Wells Fargo Cash Wise Visa® Card Review

Editor’s note: The Wells Fargo Cash Wise Visa is no longer available to new applicants. You can read our review of its replacement, the Wells Fargo Active Cash® Card, here.

The Wells Fargo Cash Wise Visa is an OK choice for everyday purchases, providing a simple 1.5% back on whatever you buy. While other cards may offer higher rewards in specific categories, they may be in areas that don’t align with your spending and/or you may also not want to be bothered with category tracking. This no-fuss card is a viable solution.

But there are other cash back cards offering the same or better when it comes to flat-rate rewards. The Cash Wise also charges a foreign transaction fee, making it a poor choice for use abroad. What also makes this card a sub-par choice compared to similar offerings is the complexity of the redemptions. You’ll have to accrue a minimum of $25 worth of rewards before you can access it. The one caveat that might make this card worthwhile to some is the ability to redeem Wells Fargo rewards towards any eligible Wells Fargo mortgage or other Wells Fargo loan product. If you’re looking for an extra edge in reducing another Wells Fargo debt, this card might be one option.

• No annual fee
•  1.5% unlimited cash rewards, no category limitations, or quarterly activations
•  1.8% cash rewards, (20% bonus) on Google Pay or Apple Pay digital wallet purchases during the first 12 months
• $600 cell phone protection ($25 deductible), when you pay your monthly cell phone bill with your eligible Wells Fargo consumer credit card

Earning Rewards

The card earns 1.5% cash back on all purchases. You can earn an additional 20% digital wallet transaction bonus cash reward above the base earnings of 1.5% on purchases, for a total of 1.8% cash rewards during the first 12 months.

Redeeming Rewards

Cash redemption options by phone or online are available in $25 increments only, while cash redemptions via a withdrawal from a Wells Fargo ATM, or a rewards redemption to an eligible Wells Fargo account from a Wells Fargo ATM, are available in $20 increments. You must have a Wells Fargo Debit or ATM card in order to redeem rewards at a Wells Fargo ATM.

Rewards that are redeemed as a credit to a qualified Wells Fargo mortgage, loan or credit product are applied toward your principal balance. You must still make regularly scheduled payments.

Rewards Potential

To determine the rewards potential of the Wells Fargo Cash Wise card we have to look at the bonus categories and calculate what an example American household might spend in those areas. Forbes Advisor uses data from various government agencies in order to determine both baseline income and spending averages across various categories. The 70th percentile of wage-earning households brings in $100,172 annually and we base spending on that number.

Forbes Advisor estimates that the sample household has $26,410 in expenses that can be reasonably charged to a credit card. At 1.5% cash back, the Wells Fargo Cash Wise card would earn $396.15 in cash back per year.

• 24/7 Fraud Monitoring. The card’s zero liability protection policy insulates you from unauthorized transactions when you report them promptly.
• Cell Phone Insurance. Pay your monthly cell phone bill with your card and get cell phone protection that provides assistance when your phone is damaged or stolen.
• Auto Rental Insurance. The card’s collision damage waiver offers auto coverage for damage due to collision or theft. This coverage is primary if you do not have any other insurance or you are traveling out of the country. Within the U.S., for those with their own insurance its secondary.

See your cardholder agreement for current rates and fees.

Capital One Quicksilver Cash Rewards Credit Card

The Capital One Quicksilver Cash Rewards Credit Card (rates & fees) also earns 1.5% cash back on every purchase and 5% cash back on hotels and rental cars booked through Capital One Travel. Unlike the Wells Fargo Cash Wise, though, there’s no bonus on digital wallet transactions during the first year.

Both cards have no annual fee, offer $0 fraud liability for unauthorized charges if your card is lost or stolen and have comparable welcome bonuses. The Quicksilver offers a 0% intro APR on purchases and balance transfers for 15 months, 19.99% - 29.99% variable APR after that; 3% balance transfer fee for the first 15 months, 4% at a promotional APR that Capital One may offer you. The card’s welcome offer is slightly stronger: $200 cash bonus after spending $500 on purchases within 3 months from account opening.

Which card is best for you? That will depends on what matters most to you. Do you carry or need to transfer a balance or are you more likely to make international purchases?

Chase Freedom Unlimited®

Both cards carry no annual fee and offer an unlimited 1.5% cash back base earning rate plus an intro APR. But the Freedom Unlimited offers a welcome bonus: an additional 1.5% cash back on up to $20,000 spent in the first year, worth up to $300 cash back.

The redemption structures differ as well. The Chase Freedom Unlimited® Credit Card has minimum requirement to take your earnings. You can choose to receive a statement credit or direct deposit into your bank account, gift cards, travel, products and services.

Chase Freedom Unlimited’s rewards are technically awarded as Chase Ultimate Rewards® points. This makes the earnings on the Freedom Unlimited potentially more valuable when paired with a Chase Sapphire Preferred® Card, Chase Sapphire Reserve® or Ink Business Preferred® Credit Card. With one of those cards, you can combine the points from your Freedom Unlimited and redeem at an even greater value or transfer your points to travel partners.

Discover it® Cash Back

If you don’t mind tracking bonus earnings categories, Discover it® Cash Back credit card can make doing so worth your while. Each quarter you activate, you’ll earn 5% cash back on everyday purchases at different places each quarter up to a quarterly maximum of $1,500 in spending when activated. Plus, earn unlimited 1% cash back on all other purchases – automatically.

An added perk of this card: Discover automatically matches all the cash back you’ve earned at the end of your first year. There’s no limit to how much they’ll match.  That has the potential to be much greater than the Cash Wise’s welcome bonus. Discover also lets you redeem your rewards for cash in any amount at any time.

The card could be a fit for those with excellent credit looking for both simplicity and solid rewards on everyday purchases. If you’re a frequent digital wallet user, you’ll reap additional cash rewards with the Cash Wise in your first year. This card could also be a solid option for someone who wants to use their earnings to help pay down Wells Fargo loans.

But there are other flat-rate cash back cards on the market offering richer rewards of up to 2%. If you’re looking to maximize your earnings, consider one of those options instead. And, if you plan to travel or shop abroad, steer clear of the Cash Wise because of its foreign transaction fee.