Wells Fargo Cash Wise Shrinks Bonus to $150
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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%-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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