Credit cards and banking specialist Jenn Underwood brings over 16 years of personal finance experience to the table. After a decade of teaching courses in banking, debt reduction, budgeting and credit improvement, she moved into writing content and f.
Jenn Underwood Personal Finance WriterCredit cards and banking specialist Jenn Underwood brings over 16 years of personal finance experience to the table. After a decade of teaching courses in banking, debt reduction, budgeting and credit improvement, she moved into writing content and f.
Written By Jenn Underwood Personal Finance WriterCredit cards and banking specialist Jenn Underwood brings over 16 years of personal finance experience to the table. After a decade of teaching courses in banking, debt reduction, budgeting and credit improvement, she moved into writing content and f.
Jenn Underwood Personal Finance WriterCredit cards and banking specialist Jenn Underwood brings over 16 years of personal finance experience to the table. After a decade of teaching courses in banking, debt reduction, budgeting and credit improvement, she moved into writing content and f.
Personal Finance Writer Dylan Pearl Credit Cards EditorOver a decade of editorial experience across a number of publications and more than 60 countries visited have given Dylan Pearl a wealth of travel knowledge, and the tools to effectively communicate that knowledge to others. Dylan has made it his mis.
Dylan Pearl Credit Cards EditorOver a decade of editorial experience across a number of publications and more than 60 countries visited have given Dylan Pearl a wealth of travel knowledge, and the tools to effectively communicate that knowledge to others. Dylan has made it his mis.
Dylan Pearl Credit Cards EditorOver a decade of editorial experience across a number of publications and more than 60 countries visited have given Dylan Pearl a wealth of travel knowledge, and the tools to effectively communicate that knowledge to others. Dylan has made it his mis.
Dylan Pearl Credit Cards EditorOver a decade of editorial experience across a number of publications and more than 60 countries visited have given Dylan Pearl a wealth of travel knowledge, and the tools to effectively communicate that knowledge to others. Dylan has made it his mis.
| Credit Cards Editor
Updated: May 17, 2024, 9:00am
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The Santander® Ultimate Cash Back® Card * rewards may seem too good to be true. For the first 12 months or until you spend $20,000 the card offers some serious rewards potential. However, you’ll likely be disillusioned as a long-term cardholder with the little perks and rewards that can easily be topped by other cards.
Santander® Ultimate Cash Back® Card *Our ratings take into account the card’s rewards, fees, rates along with the card’s category. All ratings are determined solely by our editorial team.
Welcome Bonus 3% cash back Annual Fee Regular APR 20.01% - 29.14% variable Credit ScoreCredit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Earn 3% cash back on eligible purchases for the first 12 months of account opening, up to $20,000 in spend. After that, earn unlimited 1.5% cash back.
Credit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
Wells Fargo Active Cash® Card On Wells Fargo's Website Welcome Bonus $200 Cash Rewards Annual Fee Credit Score Excellent, Good Regular APR 20.24%, 25.24%, or 29.99% Variable APRCredit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months Discover it® Cash Back On Discover's Website Welcome Bonus Cashback Match™ Annual Fee Credit Score Excellent/Good Regular APR 18.24% - 28.24% Variable APRCredit Score ranges are based on FICO® credit scoring. This is just one scoring method and a credit card issuer may use another method when considering your application. These are provided as guidelines only and approval is not guaranteed.
INTRO OFFER: Unlimited Cashback Match for all new cardmembers–only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
The Santander® Ultimate Cash Back® Card * offers an astounding 3% cash back for your first 12 months or until you make $20,000 in purchases. But after that, rewards drop to 1.5% cash back. It’s not unusual for a welcome bonus to offer significantly more rewards, but it may be easier to see through those bonuses. A 3% cash-back card with no annual fees is a dream, but it may not be a great choice for long term everyday use.
Still, with no annual fee and no foreign transaction fees, this card may be a wise addition to your wallet for home or abroad. However, don’t let the promise of no cash advance fees and no returned payment fees lull you into credit card complacency. The cash advance APR is very high, making a cash advance a poor choice if you have other alternatives. Also the card doesn’t waive late fees, so even if your payment is returned fee free, you may still incur up to a $35 late fee.
Beyond that, this card is a little light on features. There’s no rental car coverage and no extended warranty or travel protections. If these features are important to you, you may be better served by another card.
Why you can trust Forbes Advisor
Our credit card editors are committed to bringing you unbiased ratings and information. Our editorial content is not influenced by advertisers. We use data-driven methodologies to evaluate financial products and companies, so all are measured equally. You can read more about our editorial guidelines and the credit card methodology for the ratings below.
This card offers great cash back for the first year of card ownership. At 3%, it beats many other cash-back cards. With no annual fee, the Santander® Ultimate Cash Back® Card * is best for someone willing to use it only for its non-traditional first-year welcome bonus.
The Santander® Ultimate Cash Back® Card * is essentially a flat-rate card, earning 3% cash back on purchases for the first 12 months of account opening, up to $20,000. After that, earn unlimited 1.5% cash back.
Reward redemption is easy. Log in to your banking portal and follow the guided instructions. You can redeem your cash back for a statement credit. The portal also allows you to choose gift cards or merchandise. As with any card, compare your options to determine which redemption option affords the best deal.
To determine a credit card’s rewards potential, Forbes Advisor uses data from various government agencies to determine baseline income and spending averages across various categories. The 70th percentile of wage earners bring in $118,438 annually and we base our sample household spending on that number. Typical earners in this category can reasonably spend $39,337 a year in credit card purchases.
Santander® Ultimate Cash Back® Card * First Year Rewards Potential
New Card Offer on the First $20,000 Spent All Other Purchases Total: $890.06 See More See LessAfter the first year, cardholders given a typical household spend could earn $590.06.
The Santander® Ultimate Cash Back® Card * offers a 0% intro APR on purchases and balance transfers for the first 12 billing cycles of account opening, a 20.01% - 29.14% variable APR applies thereafter. A balance transfer fee of $10 or 3% of the amount of each transaction, whichever is greater, applies.
If you’re looking for a streamlined rewards card, the flat-rate Citi Double Cash® Card could be ideal. This card will reward you 2% cash back on all purchases—1% when purchases are made and another 1% when they’re paid off. You can also earn a welcome bonus of $200 cash back after spending $1,500 on purchases in the first 6 months of account opening, fulfilled as 20,000 ThankYou® Points.
Most cardholders who receive the welcome bonus will earn more using the Double Cash than the Santander® Ultimate Cash Back® Card * ’s 3% introductory cash back offer. And the Citi card continues to earn 2% on purchases after the first year. The introductory APR on the Double Cash is also longer at 0% intro APR on balance transfers for 18 months. After that, the standard variable APR will be 19.24% - 29.24%, based on creditworthiness. An intro balance transfer fee of either $5 or 3%, whichever is greater, applies to transfers completed within the first 4 months of account opening. After that, the fee will be 5% of each transfer (minimum $5). The Citi Double Cash® Card isn’t the best option if you travel internationally since it charges foreign transaction fees.
If you’re looking to earn 3% on everyday purchase, the UMB Simply Rewards Visa * is worth considering. You’ll earn 3 points per dollar spent at gas stations, grocery stores, discount stores, restaurants and fast food locations and 1 point per dollar on all other purchases. New cardholders can earn a welcome bonus of 15,000 points after spending $1,500 in the first 90 days of account opening.
However, this card doesn’t earn higher rewards on travel, so depending on your spending, this card will likely earn less than the Santander® Ultimate Cash Back® Card * the first year, even with the welcome bonus. But it will have a much better earning potential in subsequent years. UMB also offers an introductory APR like the Santander® Ultimate Cash Back® Card * , with a 0% intro APR on purchases and balance transfers for 12 months for balances transferred within 60 days of account opening, then a standard APR of 17.24% - 25.24% variable on purchases and balance transfers applies. Balance transfer fees of 3% of the amount of the balance transfer, with a $15 minimum applies. But the UMB Simply Rewards Card falls short for international travelers, since it has a foreign transaction fee.
If you’re looking for a card with no annual fee and no foreign transactions fees that earns 2% unlimited cash back on everyday purchases, the Bread Cashback™ American Express® Credit Card * is a solid choice. With uncapped earning potential, you could earn $786.74 in cash back each year.
This card also offers purchase protection if items are lost or stolen and dining discounts of up to 20% off or a free appetizer at participating restaurants. Note there is no introductory 0% APR and the regular APR on this card could be much higher than the other cards in this review. American Express is also not as widely accepted internationally as Visa or Mastercard, so it may be wise to carry a card from those payment networks that also charges no annual fee.
The Santander® Ultimate Cash Back® Card * offers some exciting rewards initially, but in the long run, other cards will win out. If you’re already a Santander banking client, the card may work for you, especially if you travel internationally. But most people will be better off shopping around. If the comparison cards don’t meet your needs, check out these other flat-rate cards that offer higher sustained earnings over the life of the card.