If you prefer a simple approach to earning and redeeming rewards, a flat-rate cashback card, like the new , could be a great fit.

The offers unlimited This means that you won’t have to keep track of bonus earning categories or spending caps. Cash rewards don’t expire and can be redeemed for deposits into an eligible Bank of America checking or savings account, credit into your eligible Merrill accounts or statement credit to your credit card.

The also offers a lengthy intro APR on purchases and balance transfers, making it ideal if you need to finance a large purchase or transfer debt from a high interest credit card.

To help you decide if the is the right fit for you, we weigh its pros and cons and show how it compares to similar cashback credit cards.

• Sign-up bonus

  The offers a solid sign-up bonus with a low spend requirement: Earn .

  This amount is a pretty standard amount for a cashback credit card with a flat rewards rate and annual fee.

• Intro APR on purchases

  If you’re looking to finance a large purchase and pay it off over time, this card allows you to do so interest-free for more than a year. Cardholders receive a , then an ongoing APR of .

• Intro APR on balance transfers

  The also offers a of opening your account. After that, a applies.

• Annual fee

  The charges an annual fee of .

• Modest rewards rate

  The offers a reasonable rate of However, there are flat-rate cards available — like the Wells Fargo Active Cash^® Card — that offer a higher amount of rewards per dollar (more details below).

  That said, the gives cardholders the opportunity to earn 25% to 75% more cashback on every purchase after enrolling in the Bank of America Preferred Rewards® program. Just know — to enroll, you must have an active, eligible Bank of America personal checking account and maintain a three-month combined average daily balance of $20,000 or more in qualifying Bank of America deposit accounts and/or Merrill® investment accounts.

• Balance transfer fee

  The card comes with a generous intro APR on balance transfers; however, you will be subject to balance transfer fees of .

Compare it to the Wells Fargo Active Cash^® Card

 
If you like the ’s sign-up bonus, intro APR and annual fee, but would prefer to earn a slightly higher cashback rate and more redemption options, you may want to consider the Wells Fargo Active Cash^® Card.

Like the , the $0 annual fee Wells Fargo Active Cash^® Card lets cardholders earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

Additionally, cardholders receive a 0% intro APR on purchases for 12 months from account opening on purchases, then 18.99%, 23.99%, or 28.99% Variable APR, as well as a 0% intro APR for 12 months from account opening on qualifying balance transfers, then 18.99%, 23.99%, or 28.99% Variable APR.

Unlike the , the Wells Fargo Active Cash^® Card offers a higher rewards rate: earn unlimited 2% cash rewards on purchases. Rewards can be redeemed for cash, statement credit, gift cards or to cover recent eligible purchases made on your credit card.

The Wells Fargo Active Cash^® Card also offers slightly more extensive benefits, including up to $600 in cell phone protection and Visa Signature® privileges, such as 24/7 concierge service and access to the Luxury Hotel Collection.

If you like the simplicity that a flat-rate cashback card has to offer, it’s hard to go wrong with the . Along with a decent sign-up bonus and annual fee, the card comes with a generous introductory APR on purchases and balance transfers. Plus, as a Preferred Rewards member, the rewards rate can jump to 1.875% to 2.625% cashback on every purchase.

But if you want to earn more than 1.5% cash back on every purchase without enrolling in a special program or maintaining a large balance in your bank account — as well as have access to more redemption options and more extensive benefits — the Wells Fargo Active Cash^® Card is a great alternative.