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This article was last updated Nov 15, 2019. Terms and conditions may have changed. For the most accurate information, please consult the issuer website.
The Wells Fargo Rewards Visa® Credit Card presents an atypical rewards program — it’s got a strong rewards rate for the first six months, but after that, it drops down considerably.
So is it worth having in your wallet? It could be if you think you’ll take full advantage of the higher rewards rate for gas, grocery and drugstore purchases in the first six months of having the card. Let’s take a closer look at what it offers so you can decide if it’s a good fit for your financial needs.
In this article:
- Where the Wells Fargo Rewards Visa® Credit Card stands out
- Additional benefits
- Where the Wells Fargo Rewards Visa® Credit Card falls short
- Compare it with the Chase Freedom Unlimited®
- The bottom line
Where the Wells Fargo Rewards Visa® Credit Card stands out
Go Far Rewards. This card earns Go Far Rewards points, which are quite flexible. You can redeem them for options such as cash back, travel and gift cards.
What’s especially unique with Go Far Rewards is that you can share them with other Wells Fargo cardholders. For instance, you can put your points toward someone else’s account as a statement credit — or multiple Wells Fargo members can contribute to a shared points pool.
Generally, Go Far Rewards points are worth 1 cent per point.
0% intro APR. The Wells Fargo Rewards Visa® Credit Card comes with an introductory 0% for 15 months on purchases and an intro 0% for 15 months on balance transfers. After, the regular purchase APR is 18.24% to 27.74% (variable), while the balance transfer APR is 18.24% to 27.74% (variable).
These intro periods are a solid amount of time to pay off a big purchase without accruing interest charges or pay off debt transferred from another card. Be aware, however, that the intro balance transfer fee is 3% intro for 12 months, then 5%.
Cellphone protection. If you pay your monthly cellphone bill with this card, you can get up to $600 protection against damage or theft (subject to a $25 deductible) on eligible claims.
Perks. This card includes such benefits as:
- Auto rental collision damage waiver
- Roadside dispatch
- Travel accident insurance
- Travel and emergency assistance services
Where the Wells Fargo Rewards Visa® Credit Card falls short
Low ongoing rewards. 5x rewards points earned for up to $12,500 spent on gas, grocery, and drugstore purchases for the first 6 months and 1x points on other purchases. After the first six months — or after you hit the spending cap — your earning rate drops to 1x on every $1 spent.
The introductory rate is strong. However, since the ongoing rate essentially comes out to 1 cent per $1 spent, you can likely earn more over time with a higher-earning flat-rate or rotating category cashback card.
Foreign transaction fee. You’ll probably want to leave this card at home when traveling abroad — it charges a foreign transaction fee of 3% on every purchase you make outside the United States.
Compare it with the Chase Freedom Unlimited®
0% Intro APR for 15 months on purchases
Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. And earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
14.99% - 23.74% Variable
- Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening.
- Earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.
- Earn unlimited 1.5% cash back on all other purchases.
- Earn 5% on travel purchased through Chase, 3% on dining at restaurants and drugstores, and 1.5% on all other purchases.
- No annual fee
- 0% Intro APR for 15 months from account opening on purchases, then a variable APR of 14.99 - 23.74%.
- No minimum to redeem for cash back. Cash Back rewards do not expire as long as your account is open
See additional details for Chase Freedom Unlimited®
If you’re looking for a card with more generous flat-rate rewards and a decent sign-up bonus, the Chase Freedom Unlimited is worth a serious look. Here’s how the two cards compare:
|Wells Fargo Rewards Visa® Credit Card||Chase Freedom Unlimited®|
|Sign-up bonus||N/A||Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. And earn 5% cash back on grocery store purchases (not including Target® or Walmart® purchases) on up to $12,000 spent in the first year.|
|Rewards||5x rewards points earned for up to $12,500 spent on gas, grocery, and drugstore purchases for the first 6 months and 1x points on other purchases||Earn 5% cash back on travel purchased through Chase, 3% on dining and drugstores, and 1.5% on all other purchases.|
|Purchase APR||Intro 0% for 15 months. After that, an APR of 18.24% to 27.74% (variable) applies.||0% Intro APR for 15 months. After that, an APR of 14.99% - 23.74% variable applies.|
|Balance transfer APR||Intro 0% for 15 months. After that, an APR of 18.24% to 27.74% (variable) applies.||N/A. After that, an APR of 14.99 - 23.74% variable applies.|
|Foreign transaction fee||3%||3% of each transaction in U.S. dollars.|
If you’re attracted by the Wells Fargo Rewards Visa® Credit Card’s boosted earning rate for the first six months, that’s a legitimate reason to apply for the card. But if you want one that offers a better cashback rate over time, the Chase Freedom Unlimited® could be a better choice.
Plus, if you have either the Chase Sapphire Preferred® Card or the Chase Sapphire Reserve®, you can transfer cash back earned on the Chase Freedom Unlimited® into Ultimate Rewards points on your Sapphire card, then redeem your points for travel for additional value through the Chase Ultimate Rewards portal.
Be aware that the Chase Freedom Unlimited® is subject to the Chase 5/24 rule, so if you’ve been approved for five or more credit cards from any issuer within the past two years, you most likely won’t get approved for this card.
The bottom line
For the first six months, the Wells Fargo Rewards Visa® Credit Card offers a good value. You can earn a maximum of 62,500 points at the higher rate if you spend $12,500 on gas, grocery store purchases and drugstore purchases within six months of opening the card. With each point being worth 1 cent, 62,500 points are worth $625.
However, if you’re looking at long-term value, after the six-month intro period this card effectively offers 1 cent per $1 spent — and it’s not hard to find a card with a better rate than that. The Chase Freedom Unlimited® is a good choice for those who want flat-rate cash back card, but if that doesn’t fit your spending habits, take a look at our recommendations for the best cash back credit cards on the market.
If you like Wells Fargo and prefer to get a credit card through that bank, our guide on determining which Wells Fargo card is right for you can help out.
The information related to the Wells Fargo Rewards Visa® Credit Card have been independently collected by CompareCards and have not been reviewed or provided by the issuer of this card prior to publication.