Wells Fargo Cash Wise Visa Review

The Wells Fargo Cash Wise Visa works best for those who 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 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.

If you’re a mobile wallet user, even better—you’ll earn more cash back when you use one linked to the card, but only in the first year.

• 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 sign-up 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 both purchases and balance transfers, which only a handful of cash-back cards with similar features offer. You’ll pay an industry-standard 3% fee on balance transfers made in the first 120 days. After that, the fee to transfer a balance is 5%.

• 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.  
• High Ongoing APR: Beyond the introductory 0% APR period, you’ll be stuck paying up to a comparatively high variable APR of 27.99%, depending on your creditworthiness. 

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 $1,000 in spending to receive 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 a flat 1.5% back on 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 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. 

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

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.

Our editors consider this feature particularly valuable compared to rewards cards’ standard offerings:

• Cell Phone Protection: This coverage can reimburse you if your cell phone is damaged or stolen. You must pay your cell phone 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.

• Auto Rental Collision Damage Waiver
• Travel and Emergency Assistance
• Roadside Assistance
• Travel accident insurance

J.D. Power ranked Wells Fargo ninth out of 11 issuers in its 2018 U.S. Credit Card Satisfaction Study. Wells Fargo scored 777 points out of 1,000 in the survey, while the industry average was 801. It offers standard customer service features.

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.

You won’t pay an annual fee for this card, but you will pay foreign transaction fees, meaning it’s not a great option while traveling abroad.