The
Wells Fargo Cash Wise Visa® card is one of the best cash rewards cards for people with good credit or better, especially those who want an initial bonus and 0% introductory APRs. The Cash Wise card gives $
150 to new applicants who spend
$500 within
3 months of opening an account. New cardholders also get intro APRs of
0% for 15 months on purchases and
0% for 15 months on qualifying balance transfers with a balance transfer fee that’s
3% intro for 120 days, then up to 5% (min $5).
The Cash Wise card’s ongoing rewards are very good, too, both in terms of their value and their simplicity. Cardholders earn 1.5% cash back on all purchases, save for a first-year promotion providing 1.8% back on digital-wallet transactions. The card’s ongoing interest rates are no treat, however, ranging from
14.49% to 24.99% Variable depending on each applicant’s creditworthiness. So it’s best not to carry a balance from billing period to billing period after the no-interest intro period ends.
That’s the short story. Below, you can find a summary of the most important information you’ll need to decide whether or not to apply for the Wells Fargo Cash Wise credit card.
Wells Fargo Cash Wise Review Highlights
- $150 initial bonus. Spending at least $500 within 3 months of getting the Wells Fargo Cash Wise credit card will score you a $150 bonus. That’s a bit less than the $228 average for a cash rewards bonus. And while it’s only about a third of what the best travel credit cards will give you, they also require you to spend at least six times as much over the same timeframe. So this is a pretty good deal.
- Solid everyday cash back. The 1.5% cash back that you’ll earn on every purchase made with the Wells Fargo Cash Wise Visa card is about 50% more than the average cash back credit card will give you. Plus, you’ll earn even more – 1.8% – on digital-wallet purchases for the first 12 months.
- Cell phone insurance is a nice touch. And to top things off, if you pay your cell phone bill with the Wells Fargo Cash Wise card, you’ll be automatically eligible for up to $600 in coverage should your phone get damaged or stolen.
- Above average-length 0% APRs. The Wells Fargo Cash Wise card offers 0% intro rates on purchases and qualifying balance transfers for the first 15 months. That’s longer than average for 0% purchases (11 months) and for 0% transfers (13 months).
- Bad for financing beyond 15 months. Wells Fargo Cash Wise has a regular APR of 14.49% - 24.99% Variable, with the exact amount depending on your creditworthiness when you apply. In contrast, credit cards for people with good credit charge an average of 24.12%, while excellent credit gets you 18.04% on average. In other words, any balance carried beyond the intro period might accrue interest at a rate that’s above the average for your credit score.
- Watch out for transfer fees. The balance-transfer part of the financing equation is complicated by a transfer fee that’s 3% intro for 120 days, then up to 5% (min $5). The average balance transfer card charges about 3.1%.
- 3% foreign fee. Wells Fargo Cash Wise is not the card to bring on your next trip abroad or to use for a purchase from an international merchant. That’s because it charges a 3% foreign-transaction fee, which will needlessly drive up your costs. Using a no foreign transaction fee credit card, on the other hand, will help you save up to 9% on currency conversion.
- Only for people with good or excellent credit. The Wells Fargo Cash Wise card requires a minimum of “good” credit for approval. It’s therefore a good idea to check your credit score for free before applying.
Note: This review is not provided, commissioned or endorsed by any issuer. Opinions and ratings are our own.