Wells Fargo Cash Wise Card Review

Woman holding a credit card and cash
••• © JGI/Jamie Grill / Creative RF / Getty

The Wells Fargo Cash Wise 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. Cardholders also earn a $150 cash rewards bonus after spending $500 in the first 3 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 Wise 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 Wise Card Details

Sign-up Bonus  $200 if you spend $1,000 withing three months
Rewards Rate 1.5%
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
This card has no annual fee or recommended credit score

There's no annual fee on the Wells Fargo Cash Wise 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 for 15 months on qualifying balance transfers.

The cash advance and overdraft protection APR is 26.24% to 28.24% 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 Wise 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 Wise Card Sign-up Bonus

New card members can earn $150 back by spending $500 within three months. In addition, balance transfers get 0% APR for 15 months, so you can get a jump on paying off some old debt.

Earning Points & Rewards

The Wells Fargo Cash Wise card pays 1.5% back on all purchases. The points do not expire as long as your account stays open, 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).

Redeeming Rewards

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 Wise 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 Wise Card's Additional Fees

Overlimit APR 26.24%-28.24%
Overlimit Fee $12.50-$20
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.

Next Steps

If you are interested in applying, visit the Wells Fargo credit card website.

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.