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Wells Fargo Rewards Card Review

Wells Fargo Rewards Card Review

*Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been reviewed, approved or otherwise endorsed by the credit card issuer. This site may be compensated through a credit card issuer partnership.

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

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 12.49% to 25.49% (variable), while the balance transfer APR is 12.49% to 25.49% (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 $5 or 3% of the amount of each balance transfer, whichever is greater, for 120 days from account opening. After that, up to 5% for each balance transfer, with a minimum of $5.

Additional benefits

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. Earn 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 - enjoy 5 years to use the points you earn. 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% of each transaction converted to U.S. dollars on every purchase you make outside the United States.

Compare it with the Chase Freedom Unlimited®

Chase Freedom Unlimited®

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on Chase's secure site

  • 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

Highlights
  • 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 Chase travel purchased through Ultimate Rewards®, 3% on dining 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®

More Info

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 Earn 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 - enjoy 5 years to use the points you earn 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 12.49% to 25.49% (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 12.49% to 25.49% (variable) applies. N/A. After that, an APR of 14.99 - 23.74% variable applies.
Annual fee $0 $0
Foreign transaction fee 3% of each transaction converted to U.S. dollars 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.

  • Our best offer ever! Earn 100,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,250 when you redeem through Chase Ultimate Rewards®.

  • 2X points on dining at restaurants including eligible delivery services, takeout and dining out and travel & 1 point per dollar spent on all other purchases worldwide

  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 100,000 points are worth $1,250 toward travel.

Highlights
  • Our best offer ever! Earn 100,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $1,250 when you redeem through Chase Ultimate Rewards®.
  • Earn 2X points on dining including eligible delivery services, takeout and dining out and travel. Plus, earn 1 point per dollar spent on all other purchases.
  • Get 25% more value when you redeem for airfare, hotels, car rentals and cruises through Chase Ultimate Rewards®. For example, 100,000 points are worth $1,250 toward travel.
  • With Pay Yourself BackSM, your points are worth 25% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories.
  • Get unlimited deliveries with a $0 delivery fee and reduced service fees on eligible orders over $12 for a minimum of one year with DashPass, DoorDash's subscription service. Activate by 12/31/21.
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more.
  • Get up to $60 back on an eligible Peloton Digital or All-Access Membership through 12/31/2021, and get full access to their workout library through the Peloton app, including cardio, running, strength, yoga, and more. Take classes using a phone, tablet, or TV. No fitness equipment is required.

See additional details for Chase Sapphire Preferred® Card

More Info

  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.

  • 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants including eligible delivery services, takeout and dining out & 1 point per $1 spent on all other purchases.

  • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year

Highlights
  • Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's $900 toward travel when you redeem through Chase Ultimate Rewards®
  • $300 Annual Travel Credit as reimbursement for travel purchases charged to your card each account anniversary year. Through December 31, 2021, gas station & grocery store purchases will also count towards earning your Travel Credit
  • 3X points on travel immediately after earning your $300 travel credit. 3X points on dining at restaurants including eligible delivery services, takeout and dining out & 1 point per $1 spent on all other purchases
  • Get 50% more value when you redeem your points for travel through Chase Ultimate Rewards®. For example, 60,000 points are worth $900 toward travel
  • With Pay Yourself BackSM, your points are worth 50% more during the current offer when you redeem them for statement credits against existing purchases in select, rotating categories
  • 1:1 point transfer to leading airline and hotel loyalty programs
  • Access to 1,300+ airport lounges worldwide after an easy, one-time enrollment in Priority Pass™ Select and up to $100 application fee credit for Global Entry or TSA Pre✓®
  • Count on Trip Cancellation/Interruption Insurance, Auto Rental Collision Damage Waiver, Lost Luggage Insurance and more

See additional details for Chase Sapphire Reserve®

More Info

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 has been independently collected by CompareCards and has not been reviewed or provided by the issuer of this card prior to publication.


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