Charles H. Miller
The Wells Fargo Cash Wise Visa® Credit Card is one of very few cards that offer both cash back rewards and a period (15 months) of 0% APR on both purchases and balance transfers. Existing Wells Fargo customers will benefit the most from using it — thanks to flexible redemption options — with others getting the same deal but with less flexibility in the way they can redeem their hard earned cash. Also, during the first year of card usage, users can earn even more (1.8% back) when using Android Pay or Apple Pay mobile wallets. And finally, as part of the deal, cardmembers get insurance against theft or damage of their mobile phone, which is pretty cool. Here are the details…
Highlights
- Earn unlimited 1.5% cash back, 1.8% back during the first 12 months when using Android Pay and Apple Pay mobile wallets.
- 0% intro APR on balance transfers and purchases for 15 months, then 13.24%-25.24% variable APR
- Flexible redemption options, especially for Wells Fargo customers
- Mobile phone insurance against damage and theft
- No annual fee
How It Works?
Cash back: Earn unlimited 1.5% cash back on all your purchases. During the first 12 months, you could earn 1.8% back when using Android Pay and Apple Pay mobile wallets.
Redeem: Once earned, the cash rewards can be redeemed as a direct deposit to a Wells Fargo checking or savings account, through a Wells Fargo ATM in $20 increments (presuming you have a Wells Fargo Debit or ATM card), via statement credit, or by requesting a paper check. The last mentioned is the only option available to non-Wells Fargo clients. You could also use this cash to apply for a qualifying Wells Fargo credit product like a mortgage or loan, or for buying a gift card, merchandise or travel services via their online portal.
APR: Introductory 0% APR on purchases and balance transfers that is good for the first 15 months. After that, the rate goes to anywhere between 13.24% and 25.24% (variable), based on your creditworthiness.
Balance transfer fee: Also during the first 15 month, the balance transfer fee is 3%, after which it goes to 5%. So if you want to move balance from some other card, you better do it within the first year (or so) when you will also benefit from the mentioned 0% intro APR rate.
Mobile phone insurance: With Wells Fargo Cash Wise Visa® Credit Card, you get insurance against your mobile phone damage or theft, up to $600 per claim. There is a $25 deductible and a maximum of 2 claims in a 12-month period. In order to qualify, you need to use the card to pay for your monthly mobile phone bill.
Costs
- 0% Intro APR on Purchases and Balance Transfers for 15 Months, then 13.24%-25.24% Variable
- 3% Balance Transfer Fee for the first 15 months, then 5%.
- 3% Foreign Transaction Fee
- $0 Annual Fee
At Wells Fargo’s secure website
Pros
- Cash back + introductory 0% APR – there are just a few cards offering an introductory APR of 0%, plus cash back. And that 0% rate applies to both purchases and balance transfers.
- Earn more when using Android Pay and Apple Pay mobile wallets – 1.8% during the first 12 months.
- Flexible redemption options – you can choose between a few different methods, including direct deposit, through a Wells Fargo ATM in $20 increments, via statement credit, by requesting a paper check, and more.
- Mobile phone insurance – the feat that seldom comes included with a credit card product.
Cons
- Those flexible redemption options are available only to existing Well Fargo customers.
- Foreign transaction fee – makes you want to carry a different card when travelling outside of the U.S.
Is This The Card For You?
If you are an existing Wells Fargo customer, the answer is YES – go for it. If that’s not the case, you should see what else is available on the market. There are great cash back credit cards out there, and we are not sure this is the best one. Nevertheless, we like it very much; not only does it offer unlimited 1.5% cash back (1.8% back during the first year when using Apple Pay and Android Pay), but also includes an introductory period (15 month) of 0% APR on both purchases and balance transfers. Not many other cards combine those two features. So check it out.
