Wells Fargo Rewards® Card review

Best for long-term intro APR on both purchases and balance transfers

• Rewards rate: 5X points per dollar spent on gas, grocery and drugstore purchases (up to $12,500 for the first six months after account opening, then 1X points); 1X points for all other eligible purchases
• Welcome offer: None
• Annual fee: $0
• Purchase intro APR: 0 percent for 15 months
• Balance transfer intro APR: 0 percent for 15 months (qualifying transfers made within 120 days from account opening)
• Regular APR: 12.49 percent to 25.49 percent variable

The Wells Fargo Rewards® Card offers below-average points earning potential with 5X points on gas, grocery and drugstore purchases for the first six months (on up to $12,500 in spending) and only 1X points per dollar on all purchases thereafter.

Where this card really stands out from the credit crowd, however, is with its intro purchase and qualifying balance transfers APR offers: 0 percent on both for 15 months (12.49 percent to 25.49 percent variable APR thereafter).

Current welcome offer

The Wells Fargo Rewards Card introductory offer of 5X points on drugstore, grocery and gas purchases for six months on up to $12,500 in purchases (then 1X points per dollar) isn’t great. Many other rewards credit cards offer far more points after you spend $3,000 or $4,000 in the first three months, rather than capping your extra points earnings.

Where the card does come out ahead of the competition is with its introductory APR offer for both purchases and qualifying balance transfers. Cardholders enjoy an intro 0 percent APR for 15 full months after account activation, making this a great option if you’re looking to move existing debt from a higher-interest credit card or have plans to make large purchases over the next 15 months. Afterward, your APR will be 12.49 percent to 25.49 percent variable.

Keep in mind all balance transfers must be made within the first 120 days to qualify for the low introductory APR, and they’ll be subject to either a $5 or 3 percent fee of the amount of each balance transfer, whichever is greater for 120 days from account opening. After that, up to 5 percent for each balance transfer, with a minimum of $5.

Rewards

After the introductory rewards offer, you’ll find it easy to earn rewards on an ongoing basis.

Earning rewards

The Wells Fargo Rewards Card earns points with every purchase at a rate of 1X points per eligible dollar spent. It’s also possible to access bonus point offers through specific merchants with the Wells Fargo Earn More Mall program.

Redeeming rewards

Wells Fargo credit card rewards can be redeemed for travel, gift cards, merchandise and cash redemptions, and there are no advance booking or minimum night stay requirements when redeeming points for travel rewards. Rewards can be redeemed by logging into the Wells Fargo online portal.

How much are points worth?

Wells Fargo rewards are typically valued at 1 cent per point. This means that if you max out the 5X points during your sign-up offer period and spend $12,500 within six months, you’ll get 62,500 points—which are worth $625 worth toward travel, merchandise or cash back.

Benefits

Along with the low introductory APR and the points bonus offer, the Wells Fargo Rewards Card also offers other benefits.

Travel accident insurance

Things happen—and when they happen when you’re away from home, everything gets more complicated. Automatic travel accident insurance offers peace of mind when you’re on vacation or traveling for work.

Cellphone protection

Lost or damaged cellphones are a serious headache if you’re on the road—or if you’ve just purchased a new and expensive phone. Included cellphone protection makes potential damage or loss less stressful. You just have to pay your bill with your card and pay a deductible to qualify.

Rates and fees

The Wells Fargo Rewards Card has no annual fee, but it does include late payment and return fees of up to $40. In addition, cardholders are charged 3 percent of each transaction total for any foreign card transactions. And if you transfer a balance more than 120 days after account opening, you’ll pay a $5 or 5 percent fee, whichever is greater, and won’t qualify for the introductory APR.

The result? While it’s easy to complete a Wells Fargo balance transfer and take advantage of the intro APR, make sure you do it in the first 120 days to avoid paying a higher fee.

How the Wells Fargo Rewards Card compares to other points cards

So how does the Wells Fargo Rewards card stack up against some of the best rewards credit cards? Let’s compare it against two other options: The Capital One Venture Rewards Credit Card and the Citi Rewards+® Card.

While the Citi Rewards+ Card offers the same introductory 0 percent APR on balance transfers and purchases for 15 months (then a 13.49 percent to 23.49 percent variable APR after) as the Wells Fargo Rewards Card, its points earning is even less impressive—cardholders earn just 2X points at gas stations and supermarkets on the first $6,000 they spend each year, then 1X points thereafter.

The Capital One Venture Rewards Credit Card, meanwhile, comes with the potential for big reward mile bonuses—60,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $600 in travel —but there’s no intro APR.

Put simply? If you’re looking for an everyday spending card with great intro APR, the Wells Fargo offering outpaces Citi, but if travel is your priority, pick the Capital One Venture card.

Best cards to pair the Wells Fargo Rewards Card with

If you’re looking to pair up your Wells Fargo Rewards Card with another credit offering, consider a straightforward cash back card for everyday spending or a points-multiplier card for travel spending. This lets you use the Wells Fargo card for its best feature—the intro APR offers—while also getting the advantages of everyday cash back or extra travel points.

Bankrate’s Take—Is the Wells Fargo Rewards Card worth it?

For a credit card with no annual fee, the Wells Fargo Rewards Card offers a substantial advantage. No interest for 15 months on purchases and qualifying balance transfers (12.49 percent to 25.49 percent variable APR thereafter).

But is this enough to make the card a wallet mainstay? Ultimately, it comes down to your spending habits and your credit rating. Other Wells Fargo credit cards require excellent credit and offer rewards for spending in different categories, so you may want to consider them if your credit is high enough.

Pros

• No annual fee
• Low introductory APR on purchases and qualifying balance transfers
• 5X points on your first $12,500 spent at gas stations, grocery stores and drugstores in the first 6 months and 1x points on other purchases

Cons

• Other cards have higher point earning rates
• Points expire after five years
• Balance transfers made after 120 days come with a higher transfer fee and no intro APR