Introduction
Editor’s Note: This card is not currently available for new applicants. Product details may have changed since writing. For current rates see your cardholder agreement.
The no-annual-fee Wells Fargo Rewards Credit Card entices new cardholders with an introductory APR period on purchases and balance transfers, and the ability to earn bonus points on purchases at gas stations, grocery stores and drug stores for the first six months, after which the card only earns 1 point per dollar spent on all purchases.
While the card does offer cell phone protection, it lacks additional benefits. Most consumers will be better served by a different credit card.
At a Glance
- No annual fee
- Up to $600 in cell phone protection when a cell phone bill is paid with this card ($25 deductible applies)
Rewards
Earning Rewards
Cardholders will earn 5 points per dollar spent on purchases at gas stations, grocery stores and drugstores for the first six months up to $12,500 in purchases, then 1 point per dollar thereafter. All other purchases earn 1 point per dollar spent.
Redeeming Rewards
Wells Fargo rewards points can be redeemed for one cent each, with a minimum redemption of either $1 (online redemptions), $20 (ATM redemptions) or $25 (phone redemptions). Points are valid for five years after they are earned.
Rewards Potential
To determine the rewards potential of the Wells Fargo Rewards Credit Card we have to consider what an American household might spend on a credit card each year. 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 bring in $100,172 annually and we base spending on that number.
Forbes Advisor estimates that the household has $26,410 in expenses that can be reasonably charged to a credit card. At 1 point per dollar spent (after the first six months), the Wells Fargo Rewards Card would earn 26,410 points per year.
In the first six months, the cardholder could earn an additional 18,704 points based on what a 70th percentile household would spend at gas stations, grocery stores and drug stores.
Related: Best Rewards Credit Cards
0% Introductory Rates
New cardholders will receive an introductory 0% APR on purchases and eligible balance transfers for 15 months. After that, the standard APR of of 12.49% – 25.49% variable will apply. A 3% (minimum $5) balance transfer fee applies to all balance transfers.
Other Card Benefits
- Cell Phone Protection: Up to $600 in cell phone protection when a cell phone bill is paid with the card ($25 deductible applies).
- FICO Credit Score Access: Cardholders can access their FICO credit score through Wells Fargo Online.
- Zero Fraud Liability: Cardholders are not liable for unauthorized charges.
Fine Print
See your cardholder agreement for current rates and fees.
How The Card Stacks Up
Citi Double Cash® Card
Those looking to maximize cash back rewards with a simple, flat-rate cash back credit card should consider the Citi Double Cash. The Citi Double Cash offers 2% cash back on all purchases—1% when the purchase is made and another 1% when the purchase is paid off.
Chase Freedom Flex℠
A cardholder looking to maximize cash back with the ability to make rewards even more valuable with a travel redemption and strategic credit card pairing should look to the no-annual-fee Chase Freedom Flex.
U.S. Bank Visa® Platinum Card*
If access to 0% APR is the top priority, the no annual fee U.S. Bank Visa Platinum Card is superior to the Wells Fargo Rewards Card. While it doesn’t offer rewards, it does have a 0% intro APR on purchases and balance transfers for 21 billing cycles, followed by a variable APR of 18.74% - 29.74%. A balance transfer of 5% of the amount of each transfer or $5 minimum, whichever is greater, applies.
Additionally, the U.S. Bank Visa Platinum Card does offer cell phone protection and credit score access.
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Is The Card For You?
The Wells Fargo Rewards Card tries to do several things and doesn’t do any of them well. You can earn mediocre rewards, access 0% APR on purchases and balance transfers for a medium-length amount of time and not have much in the way of additional benefits. Unless this card is the only option available, look elsewhere.
*The information for the following card(s) has been collected independently by Forbes Advisor: U.S. Bank Visa® Platinum Card. The card details on this page have not been reviewed or provided by the card issuer.
