Though it offers an impressively-long intro APR period for qualifying balance transfers, the Wells Fargo Reflect card falls short when it comes to long-term value. It also may save you less overall than a card with lower fees and a shorter intro APR period.
Fees: High balance transfer fee cuts into savings
Despite the very long intro APR offer, the Reflect card may not offer the most overall savings. When deciding which balance transfer card will best help you tackle debt and save on interest, you should consider the cost of doing a balance transfer, determined by a card’s balance transfer fee.
For the Reflect card, you’ll pay a fee of 5 percent (minimum $5) on balances transferred to the Reflect card, which is tacked onto your total balance. A 5 percent transfer fee is not uncommon among balance transfer cards, but it is on the high end. A few competing cards only charge a 3 percent fee — a difference which could add up to hundreds in savings on interest charges if you’re transferring a large balance.
A card with a lower balance transfer fee might save you more even with a shorter intro APR period. That’s because 5 percent of your balance can easily be more expensive than the interest charges you’d face from carrying a balance for a few extra months.
To see whether a longer intro APR or a lower balance transfer fee makes more sense for you, try out Bankrate’s balance transfer calculator and credit card payoff calculator.
Other fees to keep in mind include a 3 percent foreign currency conversion fee and a late payment fee of up to $40. Luckily, though, you won’t be charged a penalty APR.
Rewards: Limited long-term value after intro APR period
If you're looking for a balance transfer card that offers rewards on purchases, then this card is not for you. The Wells Fargo Reflect Credit Card's lack of a rewards program is its biggest disadvantage.
As a simple way to pay down your debt, it’s a good option, but a card that earns rewards on everyday purchases like groceries and gas could help offset the cost of your balance transfer fee and provide long-term value. But keep in mind, it never makes sense to carry a balance on a credit card, even if it’s a rewards card. Interest charges will always eclipse the value of the rewards.
If you’re sure that you can pay off your transferred balance within the intro APR offer time period and you want a card that offers rewards, too, take a look at the Wells Fargo Cash Active Cash® Card. This card offers a high flat cash rewards rate on purchases, a decent welcome offer and a solid (though shorter) intro APR period.
Perks: Few benefits compared to other no-annual-fee cards
Balance transfer cards aren’t known for carrying a rich portfolio of benefits outside basics like FICO credit score access or account alerts — and the Reflect card is no different. While the Wells Fargo Reflect Card does offer cellphone protection and Wells Fargo Deals perks, these perks are not typically considered that valuable.
You do get decent cellphone protection, however. Phones tied to your Reflect bill can be protected against eligible theft or damage for up to $600 per claim — minus a $25 out-of-pocket deductible. You can file up to two claims per year for up to $1,200 in annual coverage. Wells Fargo Reflect’s terms make it the best card for cellphone protection with a balance transfer offer, but it still might not be the most appealing perk.
The card also offers access to My Wells Fargo Deals, but these deals are mostly modest discounts like 5 percent cash back at Starbucks or 20 percent back on eligible Kindle purchases that usually come with small reward caps (less than $10). So the value of these perks is fairly limited.
The Reflect card also carries a few standard Visa Traditional benefits, common to most Visa cards. They aren’t the most helpful benefits for day-to-day spending. If you want more substantial network features, a few cards with shorter zero-interest periods feature cash back programs and Visa Signature or World Elite Mastercard perks.
Learn more: Wells Fargo Reflect benefits guide