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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. This card does not come with an annual fee and has a decent sign-up bonus of $200. 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
On Wells Fargo’s Secure Website
Straight forward and Attractive CashBack Card
Good – Excellent Credit
0% APR Introductory Rate
1.5% Cashback on All Purchases
High APR – Up To 28.24%
There are Better Pure Cashback Cards
- No Annual Fee
- $200 Cashback Sign-Up Bonus
- 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):
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.
$200 Cashback Sign-Up Bonus
Wells Fargo Cash Wise Visa Card offers a $200 cashback bonus after you spend $1,000 on your new card within 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.
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 0.00% introductory rate for 12 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 12 months. You can also charge up the card and pay no interest for 12 months on your purchases. This is great if you have a big purchase in mind and want to pay over time but there are cards that offer longer 0.00%.
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
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:
There are Better Pure Cashback Cards
There are other cashback cards in the market that offer higher cashback rewards. Some have rotating categories, but with a little planning you can earn more cash back on your purchases.
The APR for the Wells Fargo Cash Wise Visa Card is a 16.24%-28.24% 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%.
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 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:
CitiBank Double Cash card is a comparable cashback card. It does not have a sign-up bonus but does offer a longer introductory 0.00% APR for 18 months. 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. 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 Quicksilver Cash Rewards Credit Card offers a $150 sign-up bonus after only spending $500 in purchases after 3 months. That is one of the lowest spending thresholds to receive the sign-up bonus. The Capital One Quicksilver card offers 1.5% cash back on all spending. It does not have any rotating categories and the cash back applies to all purchases. This card also offers a generous 0.00% introductory APR for 15 months. There is no annual fee or foreign transaction fees for this card.
The Chase Freedom card offers a $150 sign-up bonus after only spending $500 in purchases after 3 months. That is a low spending threshold to receive a sign-up bonus. The Chase Freedom card has 1% cashback on all purchases. This card also has revolving cash back bonuses that offer 5% on rotating categories. These categories change once a quarter but can increase your cash back if the consumer pays attention to their spending. It does have a cap of $1,500 on the bonus spending category. The Freedom card does not come with an annual fee.
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. Customers who are looking for a long introductory APR rate may want to look at other cards. Also, this card is not intended for international travel so you may want to leave this card at home when traveling abroad.