Those looking for a credit card that earns a flat cash back rate on all of their purchases and offers a generous intro bonus may want to consider the Wells Fargo Cash Wise Visa Credit Card. That’s because this card just added a $150 cash rewards bonus for cardholders who spend $1,000 in the first 3 months. While this bonus is definitely appealing, are the other aspects of the card just as attractive? Read on to see what the Wells Fargo Cash Wise Visa Credit Card has to offer.
On top of the new $150 cash rewards bonus, the Wells Fargo Cash Wise Visa Credit Card earns cardholders an unlimited 1.5% cash back on all purchases, which means you won’t have to worry about rotating categories, quarterly signups or category restrictions. If you use Android Pay or Apple Pay, you’ll get 1.8% cash back (instead of 1.5%) for the first 12 months when you use your card through the mobile wallet. When you’re ready to redeem your rewards, you can get the cash directly deposited into your Wells Fargo checking of savings account, withdrawn at a Wells Fargo ATM or get a physical check. You also have the option to redeem your rewards for merchandise, gift cards or travel. In addition, this card has a 12-month 0% intro APR on purchases and balance transfers. While you will have to pay an intro 3% balance transfer fee for 12 months, it’s cheaper than the 5% balance transfer fee you’ll have to pay thereafter. Rounding out the card is no annual fee.
What’s more, if you use your Wells Fargo Cash Wise Visa Credit Card to pay for your mobile phone bill, you’ll qualify for mobile protection. This benefit will reimburse you up to $600 per claim (with a maximum of 2 claims per year) if your phone is damaged or stolen. While there is a $25 deductible, it’s really reasonable when you consider the $1,200 per year in mobile protection you’ll get just for paying your mobile phone bill with your credit card.
The Wells Fargo Cash Wise Visa Credit Card is, for the most part, a well rounded card. That said, there are two downsides you may want to consider.
The first is the length of the 0% intro APR. While the Wells Fargo Cash Wise Visa Credit Card offers you a 12-month 0% intro APR on purchases and balance transfers, that may not be long enough for everyone. If you’d prefer a card with comparable rewards and a longer 0% intro APR period, you may want to look into Chase Freedom Unlimited. This card offers a 15-month 0% intro APR on purchases and balance transfers, unlimited 1.5% cash back on every purchase and a $150 bonus when you spend $500 on purchases in the first 3 months from account opening. It also has no annual fee. Something worth noting about Chase Freedom Unlimited is its 5% balance transfer fee. Although this seems high, the extra 2% you’d pay for the balance transfer fee (when compared to the Wells Fargo Cash Wise Visa Credit Card’s intro 3% balance transfer fee) is a lot less than the interest you’d pay on a balance you carry past the Wells Fargo Cash Wise Visa Credit Card’s 12-month 0% intro APR.
Prefer a card with a longer 0% intro APR on balance transfers and hefty cash back rewards? The Citi Double Cash Card — 18 month BT offer (a NextAdvisor advertiser) may be for you, as it offers an 18-month 0% intro APR on balance transfers (with a 3% balance transfer fee) — note there’s no 0% intro APR on purchases — has no annual fee and earns you an effective 2% cash back on all purchases — 1% when you make a purchase and 1% when you pay for that purchase.
Another potential downside of the Wells Fargo Cash Wise Visa Credit Card is the fact that you earn the same rewards on every purchase. This is a great perk if you use your card for irregular purchases at the doctor’s office or pet store, for example, but if you use your card at the grocery store or gas station, you could be earning more cash back. The Blue Cash Everyday Card from American Express (a NextAdvisor advertiser) offers exactly that, as it earns you 3% cash back on groceries (up to $6,000/year in purchases, then it’s 1%), 2% at gas stations and select department stores and 1% on all other purchases. On top of that, you’ll get a 12-month 0% intro APR on purchases and balance transfers (with a 3% balance transfer fee), pay no annual fee and earn a $100 bonus after you spend $1,000 in the first 3 months.
Should you apply for the Wells Fargo Cash Wise Visa Credit Card?
If you’re in the market for a card that offers some great cash back rewards on every purchase you make, earns a solid intro bonus and has 12 months of no interest, the Wells Fargo Cash Wise Visa Credit Card is a good option for you. On the other hand, if you prefer a card with a longer 0% intro APR or one that has high earning potential on everyday purchases at the grocery store or gas station, you may want to consider one of the other cards we detailed above.
Visit our cash back credit card reviews to learn more about the Wells Fargo Cash Wise Visa Credit Card and the other cards we detailed in this post.
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