Wells Fargo is the fourth largest bank in the United States. If you have an account with them, look into credit card options that could benefit you. A credit card with a rewards program, if used responsibly, may help you save money on travel or earn gift cards or even get cash back.
Wells Fargo Rewards® Card snapshot
The Wells Fargo Rewards® Card is a no annual fee rewards card. The card offers a rewards program and a 0% introductory APR on purchases and balance transfers. While the points system isn’t flashy, there’s a wide range of options when it comes to redeeming rewards.
Factor in other features like overdraft protection, and we think the Wells Fargo Rewards® Card can make a good credit card.
Wells Fargo Rewards® Card highlights
|Wells Fargo Rewards® Card||Fees, APR and More|
|Annual Percentage Rate (APR):||0% introductory APR on purchases and balance transfers for 15 months. After that your APR will be 18.74% to 27.74%, based on your creditworthiness. This APR will vary with the market based on the U.S. Prime Rate.
A balance transfer request must be made within the first 120 days of account opening to qualify for the 0% intro APR.
|Balance transfer fee:||Balance transfers made within the first 120 days of account opening are subject to an intro balance transfer fee of either $5 or 3% of the amount of each balance transfer, whichever is greater. After that, the balance transfer fee is up to 5% for each balance transfer, with a minimum of $5.
|Foreign currency conversion fee:||3% of each transaction converted to U.S. dollars|
|Rewards:||5x rewards points earned for up to $12,500 spent on gas, grocery, and drugstore purchases for the first 6 months and 1x points on other purchases - you have 5 years to use the points you earn|
|Points redeemable for:||Redemption options include, but are not limited to, travel, cash redemption options, retail gift cards, merchandise through GoFar™ Rewards and more|
|We think it's great for:||Someone looking for a no-fuss, no annual fee rewards card
Someone who does not plan to use the card when traveling internationally
|We think these folks should do more research:||International travelers
|Additional Notes:||Terms and Conditions apply|
Wells Fargo Rewards® Card basics
The Wells Fargo Rewards® Card is an attractive option for individuals looking for an all-purpose rewards card with no annual fee. Wells Fargo doesn’t mention how good your credit needs to be considered for this card, however keep in mind that your credit score is only one factor credit card issuers look at when considering you for one of their credit card offers.
If you’re not approved for this card, and if you are new to credit or if you are rebuilding your credit consider applying for the Wells Fargo Secured Credit Card to help establish or rebuild your credit. Building responsible credit habits can make you a more attractive prospect for an unsecured card later.
How the Wells Fargo Rewards® Card measures up against the competition
The Wells Fargo Rewards® Card offers many advantages similar to those offered by other cards, with some differences.
Here’s how some other rewards credits cards compare:
The Chase Sapphire Preferred® Card is more of a travel rewards card and we think it has one of the best bonus offers on the market. Eligible new Cardmembers earn 60,000 bonus points after spending $4,000 on purchases in the first 3 months from account opening. The Chase Sapphire Preferred® Card currently offers 25% more in travel redemption – so what that means is when you redeem your points for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards® 60,000 points, for example, is worth $750 toward travel.
You earn 2X points on travel and dining at restaurants and 1 point per dollar spent on all other purchases worldwide. This card has no foreign transaction fee so we think it’s a great option for international travelers. The annual fee is $95.
The Capital One® Venture® Rewards Credit Card is promoted for individuals with good to excellent credit. There is a $0 intro annual fee for first year; $95 after that. Eligible new Cardmembers earn a one-time bonus of 50,000 miles once you spend $3,000 on purchases within 3 months from account opening, equal to $500 in travel.
Cardmembers earn unlimited 2X miles per dollar spent on every purchase, and this card has no foreign transaction fees. You can redeem your reward miles for travel, so fly any airline, stay at any hotel at anytime with no blackout dates. You can also transfer your miles to over 12 leading travel loyalty programs or redeem your miles for cash, gift cards, or merchandise offers – rates for these other redemption options vary.
Wells Fargo Rewards® Card rewards
When it comes to actually spending your rewards points, you’ve got options. Travel, cash, gift cards, brand-name merchandise are some of the options for the Wells Fargo Rewards® Card. You can apply travel rewards to flights, hotels, unique experiences, and more. You can also choose a travel certificate to use later. Flights must be redeemed through Wells Fargo GoFar™ Rewards. Keep in mind that the redemption value varies based on what you chose to redeem your points for.
The Earn More Mall® partners with retailers to offer Cardmembers extra points earning potential on their purchases, so it’s worth checking out whether a store is offering a deal at Earn More Mall®. You can also use points to get gift cards from retailers. Merchants and offers are subject to change on Earn More Mall®.
Redeeming points for merchandise is a less valuable option. Merchants and offers are subject to change and this offer was used for purposes of illustration and may no longer be available: for example a Polar A360 Fitness Watch retailed for $199.95 as of August 7, 2017 on the Polar website, but was listed under Wells Fargo GoFar™ Rewards for 27,251 points. Those points are worth $272.51 when redeemed other ways.
Wells Fargo Rewards® Card pros
The absence of any annual fee is a definite perk of the Wells Fargo Rewards® Card. Many cards with comparable benefits come with annual fees. Those fees cancel out a great deal of rewards points.
Earn 5x rewards points on gas, grocery, and drugstore net purchases for the first 6 months on up to $12,500 spent and 1x points on other net purchases. You have five years to use the points you earned.
Finally, you have great flexibility in how you redeem your points. Travel deals vary, but they include options for flights, hotels, cruises, and rental cars. The cash option is handy for cardholders who don’t always want to put rewards toward travel. Before you decide, look at the points’ value based on the redemption option you choose.
Wells Fargo Rewards® Card cons
The Wells Fargo Rewards® Card is a solid basic credit card, but not without some drawbacks. A big one, especially for a card that celebrates its travel redemption benefits, is the foreign transaction fee. You’ll pay a foreign currency conversion fee of 3% of each transaction converted to U.S. dollars. The most competitive travel rewards cards don’t charge this fee, so consumers who leave the U.S. will be at a disadvantage with this card in hand.
While the rewards program isn’t bad, it’s also not the most exciting offer available today. Several other cards offer between 1.5 and 5 points for at least some purchase categories.
Depending on your spending habits, another card may give you more rewards bang for your buck. Remember to crunch the numbers against an annual fee, if applicable.
Should you get this card?
The Wells Fargo Rewards® Card is a no-fuss, no annual fee card that offers a variety of redemption options. If you plan to use this card within the U.S. and you don’t like paying an annual fee, it is an option you may want to consider.
If, on the other hand, you’re a big spender, you can get more rewards for your spending on other cards, particularly if you have excellent credit and your options are wide. Keep in mind that credit card issuers base their decision on whether they will approve you for their credit card on a variety of factors not just your credit score.
Terms, conditions, restrictions and limitations apply to these offers.
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