A great student card on its own — but you may be even more impressed by its competitors.
- Get this card if… you want a student card that comes with no annual fee and cash back.
- Pick something else if…you want a signup bonus or consistent cash back accelerators.
- Recommended fair credit score of 620 to 679. You can also apply with no credit history.
|Product Name||Wells Fargo Cash Back CollegeSM Card|
|Intro APR for Balance Transfer||0% Intro APR for 6 months (with whichever is greater, $5 or 3% balance transfer fee)|
|Balance Transfer Rate (not intro)||12.40% to 22.40% variable|
|APR for Purchases ( Purchase Rate )||12.40% to 22.40% variable|
|Cash Advance Rate||25.24% variable|
|Interest Free Period|
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
|Up to 25 days|
|Returned Payment Fee||$37|
|Foreign Currency Conversion Fee (VISA)|
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
|3% of transaction value|
|Minimum Credit Score||Poor (Below 660)|
|Minimum Age||18 years of age|
|Returned Payment Fee||$37|
|Late Payment Fee||$37|
|Cash Advance Fee||$10 or 5% of the amount of each advance, whichever is greater|
How do you know the student card market is competitive? When even a good offering like the Cash Back College is overshadowed.
For a student card, the Cash Back College offers generous rewards: 3% cash back on gas, groceries and drugstore purchases and 1% on everything else. Unfortunately, you get 3% back for only the first six months.
That’s a shame, since other cards really turn up the heat. The Discover It for Students, for example, offers 5% cash back in rotating categories indefinitely. And the BankAmericard Cash Rewards for Students offers 3% cash back on gas and 2% at grocery stores and wholesale clubs every quarter. What’s more, both cards offer signup bonuses — but the Cash Back College doesn’t.
Still, the Cash Back College is a fine card on its own merits. It has no annual fee, so you won’t feel you aren’t getting your money’s worth. It also doesn’t hurt to get 0% APR for 6 months on purchases and balance transfers. Just be sure to consider other student cards — especially when there are excellent options to choose from.
Student credit cards guide
Wells Fargo Cash Back College Card vs. the competition
You’ll also like
- Visa benefits. Enjoy perks like roadside dispatch, travel and emergency assistance, auto rental coverage and cell phone protection.
What to watch out for
- You must be a Wells Fargo customer to apply online. If you’re not a Wells Fargo customer, you can apply at a Wells Fargo branch.
- Expiration on intro APR. Your 0% intro APR lasts 6 months. After that time, your interest rate reverts to at least 12.40% to 22.40% variable.
- Fees. Late and returned payments come with fees as high as $37.00. Balance transfers, cash advances, overdraft protection advances and foreign transactions also come with fees.
Consider other cards if
- You want more cash back on everyday purchases. The Wells Fargo card offers 3% cash back on some everyday purchases, but only for six months. Meanwhile, the BankAmericard Cash Rewards for Students offers accelerated cash back — 3% on gas and 2% cash back at grocery stores and wholesale clubs — for as long as you own the card.
What should I know before I apply?
To apply for the Cash Back College, you must be at least 18 years old and a college student. Always consider your options and your financial situation before you apply for a credit card.
Information you’ll need
When you apply for the card, you’ll need to submit:
- Your Wells Fargo account details.
- Your full name and contact information.
- Your Social Security number.
- Your school information.
- Your income information.
Getting a credit card when you’re under 21
If you’re under 21 years old, you must prove that you have enough income to repay your credit card debt. Usually, you can report only personal income (such as wages and allowances), scholarships and grants. If you can’t prove sufficient income, you can ask someone over 21 to be a cosigner on your application. Alternatively, you can become an authorized user on someone’s credit card account.
What credit score do I need?
Because the Cash Back College is geared toward students, you may qualify with no credit history. However, you could be denied if your credit is poor. In that case, consider a secured card with no credit checks.
How to apply for the Wells Fargo Cash Back College Card
1. Go to the Wells Fargo website and click Apply Now.
2. Enter your Wells Fargo user name and password. Then proceed to the application, where you’ll submit your contact, school and income information. If you’re not a Wells Fargo customer, you can apply for the card by visiting a Wells Fargo branch.
I got the card. Now what?
- Make timely payments. You can pay your card bill online at the Wells Fargo website, where you can also enroll in autopay.
- Avoid interest. After the close of each billing cycle, you have a grace period of 25 days to pay your balance. If you do, you won’t pay interest on your purchases.
- Avoid fees. Late and returned payments cost up to $37. Balance transfers, cash advances, overdraft protection advances and foreign transactions also come with fees.
- Customer service. If you have questions, call Wells Fargo at 1-800-869-3557 or send a secure email through the bank’s website. You can also connect with the bank through Twitter @Ask_WellsFargo and Facebook @WellsFargo.
Compared to the competition, the Wells Fargo Cash Back College Card leaves a bit to be desired. You’ll wish it had a signup bonus and that its 3% cash back period lasted forever.
Still, it’s a great student credit card in its own right. It charges no annual fee, so it gives pure upside as you use it. It also offers 0% intro APR for six months on purchases and balance transfers. You can take advantage of that interest rate to buy new school supplies — maybe even a new laptop.