Wells Fargo Cash Wise Visa® card review

Bankrate Staff  in  Cash Back How we rate our cards  | 

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Recommended Credit Score

Good to Excellent (670 - 850)

A FICO score/credit score is used to represent the creditworthiness of a person and may be one indicator to the credit type you are eligible for. However, credit score alone does not guarantee or imply approval for any financial product.

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Best for flat-rate cash back

Annual Fee:
$0
Purchase Intro APR:
0% intro APR for 15 months from account opening
Balance Transfer Intro APR:
0% intro APR for 15 months on qualifying balance transfers
Regular APR:
14.49%-24.99% (Variable)
Terms and Restrictions Apply | Rates and Fees

Bankrate Rating

 

Best for low-maintenance, straightforward cash back program

  • Rewards rate: 1.8% cash rewards on digital wallet purchases including Google Pay™ or Apple Pay® during the first 12 months from account opening. Earn unlimited 1.5% cash rewards on purchases.
  • Welcome offer: Earn a $150 cash rewards bonus after spending $500 on purchases in the first 3 months
  • Annual fee: $0
  • Purchase intro APR: 0% intro APR for 15 months from account opening
  • Balance transfer intro APR: 0% intro APR for 15 months on qualifying balance transfers
  • Regular APR: 14.49% to 24.99% variable

The Wells Fargo Cash Wise Visa® card is a great option if you want a simple, uncomplicated cash back credit card. Not only do you receive 1.5 percent cash back on purchases, but you’ll enjoy 1.8 percent cash back the first 12 months if you use the card for your Google Pay™ or Apple Pay® purchases. A 15-month 0 percent introductory APR for purchases from account opening and qualifying balance transfers (14.49 percent to 24.99 percent variable APR thereafter) are additional incentives. All of this, plus a $0 annual fee, make this a credit card worth a second look.

Current welcome offer

This Wells Fargo credit card offers a $150 cash rewards bonus when you spend $500 on purchases within the first three months. While this may not be the most generous welcome offer available, it’s definitely an appealing incentive for those looking for a simple cash back credit card.

Cash back

What makes the Wells Fargo Cash Wise Visa worth considering is the simplicity in its use. The cash back program is quite easy to use and straightforward.

Earning cash back

Cardholders are eligible for 1.5 percent cash back on purchases for every dollar spent. The best part is the 1.5 percent rewards rate is unlimited and doesn’t require tracking categories or quarterly activations. Keep in mind, you earn only rewards on purchases and not late fee payments or qualifying balance transfers. If you like to use Google Pay or Apple Pay, you’ll earn 1.8 percent cash back on purchases during your first 12 months as a cardholder.

Redeeming cash back

Redeeming your cash back is equally straightforward. Once you’ve earned your cash back, you have several options. You can withdraw your earnings from a Wells Fargo ATM (in $20 minimum increments), have the earnings deposited directly into your Wells Fargo checking or savings account or even have the earnings applied to your mortgage principal as a credit if you have a qualified Wells Fargo mortgage.

Benefits

The Wells Fargo Cash Wise Visa benefits extend beyond the cash back on purchases. You’ll enjoy other perks such as:

FICO score access

As a Wells Fargo cardholder, you have free, instant access to your FICO score, making it a little bit easier to monitor your credit standing.

Rewards program

You can really stretch your perks and cash back with the Wells Fargo Cash Wise card by also enrolling in Wells Fargo’s Go Far Rewards program. This is a loyalty rewards program for certain Wells Fargo cardholders, and the Wells Fargo Cash Wise Visa is an eligible card. Participants can redeem points for gift cards, travel certificates and numerous other bonuses.

Cell phone protection

If you use the Wells Fargo credit card for your cell phone payments, you receive additional protection against theft or damage. This is an up to $600 maximum benefit (after a $25 dollar deductible) that is paid out after your other cell phone insurance options have been exhausted.

Rates and fees

The Wells Fargo Cash Wise Visa offers a 15-month 0 percent introductory APR for both purchases from account opening and qualifying balance transfers. After the 15 months, the APR is variable and increases to between 14.49 percent and 24.99 percent, depending on your credit rating. Introductory balance transfers are subject to a minimum of $5 or 3 percent of the transfer total for 120 days from account opening. After that, the fee is up to 5 percent for each balance transfer, with a minimum of $5.

The Wells Fargo Cash Wise credit card currently offers a $0 annual fee. But if you think you might use this credit card while traveling overseas, you should be aware of the 3 percent foreign transaction fee.

How the Wells Fargo Cash Wise Visa compares to other cash back cards

Card Welcome offer Rewards Intro APR Annual fee
Wells Fargo Cash Wise Visa $150 cash rewards bonus when you spend $500 in purchases in your first three months
  • 1.5% cash back on purchases
  • 1.8% cash rewards earned on purchases when using a qualified digital wallet (including Apple Pay and Google Pay) during the first 12 months from account opening
15-month 0% intro APR on purchases from account opening and qualifying balance transfers, then 14.49% to 24.99% (variable)

 

 

$0
Chase Freedom Unlimited® $200 cash bonus when you spend $500 on your card within three months of account opening
  • At least 1.5% cash back on all purchases
  • 5% back on Lyft purchases (through March 2022)
  • 5% back on travel purchased through Chase Ultimate Rewards
  • 3% on dining
  • 3% on drugstore purchases
15-month 0% intro APR on purchases, then 14.99% to 23.74% (variable) $0
Chase Sapphire Preferred® Card

 

80,000 points to new cardholders after spending $4,000 within the first three months. Plus, earn up to $50 in statement credits towards grocery store purchases within your first year of account opening.
  • 2X points on travel and dining at restaurants
  • 5X points on Lyft rides through March 2022
  • 1X points on all other purchases
(No intro APR offers); 15.99% to 22.99% (variable) $95

 

Earning cash back is definitely not a new concept in the credit card world, but how does this Wells Fargo card compare to other cash back cards? The Chase Freedom Unlimited is a popular choice because of its own generous cash back structure. While the $0 annual fee and low introductory APR on purchases are similar, the Chase Freedom Unlimited has greater cash back potential.

If you like to travel, consider pairing the Wells Fargo Cash Wise credit card with the Chase Sapphire Preferred Card. While you’ll have to pay a $95 annual fee and won’t find an introductory APR on purchases or qualifying balance transfers, you’ll have access to a robust travel rewards program. Upon signing up, you’ll earn 80,000 points after spending $4,000 within the first three months. You’ll also earn 2X points for travel and restaurant dining purchases, 1X points for all other purchases and 5X points on Lyft rides through March 2022. What makes this travel card even better is the lack of foreign transaction fees, meaning you won’t have to pay additional fees for spending done abroad.

Best cards to pair the Wells Fargo Cash Wise Visa with

Since the Wells Fargo Cash Wise Visa doesn’t reward you for travel specifically, the card pairs best with travel credit cards. Look for cards offering extra points for travel and dining out so you can easily earn rewards toward future travel. Plus, many travel cards forego the foreign transaction fee, helping you save when you’re traveling abroad.

Bankrate’s Take—Is the Wells Fargo Cash Wise Visa worth it?

The cash back potential may not be the highest available in the market, but the ease and simplicity of the Wells Fargo Cash Wise Visa make it a perfect option for those who like effortless rewards. If you don’t want to keep up with quarterly activations and want a variety of options to get your cash back, then this card is a strong contender.

Pros:

  • Unlimited cash back
  • 15-month 0% APR intro rate on purchases from account opening and qualifying balance transfers (14.49% to 24.99% variable APR after)
  • $150 cash rewards bonus when you spend $500 in purchases in your first three months
  • $0 annual fee

Cons:

  • Higher variable APR (past introductory period)
  • 3% foreign transaction fee