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Wells Fargo Visa Signature Card Review

Wells Fargo Visa Signature Card Review

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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® Visa Signature® Credit Card has a solid 0% introductory APR offer for purchases and balance transfers and strong rewards for the first six months you hold the card, but a less-than-stellar ongoing rewards rate.

The offer includes an intro 0% for 15 months for purchases and an intro 0% for 15 months for balance transfers, then an APR of 14.24% to 27.74% (variable) applies for purchases and an APR of 14.24% to 27.74% (variable) for balance transfers applies.

It does, however, come with a unique perk — rewards have 50% more value when redeemed for airfare through the bank’s GoFarRewards portal.

So is it worth having in your wallet? Let’s take a look at the specifics.

In this article:

Where the Wells Fargo® Visa Signature® Credit Card stands out

0% intro APR. This card offers 0% for 15 months on purchases and 0% for 15 months on balance transfers. After that, the regular purchase APR is 14.24% to 27.74% (variable) and the balance transfer APR is 14.24% to 27.74% (variable). This is a very good intro period and offers you the opportunity to pay off a big purchase over time or transfer debt from another card and pay it off without accruing interest charges.

If you do a balance transfer, be aware there’s a balance transfer fee of 3% intro for 15 months, then 5%.

Flexible GoFar Rewards. The rewards you earn with this card are Wells Fargo GoFar Rewards points. There are a variety of ways you can redeem GoFar points, including travel, cash back, gift cards and merchandise. A unique twist to GoFar points is that you can share them with another Wells Fargo member or contribute them to a shared points pool.

In most cases, GoFar points are worth 1 cent each.

More value for airfare. When you have the Wells Fargo® Visa Signature® Credit Card, you can redeem your GoFar points for airfare at a value of 1.5 cents per point.

Additional benefits

Travel perks. This card offers some nice travel protections, including:

  • Trip cancellation protection.
  • Lost luggage reimbursement.
  • Travel accident insurance.

Purchase protections. Benefits on this card include:

  • Purchase security (for up to 90 days from purchase date) for eligible items that may be stolen or damaged due to fire, vandalism, water or weather conditions.
  • Price protection (for up to 60 days from purchase date).
  • Warranty Manager Service with extended warranty protection. Your warranty coverage can be extended by one additional year on eligible warranties of three years or less.

Cell phone protection. Get protection against damage and theft when you pay your cellphone bill with the Wells Fargo® Visa Signature® Credit Card. Terms apply.

Where the Wells Fargo® Visa Signature® Credit Card falls short

Low ongoing rewards rate. 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 six months, the cashback rewards rate drops to 1x.

Most redemption options net you a value of 1 cent per point — this means that after the first six months of having the card, you’re essentially earning a flat 1 cent per $1 spent. It’s not hard to find a card with a better ongoing flat cashback rate.

It’s true that when redeeming for airfare, you’ll get a value of 1.5 cents per point, so if you only intend to use your rewards toward air travel, you might not be bothered by the lower value of other redemption options. But if you think you might want to redeem for cash back, for example, you’ll likely be better off with a different credit card.

Foreign transaction fee. You’ll pay a foreign transaction fee of 3% on each purchase you make outside the United States. You’re better off leaving this card at home when you travel abroad and instead take a card that charges no foreign transaction fee.

Compare it with the Capital One® Quicksilver® Cash Rewards Credit Card

If you want a flat-rate rewards card, the Capital One® Quicksilver® Cash Rewards Credit Card could be a good alternative.

Let’s take a look at how these two cards compare:

Wells Fargo® Visa Signature® Credit Card Capital One® Quicksilver® Cash Rewards Credit Card
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. 1.5% cash back on every purchase, every day.
Purchase APR Intro 0% for 15 months. After that, an APR of 14.24% to 27.74% (variable) applies. 0% intro on purchases for 15 months. After that, an APR of 15.74% - 25.74% (variable) applies.
Balance transfer APR Intro 0% for 15 months. After that, an APR of 14.24% to 27.74% (variable) applies. 0% intro on balance transfers for 15 months. After that, an APR of 15.74% - 25.74% (variable) applies.
Annual fee $0 $0
Sign-up bonus N/A One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening.

If you hit the spending maximum ($12,500) on the 5x rewards rate in the first six months, you’ll have earned 62,500 points. That’s worth $625 in cash back or $937.50 in travel. To hit the spending max over the course of six months in which you’ll earn that higher rewards rate, you’d have to spend about $2,083.33 per month on eligible purchases in the gas, grocery and drugstore categories.

After the Wells Fargo® Visa Signature® Credit Card’s 5x rate expires, the Capital One® Quicksilver® Cash Rewards Credit Card has a better ongoing rewards earning rate.

  • Unlimited 1.5% Cash Back on every purchase, every day

  • 0% for 15 Months on Purchases and Balance Transfers

  • No minimums for redeeming and cash back won't expire for the life of the account

Highlights
  • One-time $150 cash bonus after you spend $500 on purchases within 3 months from account opening
  • Earn unlimited 1.5% cash back on every purchase, every day
  • No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn
  • 0% intro APR on purchases for 15 months; 15.74%-25.74% variable APR after that
  • 0% intro APR on balance transfers for 15 months; 15.74%-25.74% variable APR after that; 3% fee on the amounts transferred within the first 15 months
  • Pay no annual fee or foreign transaction fees

See additional details for Capital One® Quicksilver® Cash Rewards Credit Card

More Info

The bottom line

The Wells Fargo® Visa Signature® Credit Card offers great initial value. If you spend $12,500 (the max for the 5x rewards rate) on gas, grocery and drugstore purchases within the first six months, that’s worth $625 in cash back. Though the card doesn’t officially offer a sign-up bonus, $625 earned with the 5x rate is more than the sign-up bonuses many cash back cards offer.

Read: Best Gas Rewards Cards

Plus, if you like to redeem points for airfare, getting 50% more value is attractive. And having travel protections such as trip cancellation protection and lost luggage reimbursement can be helpful if you fly regularly.

However, this card falls short when it comes to its ongoing rewards rate. There are cards out there that offer much better rates than 1 point per $1 spent. If you’re looking for a card that’s worth keeping in your wallet for the long haul, we recommend considering the Capital One® Quicksilver® Cash Rewards Credit Card.

The information related to the Wells Fargo® Visa Signature® 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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