In the world of credit card rewards, there’s one program that’s rarely talked about: Wells Fargo Rewards. Even though it’s not popular among points programs, it still offers value.
Wells Fargo Rewards can be earned and redeemed in various ways, with some methods offering more value for your points than others.
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Wells Fargo Bank Rules
Before diving into Wells Fargo Rewards, you should be aware of Wells Fargo’s rules. Like most banks, Wells Fargo has its own application restrictions.
Wells Fargo may not approve you for a new credit card if you have received a welcome bonus within the last six months. That means Wells Fargo allows you to earn one welcome offer, no matter which card, every six months. If you get a card with a 0% intro APR offer, for example, you won’t be eligible to get a card that earns a welcome bonus—even if you close the card—for six months.
How Are Wells Fargo Rewards Calculated?
Wells Fargo Rewards is a fixed-point currency—this means that when you redeem your points, they’re generally worth 1 cent per point. Be aware that unlike Chase Ultimate Rewards®, American Express Membership Rewards® and Citi ThankYou® Points, Wells Fargo Rewards cannot be transferred to any travel partners. So if you’re looking for a travel rewards credit card, you may want to look elsewhere.
There are two parts to every valuation of points—earning and redeeming. Like with any credit card rewards, the value of Wells Fargo Rewards can be evaluated in terms of how easy the rewards are to earn and redeem.
For instance, if you spend $1,000 and earn 2% cash rewards on purchases with the Wells Fargo Active Cash® Card, your rewards value will total $20. But if you spend $1,000 on the Wells Fargo Autograph℠ Card, the total rewards points you earn depend on where you spend, as the card earns 3 points per dollar at restaurants, travel, gas stations, transit, popular streaming services and phone plans. Plus, earn 1 point per dollar on other purchases. Assuming you spend $300 on purchases qualified for bonus-category rewards and $700 on purchases that don’t, you’ll earn 1,600 rewards points. Redeemed for cash, this would calculate to $16 in rewards.
But if you manage to use those points toward a discounted travel redemption through Wells Fargo’s redemption portal and the comparative cash value of your travel is higher than the value your points can be redeemed for cash, you’ll see a higher redemption value per point. Terms apply to travel and other redemptions, so be careful to read the rewards terms and conditions to understand any caveats to your redemption.
The Wells Fargo Rewards program offers myriad redemption options where points are worth 1 cent each, but may vary slightly depending on the redemption. For the most part, you won’t have to hunt to find a good deal because of the fixed redemption amount.
Rewards may often be redeemed for credits to qualifying accounts, for purchases with participating merchants either in the form of reimbursement statement credits, payment at participating merchants or travel or gift cards purchased through Wells Fargo’s reward site.
How Much Are Wells Fargo Rewards Points Worth?
| Redemption Method | Value of Rewards (Per Point) |
|---|---|
|
Cash back or statement credits
|
1 cent
|
|
Cash redemptions via ATM
|
1 cent
|
|
Redeem for purchases
|
1 cent
|
|
Pay with Rewards
|
Varies
|
|
Travel
|
1 to 1.5 cents
|
|
Gift cards
|
1 cent
|
|
PayPal
|
1 cent
|
When redeemed for statement credits, Wells Fargo Rewards are worth 1 cent per point, but must be redeemed in increments of 100 points or $1. Redemptions made over the phone or online have a $25 or 2,500 point minimum. Redemptions made via ATM are limited to $20 or 2,000 point increments only.
If you hold the Wells Fargo Signature® Card (not available to new applicants), your points can be redeemed for airfare at a rate of 1.5 cents apiece through the Wells Fargo Rewards portal. Points earned with all other Wells Fargo Rewards-earning cards are worth 1 cent each when redeemed for travel, including flights, hotels and car rentals.
PayPal and gift card redemptions also clock in at least 1 cent per point, so you can rest assured that your rewards won’t lose value with these redemption methods.
Redemption values associated using Pay with Rewards for merchandise may vary and often yield less than 1 cent per point when you exchange your Wells Fargo Rewards for merchandise. Read carefully any terms and conditions before you redeem points, and generally stay away from this redemption method. Instead, purchase the item elsewhere and cash out your rewards for a statement credit.
How To Earn Wells Fargo Rewards
Wells Fargo Rewards can be earned through opening new credit cards to earn welcome bonuses, daily spending on Wells Fargo Rewards-earning cards and shopping through the Wells Fargo Rewards online portal.
Best Credit Cards To Earn Wells Fargo Rewards
Currently, Wells Fargo issues several personal credit cards without co-branding. Some of these personal cards earn cash rewards or the option to take your earnings as Wells Fargo Rewards. Each card offers different benefits and earning rates. Additionally, some Wells Fargo credit cards offer a welcome bonus after meeting minimum spending requirements on a new card.
Wells Fargo Active Cash® Card
Annual fee: $0
Rewards earning: Earn 2% cash rewards on purchases.
Welcome offer: Earn $200 cash rewards bonus after spending $500 in purchases in the first 3 months.
Wells Fargo Autograph℠ Card
Annual fee: $0
Rewards earning: Earn 3 points per dollar at restaurants, travel, gas stations, transit, popular streaming services and phone plans. Plus, earn 1 point per dollar on other purchases.
Welcome offer: Earn 20,000 bonus points after spending $1,000 in purchases in the first 3 months.
Wells Fargo Reflect® Card
Annual fee: $0
Rewards earning: This card does not earn rewards.
Welcome offer: This card does not offer a welcome bonus.
Other Wells Fargo Cards
Wells Fargo also issues the Bilt World Elite Mastercard® (rates & fees), Choice Privileges® Mastercard®* and Choice Privileges® Select Mastercard®*, each of which earn rewards for their respective loyalty programs.
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Cards Not Accepting New Applications
The following cards are no longer available for new applicants. However, they still earn Wells Fargo Rewards points. This information was collected independently by Forbes Advisor and may no longer be accurate as the product terms change. See your cardholder agreement for current rewards eligibility and details.
- Wells Fargo Propel World American Express: Earn 3 Wells Fargo Rewards points on eating out and ordering in, popular streaming devices, gas stations, rideshare, transit, travel including flights, hotels, homestays and car rentals. Earn 1 Wells Fargo Rewards on all other purchases.
- Wells Fargo Cash Wise Visa: Earn 1.5% back on all purchases.
- Wells Fargo Visa Signature Credit Card: Earn 5 Wells Fargo Rewards points per dollar spent on up to $12,500 on grocery, gas and drugstore purchases for the first six months and 1 Wells Fargo rewards point per dollar thereafter.
- Wells Fargo Rewards Card: Earn 5 Wells Fargo Rewards points per dollar spent up to the first $12,500 spent on gas, grocery, and drugstore spending for the first six months, all other purchases earn 1 Wells Fargo rewards point per dollar.
- Wells Fargo Cash Back College Visa: Earn 3% cash rewards up to $2,500 on gas, grocery, and drugstore purchases for the first six months. All other eligible purchases will earn 1%.
Business Credit Cards That Earn Wells Fargo Rewards
Wells Fargo isn’t offering any business credit cards to small-business owners at the moment. If you currently hold one of the now-discontinued cards below, you can continue using it as usual to earn rewards at the following rates:
- Wells Fargo Business Platinum Credit Card*: With this card you can choose your rewards: Cash Back or Rewards Points. Cash Back option: Earn 1.5% cash back on every $1 spent; Reward Points option: Earn 1 point on every $1 spent and receive 1,000 bonus points when your company spend is $1,000 or more in any monthly billing period.
- Wells Fargo Business Elite Signature Card*: Earn 1.5% cash back per dollar spent or earn 1 point per dollar spent and receive 5,000 bonus points when the company spend is $10,000 or more in any monthly billing period.
- Wells Fargo Business Secured Credit Card*: Earn 1.5% cash back per dollar spent on qualifying purchases or earn 1 point per dollar and receive 1,000 bonus points when the company spend is $1,000 or more in any monthly billing period.
Pool Points Between Wells Fargo Cards
If you hold more than one Wells Fargo card that earns either cash back or Wells Fargo Rewards, you can combine these rewards across your cards into one account. This is especially useful if you happen to have the now-discontinued Wells Fargo Visa Signature Credit Card, whose points offer an elevated return of 1.5 cents each for flights booked through the Wells Fargo Rewards travel portal.
The option to pool points from all your accounts also gives you the opportunity to take advantage of each card’s bonus categories and earn the highest return on spending possible with whatever card combination you hold, which includes the cards that are no longer open to new applications.
It’s worth noting that rewards pooling isn’t possible with Bilt accounts because the Bilt World Elite Mastercard® doesn’t earn Wells Fargo Rewards and instead earns Bilt Rewards points.
How To Redeem Wells Fargo Rewards
Redeeming Wells Fargo Rewards is a straightforward process. Each point is generally worth 1 cent, so you don’t have to do math or formulate equations to figure out how to extract maximum value.
You can redeem them in a number of ways, including travel, as a statement credit toward your card balance, as a cash withdrawal from an ATM, a credit toward an eligible Wells Fargo loan (like a mortgage or personal loan) or to buy gift cards or merchandise.
Use the Wells Fargo Travel Portal
Wells Fargo Rewards can be used for various travel including flights, hotels, cruises, car rentals or vacation packages. You can also use your rewards toward the cost of experiences, like a safari excursion, tee time on the golf course or exploring ancient ruins.
Redeem for Cash Back
Using your points for cash back takes on somewhat of a new meaning when it comes to Wells Fargo. Rather than using your points as a statement credit, which is one option, you can also get cash back through an ATM. Redemptions are only available in $20 increments when you use a Wells Fargo ATM. There’s a minimum redemption of 2,000 points.
Redeem for Purchases
You can redeem Wells Fargo Rewards for purchases you’ve already made with your card. You must have at least 100 points available in your account (worth $1), and you must have enough points to cover the entire transaction. When you redeem points for purchases, a statement credit is issued to your account, but you still need to pay the minimum payment.
Redeem for Gift Cards
Wells Fargo has an extensive selection of gift cards which you can use your Wells Fargo Rewards to buy. Wells Fargo Rewards are worth 1 cent each when redeemed for gift cards.
The Wells Fargo Rewards site frequently runs specials on gift cards where you can purchase them at a discount. These deals seem to pop up more often around holidays, allowing you to score a higher return on your points.
You can also donate your Wells Fargo Rewards to charity by using them to purchase a CharityChoice gift card, a project of Special Kids Fund or by redeeming them to support disaster relief via the American Red Cross.
Use Wells Fargo Rewards Through PayPal
Link your Wells Fargo card to PayPal Wallet and use your rewards for eligible purchases at checkout when you shop online. You don’t have to use all your rewards at once and can adjust the amount to use for the purchase.
Other Ways To Use Wells Fargo Rewards
Lastly, you can redeem your Wells Fargo Rewards for merchandise. There are several categories you can choose from, including:
- Home decor
- Bags and luggage
- Cookware
- Bed and bath
- Small appliances
- Apple products
Some of these categories have thousands of options. Whether or not the redemption is a good one will depend on the price charged by competitors. If you find an item cheaper elsewhere, remember you can redeem your Wells Fargo Rewards to your account and use the balance to fund the purchase from the cheaper retailer.
How Long Does It Take To Redeem Wells Fargo Rewards?
Redemptions will show as deductions from your rewards balance immediately, but Wells Fargo says it may take five to seven business days for statement credits to appear on your account. Statement credits may reduce your balance, but you are still responsible for making payments if a payment is due.
Bottom Line
Wells Fargo Rewards is a rewards program that gives you multiple options to redeem your points. Other fixed-points programs can be more restrictive in the ways that you can redeem rewards, but Wells Fargo provides an overall well-rounded, customer-friendly selection.
Although the number of Wells Fargo credit cards that earn Wells Fargo Rewards are limited, the ability to use the Wells Fargo Rewards portal and earn bonus points can be a good way to accrue points for meaningful redemptions.
Find the Best Credit Cards for 2024
No single credit card is the best option for every family, every purchase or every budget. We've picked the best credit cards in a way designed to be the most helpful to the widest variety of readers.
To view rates and fees for Bilt World Elite Mastercard® please visit this page.
Frequently Asked Questions (FAQs)
How do I get my cash back rewards from Wells Fargo?
Cash back rewards redemptions can be made through your online account, by calling 877-517-1358 or by ATM withdrawal if you have a Wells Fargo ATM or debit card. Rewards redemptions made online or by telephone are subject to a $25 minimum and redemptions made by ATM are subject to a $20 minimum and withdrawal in $20 increments.
Rewards may be redeemed for cash at an ATM or account credit on eligible Wells Fargo accounts online or by phone.
How can I transfer Wells Fargo Rewards to a bank account?
Wells Fargo Rewards can be redeemed for credits to a Wells Fargo banking account by calling 877-517-1358 or logging into your online account and requesting the redemption. Statement credits toward the principal balances of credit card, loan or mortgage accounts are also possible.
Why did my Wells Fargo Rewards disappear?
Wells Fargo Rewards disappear from your account when you make a redemption or if the transaction that earned the rewards is reversed or found to be fraudulent. Accounts no longer open or in good standing will see rewards balances wiped out as well.
How long are Wells Fargo Rewards good for?
Refer to your card’s rewards terms and conditions for exact information regarding when your Wells Fargo Rewards expire. Rewards earned with the Wells Fargo Active Cash® Card, for instance, do not expire as long as the account is open. Wells Fargo Business Rewards, however, will expire at the end of the 60th month (approximately five years) starting with the first month your points post to your rewards account.
What are My Wells Fargo Deals?
My Wells Fargo Deals is a cash-back program that allows you to get rebates in the form of cash back or a statement credit by using your enrolled card at select merchants.
To participate in the program, you must activate offers before shopping directly with a participating retailer offering a deal. It’s possible to enroll your Wells Fargo card in these offers online or in the app. Then use the card with said merchant and wait for cash back or a statement credit to post to your account.
