Wells Fargo Cash Back Visa Signature Card

There is no annual fee for a Wells Fargo cash-back Visa Signature Card. For the first six months after opening an account, when you spend a maximum of $ 12,500 on groceries, gasoline, and pharmacies, you can offer up to 5 points per dollar. For purchases and balance transfers made within the first 120 days, there is also a 15% 0% APR promotion period. There is no one-time discount on the card, but when you redeem a ticket purchase, the value of each point you earn increases by 50%. This feature sets this card apart from the almost identical Wells Fargo Rewards card.

Reward Earnings Details

In the first six months after opening an account, cardholders can earn up to 5 points for every dollar they spend at gas stations, grocery stores, and pharmacies, and their net expenses can reach up to $ 12,500. Any other purchases made during the introductory period outside these categories will earn 1 point per dollar. At the end of the promotion period, the ongoing rate for all purchases is 1 point per dollar. Unused points expire after five years.

Outstanding Benefits of the Wells Fargo Cash Back Visa Signature Card

Mobile Phone Protection

If you use this Wells Fargo Cash Back Visa Signature card to pay your monthly mobile phone bill, it provides $ 600 insurance against damage or theft, but $ 25 is deductible.

Standard benefits

  • Car lease collision insurance (subject to your own insurance policy)
  • Travel Accident Insurance
  • Emergency card replacement
  • 24/7 travel and emergency assistance
  • Trip cancellation protection and lost luggage compensation
  • Cardholder experience
  • J.D. In the Power 2020 American Credit Card Satisfaction Study, Wells Fargo ranked eighth out of 11 national card issuers with a score below average.

Security function

The Wells Fargo Cash Back Visa Signature Card includes industry-standard security features, including account and activity alerts and Zero Liability Protection. It also has chip technology that improves the security of terminal payments.

Costs to be aware of

The balance transfer fee is USD 5 or 3% of the transfer amount within the first 120 days of opening this card account, whichever is higher. After the introductory period, the fee will be increased to at least $ 5 with 5%. So, if you are thinking of consolidating a high-interest loan on this card, keep this fee in mind. This card also has a 3% foreign currency exchange fee, so using it overseas can be expensive.

Transfer points

GoFarRewards points cannot be transferred to the loyalty program. However, you can send them to another Wells Fargo customer participating in the GoFarRewards program, move points between your accounts, or add them to the Wells Fargo Cash Back Visa Signature Card Rewards Pool.

How to maximize your rewards

Using the wells Fargo Cash Back Visa Signature Card to take full advantage of the rewards means using it every time you purchase gasoline, groceries, and pharmacies within the first six months of receiving the card. Each purchase made in these categories earns 5 points per dollar, which is quickly added.

If your budget allows, please spend enough for the bonus category awards to reach the $ 12,500 threshold, which maximizes the number of points you can earn under the bonus rate.

The pros are explained

Outstanding Bonus Award

Cardholders can earn up to 5 points per dollar in the first 6 months, up to $ 12,500 at groceries, petrol, and pharmacies. For an annual fee-free card, this is an expensive interest rate, even if the bonus interest rate for the bonus category expires as soon as the account is opened. This bonus offer allows you to build your bonus balance in a short time.

Points are more valuable when redeeming tickets: When you redeem tickets, the Wells Fargo GoFarRewards points value increases by 50%, increasing the value of each point by 1.5 cents.
0% APR discount above average: Although some cards offer longer promotional periods for purchases and balance transfers if your main purpose of getting the card is for rewards, the 15-month 0% APR discount on this card is still very generous. This will allow you to repay the loan without any interest burden or to finance the big purchases in a year.

Deficit description

Permanent Rewards Below Average. At the end of the 5 Point Reward category reward for the first six months, the Continuous Reward Rate for all purchases of this card is reduced to 1 point per dollar. Many other annual fee-free reward cards offer better continuous rewards.
No One-Time Discount: Instead of a one-time discount, this card offers fast-point rewards in three reward categories over six months. However, many free annual fee cards offer both one-time discounts and reward categories.

Read: Wells Fargo Debit Card Limit

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