Wells Fargo Rewards Card
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The Wells Fargo Rewards Card isn’t a bad choice for a new credit card, it just may not be your best one. The sign-up offer is a solid mix of 0% APR on purchases and balance transfers and bonus points. The card also gives wide latitude in how you can redeem your points, from travel, gift card or cash.
But it falls well short of other credit cards when it comes to ongoing rewards.
The Wells Fargo Rewards Card has a few snazzy attributes that may initially catch your eye. With no annual fee and an introductory 0% 12-month APR offer on purchases and balance transfers, plus a 20,000 point sign-up bonus worth about $200, at first glance the card seems enticing. Heck, it even offers 5x points for the first six months on up to $12,500 spent for gas, grocery and drugstore spending. But dig a little deeper and you can find similar cards that offer better value.
There are a lot of rewards cards out there. Some with rotating categories and some with flat cash-back payouts. If you’re looking for a credit card to keep using after the tempting introductory period, you’re probably going to find one that has better long-term value than the Wells Fargo Rewards Card.
In fact, after the intro period expires the 1x points on all spending is actually pretty mediocre.
Who should own this card
This card is best for someone who can maximize the introductory offer of unlimited 5x points on every $1 spent in the first six months in gas, grocery and drugstore spending. If you have some big purchases coming up in one of those categories and you can combine it with the 12-month 0% APR purchase offer, you might score yourself some serious savings.
Fees and APR
• There’s a 0% 12-month introductory APR offer on purchases and balance transfers. After that, it’s a variable 18.15% to 26.99%.
• There’s no annual fee.
• There’s a balance transfer fee of 3%.
• Late payments won’t affect your APR but you may be subject to a fee of up to $37.
• You’ll pay a 3% foreign transaction fee on all purchases made outside the U.S.
Extras, perks and using points
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).
As a Visa Signature card, it includes benefits like car rental and luggage insurance and hotel perks at Visa Signature luxury properties.
To use your rewards, log into your account with Wells Fargo. You can redeem your points for travel, gift card, Wells Fargo online auctions, digital downloads or cash-back. There’s no fee to redeem your rewards and there’s no minimum amount required.
How this card compares
If you’re already doing some banking here, the Wells Fargo 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. It has a shorter introductory offer on purchases and balance transfers, but it also pays cash back on every purchase. This could make it a better option long-term once the intro period expires.
Depending on your spending habits, the Blue Cash Preferred Card from American Express could net you more. This card earns 6% back at supermarkets up to a $6,000 cap then it drops to an unlimited 1% back. It also pays an unlimited 3% back on gas and select department stores and a flat 1% on all other spending. The card charges a $95 annual fee.
The Chase Freedom card is fee-free and offers rotating bonus categories that pay 5% back, with a cap of $1,500 in each category and an unlimited 1% back on everything else. You also have to sign-up each quarter to get the bonus.
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.
Longer-term, the Citi Double Cash Card may earn you more rewards. The card earns an unlimited 1% cash back when you make a purchase and another 1% back when you pay for those purchases. Big spenders may find this nets more cash-back overall as there’s no ceiling on what you can earn back.