3 Great Cash Back Credit Cards With No Annual Fees and Unique Perks

There are some excellent cash back credit card products in the market, and it isn't uncommon to find a no annual fee credit card with a cash back rate as high as 2% on all purchases.

However, it isn't just about the headline cash back rate. Some no annual fee cash back credit cards have unique relationship benefits, rewards programs, and consumer protections that can make them extremely valuable to certain consumers. Here are three in particular that you might want to put on your radar.

Extra rewards for banking customers

The SoFi Unlimited 2% Credit Card is one of the newer cash back credit cards on the market, with an unlimited 2% cash back rewards rate (3% when used to book trips through SoFi Travel). It has no annual fee, no foreign transaction fee, and has some unique perks.

First, it gives a 10% bonus for customers who have direct deposit to a SoFi Checking account, effectively making it a 2.2% unlimited cash back credit card (3.3% on SoFi Travel). It also has up to $1,000 in cellphone insurance when you pay your bill with the card, as well as World Elite Mastercard® benefits such as $5 in Lyft credits when you take three rides or more in a month.

Cellphone protection

The Wells Fargo Active Cash® Card is one of our favorite cash back rewards credit cards, with a 2% cash rewards rate on all purchases, with no limits. It generally has an excellent welcome bonus and intro APR offer.

It also offers one of the most generous cellphone insurance benefits in the market, providing as much as $600 per claim with an extremely low $25 deductible when you pay your bill with the card (in case you were wondering, the SoFi card requires a $50 deductible).

Choose your bonus category

Last but certainly not least, the Bank of America® Customized Cash Rewards credit card is actually in my wallet as I'm typing this.

Most cash back rewards cards fit into one of three broad categories. They either have a flat cash back rate on all purchases, have set bonus categories, or have bonus categories that rotate quarterly. The Bank of America® Customized Cash Rewards credit card is unique in the sense that you can choose one spending category to earn a 3% cash back rate on. There are six options:

• Gas and EV charging
• Online shopping (including cable, internet, phone, and streaming subscriptions)
• Dining
• Travel
• Drug stores and pharmacies
• Home improvement and furnishings

The card also earns a 2% cash back rate at grocery stores and wholesale clubs like Costco. Bonus cash back is limited to the first $2,500 in spending each quarter, and you can change your bonus category once per month if you want to.

Bank of America Preferred Rewards members also get a bonus of 25%-75% on their credit card rewards, depending on what status tier they are, so this could mean up to a massive 5.25% rewards rate on your chosen bonus category.

Which is right for you?

These are three different cards with different benefits, so there's no clear winner. All three are top cash back rewards credit cards. SoFi's and Bank of America's cards have excellent relationship benefits, so they could be the best choice for consumers who already have a relationship with either bank. And beyond that, it depends which benefits and reward programs appeal to you the most, based on your personal situation.