Is the Wells Fargo Cash Wise Visa® Card worth it? | finder.com

Wells Fargo Cash Wise Visa® Card review – September 2018

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A no-annual-fee cashback card that comes with a long intro APR period on purchases and transfers.

30-second take

  • Get this card if you want to earn cash back and pay no annual fees.
  • Pick something else if you’re looking for a higher cash back on specific categories.
  • Apply with a good to excellent credit score of 690 or higher.
Product NameWells Fargo Cash Wise Visa® Card
Card TypeVisa
Annual Fee$0
APR (Annual Percentage Rate) for Purchases15.74% to 26.74% variable
Introductory Purchase APR0% for the first 12 months (then 15.74% to 26.74% variable)
Introductory Balance Transfer APR 0% for the first 12 months (then 15.74% to 26.74% variable)
Balance Transfer Fee$5 or 3% of the transaction, whichever is greater
Cash Advance Rate25.74% to 27.74% variable
Cash Advance Fee$10 or 5% of the cash advance amount, whichever is greater
Foreign Transaction Fee3% of the transaction value
Interest Free PeriodUp to 25 days
Minimum Interest$1
Late Payment Fee$37
Returned Payment Fee$37
Minimum Age18 years of age
Welcome BonusEarn 200 cash back after spending $1,000 in the first 3 months
Reward Value per Dollar1.5% cash back

The basics

The Wells Fargo Cash Wise Visa® Card is a simple credit card that comes with unlimited cash back on all purchases. If you use Apple Pay or Android Pay, you’ll get higher cash back during your first year. As an additional perk, the card has a long intro APR period on balance transfers and purchases and it has no annual fee.

Furthermore, you get a decent cash reward bonus once you spend $1,000 within the first three months of card membership, which is relatively easy to achieve compared to other credit cards.

The perks

  • Signup bonus.

    Get 200 cash rewards bonus when you spend $1,000 in purchases in the first 3 months. Redeem the bonus within one to two billing cycles after the first three months have passed.

  • Earn cash back.

    Earn unlimited 1.5 cash back on all purchases. If you use the Android Pay or Apple Pay mobile wallet, you’ll earn 1.8% cashback for the first 12 months of card membership.

  • Intro APR period.

    Get a 0% intro APR period on purchases and balance transfers for 12 months following your account opening. After that, a variable APR of 15.74% to 26.74% will apply. This could be useful if you’re looking to make a large purchase or if you want to transfer your balance from another account.

How to redeem rewards

You can choose from several ways to redeem your cashback rewards, including:

  • Withdraw cash. Use your Wells Fargo ATM or debit card to withdraw cash rewards in $20 increments or walk into a branch for cash redemption.
  • Deposit into Wells Fargo account. Make direct deposits to your Wells Fargo savings or checking account.
  • Mortgage payment. Apply the rewards as a credit to your qualified Wells Fargo mortgage principal.

You’ll also like …

  • No annual fee.

    All of the cash back you earn will be a bonus, as you’ll pay no annual fee to own the card.

  • Fraud monitoring and zero liability.

    Report your unauthorized transactions to Wells Fargo and you won’t be held liable. Also, the bank monitors accounts 24/7 for suspicious activity.

  • Cell phone protection.

    Use this card to pay for your monthly cell phone bill and receive protection of up to $600 against damage and theft, with a maximum of two claims per year.

  • Car rental insurance.

    Get auto coverage against theft and collision damage when you pay for your car rental with your card.

What to watch out for

  • Foreign transaction fees.

    For each transaction you make when traveling abroad, you’ll pay a 3% fee. It may not seem like much, but it can quickly add up over a trip spanning several days.

  • Late payment fees.

    Try to make your payments on time, otherwise, you’ll pay up to $37 for late and returned payments. On the positive side, there’s no penalty APR. Other cards have a penalty APR of up to 30% that can last indefinitely.

Consider other cards if …

  • You want higher cash back on specific categories.

    Consider the Blue Cash Everyday® Card from American Express if you mostly spend on groceries and gas. If you want a higher cashback rate on rotating categories each quarter, both the Chase Freedom® credit card or the Discover it® Cash Back could be more useful.

  • You want a similar card from another bank.

    Similar 1.5% cashback cards from other issuers include the Cash Magnet™ Card from American Express, the Chase Freedom Unlimited® credit card and the PenFed Power Cash Rewards Visa Signature® Card. The last allows you to bump up that rate and earn 2% if you’re PenFed Honors Advantage member.

  • You want a card with a low APR.

    If you’re looking for payment flexibility, the Barclaycard Ring™ Mastercard® could be a better choice. You get one of the lowest APRs when compared to other cards — a variable APR of 10.74% for balance transfers, purchases and cash advances.

How does a balance transfer work with this card?

You get a 0% intro APR period on balance transfers for 12 months following your account opening. After that, your rate reverts to a variable 15.74% to 26.74%.

For each balance transfer you make within the first 12 months, you’ll pay a fee of either $5 or 3% of the transaction, whichever is greater. After that, you’ll pay up to 5%. This means a balance transfer of $1,000 will cost you $50 in fees after the first year has passed.

What to know before you apply

To apply for the Wells Fargo Cash Wise Visa® Card, you must be at least 18 years old and a US citizen or resident.

You’ll need to provide details, such as:

  • Your full name and contact information.
  • Date of birth and Social Security number.
  • Employment status and gross annual income from all sources.

At this point, you can add an authorized user or request a balance transfer.

What credit score do I need?

You have a better chance of application approval with a credit score of 690 or higher. Also, you can get a lower APR and a higher credit line with a better credit score.

What do customers say about the Wells Fargo Cash Wise Visa® Card?

Most complaints relate to the long waiting time to get your signup bonus — up to two billing cycles after the first three months have passed. Also, some customers complained about the low credit limit they received. But overall, most customers consider this a decent cashback card.

The Better Business Bureau has yet to rate or accredit Wells Fargo.

How to apply for the Wells Fargo Cash Wise Visa® Card

  1. Visit Wells Fargo website and select the Wells Fargo Cash Wise Visa® Card from the list of cash back cards. Click Apply now.
  2. If you’re an existing Wells Fargo customer, enter your login details. Or click Continue.
  3. Fill out the form with your personal and financial information.
  4. Review the application and submit it.

How long will it take to get my Wells Fargo Cash Wise Visa® Card?

Usually, you get a decision within a minute of submitting your application. If additional information is required it could take a few business days up to a few weeks to receive a decision. Upon approval, you’ll get your card in 7 to 10 business days by mail.

I got the card. Now what?

  • Download the Wells Fargo Mobile app. To monitor your account, pay your bills, access your FICO® score and more.
  • Avoid interest. Make sure that you understand when your intro APR expires. Paying off your outstanding balances from purchases and balance transfers before this happens can help you avoid unnecessary interest.
  • Customer service. For support, call 1-800-642-4720. Or contact the bank via Twitter @WellsFargo or Facebook @WellsFargo.

Bottom line

This is a simple credit card that offers a flat cashback rate on all purchases, a long intro APR period on balance transfers and purchases and you won’t pay an annual fee. And, unlike similar cashback cards, with the Wells Fargo Cash Wise Visa® Card you get multiple redemption options.

Check out other cashback credit cards and balance transfer cards before you apply for this one to get the best fit for your financial needs.

Frequently asked questions

Images: wellsfargo.com

Megan Horner

As the assistant publisher of credit cards at finder.com, Megan is passionate about helping you compare and find the best credit cards for your situation, whether that is earning great rewards or improving your credit score. In her previous position, Megan worked as an assigning editor at Credit Karma, where she focused on editing and publishing educational articles on credit cards. Megan started her career as a writer at a comparison website, so she has a longstanding background in surfacing the best deals and helping people make decisions. In her spare time, Megan likes to hike, camp, surf, and read.

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