What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefits?

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ArmchairArchitect
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What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefits?

Post by ArmchairArchitect » Tue Dec 10, 2019 7:38 pm

Have had the Citi Double Cash card for years (2% cash back, no annual fee) but looking to switch now that Citi has removed most travel and shopping protections:
https://thepointsguy.com/news/citi-remo ... otections/

What's the inventory of cards that offer 2% cash back on ALL purchases, with no annual fee, and maintain all the common benefits such as car insurance, etc.?

So far, seeing that Paypal has one (though haven't looked into the protections/benefits yet), not sure of any others out there.

Thanks!

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by oldcomputerguy » Tue Dec 10, 2019 7:45 pm

Can't really speak to benefits such as car insurance etc, but I've been using the Fidelity 2% cashback card (issued by Elan Financial) for some years now and am pretty happy with it. 2% cash back on all purchases, deposited into your Fidelity account. I have mine going to my Cash Management account, then transfer them out if/when needed.
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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by Vanguard Fan 1367 » Tue Dec 10, 2019 7:59 pm

I am also happy with my 2% Fidelity card.
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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by DesertDiva » Tue Dec 10, 2019 8:01 pm

Another vote for Fidelity CC

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by mhadden1 » Tue Dec 10, 2019 8:04 pm

oldcomputerguy wrote:
Tue Dec 10, 2019 7:45 pm
Can't really speak to benefits such as car insurance etc, but I've been using the Fidelity 2% cashback card (issued by Elan Financial) for some years now and am pretty happy with it. 2% cash back on all purchases, deposited into your Fidelity account. I have mine going to my Cash Management account, then transfer them out if/when needed.
Me too.
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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by sailaway » Tue Dec 10, 2019 8:05 pm

We also use our Fidelity card for general purchases, but it is new to us.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by UpperNwGuy » Tue Dec 10, 2019 8:19 pm

The benefits that Citi stripped from Double Cash have also been stripped from most competitors' credit cards that previously had them. If you think you're going to find a card that still has those benefits, you're on a fool's errand. The third party provider of those benefits was losing money, so they raised the fees for all the credit card issuers, so most issuers have cancelled those benefits on their cards.

The 2% cash back at Citi Double Cash has been a good deal apart from the other former benefits, and now it is an even better deal in light of Citi's recent announcement that the cash rewards can be converted to Thank You Points which are more valuable than cash.

I also recommend the PenFed Power Cash Rewards credit card. It gives you the full 2% at the time the charge is posted, and it has no foreign transaction fees, unlike Citi Double Cash and Fidelity.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by whodidntante » Tue Dec 10, 2019 8:23 pm

Why limit yourself to 2%, when you can have 2.625%, 3.5%, or 5.25% with BoA? Or what about a nice signup bonus, for 10% or more? Even the US bank Fidelity card gives me 2.4% to 2.8% on spending bonuses. If you want points, at least go for the high score! :happy

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by ShadowRegent » Tue Dec 10, 2019 8:27 pm

whodidntante wrote:
Tue Dec 10, 2019 8:23 pm
Why limit yourself to 2%, when you can have 2.625%, 3.5%, or 5.25% with BoA? Or what about a nice signup bonus, for 10% or more? Even the US bank Fidelity card gives me 2.4% to 2.8% on spending bonuses. If you want points, at least go for the high score! :happy
This is pretty much the only reason I still have investments parked at Merrill Edge after getting their bonuses a few times.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by aristotelian » Tue Dec 10, 2019 8:50 pm

whodidntante wrote:
Tue Dec 10, 2019 8:23 pm
Why limit yourself to 2%, when you can have 2.625%, 3.5%, or 5.25% with BoA? Or what about a nice signup bonus, for 10% or more? Even the US bank Fidelity card gives me 2.4% to 2.8% on spending bonuses. If you want points, at least go for the high score! :happy
BofA Travel Rewards (2.625% with preferred status) came to my mind too.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by whodidntante » Tue Dec 10, 2019 8:59 pm

ShadowRegent wrote:
Tue Dec 10, 2019 8:27 pm
whodidntante wrote:
Tue Dec 10, 2019 8:23 pm
Why limit yourself to 2%, when you can have 2.625%, 3.5%, or 5.25% with BoA? Or what about a nice signup bonus, for 10% or more? Even the US bank Fidelity card gives me 2.4% to 2.8% on spending bonuses. If you want points, at least go for the high score! :happy
This is pretty much the only reason I still have investments parked at Merrill Edge after getting their bonuses a few times.
Read the T&C for how they move you down to lower tiers. You don't have to park money there. Shhh. Let's keep it a secret. :happy

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by RickBoglehead » Tue Dec 10, 2019 9:03 pm

Costco Visa still has 2 year warranty and some travel benefits.
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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by runner3081 » Tue Dec 10, 2019 9:04 pm

Also a Fidelity fan. I transfer the money out to Vanguard and invest in Index funds :)

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by cowbman » Tue Dec 10, 2019 9:09 pm

Fidelity has a foreign transaction fee. PayPal and State Department Federal credit Union do not. Nor does BoA TR/PR.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by sailaway » Tue Dec 10, 2019 9:14 pm

whodidntante wrote:
Tue Dec 10, 2019 8:23 pm
Why limit yourself to 2%, when you can have 2.625%, 3.5%, or 5.25% with BoA? Or what about a nice signup bonus, for 10% or more? Even the US bank Fidelity card gives me 2.4% to 2.8% on spending bonuses. If you want points, at least go for the high score! :happy
Hence the Fidelity being 'general purchases.'

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by softwaregeek » Tue Dec 10, 2019 9:37 pm

BofA fan here. Between Merrill edge bonuses, better credit card rebates and cheap jumbo mortgages I have gotten more than my money’s worth, even if the service is terrible. Currently platinum and get minimum 2.625.

Schwab had better service but hard to overlook better perks at the competition.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by UpperNwGuy » Tue Dec 10, 2019 9:46 pm

OP is looking for certain "key benefits," so although the Bank of America, PayPal, State Department Federal Credit Union, Fidelity, and PenFed cards all earn 2% or more, none of those cards have the "key benefits" that used to exist on the Citi Double Cash card.

If those missing "key benefits" cease to be important to OP, then Citi Double Cash, as recently strengthened by the ability to transfer cash rewards to Thank You Points, is as good as any of the alternatives.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by UpperNwGuy » Tue Dec 10, 2019 9:47 pm

cowbman wrote:
Tue Dec 10, 2019 9:09 pm
Fidelity has a foreign transaction fee. PayPal and State Department Federal credit Union do not. Nor does BoA TR/PR.
PenFed also has no foreign transaction fee.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by nalor511 » Tue Dec 10, 2019 10:10 pm

UpperNwGuy wrote:
Tue Dec 10, 2019 9:46 pm
OP is looking for certain "key benefits," so although the Bank of America, PayPal, State Department Federal Credit Union, Fidelity, and PenFed cards all earn 2% or more, none of those cards have the "key benefits" that used to exist on the Citi Double Cash card.

If those missing "key benefits" cease to be important to OP, then Citi Double Cash, as recently strengthened by the ability to transfer cash rewards to Thank You Points, is as good as any of the alternatives.
Does Fido 2% still have these fringe benefits?

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by bsteiner » Tue Dec 10, 2019 10:19 pm

How do you collect the 2% from Pentagon Federal? Whenever I click the link to check my rewards, it's always unavailable.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by HereToLearn » Tue Dec 10, 2019 11:30 pm

UpperNwGuy wrote:
Tue Dec 10, 2019 8:19 pm
The benefits that Citi stripped from Double Cash have also been stripped from most competitors' credit cards that previously had them. If you think you're going to find a card that still has those benefits, you're on a fool's errand. The third party provider of those benefits was losing money, so they raised the fees for all the credit card issuers, so most issuers have cancelled those benefits on their cards.

The 2% cash back at Citi Double Cash has been a good deal apart from the other former benefits, and now it is an even better deal in light of Citi's recent announcement that the cash rewards can be converted to Thank You Points which are more valuable than cash.

I also recommend the PenFed Power Cash Rewards credit card. It gives you the full 2% at the time the charge is posted, and it has no foreign transaction fees, unlike Citi Double Cash and Fidelity.
I missed the announcement that Double Cash points can be converted to TY points. Does each Double Cash point become one TY point? If so, is that effectively doubling the value of the DC point compared to the TY point?

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by JDDS » Tue Dec 10, 2019 11:34 pm

I recently got a 2% card that has a below average annual fee; given the signup bonus and other benefits I think it will be worth it, time will tell. I figured it was important to look at the overall rate of benefits, not just if there was 0 annual fee.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by BluesH » Wed Dec 11, 2019 1:16 am

cowbman wrote:
Tue Dec 10, 2019 9:09 pm
Fidelity has a foreign transaction fee. PayPal and State Department Federal credit Union do not. Nor does BoA TR/PR.
Wow, is that true? I've only had the Fido CC for a couple of months, but I've had their debit/ATM card for cash management for years. I know the latter has no foreign transaction fees, and have used it often while overseas. So I assumed the CC had none either. This surprises me.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by anoop » Wed Dec 11, 2019 1:21 am

BluesH wrote:
Wed Dec 11, 2019 1:16 am
cowbman wrote:
Tue Dec 10, 2019 9:09 pm
Fidelity has a foreign transaction fee. PayPal and State Department Federal credit Union do not. Nor does BoA TR/PR.
Wow, is that true? I've only had the Fido CC for a couple of months, but I've had their debit/ATM card for cash management for years. I know the latter has no foreign transaction fees, and have used it often while overseas. So I assumed the CC had none either. This surprises me.
I think it’s 1% as opposed to 3% most of the others charge.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by PennySaved » Wed Dec 11, 2019 2:30 am

Fidelity rewards card benefits can be found here:
https://www.fidelityrewards.com/credit/benefits.do

Card Benefits for Better Living3
 2 Points for every eligible net dollar spent
 Every $2,500 spent equals a $50 deposit into your eligible Fidelity account1
 No annual fee
 No reward caps or limits, and your Points will not expire
 Choose from Fidelity Rewards – cash deposits into up to five eligible Fidelity account(s), or redeem your Points toward travel, merchandise, gift cards, and statement credit.1
 No preset spending limit4
 24/7 cardmember support
 24-hour Visa Signature® Concierge5 service
 Signature privileges, including travel, dining, sporting, entertainment and shopping offers and savings
 Auto rental collision damage waiver
 Emergency cash and card replacement
 Travel and emergency assistance services
 Lost luggage reimbursement
 Travel accident insurance
 Roadside dispatch

More details on benefits here:
https://www.fidelity.com/bin-public/060 ... nefits.pdf

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by YoungSisyphus » Wed Dec 11, 2019 4:09 am

I still prefer the Citi card over Fidelity, I’ve had both. I had a better experience with Citi’s customer service (which isn’t saying a lot). The portal is more polished, point redemption is more simple, which is more than I can say for Elan Financial.

I also use credit card disputes more liberally than others, and I find Citi great to deal with. Most problem transactions can be reversed directly from the portal. Can’t think of one that wasn’t resolved quickly. OTOH, any dispute with Fidelity requires a signed paper copy to be sent back to them. Felt like I was in the 1990s..

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by ARoseByAnyOtherName » Wed Dec 11, 2019 4:43 am

I keep it simple.

I use the Fidelity 2% cash back card. Rewards automatically redeemed to my Fidelity brokerage account. No hassles, very easy.

Sure I could eke out maybe an extra half percent or so, on average, by adding other cards and rotating etc. But the benefit of not doing this is I literally never have to think about managing my credit card rewards. I have enough to think about in life!

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by ARoseByAnyOtherName » Wed Dec 11, 2019 5:13 am

YoungSisyphus wrote:
Wed Dec 11, 2019 4:09 am
I still prefer the Citi card over Fidelity, I’ve had both. I had a better experience with Citi’s customer service (which isn’t saying a lot). The portal is more polished, point redemption is more simple, which is more than I can say for Elan Financial.
Fidelity credit card rewards are automatically redeemed to your fidelity brokerage account. I don’t know what could be simpler.
YoungSisyphus wrote:
Wed Dec 11, 2019 4:09 am
I also use credit card disputes more liberally than others
Why in the world do you need to do this?

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by TheOscarGuy » Wed Dec 11, 2019 7:04 am

ArmchairArchitect wrote:
Tue Dec 10, 2019 7:38 pm
Have had the Citi Double Cash card for years (2% cash back, no annual fee) but looking to switch now that Citi has removed most travel and shopping protections:
https://thepointsguy.com/news/citi-remo ... otections/

What's the inventory of cards that offer 2% cash back on ALL purchases, with no annual fee, and maintain all the common benefits such as car insurance, etc.?

So far, seeing that Paypal has one (though haven't looked into the protections/benefits yet), not sure of any others out there.

Thanks!
I use capital one. To me the hassles of dealing with bad customer service at fidelity, BoA is worth paying annual fees on capital one. I have been exceptionally happy that whenever I needed they always were available quickly. Having CSR not sell you additional things (citi!) is so awesome!
When you do make the decision think of the customer care aspect as well.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by TresBelle65 » Wed Dec 11, 2019 7:18 am

American Express Blue Business pays me 2% cashback....or I can take it in the form of Membership Rewards and often extract a greater value. Many blog articles on how to do this.

American Express, in my experience, is a whole lot easier to deal with than BofA.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by msi » Wed Dec 11, 2019 7:31 am

Which one of the 2% cards has the best customer service?

I'm open to credit union cards like Alliant, SDFCU, or Penfed's options also.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by UpperNwGuy » Wed Dec 11, 2019 7:54 am

JDDS wrote:
Tue Dec 10, 2019 11:34 pm
I recently got a 2% card that has a below average annual fee; given the signup bonus and other benefits I think it will be worth it, time will tell. I figured it was important to look at the overall rate of benefits, not just if there was 0 annual fee.
That sounds like the Navy Federal Credit Union's Flagship Visa card with its $49 annual fee.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by UpperNwGuy » Wed Dec 11, 2019 7:55 am

bsteiner wrote:
Tue Dec 10, 2019 10:19 pm
How do you collect the 2% from Pentagon Federal? Whenever I click the link to check my rewards, it's always unavailable.
That's odd. I redeem at the end of each month and never have a problem. I checked just now, and it showed me my balance. One thing about PenFed to know is that, like Vanguard, they have a long and complicated overnight data processing cycle. I would try to check between 9am and midnight.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by arf30 » Wed Dec 11, 2019 8:29 am

After Citi removed the price rewind feature (which was worth a few hundred per year) we've switched to the Fidelity 2% card as they send the cash back into your account automatically, vs Citi who requires you to log in and transfer (probably hoping people forget to do it). Also didn't like that our Citi was a mastercard and wasn't accepted at Costco, now we can carry less cards.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by lkar » Wed Dec 11, 2019 8:33 am

HereToLearn wrote:
Tue Dec 10, 2019 11:30 pm
UpperNwGuy wrote:
Tue Dec 10, 2019 8:19 pm
The benefits that Citi stripped from Double Cash have also been stripped from most competitors' credit cards that previously had them. If you think you're going to find a card that still has those benefits, you're on a fool's errand. The third party provider of those benefits was losing money, so they raised the fees for all the credit card issuers, so most issuers have cancelled those benefits on their cards.

The 2% cash back at Citi Double Cash has been a good deal apart from the other former benefits, and now it is an even better deal in light of Citi's recent announcement that the cash rewards can be converted to Thank You Points which are more valuable than cash.

I also recommend the PenFed Power Cash Rewards credit card. It gives you the full 2% at the time the charge is posted, and it has no foreign transaction fees, unlike Citi Double Cash and Fidelity.
I missed the announcement that Double Cash points can be converted to TY points. Does each Double Cash point become one TY point? If so, is that effectively doubling the value of the DC point compared to the TY point?
You can basically convert 1 cent in cash to 1 TY point. So, if you have $100 in cash back cash you can convert it to 10,000 TY points. It’s an either or thing.

The value here is if you have Prestige or Premier in addition to double cash. That opens up your range of uses for TY points including transfer for frequent flier miles and transfer bonuses. To me, the added flexibility of TY points makes double cash points more valuable than 2 cents per point. Even with the reduction in benefits. But you have to buy this flexibility by paying the annual fee on a Premier or Prestige card.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by RickBoglehead » Wed Dec 11, 2019 8:41 am

arf30 wrote:
Wed Dec 11, 2019 8:29 am
After Citi removed the price rewind feature (which was worth a few hundred per year) we've switched to the Fidelity 2% card as they send the cash back into your account automatically, vs Citi who requires you to log in and transfer (probably hoping people forget to do it). Also didn't like that our Citi was a mastercard and wasn't accepted at Costco, now we can carry less cards.
The Costco Visa, from Citi, is of course accepted at Costco.

Nothing to do to get the cash back, because they send it to you, once a year.

Still offers the additional 2 year warranty. While it only offers 1% on basic purchases (not including gas, restaurants, travel, and Costco), that extra 2 year warranty is worth something.

Has no foreign transaction fee.

I use Citi DoubleCash for the non-warranty purchases where I want my 2% cash back, less work than Fidelity where I have to go get the deposit in my brokerage account and send it to my bank. I never forget to get the Citi cash.
Avid user of forums on variety of interests-financial, home brewing, F-150, PHEV, home repair, etc. Enjoy learning & passing on knowledge. It's PRINCIPAL, not PRINCIPLE. I ADVISE you to seek ADVICE.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by ArmchairArchitect » Wed Dec 11, 2019 9:33 am

UpperNwGuy wrote:
Tue Dec 10, 2019 9:46 pm
OP is looking for certain "key benefits," so although the Bank of America, PayPal, State Department Federal Credit Union, Fidelity, and PenFed cards all earn 2% or more, none of those cards have the "key benefits" that used to exist on the Citi Double Cash card.

If those missing "key benefits" cease to be important to OP, then Citi Double Cash, as recently strengthened by the ability to transfer cash rewards to Thank You Points, is as good as any of the alternatives.
Correct, that's what I'm looking for as the key differentiator among the current 2% cash back/no annual fee cards.

So which of them still offer the benefits/protections that Citi stripped, such as rental car insurance etc.?

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by sailaway » Wed Dec 11, 2019 9:50 am

ArmchairArchitect wrote:
Wed Dec 11, 2019 9:33 am
UpperNwGuy wrote:
Tue Dec 10, 2019 9:46 pm
OP is looking for certain "key benefits," so although the Bank of America, PayPal, State Department Federal Credit Union, Fidelity, and PenFed cards all earn 2% or more, none of those cards have the "key benefits" that used to exist on the Citi Double Cash card.

If those missing "key benefits" cease to be important to OP, then Citi Double Cash, as recently strengthened by the ability to transfer cash rewards to Thank You Points, is as good as any of the alternatives.
Correct, that's what I'm looking for as the key differentiator among the current 2% cash back/no annual fee cards.

So which of them still offer the benefits/protections that Citi stripped, such as rental car insurance etc.?
Frankly, I would use my Citi Costco card on car rentals and get 3% back.

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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by HereToLearn » Wed Dec 11, 2019 9:51 am

lkar wrote:
Wed Dec 11, 2019 8:33 am
HereToLearn wrote:
Tue Dec 10, 2019 11:30 pm
UpperNwGuy wrote:
Tue Dec 10, 2019 8:19 pm
The benefits that Citi stripped from Double Cash have also been stripped from most competitors' credit cards that previously had them. If you think you're going to find a card that still has those benefits, you're on a fool's errand. The third party provider of those benefits was losing money, so they raised the fees for all the credit card issuers, so most issuers have cancelled those benefits on their cards.

The 2% cash back at Citi Double Cash has been a good deal apart from the other former benefits, and now it is an even better deal in light of Citi's recent announcement that the cash rewards can be converted to Thank You Points which are more valuable than cash.

I also recommend the PenFed Power Cash Rewards credit card. It gives you the full 2% at the time the charge is posted, and it has no foreign transaction fees, unlike Citi Double Cash and Fidelity.
I missed the announcement that Double Cash points can be converted to TY points. Does each Double Cash point become one TY point? If so, is that effectively doubling the value of the DC point compared to the TY point?
You can basically convert 1 cent in cash to 1 TY point. So, if you have $100 in cash back cash you can convert it to 10,000 TY points. It’s an either or thing.

The value here is if you have Prestige or Premier in addition to double cash. That opens up your range of uses for TY points including transfer for frequent flier miles and transfer bonuses. To me, the added flexibility of TY points makes double cash points more valuable than 2 cents per point. Even with the reduction in benefits. But you have to buy this flexibility by paying the annual fee on a Premier or Prestige card.
Thanks. I don't have Prestige or Premier cards, but since I haven't redeemed the Citi double cash in quite a while, I could always apply for one of those cards if I plan a trip and then transfer the double cash points to TY points. Thanks for the explanation.

snailderby
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Joined: Thu Jul 26, 2018 11:30 am

Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by snailderby » Wed Dec 11, 2019 9:58 am

None of the benefits you listed:
  • Citi Double Cash [Mastercard]
Unknown benefits (invite-only cards):
  • Blispay Visa
  • Synchrony Mastercard
  • Ollo Mastercard (2.5% cashback)
Auto rental collision damage waiver:
Auto rental collision damage waiver + travel accident insurance + extended warranty protection + purchase security:
Other cashback cards with lots of travel and purchase benefits but with annual fees:
  • Bank of America Premium Rewards [Visa Signature] (1.5% to 2.625% base rate)
  • Alliant Cashback Visa Signature (2.5%)
Last edited by snailderby on Wed Dec 11, 2019 4:28 pm, edited 7 times in total.

H-Town
Posts: 2776
Joined: Sun Feb 26, 2017 2:08 pm

Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by H-Town » Wed Dec 11, 2019 10:02 am

sailaway wrote:
Wed Dec 11, 2019 9:50 am
ArmchairArchitect wrote:
Wed Dec 11, 2019 9:33 am
UpperNwGuy wrote:
Tue Dec 10, 2019 9:46 pm
OP is looking for certain "key benefits," so although the Bank of America, PayPal, State Department Federal Credit Union, Fidelity, and PenFed cards all earn 2% or more, none of those cards have the "key benefits" that used to exist on the Citi Double Cash card.

If those missing "key benefits" cease to be important to OP, then Citi Double Cash, as recently strengthened by the ability to transfer cash rewards to Thank You Points, is as good as any of the alternatives.
Correct, that's what I'm looking for as the key differentiator among the current 2% cash back/no annual fee cards.

So which of them still offer the benefits/protections that Citi stripped, such as rental car insurance etc.?
Frankly, I would use my Citi Costco card on car rentals and get 3% back.
If you account for Costco membership, it isn't free for non-Costco member. Also, waiting a year for cashback is a deal-breaker for me.

lkar
Posts: 278
Joined: Sat May 04, 2019 4:02 pm

Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by lkar » Wed Dec 11, 2019 7:30 pm

HereToLearn wrote:
Wed Dec 11, 2019 9:51 am
lkar wrote:
Wed Dec 11, 2019 8:33 am
HereToLearn wrote:
Tue Dec 10, 2019 11:30 pm
UpperNwGuy wrote:
Tue Dec 10, 2019 8:19 pm
The benefits that Citi stripped from Double Cash have also been stripped from most competitors' credit cards that previously had them. If you think you're going to find a card that still has those benefits, you're on a fool's errand. The third party provider of those benefits was losing money, so they raised the fees for all the credit card issuers, so most issuers have cancelled those benefits on their cards.

The 2% cash back at Citi Double Cash has been a good deal apart from the other former benefits, and now it is an even better deal in light of Citi's recent announcement that the cash rewards can be converted to Thank You Points which are more valuable than cash.

I also recommend the PenFed Power Cash Rewards credit card. It gives you the full 2% at the time the charge is posted, and it has no foreign transaction fees, unlike Citi Double Cash and Fidelity.
I missed the announcement that Double Cash points can be converted to TY points. Does each Double Cash point become one TY point? If so, is that effectively doubling the value of the DC point compared to the TY point?
You can basically convert 1 cent in cash to 1 TY point. So, if you have $100 in cash back cash you can convert it to 10,000 TY points. It’s an either or thing.

The value here is if you have Prestige or Premier in addition to double cash. That opens up your range of uses for TY points including transfer for frequent flier miles and transfer bonuses. To me, the added flexibility of TY points makes double cash points more valuable than 2 cents per point. Even with the reduction in benefits. But you have to buy this flexibility by paying the annual fee on a Premier or Prestige card.
Thanks. I don't have Prestige or Premier cards, but since I haven't redeemed the Citi double cash in quite a while, I could always apply for one of those cards if I plan a trip and then transfer the double cash points to TY points. Thanks for the explanation.
That's actually close to what I'm doing. Under Citi's rules for getting new account sign up bonuses on thank you cards you can only get the bonus 24 months after you received a prior bonus or 24 months after you last closed a card in the thank you family, whichever is later. I don't become eligible for a bonus until August of next year. So, right now I'm putting spend on my double cash and accumulating cash back with the idea that I will just let it sit until I can apply for a Premier and get a bonus, and then have more options in how I use the points.

michaeljc70
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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by michaeljc70 » Wed Dec 11, 2019 7:36 pm

Just use another card for those benefits. I mean, unless you are travelling constantly, the travel benefits are something that I need on probably only 5% of my purchases. Frankly, the only perk (beyond cash back or sign up bonuses or special offers for certain retailers) I only used the extended warranty once on my Amex for a broken laptop. I did get around $250. Otherwise, I do use them for car rentals (but never had a claim). To charge a car rental on a card that covers that and only get 1% back won't kill me.

novemberrain
Posts: 300
Joined: Wed May 09, 2018 12:26 pm

Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by novemberrain » Wed Dec 11, 2019 8:58 pm

Apple CC. 2% on all Apple Pay transactions. And they don't sell your purchase history in the black market like all other cards

https://www.apple.com/apple-card/
Last edited by novemberrain on Fri Dec 13, 2019 2:59 pm, edited 1 time in total.

TheDDC
Posts: 957
Joined: Mon Jan 08, 2018 11:11 am

Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by TheDDC » Wed Dec 11, 2019 9:08 pm

My credit union has a 2% cash Back VISA credit card. They also pay out an additional 1% of purchases charged annually to members in the form of a deposit back to the savings share. They have been doing this since the card product came out in 2015 or so. In essence it’s a 3% cash back on everything card. To get the 2% you have to have a checking account with direct deposit which I have had with them for 20 years.

Here are the ways to become membership eligible: https://www.psecu.com/about-psecu/membership

-TheDDC
Rules to wealth building: 90-100% VTSAX piled high and deep, 0-10% VIGAX tilt, 0% given away to banks, minimize amount given to medical-industrial complex

Edge215
Posts: 40
Joined: Mon Aug 29, 2016 7:07 pm

Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by Edge215 » Wed Dec 11, 2019 9:28 pm

fidelity card. all day every day.

also use the amazon card for amazon and whole foods purchases. 5% back.

no fees on either.

the ultimate 1-2 punch.

Ztx
Posts: 98
Joined: Thu Jul 21, 2016 9:54 pm

Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by Ztx » Wed Dec 11, 2019 9:51 pm

I keep using the Double Cash as I never used the removed benefits.

mvilleguy9
Posts: 24
Joined: Fri Jul 27, 2018 10:02 pm

Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by mvilleguy9 » Wed Dec 11, 2019 9:56 pm

Fidelity CC for most purchases. Although I use the Costco Visa for restaurants & travel since it's 3% and gas since it's 4%.

need403bhelp
Posts: 975
Joined: Thu May 28, 2015 6:25 pm

Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by need403bhelp » Wed Dec 11, 2019 10:25 pm

TheDDC wrote:
Wed Dec 11, 2019 9:08 pm
My credit union has a 2% cash Back VISA credit card. They also pay out an additional 1% of purchases charged annually to members in the form of a deposit back to the savings share. They have been doing this since the card product came out in 2015 or so. In essence it’s a 3% cash back on everything card. To get the 2% you have to have a checking account with direct deposit which I have had with them for 20 years.

Here are the ways to become membership eligible: https://www.psecu.com/about-psecu/membership

-TheDDC
Is the extra 1% back referenced anywhere on the website? I see 1.5% cash back plus an extra 0.5% if >$500 monthly direct deposit into their checking account on Founders card. Thanks!

JDDS
Moderator
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Re: What is the best 2% cash back credit card w/ no annual fee, now that Citi has stripped the Double Cash of key benefi

Post by JDDS » Wed Dec 11, 2019 11:35 pm

UpperNwGuy wrote:
Wed Dec 11, 2019 7:54 am
JDDS wrote:
Tue Dec 10, 2019 11:34 pm
I recently got a 2% card that has a below average annual fee; given the signup bonus and other benefits I think it will be worth it, time will tell. I figured it was important to look at the overall rate of benefits, not just if there was 0 annual fee.
That sounds like the Navy Federal Credit Union's Flagship Visa card with its $49 annual fee.
You got it. The fee is waived the first year, so I plan to see if the benefits out weigh. The $500 bonus is more than some cards, without getting into trying to value points. I just stuck $1200 of company travel on there at 3%, so I figure that was an extra $12 over a 2% card.

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