Wells Fargo Cash Wise Visa® card review

The Wells Fargo Active Cash® Card is a fantastic alternative to the discontinued Wells Fargo Cash Wise Visa Card for several reasons. With the Active Cash Card, you can earn unlimited 2 percent cash rewards on all purchases, making it a simple and rewarding choice for everyday spending. The card also offers a generous welcome bonus after spending $500 in purchases in the first three months, providing a potential immediate benefit to cardholders. Additionally, the Active Cash Card comes with no annual fee, and it offers a competitive 0 percent intro APR for 15 months from account opening on purchases and qualifying balance transfers (then a 20.24 to 29.99 percent variable APR), making it a versatile option for managing expenses and debt. 

Overall, the Wells Fargo Active Cash Card maintains the convenience and benefits of its predecessor while enhancing the rewards and value it delivers to cardholders.

The Citi Double Cash® Card is also a strong contender as an alternative to the discontinued Wells Fargo Cash Wise Visa Card due to its attractive cash back rewards structure. The Citi Double Cash Card offers a higher flat rate of up to 2 percent back on all purchases (1 percent when you buy and 1 percent when you pay your bill). This simple and transparent rewards system allows for earning cash back on everyday spending without the need to juggle multiple categories or opt-ins — also making it a compelling choice for those who want to maximize their rewards potential. 

Ultimately, if you want to earn a higher rate of cash back on your purchases than you would have with the Wells Fargo Cash Wise Visa, and can pay off your balance consistently, the Citi Double Cash card might be suitable.

The primary criteria for a rewards or cash back card’s rating is its rewards value. This includes the card’s average rewards rate, estimated annual rewards earnings, sign-up bonus value and reward redemption value.

To estimate a card’s average annual rewards earnings, we first calculate its average rewards rate based on how much it earns in different bonus categories and how closely its categories align with the average person’s spending habits, according to the Bureau of Labor Statistics (BLS).

The most recent BLS data estimates average total spending in 2022 was $72,967 per consumer. We then narrow our focus to which purchases are likely to be put on a credit card and earn rewards, subtracting expenditures like housing, vehicle purchases and education. This gives us a total “chargeable” annual spend of around $22,500.  

Some of the major spending categories that contribute towards the annual spend include:

• Groceries: $5,700
• Dining out: $3,600
• Entertainment: $2,400
• Gas: $3,100
• Apparel and services: $1,900

Using this data, we assign a weighting to each of a card’s bonus categories. For example, a card’s grocery rewards rate receives a 22 percent weighting based on how much of the average person’s budget is spent on groceries. We also estimate the redemption value of points or miles from various issuer, airline and hotel rewards programs.

This weighting and rewards valuation allows us to estimate a card’s average annual rewards earnings — how many points or miles you’d earn with a given card if your spending was about average and you used the card for all of your purchases, as well as what those points are worth. We also use point valuations to determine a card’s sign-up bonus value.

With these calculations complete, we assign each card a score based on how its average rewards earnings, sign-up bonus value, rewards rate and redemption value stack up against other rewards cards.

We also rate cards based on how much it costs to keep them in your wallet or carry a balance. 

To start, each rewards or cash back card is scored based on whether it offers an intro APR and how its ongoing APR compares to the rates available on other rewards or cash back cards. 

We also score each card based on how its annual fee influences its overall value. 

We consider a card’s annual fee in two ways — how it ranks relative to the fees you’ll find on other cards in the category and how it impacts a card’s overall rewards value. Cards with an annual fee will always be at a slight disadvantage in our scoring system since annual fees inherently cut into your rewards value, but if a card offers terrific value via its ongoing rewards and perks, it can earn a high score even if it carries a high annual fee. 

With this in mind, we rate a card based primarily on how its ongoing rewards value and ongoing perk value (such as annual credits or bonuses) stack up against other cards in the category when you subtract its annual fee.

We rate each card’s flexibility based on the restrictions it imposes on earning and redeeming rewards and factor this rating into a card’s overall score. 

Flexibility factors include whether a card only allows you to earn a high rewards rate on a small amount of spending or requires you to meet a certain earning threshold before you can redeem rewards. We also examine whether your points are worth less when you redeem for some options versus others and whether a card gives you the flexibility to transfer rewards to airline and hotel partners. 

We also score each card’s set of features – its perks and benefits — against five tiers of features to provide a rating. 

We break down these tiers as follows:

• Tier 1 has less than standard card features (an ultra-streamlined card that offers basic utility and next to nothing in the way of ancillary benefits. 
• Tier 2 includes the benefits you’d expect on standard Visa or Mastercard credit cards, such as free access to your credit score, car rental insurance and $0 liability for fraudulent charges. 
• Tier 3 includes “prime card” or better-than-average card features like cellphone insurance, lost luggage insurance, concierge services and purchase protection. 
• Tier 4 includes luxury features such as airport lounge access, elite status with an airline or hotel and credits for expedited security screening membership programs. 
• Tier 5 includes the sort of exemplary benefits you’ll find on top-tier luxury cards, such as high-value travel credits, cardholder memberships and other unique and valuable perks.

The Wells Fargo Cash Wise Visa Card offers a variety of benefits, including unlimited 1.5 percent cash rewards on purchases and cell phone protection when you pay your monthly cellphone bill with your card.

No, there is no annual fee for the Wells Fargo Cash Wise Visa Card, which makes it a great option for those looking to earn cash rewards without having to worry about an additional cost to carry the card.

You can easily redeem your cash rewards earned with the Wells Fargo Cash Wise Visa Card through options such as statement credits, direct deposits into your Wells Fargo savings or checking account, or even applying them towards your Wells Fargo mortgage principal.

The Wells Fargo Cash Wise Visa Card was discontinued as part of the bank's strategic decision to streamline its credit card offerings and focus on other products that better align with their current business objectives. 

While the Cash Wise Visa Card is no longer available, Wells Fargo continues to offer a range of credit card options designed to meet the diverse needs of their customers. If you are looking for a new credit card, we recommend exploring the current selection of cards offered by Wells Fargo to find one that best suits your financial goals and lifestyle.