Wells Fargo Rewards Card Review
For those who prefer miles over cash
Wells Fargo bank customers interested in earning rewards may like the Wells Fargo Rewards Card. The rewards are simple, straightforward, and easy to earn. The card also has a great introductory rate, so even if you're not interested in earning rewards, you can use the card for interest-free purchases or a balance transfer.
Rewards With the Wells Fargo Rewards Card
There's no signup bonus as with many other rewards credit cards, but you have a chance to earn more points in the first six months of opening your account.
You'll earn 5 points per dollar on gas, grocery, and drugstore purchases made within the first six months and one point per dollar on everything else. After that, all your purchases earn one point per dollar. You have a variety of options for redeeming your rewards including gift cards, travel, merchandise, donations to charity, and cash.
There's no limit to the amount of points you can earn, but points will expire after five years. For example, points you've earned in January 2016 will expire after January 2021. Points are only worth one cent each, which means you'll have to spend a lot on this card to earn significant rewards. For example, you can redeem for cash, but only in 2,500 increments. That's $500 in purchases if you max out the 5 point per dollar spending during the first six months or $2,500 in purchases after that.
Wells Fargo is one of the few cards (if not the only credit card) that offers Cellular Telephone Protection. The benefit covers damage or theft of your phone when you pay your bill with your Wells Fargo Rewards Card. You could save money by ditching your wireless carrier's device protection plan.
Wells Fargo Rewards Card Pricing
Annual fee. There's no annual fee which means you can enjoy your rewards for free as long as you pay your balance in full and on time each month (after the introductory period) and avoid transactions that incur a fee.
APRs. Enjoy a 0% APR on purchases and balance transfers for 15 months. After the introductory rate expires, your interest rate will be between 12.40% and 26.24%. Your exact interest rate will be based on your creditworthiness, a better credit score usually means a lower interest rate. The APR varies the U.S. Prime Rate.
The APR for cash advances is 24.24% to 26.24% based on your creditworthiness.
Fees with the Wells Fargo Rewards Card are on par with most other credit cards.
- Balance transfer fee: $5 or 3% during the first 15 months. 5% or $5 after that.
- Cash advance fee: $10 or 5%
- Overdraft protection advance fee: $12.50 if the advance for the day is $50 or less, $20 if the advance is greater than $50
- Foreign transaction fee: 3%
- Late payment and returned payment fee: up to $37
Is it Worth It?
The rewards on the Wells Fargo Rewards Card aren't anything to raise an eyebrow over. The introductory rate, on the other hand, makes this card worth considering.
Edited by LaToya Irby. 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.