Wells Fargo Rewards® Card review

Quick highlights

• 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: 18.74 percent to 27.74 percent variable

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 18.74 percent to 27.74 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.

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.

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.

Wells Fargo Rewards Card vs. Capital One Venture Rewards Credit Card

In view of the fact that the Wells Fargo Rewards Card is no longer available, the Capital One Venture Rewards Credit Card is an alternative to it that gives major benefits to frequent travelers. The card comes with the potential for big reward mile bonuses — 75,000 miles once you spend $4,000 on purchases within 3 months from account opening, equal to $750 in travel — but there’s no intro APR. Replacing the Wells Fargo Rewards Card with this one depends on your priorities. If getting a credit card that helps you save on travel is important to you, pick the Capital One Venture card. You can earn 2X miles on all purchases, not just travel-related ones. This maximizes your earning potential better than with the Wells Fargo Rewards Card, which only offers 1X points on all purchases after six months.

Wells Fargo Rewards Card vs. 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 18.74 percent to 28.74 percent variable APR after) as the Wells Fargo Rewards Card, its points earning is 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. Plus, for a limited time, earn 5 ThankYou® Points per $1 spent on hotel, car rentals, and attractions booked on the Citi Travel(SM) Portal through June 30, 2024.

If you’re looking for an everyday spending card with great intro APR, the Wells Fargo offering outpaces Citi. However, since the Wells Fargo card is no longer an option available for new applications, the Citi card is a close enough substitute for the former’s intro deals.

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. The Wells Fargo Active Cash® Card is a great option for 2 percent cash rewards, while the Bank of America® Travel Rewards Card works for travel and comes with no annual fee. 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.

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 with this intro offer (18.74 percent to 27.74 percent variable APR thereafter) is a deal that’s hard to come by.

But is this enough to make the card a wallet mainstay? If you’ve had the Wells Fargo Rewards Card long enough to lose the intro APR offers, it might be worth ditching it for a card with better rewards. Other Wells Fargo credit cards offer rewards for spending in different categories, so you may want to consider them if your credit is high enough. Ultimately, it comes down to your spending habits and your credit rating. If you were interested in the Wells Fargo Rewards Card before it became unavailable, the Capital One Venture Rewards Card and Citi Rewards+ Card are two of the best options to choose from instead.

The information about Wells Fargo Rewards® Card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.