Wells Fargo Cash Wise Shrinks Bonus to $150

Cash Wise used to offer one of the richest bonuses on any no-fee cash-back card. Not anymore.
Paul SoucyJul 2, 2019
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The terms of several offers on this page have changed, so this article is out of date. Click card names in the article to see the current offers. 

Wells Fargo has reined in the bonus offer for new cardholders on the Wells Fargo Cash Wise Visa® card, which had been among the richest welcome offers on any no-annual-fee cash-back credit card.

As of July 2, 2019, the Wells Fargo Cash Wise Visa® card offers the following sign-up bonus: Earn a $150 cash rewards bonus after spending $500 on purchases in the first 3 months. Previously, new cardholders could have earned a $200 bonus for spending $1,000 in the same amount of time. A $150 bonus is more or less the industry standard for no-fee cash-back cards in 2019.

On the other hand, the issuer also lengthened the introductory 0% APR period on the card. You now get an APR of 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 14.49% to 24.99% variable APR. That's three months longer than before.

The Wells Fargo Cash Wise Visa® card earns a flat 1.5% cash back on purchases and an annual fee of $0, which matches the terms on an array of cards. The 1.5% field has been churning a bit of late:

  • In April 2019, the Chase Freedom Unlimited® eliminated its $150 cash sign-up bonus in favor of a higher introductory rewards rate: 3% cash back on the first $20,000 in purchases in the first year, and 1.5% on all other purchases. In October 2019, however, the card ditched the 3% promotion and went back to the cash bonus.

  • The American Express Cash Magnet® Card, introduced in summer 2018, formerly featured a two-tiered bonus offer for new cardholders worth up to $250. That's since been reduced.

For a high bonus on a $0-fee cash-back card, consider the Bank of America® Customized Cash Rewards credit card: $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening. That card pays 3% cash back in a category of your choice and 2% cash back at grocery stores and wholesale clubs, on up to $2,500 per quarter in combined choice category/grocery store/wholesale club spending. All other purchases earn 1%.

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