What Is The Best 2% Cashback Credit Card?

While this blog and I focus on points and miles, cashback is also a great way to earn rewards from your everyday spending. Personally, I find cashback to make sense in the following situations:

  • You travel to destinations where points and miles are not able to be used
  • You have no travel plans in the immediate future and would rather have cashback
  • You have a large stash of points and miles that you won’t be able to use in the foreseeable future
  • You enjoy simplicity of cashback rather than having to know award charts, look for award availability, etc

There are many cashback cards out there and today’s post will focus on only flat 2% no annual fee credit cards.

Fidelity Rewards Visa Signature Card

  • Sign up bonus: No public sign up bonus though I was just targeted for $100 after spending $500 in 90 days.
  • Earnings: 2% cashback on all purchases
  • Annual fee: $0
  • How to redeem cashback: To redeem your cashback you’ll need to have an account with Fidelity. Once deposited into one of the accounts below, you can direct deposit the cashback into your bank account.
    • Brokerage account
    • Fidelity® Cash Management Account
    • Fidelity-managed 529 College Savings plan
    • Retirement account
    • Fidelity Go® account

Citi Double Cash Mastercard

  • Sign up bonus: No public offers, though people have reported receiving targeted $200 bonus offers.
  • Earnings: 1% cashback on all purchases, an additional 1% cashback on those purchases when paid off
  • Annual fee: $0
  • How to redeem cashback: Redeem your cashback for a check, statement credit or gift cards. Word of caution though, there are data points that state if you redeem your cashback towards statement credit, you won’t receive the additional 1% back for paying off your purchases. I would recommend to always redeem for a check to receive the full 2% cashback.

For military and their families, see if you are eligible for the USAA Limitless 2.5% Credit Card. The credit card is currently only offered in a pilot program and is only offered in certain states. Doctor of Credit has a great blog post about it.


While the cards are very similar, I prefer the Fidelity Rewards card as it’s a Visa card (I am a Costco member) and I like the options of redeeming into a brokerage account. I also don’t care for how Citi may be tricking people into thinking they are getting 2% cashback if the data points are true of not receiving the 1% back when you pay using statement credit.

-Points Tutor