksilver Cash Rewards Credit Card features:
- Unlimited 1.5% cash back on everything
- $200 Cash Back welcome bonus (after spending $500 in the first 3 months)
- Zero foreign transaction fees
The Robinhood Gold Card features:
- Unlimited 3% cash back on everything
- 5% cash back on purchases through the Robinhood travel portal
- Zero foreign transaction fees
Though the Wells Fargo Active Cash® Card charges foreign transaction fees, I chose it over the above for several reasons. It offers more cash rewards than the Capital One Quicksilver Cash Rewards Credit Card (the bonus offer is identical). And unlike the Robinhood Gold Card, a waitlisted product, the Wells Fargo credit card is available immediately upon approval. It's got an established history.
If the Capital One Quicksilver Cash Rewards Credit Card offers better cash back or the Robinhood card lives up to the hype, I'll consider changing my top pick of one credit card to use forever. It's okay if you feel differently. The best credit card for you is one that meets you where you are right now.
Good/Excellent (670-850)
Intro APR 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers
Purchases: 0% intro APR, 12 months from account opening
Balance Transfers: 0% intro APR, 12 months from account opening on qualifying balance transfers
Regular APR
20.24%, 25.24%, or 29.99% Variable APR
Rewards Earn unlimited 2% cash rewards on purchases.
2% cash rewards
Annual Fee N/A
$0
Welcome Offer Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
$200 cash rewards
-
This card’s unlimited 2% cash rewards on purchases is the highest we’ve seen for a flat-rate rewards card with no annual fee. It also has an incredibly easy-to-earn $200 welcome bonus and a decent intro APR offer. We simply haven’t come across this combination of top perks in one card before. Read Full Review
-
- Unlimited 2% cash rewards
- Long 0% intro APR offer
- Generous cash rewards welcome bonus
- No annual fee
- Cellphone protections
- No bonus categories
- Foreign transaction fees
- Balance transfer fee
-
- Select “Apply Now” to take advantage of this specific offer and learn more about product features, terms and conditions.
- Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
- Earn unlimited 2% cash rewards on purchases.
- 0% intro APR for 12 months from account opening on purchases and qualifying balance transfers. 20.24%, 25.24%, or 29.99% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min: $5.
- $0 annual fee.
- No categories to track or remember and cash rewards don’t expire as long as your account remains open.
- Find tickets to top sports and entertainment events, book travel, make dinner reservations and more with your complimentary 24/7 Visa Signature® Concierge.
- Up to $600 of cell phone protection against damage or theft. Subject to a $25 deductible.
Our Research Expert
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
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