Wells Fargo Cash Wise Visa Review

The Wells Fargo Cash Wise Visa works best for those who want to earn rewards but aren’t interested in keeping track of credit card bonus categories or loyalty program rules. This card gives you a flat 1.5% cash back on nearly everything you buy, and there’s no annual fee. Since there are no special categories or earning caps to keep track of, you can relax and use your card for a range of everyday purchases.

• Unlimited flat-rate rewards: Unlike other cash-back cards, you won’t have to worry about bonus categories or earnings caps. The Wells Fargo Cash Wise Visa gives you 1.5% back for each dollar you spend, and 1.8% back for the first year on purchases made with mobile wallets like Google Pay or Apple Pay. 
• No annual fee: It’s common for cash-back credit cards to come without an annual fee. But the Wells Fargo Cash Wise Visa also has a welcome bonus, which is easy for most people to hit within three months and more valuable without an annual fee cutting into it.
• Generous 0% APR introductory offer: You’ll get 15 months with 0% APR on purchases and balance transfers. Only a handful of similar cash-back cards offer that long of a 0% offer for purchases and balance transfers.

• Minimum redemption requirements: Since you can only redeem rewards for cash back in $20 or $25 increments, this program can be limiting. If you use your card infrequently or only for small purchases, it may take you a considerable amount of time to rack up enough rewards for redemption.

The Wells Fargo Cash Wise Visa comes with a $150 cash bonus after you spend $500 within three months of account opening. Some cash-back cards require spending of $1,000 or more to earn a bonus, which makes this card a better option if you’re not sure you’ll hit that threshold.

The Wells Fargo Cash Wise Visa is a flat-rate rewards card that gives you the same rewards rate no matter what you buy. Once you sign up, you’ll earn 1.5% cash back on nearly every dollar you spend, which is standard across cash-back cards. What’s unique is the opportunity to earn 1.8% cash back when you use a qualifying mobile wallet. Your rewards accrue as Go Far Rewards points, but they can be redeemed for cash, gift cards, or other items.

There are no limits to the rewards that you can earn, and your rewards won’t expire as long as your account remains open.

Wells Fargo converts your points into a cash balance for you, and you can view your balance when you log into your Wells Fargo account.

There are more ways to redeem your Wells Fargo Cash Wise Visa rewards than for cash. In addition to direct depositing cash back into a Wells Fargo checking or savings account, other redemption options include:

• Using a Wells Fargo ATM or debit card to redeem cash back in increments of $20 or more
• Applying cash back toward your Wells Fargo mortgage principal balance
• Redeeming for charitable contributions
• Booking travel through the Go Far Rewards Program
• Transferring points to another Go Far Rewards account you own: Transfer points from the Wells Fargo Cash Wise Visa to the Wells Fargo Visa Signature Card and you’ll take advantage of a higher redemption value when you use them to book airfare.

Sign up for the Wells Fargo Cash Wise Card and spend $500 within three months of account opening to earn the cash bonus. Then use this card for all your regular spending, and sign up for Google Pay or Apple Pay if you haven’t already to take advantage of the higher rewards rate.

When it’s time to redeem your points, the most convenient option may be to withdraw cash from a Wells Fargo ATM—as long as you’ve accrued at least $20 worth of points—or deposit cash to a bank account.

It also may be worth looking into other cash-back credit cards to supplement your earnings—especially since some feature ongoing or rotating bonus categories that give you a higher rewards rate.

The Balance’s editors consider these features particularly valuable compared to rewards cards’ standard offerings:

• Cellphone coverage: This coverage can reimburse you if your cellphone is damaged or stolen. You must pay your cellphone bill with a Wells Fargo Cash Wise Card to qualify. The benefit is good for up to $600 per claim and up to $1,200 per year, minus a $25 deductible. It doesn’t apply to lost phones or phones that are part of a prepaid plan.

• Rental car collision insurance (secondary to your own policy)
• Travel and emergency hotline
• Roadside assistance hotline

J.D. Power ranked Wells Fargo ninth out of 11 issuers in its 2019 U.S. Credit Card Satisfaction Study. It offers standard customer service features, including 24/7 phone support for credit card customers

Wells Fargo offers industry-standard 24/7 fraud monitoring, $0 liability protection in case of unauthorized transactions, and account alerts for irregular activity. You can also access digital card numbers that let you shop online without revealing your Wells Fargo credit card number, and freeze and unfreeze your account using the bank’s Control Tower feature.

The card’s fees are standard for cash-back cards without an annual fee. Keep in mind, though,  you’ll pay foreign transaction fees, meaning it’s not a great option while traveling abroad.