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Author: Claire Dickey
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The information related to the Wells Fargo Cash Wise Visa Card, the Wells Fargo Platinum Visa Card and the Wells Fargo Propel American Express Card has been collected by Bankrate and has not been reviewed or provided by the issuer or provider of this product or service.
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What you need to know about Wells Fargo credit cards
As one of the top banking institutions in the United States, Wells Fargo offers seven credit cards for a variety of uses. We’ve put together a comprehensive guide detailing the following:
Top picks for Wells Fargo credit cards
Here’s a look at the best Wells Fargo credit cards of 2019 according to our experts:
Wells Fargo Propel American Express® Card: Best sign-up bonus and overall rewards
What we love: If one thing is for certain, the Propel card is great for earning rewards on everyday spending. You’ll earn 3X points on dining, travel and gas station purchases, plus 1X points on all other purchases.
Perhaps the greatest perk of the Propel is its 30,000-point sign-up bonus when you spend $3,000 in your first 3 months of card ownership (equal to $300 in cash back).
What we wish were different: There are other rewards cards that offer bigger sign-up bonuses. Plus, flights can only be redeemed through Go Far® Rewards. Additionally, the 12-month 0% introductory offer on purchases and qualifying balance transfers (16.24% to 28.24% variable) is a tad short.
Bottom line: The Wells Fargo Propel card is a fine choice for loyalists of the bank who are looking to earn rewards on everyday spending, as well as a great sign-up bonus.
Wells Fargo Cash Wise Visa® Card: Best for cash back
What we love: The Wells Fargo Cash Wise Visa Card will earn you an unlimited 1.5% cash back on every purchase and a $200 cash back bonus when you spend $1,000 within three months of account opening. Most impressively, you’ll receive a 20% bonus on mobile wallet transactions for your first year of card membership (meaning you’ll get 1.8% cash back when using Apple Pay® or Google Pay™ for purchases).
What we wish were different: There’s a balance transfer fee of 3% for the first 120 days and 5% after ($5 minimum), so if you’re planning on paying off debt with the card, do so sooner rather than later. Additionally, there’s a 3% foreign transaction fee on purchases made outside of the United States.
Bottom line: This card is for you if you value simplicity and want to earn a solid cash back sign-up bonus. Overall, the main perk of this card lies in its 20% bonus on qualifying mobile wallet transactions in your first year. The Wells Fargo Cash Wise Visa Card is currently unavailable.
Wells Fargo Platinum Visa card: Best for balance transfers
What we love: You’ll receive a 0% introductory APR offer on purchases and on qualifying balance transfers (13.74% – 27.24% variable thereafter) for 18 months – the longest introductory period of all Wells Fargo cards.
What we wish were different: First and foremost, you won’t earn rewards with this card. There’s also a high variable APR after the introductory APR expires (13.74% – 27.24% variable), along with a balance transfer fee of 3% or $5 (whichever is greater) that bumps up to 5% after the 120 days.
Bottom line: The Platinum Visa card is a great option if you’re looking to transfer a balance, but if you’re set on earning rewards for everyday spending, it’s best you look elsewhere.
What is Wells Fargo and what does it offer?
Founded in 1852, Wells Fargo is a multinational financial services company headquartered in San Francisco, California.
The issuer offers banking options for personal accounts, small businesses and commercial operations, as well as services for investment banking, securities and markets, treasury management, commercial financing, asset management and more.
With more than 13,000 ATMs, 7,800 commercial locations and 5,500 retail banking branches, Wells Fargo holds the title of the fourth largest bank in the United States.
Check out some of Wells Fargo’s most recent awards:
- Most Valuable Banking Brand in U.S. of 2018 by Brand Finance®
- Third-Most Valuable Banking Brand in World of 2018 by Brand Finance®
- Wells Fargo Propel American Express® Card voted the #1 Best No-Annual-Fee Credit Card of 2018 by Business Insider
Wells Fargo’s rewards program, Go Far® Rewards, allows you to earn Go Far® Rewards points for purchases made with a qualifying Wells Fargo credit card.
You can redeem your Go Far® Rewards points for cash back, travel, gift cards and merchandise purchased through the Earn More Mall®. There’s also an online auction feature that allows you to bid on items within the Earn More Mall®.
Go Far® Rewards aren’t transferable to partner airlines or hotels, which may be a stumbling block for you if you’re a frequent traveler or a loyalist to a specific travel brand.
In general, Wells Fargo credit cards offer perks like Zero Liability Protection, which protects you from unauthorized transactions, Overdraft Protection, which helps you to cover overdrafts with available credit, and Fraud Monitoring.
How do Wells Fargo credit cards compare to other cards?
Wells Fargo offers credit cards for earning rewards, building credit and transferring a balance.
Although there’s not a large selection of cards to choose from, the issuer does cover its bases in regards to types of cards offered, from secured cards to student cards to rewards cards, and at a variety of credit scores.
Let’s take a look at three Wells Fargo cards versus their competitors:
3X points on dining, travel and gas station purchases
1X points on all other purchases.
|1.25x miles on every purchase
10x miles on eligible hotel purchases with hotels.com/venture made through January 2020.
$1,000 * 12 months * 3X points * $0.01 = $360
$500 * 12 months * 1X points * $0.01 = $60
|$300 * 9 months * 10X miles * $0.01 = $270
$1,200 * 12 months * 1.25X miles * $0.01 = $180
||30,000 bonus points when you spend $3,000 in purchases in the first 3 months (a $300 cash redemption value)
||20,000 miles once you spend $1,000 on purchases within 3 months from account opening (equal to $200 in travel)
||$720 (including sign-up bonus)
|| $650 (including sign-up bonus)
Wells Fargo Propel American Express® Card
Say you spent $1,000 a month on the 3X category with your Propel card. By the end of your first year, you’d earn $360 worth of points. If you spent an additional $500 a month on the 1X category, you’d earn an extra $60 for the year. When you include the 30,000 bonus points you’d earn for meeting the qualifying spend of the welcome bonus, your year-one value hits $720.
Capital One® VentureOne® Rewards Credit Card
As for the VentureOne, there’s a stark difference in first and second-year value thanks to the January 2020 expiration date on the 10X category. Since there are 9 months left before the category expires, we calculated first-year earnings based on the 9 months left in the promotion.
If you spent $300 for 9 months on the 10X category, you’d earn $270. If you then spent $1,200 a month in the 1.25X category, you’d earn an additional $180. When including the sign-up bonus, that’s $650 worth of miles earned in your first year. Your second-year value would sit at $225 (1,500/month spent in the 1.25x miles category)).
The bottom line
Overall, you’ll earn more rewards with the Propel card, despite the allure of the 10X hotels category.
||Platinum Visa card
|Balance transfer intro period
||0% for 18 months on qualifying balance transfers
||0% Intro APR on Balance Transfers for 15 months
|Variable APR thereafter
||17.24% – 25.99% variable
|Balance transfer fee
3% balance transfer fee ($5 minimum) on any sum transferred within your first 120 days of card ownership
After 120 days, you’ll be charged a 5% fee ($5 minimum)
|No balance transfer fee for transfers made within the first 60 days of opening the account
After 60 days, you owe $5 or 5% of the amount being transferred, whichever is greater
|Balance transfer example
||$3,000 / 18 months = $166.67 a month
||$3,000 / 15 months = $200 a month
Balance transfer example
Wells Fargo Platinum Visa card
Say you owed $3,000 in debt. With the Platinum Visa’s 18-month 0% introductory offer on balance transfers (13.74%-27.24% variable thereafter), you’d be able to pay $166.67 a month to without paying anything in interest. You’d still owe a balance transfer fee of $90 for transfers made within your first 120 days. But if you wait longer than 120 days, you’ll owe $150.
If you instead transferred your $3,000 in debt to the Chase Slate, you’d pay $200 a month for 15 months without paying anything in interest. There’s no fee for transfers made without your first 60 days, but if you wait longer than 60 days to transfer, you’d owe an additional $120.
Should you choose the Chase Slate and fail to pay off your debt in 15 months (say, you do so in 18 instead), you’ll pay a minimum of $86.20 in interest and a maximum of $129.95.
The bottom line
The Chase Slate might have a shorter introductory period by 3 months compared to the Platinum Visa, but you’ll save more with the Slate due to its lack of a balance transfer fee for the first 60 days.
The information about the Chase Slate card has been collected independently by Bankrate.com and has not been provided or reviewed by the card issuer.
||Cash Wise Visa (not currently available)
Unlimited 1.5% cash back on every purchase
20% mobile wallet transaction bonus for a total of 1.8% cash rewards during the first 12 months the account is opened (valid only for Apple Pay and Google Pay)
|Unlimited 1.5% cash back on every purchase
$900 * 12 months * 1.5% * $0.01 = $162
$100 * 12 months * 1.8% * $0.01 = $21.60
|$1,000 * 12 months * 1.5% * $0.01 = $180
||$200 cash back bonus when you spend $1,000 within three months of account opening
||$150 after you spend $500 on purchases within 3 months from account opening
||$383.60 (including sign-up bonus)
||$330 (including sign-up bonus)
Wells Fargo Cash Wise Visa® Card
Say you spent $900 a month on the 1.5% category your first year. In doing so, you’d earn $162 in cash back. If you spent an extra $100 a month using a qualifying mobile wallet, you’d earn an additional $21.60. Finally, when you include the $200 cash back bonus earned after spending $1,000 in your first three months, you’d have a total of $383.60 in cash back your first year of card ownership.
As for second-year value (in which the 20% bonus on mobile wallet transactions is no longer valid), you’d earn $180 for the year. The Wells Fargo Cash Wise Visa Card is currently unavailable.
Capital One® Quicksilver® Cash Rewards Credit Card
If you spent $1,000 a month with the Quicksilver, you’d earn $180. When adding in the $150 cash back bonus, you’d earn $330 in cash back by the end of your first year. Your second-year value would be the same as the Cash Wise Visa’s — $180.
The bottom line
You’ll earn a little more in terms of first-year value with the Cash Wise Visa, but in the long run, you’ll earn the same amount in cash back whether you use the Quicksilver or Cash Wise Visa.
What credit score do you need to get a Wells Fargo credit card?
Wells Fargo offers seven credit cards with a variety of qualifying credit scores:
- Wells Fargo Propel American Express® Card – (670 – 850)
- Wells Fargo Cash Wise Visa® Card – (670 – 850)
- Wells Fargo Platinum Card – (670 – 850)
- Wells Fargo Visa Signature® Card – (670 – 850)
- Wells Fargo Rewards® Card – (670 – 850)
- Wells Fargo Cash Back College℠ Card – (600 – 850)
- Wells Fargo Secured Credit Card – (500 – 579)
Should you not qualify for good to excellent credit, the Wells Fargo Cash Back College℠ Card for students and the Wells Fargo Secured Credit Card for building credit could be options for you, depending on your lifestyle.
After some time, you may be eligible to upgrade to one of Wells Fargo’s unsecured cards (so long as you practice responsible credit card use). For more information on how you might qualify, read Wells Fargo’s upgrades guide.
Note: Bankrate has independently gathered credit score information on the following cards without the review of the issuer: the Wells Fargo Visa Signature® Card, Wells Fargo Rewards® Card, Wells Fargo Cash Back CollegeSM Card, Wells Fargo Secured Credit Card.