Wells Fargo Rewards Credit Card Review 2019
Rating: 4 stars out of 5
The Smart Investor has collected card information independently. Issuers did not provide the details, nor are they responsible for their accuracy. The review is not a recommendation, the actual rates/fees may be different.
Wells Fargo Rewards Card is a rewards card that offers a great introductory 0.00% APR and introductory rewards. The introductory rewards are limited in scope but are very high. This Wells Fargo card can be pooled with others to increase your rewards through their Go Farther Rewards site. These rewards are flexible and can be used for travel, cashback, merchandise, or gift cards. The great thing about this card is it also does not have an annual fee.
Wells Fargo Rewards Credit Card
On Wells Fargo’s Secure Website
There are Better Rewards Cards
Good – Excellent Credit
5x points for every dollar spent (First 6 months)
0.0% APR Introductory Rate on Balance Transfers and Purchases in the First 15 Months
Minimum Redemption Amounts
There are Better Rewards Cards
- Flexible Redemption
- No Annual Fee
Here’s a summary of the main pros & cons (click to see explanation or scroll down):
Wells Fargo Rewards Credit Card – Benefits
Let’s take a look at the benefits of the Wells Fargo Rewards card and see if it’s the right one for your wallet or not.
Sign Up Bonus: 5X Points For Every Dollar Spent
Wells Fargo Rewards Card starts out with a bang, offering 5x points for every dollar spent. This large reward only lasts for 6 months or up to $12,500 on spending. This spending is limited to gas, grocery, and drugstores.
1 Point For Every Dollar Spent
After the 6 months the reward points drop down to 1 point for every dollar spent. All other spending outside of gas, grocery and drugstores is also 1 point for every dollar spent.
No Annual Fee
Wells Fargo Rewards Card does not come with an annual fee. You do not have a spending threshold to meet to offset an annual fee. You can start earning points immediately.
0% APR Introductory Rate on Balance Transfers and Purchases in the First 15 Months
If you are looking to save money on interest, the Wells Fargo Rewards Card offers a 0% introductory rate for 15 months on balance transfers. If you have a credit card that you are trying to pay down, you can transfer the account and pay no interest on the transfer for 15 months. You can also charge up the card and pay no interest for 15 months on your purchases. This is great if you have a big purchase in mind and want to pay over time. There are cards that offer longer time frames, but Wells Fargo Rewards Card is one of the longer introductory rates in the market.
Wells Fargo Rewards Card offers different ways you can redeem your rewards points. You can use them on travel, merchandise, as cash back or on gift cards.
Earn Additional Cash Back
Having a card through Wells Fargo means you can earn more cash back through their Earn More Mall. Many retailers offered through this program may be places you already shop.
Go Far Rewards
Wells Fargo Rewards Card can be used with other reward cards offered by Wells Fargo to be pooled with their Go Far Rewards site This site is where Wells Fargo points can be redeemed for rewards.
Wells Fargo Rewards Card has zero liability on unauthorized transactions. It has chip-enabled security, and alerts for suspected transactions. You can also get auto rental collision damage waiver and emergency card replacement. They also have travel and purchase protections. You can also get access to 24/7 emergency help, like roadside assistance.
Cell Phone Replacement
The card has cell phone protection if you pay your monthly bill with Wells Fargo Rewards Card. Wells Fargo will replace your cell phone if lost or stolen up to $600 and with a $25 deductible.
Wells Fargo Rewards Credit Card – Drawbacks
Here are the most important cons you should consider before apply to the Wells Fargo Rewards card:
Balance Transfer Fee
There is a balance transfer fee required if you want to take advantage of the introductory 0.00% APR rate. The fee is incurred when you transfer debts from one or more credit cards to your Wells Fargo Rewards Card. This fee is $5 or 3% of the transfer, whichever is bigger. This fee is upfront and will be added to your debt load when transferred. The fee is also increased after the first 120 days of opening the card to 5% fee of balance transfers.
The APR for the Wells Fargo Rewards Card is a 18.74%-28.74% variable rate, which is high for a card that requires borrowers with good to excellent credit histories. Cash advance is 26.24% to 28.24%.
Foreign Transaction Fee
Wells Fargo Rewards Card has a 3% fee for each transaction in another country. If you are traveling outside of the US, you may want to leave this card at home.
Minimum Redemption Amounts
Wells Fargo Rewards Card has minimum redemptions amounts of $25 to use points for cash and for credit on your bill . You can also use the cash per the ATM option; in that case, the minimum redemption is $20. There are other cards out there that do not have a minimum redemption amount and cash back rewards can be used at anytime.
There are Better Rewards Cards
There are other rewards cards in the market that offer higher rewards and do not have such a limited scope on how those rewards are earned.
Alternatives to Wells Fargo Rewards Credit Card
There are other credit cards that do offer comparable cash back rewards – we’ve summarized the most popular cards which can use as an alternative to the Wells Fargo Rewards Card:
American Express Blue Cash Preferred is a cashback card that offers rewards on similar purchase categories. The Blue Cash Preferred Card has a $200 cash back bonus after spending $1,000 in the first three months. This card offers 6% cash back at grocery stores, 3% back at gas stations, 3% back at department stores and 1% cash back on all other purchases. The 6% cash back at grocery stores does have a $6,000 annual spending limit. This card has an annual fee of $95 and comes with introductory 0.00% APR. This card is different in that it is cash back and not points that are earned on spending, but similar with high rewards in the same purchase categories.
The Wells Fargo Propel American Express card offers 3 points for every dollar spent not just on dining and entertainment purchases but also on flights, hotels, car rentals, gas station purchases, and more. Plus, it boasts one of the best sign-up bonuses out there: you can earn 30,000 bonus points (or $300 in cash back) when you spend $3,000 in the first three months. This card competes with some of the premier travel rewards cards.
The Citi ThankYou Preferred Card is an easy attraction for anyone who frequently enjoys a night out on the town. It offers generous rewards on a broad range of bar, restaurant, and entertainment purchases with an introductory APR of 0%. The card markets itself toward young singles with elite credit scores (above 700) who spend most of their income on dining, concerts, sporting events, and other social activities. Its biggest draw is it earns you 2 Citi ThankYou points for every dollar spent on restaurants and entertainment, with every point worth between 0.5 cents and 1 cent depending on how you redeem them. You can redeem them in several forms, including cash back, gift cards, or Amazon credit. For example, every 10,000 points get you an $80 purchase on Amazon, valuing each point at 0.8 cents.
The Capital One Savor Cash Back Rewards credit card is an ideal option for someone who wants to earn 4% cash back on everyday expenses like dining out, groceries, and entertainment. It also includes a lucrative $500 sign up bonus, $0 intro fee for the first year and no foreign transaction fee. However, if you don’t spend enough on these types of activities then you won’t get ahead much on the rewards due to the annual $95 fee.
Is the Wells Fargo Rewards Credit Card Right for You?
Wells Fargo Rewards Card is a rewards card that has a very limited scope in that it offers very high rewards for groceries, gas, and drugstore purchases for a six-month time frame. The rewards after the 6-months are below-average and there are other cards that offer higher rewards per dollar spent. The biggest draw to this card is that it does not have an annual fee and has a long introductory 0% APR rate.
Some borrowers may even disregard the rewards and just focus on the long introductory rate and pay down some debt. This card would be good for someone who is going on a long road trip within the United States and uses grocery stores and drug stores for most of their supplies. There are other rewards cards that have sign-up bonuses that do not have such a large threshold to earn the bonus rewards offered. This a card that should be used for its short-term benefits such as sign up rewards in the long introductory rate. But after those benefits have passed there are better rewards cards out there.