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Like college dorm room furniture, the Wells Fargo Cash Back College Card isn’t fancy, but it gets the job done: It offers solid rewards in line with other college credit cards, and it allows students to build their credit scores so they can upgrade to more rewarding cards later.
Here are five things to know about the $0-annual-fee Wells Fargo Cash Back College Card:
1. It earns Go Far Rewards that can be redeemed for cash
The Wells Fargo Cash Back College Card earns the following rewards:
For the first six months: 3% back on up to $2,500 in spending on gas, grocery and drugstore purchases.
1% back on all other purchases.
Those rewards come as points in Wells Fargo's Go Far Rewards system. You can redeem them for cash back, among other things, at a value of a penny per point.
2. It’s easier to apply if you already have a Wells Fargo relationship
If you are an existing Wells Fargo customer, you can apply for the card online. If not, you will need to apply in person at a Wells Fargo branch.
3. You can potentially upgrade to a different Wells Fargo card later
While it’s not guaranteed, some cardholders may have the chance to upgrade their card to another Wells Fargo product (one that earns richer rewards) when they graduate.
Wells Fargo doesn’t disclose credit score requirements for the Wells Fargo Cash Back College Card, but the bank says it is designed for college students and those who are building credit. It reports payment data to all three credit bureaus. That means that if you make on-time payments every month and keep your balance relatively low compared to your credit limit, you can build your credit scores over time, increasing your chances of qualifying for other cards that require good to excellent credit.
4. You can increase your credit limit over time
Wells Fargo also doesn’t disclose the specifics of its underwriting requirements for credit limit increases, but the bank does say that it has a credit limit increase program for the card. That means that if certain factors, such as your income, go up and your account is in good standing, then you have a good chance of increasing your credit limit.
5. The card offers an intro APR period
This is unusual for credit cards in this class, but the Wells Fargo Cash Back College Card offers a 0% intro annual percentage rate for the first six months (a variable APR applies after that). That could be helpful to college students facing a lot of initial expenses.
Once that promotion ends, the card's ongoing APR kicks in, and that rate will depend on creditworthiness.
It’s also worth noting that like other Wells Fargo cards, the card offers cell phone protection, which can come in handy and isn't all that easy to find.
Information related to the Wells Fargo Cash Back College Card has been collected by NerdWallet and has not been reviewed or provided by the issuer of this card.