Wells Fargo Cash Wise Visa Card
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If you’re already doing some banking with Wells Fargo, the Cash Wise Visa Card could be a nice addition to your wallet. We love the seamless transfer of rewards to your account, via ATM or to pay your mortgage.
This no-annual-fee credit card offers a fairly standard 1.5% cash back on virtually every purchase — excluding things like pre-paid gift cards and casino gaming chips — but it lacks some of the extra earning potential we see in other cards in this category. We think another cash-back card will probably put more rewards in your piggy bank than this one.
Wells Fargo recently bumped up the sign-up bonus value, which makes this card slightly more attractive and should push it into the definite-maybe category for consumers shopping for a credit card. You’ll earn $200 (up from $150) when you spend $1,000 within the first three months after account opening.
The card also comes with a nice perk for the first year: You’ll earn 1.8% cash back on all Android Pay or Apple Pay mobile wallet purchases. You’re not charged any fee to use a mobile wallet, so this could serve as a slight boost in rewards — assuming you’re comfortable using your phone to pay at the register and the merchants you do business with accept mobile payments.
For users interested in a no-fuss rewards program, Cash Wise Visa is ideal. But if you’re looking for a card that offers increased rewards in certain categories, you’ll do best to look elsewhere.
Who should get this card
Wells Fargo makes redemption a snap for bank customers, so this card is good for consumers who already have a relationship with the bank. Wells Fargo Cash Wise also is a good fit for someone looking to earn a flat rate on all purchases rather than chasing higher rewards in different categories.
This card also serves as a decent balance transfer credit card, offering a 0% introductory APR on purchases and balance transfers for 12 months. This should not be the main reason why you apply for this card, as there are better competing offers.
Fees and APR
- This card charges no annual fee.
- You’ll pay a 3% foreign transaction fee on all purchases made outside of the United States.
- The balance transfer fee is 5% of the amount transferred, which is high.
- Wells Fargo Cash Wise Visa comes with an introductory 0% APR offer for 12 months on balance transfers and purchases. After that, it’s a variable 13.99% to 25.99%.
Extras, perks and using rewards
You can have the rewards directly deposited into your Wells Fargo checking or savings account. Wells Fargo is the only issuer that we know of that will also let you withdraw your cash rewards at the ATM. Another unique option is to apply your rewards to the principal balance of your Wells Fargo mortgage.
You can also pool your rewards with another Wells Fargo cardholder for greater value, spend your rewards at Wells Fargo’s online shopping portal or donate your cash back earnings to a charity.
If you pay your monthly cell phone bill with your Wells Fargo card, you can get up to $600 in protection against damage or theft (minus a $25 deductible).
Wells Fargo may consider cardholders for a Visa Signature card. If you qualify, the Visa Signature version of this card includes benefits like car rental and luggage insurance and hotel perks at Visa Signature luxury properties.
How this card compares
Chase Freedom Unlimited is a solid, straightforward cash-back rewards card that’s ideal for cardholders who just don’t have the time or energy to track spending categories. It ranks among the very best cash-back credit cards we track.
There are other cards that offer better rewards, but the Chase Freedom Unlimited’s 1.5% cash-back on everything is an excellent reward coming from a no-annual-fee credit card.
When it comes to rewards value, the Citi Double Cash Card ranks among the very best cash-back credit cards that charge no annual fee.
So why, you might ask, does this card not receive a higher score from Bankrate? There are a couple reasons, but the main thing dragging this card down is this: Because Citi Double Cash offers no sign-up bonus, it struggles to compete with many cards in this category.
If you have the mettle to track quarterly rotating bonus categories, Discover it Cashback Match pays 5% cash back in rotating categories up to a maximum of $1,500 per quarter. Everything else pays a flat 1% back. This card also pays out a cash-back match at the end of the first year so all of your rewards are doubled, which could be a nice haul if you make the most of those 5% categories.
Opinions expressed here are author's alone, not those of any bank, credit card issuer, airlines, or hotel chain, and have not been reviewed, approved or otherwise endorsed by any of these entities.