Wells Fargo Cash Wise Visa Credit Card Review 2020

Rating:
4.2/5
4.2 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 Cash Wise Visa Card is a straightforward cashback card. This card offers a simple 1.5% back on all purchases with no limit or special categories. 

This card offers many benefits to those wanting a simple straightforward card. It does not come with an annual fee and has a decent sign-up bonus  of $150 cash rewards bonus when you spend $500 in purchases in the first 3 months. 

Many cash back rewards cards in a category similar to that of the Wells Fargo Cash Wise Visa Card come with an annual fee which eats into your cashback rewards.

Wells Fargo Cash Wise Visa Card

Wells-Fargo-Cash-Wise-Visa-Card

On Wells Fargo’s Secure Website

Our Bottom Line

  • Straight forward and Attractive CashBack Card

Credit Rating Requirements

  • Good – Excellent Credit

PROS

  • 0% APR Introductory Rate
  • 1.5% Cashback on All Purchases

CONS

  • High APR – Up To 25.99%
  • There are Better Pure Cashback Cards

Highlights

  • No Annual Fee
  • $150 cash rewards bonus when you spend $500 in purchases in the first 3 months
  • Cashback using Google Pay or Apple Pay
  • Cell Phone Replacement

Here’s a summary of the main pros & cons (click to see explanation or scroll down):

Pros

Cons

Wells Fargo Cash Wise Visa Card – Benefits

Let’s take a look at the benefits of the Wells Fargo Cash Wise Visa card and see if it’s the right one for your wallet or not

  • $150 Cashback Sign-Up Bonus

Wells Fargo Cash Wise Visa Card offers a $150 cash rewards bonus when you spend $500 in purchases in the first 3 months

  • 1.5% Cashback on All Purchases

The Wells Fargo Cash Wise Visa Card has a 1.5% on all purchases with no limits. The Cash Wise Card has no special categories for spending or rotating categories. 

It is a straight 1.5% back with no expiration – cash rewards do not expire as long as the account is open.

  • No Annual Fee

Wells Fargo Cash Wise Visa Card does not come with an annual fee. 

You do not have a spending threshold to meet to offset any annual fee. You can start putting cash back in your pocket immediately.

  • 0% APR Introductory Rate on Balance Transfers and Purchases in the First 12 Months

If you are looking to save money on interest, the Wells Fargo Cash Wise Visa 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 12 months on your purchases. 

Many cards out there will have zero APR introductory rates but also will give you the points or cash back on the spending you do.

Remember: If you do not pay off the bill in the allotted time, all deferred interest is charged to your card.

  • Flexible Redemption

Wells Fargo Cash Wise Visa Card has 3 different ways you can redeem your cash back. You can apply it to your credit card as a credit. 

You can deposit the rewards directly into your checking account, or you can withdraw it from an ATM in $20 increments.

  • 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.

  • Cashback using Google Pay or Apple Pay

You can juice your cash back in the first 12 months by earning 1.8% cash back when you use mobile payment apps such as Google Pay and Apple pay

  • Protection

Wells Fargo Cash Wise Visa 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.

  • Cell Phone Replacement

The card has cell phone protection if you pay your monthly bill with Wells Fargo Cash Wise Visa Card. Wells Fargo will replace your cell phone if lost or stolen up to $600 and with a $25 deductible.

Wells Fargo Cash Wise Visa Card – Drawbacks

Here are the most important cons you should consider before apply to the Wells Fargo Cash Wise Visa card:

  • High APR

The APR for the Wells Fargo Cash Wise Visa Card is a 13.99% to 25.99% variable rate, which is high for a card that requires borrowers with good to excellent credit histories. 

Cash advance is 23.99% to 25.99%.

  • Balance Transfer Fee

There is a balance transfer fee required if you want to take advantage of the introductory 0% APR rate. The fee is incurred when you transfer debts from one or more credit cards to your Wells Fargo Cash Wise Visa 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 a 5% fee of balance transfers.

  • Minimum Redemption Amounts

Wells Fargo Cash Wise Visa Card has minimum redemption amounts of $25 for credit on your credit card or to transfer to your checking. To use the ATM option the minimum redemption amount is $20. There are other cards that do not have a minimum redemption amount and cashback rewards can be used at any time.

  • Foreign Transaction Fee

Wells Fargo Cash Wise Visa 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.

Alternatives to Wells Fargo Cash Wise Visa 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 Cash Wise VisaCard:

The Wells Fargo Propel card boasts a similarly easy and generous rewards program. Customers earn 3% rewards (or 3 points) for every dollar spent across most major purchase categories, including dining, entertainment, flights, hotels, car rentals, gas station purchases, and even media streaming like Hulu and Netflix. 

The Wells Fargo Propel card doesn’t have an annual fee it and comes with an  0% intro APR on purchases and balance transfers for 12 months. After that, your APR will be 13.99% to 25.99%, based on your creditworthiness

It also offers one of the most competitive sign-up bonuses out there: 20,000 bonus points (or $200 in cash back) when you spend $3,000 in the first three months.

  • CitiBank Double Cash Card

CitiBank Double Cash card is a comparable cashback card.

The CitiBank Double Cash card offers 1% cash on all purchases and 1% cash back after paying for those purchases. You could make 2% back on all purchases as long as you pay your credit card bill. 

The card boasts a lengthy 18-month period of 0% fees on all balance transfers. After this period each transfer requires paying a variable APR between 13.99% to 23.99%.

CitiBank Double Cash rewards does not have an annual fee.

This card’s cash back is on all purchases just like Wells Fargo Cash Wise Visa Card. But to earn the ½ of the cash back, you need to pay your bill. If you plan on carrying a balance you will not unlock the full 2% initially.

  • Capital One SavorOne Cash Back Reward

The Capital One SavorOne Cash Back rewards credit card is a no annual fee card and will help you earn cash back rewards on everyday activities. 

It offers 3% reward on purchases made eating out and on entertainment, 2% cash back on groceries and 1% cash back on all other purchases.

You can enjoy the generous 15-month 0% on balance transfers and APR to help you pay down an existing balance you may have or pay off new purchases slowly, as well as a $150 sign up bonus.

On the negative side, this card has higher than average APR and 3% balance transfer fee.

Bank of America Cash Rewards is a cashback rewards card that allows card holders to pick their own bonus category for the 3% cashback rewards. It also offer 2% back on groceries and 1% back on all other spending.

Bank of America Cash Rewards does not have an annual fee and you’ll get $200 cashback bonus after you spend $1,000 on your new card within the first 90 days on eligible purchases. If you are looking to save money on interest, the Bank of America Cash Rewards offers a 0% introductory rate for 15 months on balance transfers. However, there is a 3% balance transfer fee required if you want to take advantage of the introductory 0% APR rate. 

The APR for the Bank of America Cash Reward is a 13.99%-23.99% variable rate.

Is the Wells Fargo Cash Wise Visa Card Right for You?

Wells Fargo Cash Wise Visa Card is a great cashback card for customers who don’t want to stop and think about every purchase they make, as far as whether they’re getting the most cash back or not. 

This card offers a straight 1.5% cashback on all purchases, so there are no categories or special purchases needed to earn the cash back. 

Customers may be able to earn higher rewards with other cards, but those cards usually have more hoops to jump through to get the cash back.

This card is great for customers who just want one credit card for all their purchases with a decent cashback reward and no annual fee.  However, this card is not intended for international travel so you may want to leave this card at home when traveling abroad.