magnified money: citi double cash vs wells fargo active cash: which credit card is best for you?

Check out BOTH Cards HERE: Click “Show More” to see my Favorite Financial Tools MY FINANCIAL TOOLS SoFi Complete Money Management Checking & Savings - Credit Card - Invest - Budgeting - ---------- Chime Fully Online Banking Sign-Up for Chime HERE: Chime Credit Builder HERE: ---------- Favorite Credit Cards Chase Sapphire - Capital One Venture X - Chase Ink Business - Amex Green - Amex Platinum - Amex Business Gold - ---------- Wealthfront Automated Investing First $5,000 Managed for FREE - ---------- Current Card Current | Modern Banking App - ---------- MY CAMERA GEAR My Camera: My Microphone: My Lights: So first of all we have the tried and true Citi double cash card which has been around for a really long time and it has been one of the top picks for a flat cash back credit card for years and years. And that's because it currently gives you a flat 2% cash back which comes to you in the form of 1% when you buy and 1% when you pay. Now for many years, 2% back was really great and largely unmatched in the market. But nowadays you have products like these SoFi credit card, the new Wells Fargo active cash card which we'll talk about later in this video, and other offerings from Chase that offer 1.5% cash back plus a few bonus categories like the Chase freedom unlimited cards. However, a lot of people don't like those bonus categories and the activation offers and all of that stuff and that's why these Citi double cash card has remained as one of the most popular and highly rated options because it's a simple 2% back on everything no limits no annual fee and that's that. The Wells Fargo active cash card offers an identical unlimited 2% cash back on all of your purchases with no annual fee. Now the redemption options with this card are a little bit different and in my opinion, seems to be a little more restrictive but you can redeem those points for online purchases, redeemed for cash although it looks like it has to go into a Wells Fargo accounts, used at an ATM to take cash out, or put on gift cards as well. So you do have a few different options there but at the end of the day, both of these products are really just allowing you to take that cash at face value and there's not really anything special there. However, the first huge advantage that the Wells Fargo active cash card has over the Citi double cash card is that Wells Fargo is currently offering a $200 cash reward bonus when you spend $1000 in the first three months. The other major difference between these two products is that the Wells Fargo active cash card is a Visa signature card while the city double cash card is a MasterCard. Now at the end of the day that's not that big of a difference and as far as acceptance of those products, Visa and MasterCard are pretty much identical with very few exceptions. However, as part of the visa signature privileges line up, the Wells Fargo active cash card comes with cell phone protection of up to $600, 24/7 concierge service, access to the visa signature hotel collection, and a few other benefits and rewards. With the Citi MasterCard, you're going to have MasterCard zero liability coverage, the same 24/7 concierge service, Citi identity theft solutions, lost wallet services, fraud protection, and access to Citi entertainment which is a really cool tool that allows you to get exclusive access to tickets for a number of difference concerts, sporting events, and other experiences. So overall, yeah these products are very similar and that's not surprising considering the Wells Fargo active cash card was designed to be a direct competitor with the Citi double cash card. They both offer 2% back across the board they both have no annual fee, and while one is a visa signature card and the other is a MasterCard, the liability protections and other benefits that you get are pretty much the same for both. Music from Epidemic Sound Magnified Money may receive compensation for sending traffic to partnered sites. This compensation may impact how and where links appear on this site. This site does not include all financial companies or all available financial offers. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired.