If you happen to’re looking for a rewards bank card, the Wells Fargo Lively Money® Card and the Financial institution of America® Personalized Money Rewards bank card are among the many greatest. Nonetheless, the Lively Money card has a leg up on the Personalized Money Rewards card due to its lack of a spending restrict, unmatched flexibility and extra card options.

The Personalized Money Rewards card has its deserves, but it surely’s higher for individuals who spend lower than $2,500 quarterly or for individuals who want an extended timeframe to repay a big buy or current bank card debt.

Evaluating rewards packages

Winner: Lively Money

Listed here are each bank card’s rewards packages:

Wells Fargo Lively Money:

• 2% money rewards in your purchases

Financial institution of America Personalized Money Rewards:

• Earn 3% money again within the class of your selection (as much as $2,500 per quarter mixed throughout selection class, grocery retailer and wholesale membership purchases, then 1%).
• 2% at grocery shops and wholesale golf equipment (as much as $2,500 per quarter mixed throughout selection class, grocery retailer and wholesale membership purchases, then 1%).
• 1% on all different purchases.

Whereas the Personalized Money Rewards could seem extra versatile, it finally cannot compete with the Lively Money’s limitless flat-rate rewards on purchases, notably due to the Personalized Money’s spending limits. At a sure level, the Lively Money will overtake the Personalized Money in rewards earnings.

For instance, as an instance you spend $5,000 every quarter. If you happen to maximize your increased 3% rewards class with the Personalized Money card, you might earn $75 in rewards when spending $2,500. You’d then earn a further $25 when spending the remaining $2,500 on the decrease 1% fee. This brings you to $100 earned that quarter. 

With the Lively Money, you may additionally earn $100 whenever you spend $5,000 at a flat fee of two%. If you happen to have been to spend greater than $5,000 throughout 1 / 4, that is the purpose the place the Lively Money would begin to pull forward. After all, it may pull forward sooner if you happen to’re unable to maximise the Personalized Money’s increased rewards tier absolutely.

However you do not have to decide on one over the opposite. You may use each playing cards collectively to maximise your return. Use the Personalized Money card for the purchases it earns 3% on and the Lively Money for different purchases.

Welcome bonus

Winner: tie

Each playing cards supply the identical welcome bonus:

• Wells Fargo Lively Money: Earn a $200 money rewards bonus after spending $1,000 in purchases within the first three months
• Financial institution of America Personalized Money: $200 on-line money rewards bonus after you make a minimum of $1,000 in purchases within the first 90 days of account opening

Each playing cards’ welcome bonuses are equally rewarding and ought to be straightforward to achieve via regular spending.

Introductory APR supply

Winner: Financial institution of America Personalized Money Rewards

Whereas each the Wells Fargo Lively Money and Financial institution of America Personalized Money gives cardholders with an introductory APR for purchases and steadiness transfers, the Financial institution of America Personalized Money presents roughly three extra months than the Lively Money.

• Wells Fargo Lively Money: 0% intro APR for purchases and qualifying steadiness transfers for 15 months from account opening (then 19.24%, 24.24%, or 29.24% variable)
• Financial institution of America Personalized Money Rewards: 0% Intro APR for 18 billing cycles for purchases and for any steadiness transfers made within the first 60 days (then 18.24% – 28.24% variable)

Introductory APR presents will help if you have to make a big buy, want extra time to pay it off and wish to keep away from curiosity prices. Or, when you have any current bank card debt, you might make the most of a steadiness switch to assist pay your steadiness down whereas it accrues no curiosity — however you have to to pay a steadiness switch charge.

The Lively Money has an introductory steadiness switch charge of both $5 or 3% of the quantity of every steadiness switch, whichever is bigger, for 120 days from account opening. After that, it will increase to as much as 5% ($5 minimal). The Personalized Money Card has a steadiness switch charge of three% ($10 minimal).

Because the Personalized Money Rewards card has an extended introductory interval, it is the higher choice if you happen to want extra time to repay a purchase order or current bank card debt.

Further card perks

Winner: Lively Money

The Lively Money card presents a couple of extra perks than most playing cards with out an annual charge, primarily attributable to its Visa Signature standing. Cardholders can entry cellular phone safety towards injury or theft once they pay their cellular phone invoice with the cardboard, and make the most of Visa Signature Concierge in addition to the Luxurious Lodge Assortment to save cash with choose motels.

The Financial institution of America Personalized Money card can be a Visa Signature card, and consists of roadside dispatch, prolonged guarantee and entry to Visa Signature Concierge. As a result of the Lively Money may present larger worth with its cellular phone safety and Luxurious Lodge Assortment perks, it pulls forward.

Annual charges

Winner: Tie

Neither bank card has an annual charge. They’re each cheap but rewarding selections that would work nicely with different playing cards you may have already got and pair nicely collectively.

The underside line

If you happen to spend greater than $2,500 quarterly on purchases like gasoline and grocery shops, the Lively Money often is the better option. Total, the Lively Money is the higher card due to its excessive cash-rewards fee to your purchases and extra card options.

The Financial institution of America Personalized Money Rewards card is healthier for decrease spenders or anybody who desires extra time to pay down a transferred steadiness or a deliberate buy.

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