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