Wells Fargo Cash Back Card Review
The Wells Fargo Cash Back Card pays 1.5% cash rewards on every $1 in purchases and 1.8% when using a qualified mobile wallet (including Apple Pay and Google Pay) during the first 12 months from account opening. Card holders also get $200 cash back if they spend $1,000 in the first three months.
Rewards don't expire and can be redeemed in $20-$25 increments, depending on how you redeem, into your Wells Fargo Savings or Checking Account, applied as a credit to your Wells Fargo Cash Back Card, via ATM, or sent to you as a paper check. You can even redeem your rewards for travel and other perks, but you have to visit mywellsfargorewards.com to view the redemption options available.
Wells Fargo Cash Back Card Details
|Sign-up Bonus||$200 if you spend $1,000 withing three months|
|Intro Purchase APR||0% for 12 months|
|Ongoing APR||16.24%-28.24%, based on your creditworthiness|
|Balance Transfer APR||0% for 12 months, then 16.24%-28.24%, based on your creditworthiness|
|Balance Transfer Fee||Introductory fee of either $5 or 3% of the amount of each balance transfer for 120 days from account opening. After that, up to 5% for each transfer|
|Late Payment Fee||Up to $37|
|Foreign Transaction Fee||3% of each transaction converted to U.S. dollars|
There's no annual fee on the Wells Fargo Cash Back Card, which means you can enjoy the rewards at no cost as long as you pay your balance in full after the interest-free period is up.
Cardholders enjoy 0% APR on purchases and balance transfers for 12 months, then 16.24%-28.24% depending on your creditworthiness. During the introductory period, balance transfers are charged the greater of $5 or 3% of the transfer. After that transfers are charged up to a 5% balance transfer fee.
The cash advance and overdraft protection APR is 24.24% to 26.24% based on your creditworthiness. Cash advances are charged a fee of $10 or 5% of the advance.
The foreign transaction fee is 3%, which is on par with most other credit cards.
Late payments and returned payments are charged up to $37.
Pros & Cons of Wells Fargo Cash Back Card
What We Like
0% APR for 12 months
Unlimited 1.5% cash back
Points do not expire
What We Don't Like
APR can be high, depending on your credit
Rewards must be redeemed in $20-$25 increments
Wells Fargo Cash Back Card Sign-up Bonus
New card members can earn $200 back by spending $1,000 withing three months. In addition, balance transfers get 0% APR for 12 months, so you can get a jump on paying off some old debt.
Earning Points & Rewards
The Wells Fargo Cash Back card pays 1.5% back on all purchases. The points do not expires, and within the first 12 months of opening an account, you can get 1.8% back on purchases when using a qualified mobile wallet (including Apple Pay and Google Pay).
Points can be redeemed in $25 increments in done by phone or online. They can be redeemed in $20 increments if done at a Wells Fargo ATM. You can also choose to redeem points for travel expenses, concerts, and sporting events, though you will have to inquire about the amounts.
For both manual and automatic requests, the redemption account must be open and not delinquent.
Wells Fargo Cash Back Card's Other Features
You can link your credit card to your checking account for overdraft protection, but be aware that the overdraft balance will be charged 26.24%-28.24% interest, plus up to $20 overdraft protection fee.
Pay your cell phone bill with your Wells Fargo Credit Card and receive cellular phone protection. The benefit may allow you to cancel any protection plan you have with your cell phone provider and save money on your bill each month.
Wells Fargo Cash Back Card's Additional Fees
|Returned Payment Fee||Up to $37|
|Cash Advance APR||26.24%-28.24%, based on your creditworthiness|
|Cash Advance Fee||Either $10 or 5% of the amount of each advance|
Is This Card Right For You
When it comes to cash back credit cards, there are better options: Discover pays up to 5% cash back all year round in categories that rotate each quarter. The Bank of America Cash Rewards Visa Card pays 2% on gas, 3% on groceries, and 1% on everything else.
If you have a home mortgage with Wells Fargo, you might be interested in the Wells Fargo Home Rebate Card. You earn 1% back on your spending, credited to your Wells Fargo mortgage loan. Over time, that works out to a lot more than 1% back.
Credit card terms and sign-up bonuses are subject to change from the time of this review. Refer to the application for current terms and conditions.