If you’re in the market for a new credit card, now may be the perfect time to apply for one. That’s because the Wells Fargo Cash Wise Visa Card just increased its cash rewards bonus from $150 to $200 for cardholders who spend $1,000 on purchases in the first 3 months. But that’s not the only cash back opportunity this card has to offer. Keep reading to learn more about its unlimited cash back rewards as well as the other perks you can expect from the Wells Fargo Cash Wise Visa Card.

What are the perks?

In addition to the huge $200 cash rewards intro bonus, the Wells Fargo Cash Wise Visa Card offers some great ongoing rewards. Cardholders will earn an unlimited 1.5% cash back on any and every purchase — this means no worrying about signing up for rotating categories each quarter. Plus, when you pay with Apple Pay or Android Pay during the first 12 months, you’ll earn 1.8% cash back on those purchases. Cash back can be redeemed several different ways, including a statement credit, requesting a paper check or for merchandise, gift cards, travel or charitable donations. Wells Fargo banking customers can also have their cash back rewards directly deposited into their Wells Fargo checking or savings account or apply it as a credit for qualifying Wells Fargo products, like a mortgage or loan.

The cash back reward opportunities aren’t all this card has to offer. The Wells Fargo Cash Wise Visa Card also features a 12-month 0% intro APR on both purchases and balance transfers (with an intro 3% balance transfer fee for 12 months, then it’s 5%) and charges no annual fee. With this card, you can also opt in for mobile phone protection, which reimburses you for any damage or theft to your mobile phone (up to $600 per claim, with a maximum of 2 claims every 12 months). Although there is a $25 deductible per claim, this cost is a lot less than paying the full price to replace a stolen or damaged phone. Simply use your Wells Fargo Cash Wise Visa Card to pay your phone bill each month, and you’ll automatically qualify for the mobile phone protection feature.

Are there any downsides?

Although the Wells Fargo Cash Wise Visa Card has some great cash back reward opportunities, as well as additional perks that other credit cards don’t typically offer, it’s worth mentioning that the card’s 0% intro APR period isn’t super impressive, especially when it’s compared to cards with similar rewards and perks. If you’d prefer a longer 0% intro APR period, you may want to consider one of these two cards:

The Barclaycard CashForward World Mastercard is a great alternative because it also offers a $200 intro bonus when you spend $1,000 in the first 90 days after account opening. Also similar to the Wells Fargo Cash Wise Visa Card, the Barclaycard CashForward World Mastercard offers an unlimited 1.5% cash back on all purchases, and it has a 15-month 0% intro APR on purchases and balance transfers made within the first 45 days (with a 3% balance transfer fee). Cardholders will also earn an additional 5% cash back any time they redeem their rewards. So if you’ve earned $200 cash back, you’ll receive an additional $10 just for redeeming your rewards. Although you pay no annual fee, the card does require excellent credit for approval (the Wells Fargo Cash Wise Visa Card requires good or excellent credit for approval), which means you may not be approved if your credit isn’t spotless.

Another solid option is Chase Freedom Unlimited, which is available to those with good credit. This card offers a $150 bonus after you spend $500 on purchases and, like the Wells Fargo Cash Wise Visa Card, earns an unlimited 1.5% cash back on every purchase. Although the Chase Freedom Unlimited’s intro bonus is less than the Wells Fargo Cash Wise Visa Card’s bonus, you should notice that the maximum amount you need to spend to earn that bonus is also lower ($500 with Chase and $1,000 with Wells Fargo). Chase Freedom Unlimited cardholders will pay no annual fee and get a 15-month 0% intro APR on purchases and balance transfers (with a 5% balance transfer fee).

Should I apply for the Wells Fargo Cash Wise Visa Card?

If you’re someone looking for a cash back credit card that has a stellar intro bonus, earns you unlimited cash back on any type of purchase and features a year of no interest on purchases and balance transfers, the Wells Fargo Cash Wise Visa Card is for you. To learn more about the cards featured in this post and find out how to apply, visit our reviews of the best cash back credit cards.

Disclaimer: This content is not provided or commissioned by the credit card issuer. Opinions expressed here are author’s alone, not those of the credit card issuer, and have not been reviewed, approved or otherwise endorsed by the credit card issuer. This content was accurate at the time of this post, but card terms and conditions may change at any time. This site may be compensated through the credit card issuer Affiliate Program.