Are you looking for a solid cash back credit card? Perhaps you’ve considered the Wells Fargo Cash Back Credit Card. Is this card worth having in your wallet? Let’s take a look at what they have to offer, so you can decide!
No Annual Fee
A great benefit that all credit card users can appreciate is that there is no annual fee. This means that you get to enjoy the benefits with no charge to you for using them!
0% Introductory APR for the First 12 Months
Not only will you not be paying any annual fee, you will pay no interest on any purchases or balance transfers that you make during the first year that you have the Wells Fargo Cash Back credit card. When the introductory period comes to an unfortunate end, you will be paying a pretty reasonable 12.15-25.99%, based on the prime rate and your own credit and payment history.
Cash Back Rewards
For the first 6 months that you have the Wells Fargo Cash Back credit card, you will enjoy a full 5% cash back reward on any gas, grocery and drugstore purchase that you make. This can add up, since these are pretty popular categories with most credit card users. For all other regular purchases, you will earn 1% cash back for each dollar spent. Unfortunately, after the first 6 months, there will no longer be bonus categories, and all purchases will earn just 1% cash back.
Super Easy to Track
Tracking your cash back rewards if you are saving for something special is very easy with the Wells Fargo online access. You can log in at any time to see your rewards balance.
Each time you accumulate $25 in rewards, you are eligible to redeem those rewards in a number of ways. You can get a $25 statement credit, check or direct deposit. There are also certain travel awards that are available! Take a look at the redemption options to see just how extensive they are and then make the selection that is going to be best for you!
Wells Fargo Fine Print
When you use Wells Fargo for your credit card or banking needs, you get plenty of automatic perks. Some of these include cellular phone protection when you pay your bill with your Wells Fargo card, zero fraud liability, chip based security technology, emergency travel coverage and more.
The Nitty Gritty
Just to recap, the Wells Fargo Cash Back credit card has no annual fee, and a 0% APR for the first 12 months on purchases and balance transfers. After the introductory period ends, you will pay 12.15-25.99% APR, depending on the prime rate and your credit history. Balance transfer fees are 3%, and cash advance fees are 5%. Cash advance APR is 23.99-25.99%, based on your own credit history. Late penalty fees of $35 apply.
In summary, the Wells Fargo Cash Back credit card is an “ok” option for those looking for a cash back credit card with a 0% APR. The biggest downside to this card is that the nice 5% cash back bonus opportunities end after 6 months. Then you’ll only get 1% back, which is nothing to write home about. When cards like the Discover it and Chase Freedom offer 5% bonus categories all year long, as well as 0% intro APR, it doesn’t make much sense to go with the Wells Fargo Cash Back card. If your goal is to earn cash back with no annual fee, consider those cards instead.