5 Things to Know About the Wells Fargo Rewards Card
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» This card is not accepting new applications
As of fall 2021, the Wells Fargo Rewards® Card was not accepting new applications. See our best rewards credit cards for other options.
The Wells Fargo Rewards® Card provides excellent value for the first six months due to its higher rewards rate in specific spending categories. After that, the party’s over — at least as far as earning bonus points is concerned.
But the card does offer a few other compelling benefits, like a $0 annual fee, flexible reward redemption options and a long introductory 0% interest period for new purchases and qualifying balance transfers.
The card shares many characteristics with the slightly more robust Wells Fargo Visa Signature® Credit Card — only that card allows you to redeem points for airfare at 50% more value. So, if you plan to redeem points exclusively for travel, the Wells Fargo Visa Signature® Credit Card may be a better choice for you.
If vacationing isn't solely your goal, though, here are five things to know about the Wells Fargo Rewards® Card.
1. Instead of a bonus, you’ll earn a higher rewards rate for 6 months
There’s no sign-up bonus with the Wells Fargo Rewards® Card. Instead, new cardholders are rewarded in a different way.
You’ll earn 5 points per $1 spent at gas stations, grocery stores and drugstores, on up to $12,500 in spending in the first six months. All other non-bonus-category purchases earn 1 point per $1 spent.
(Points are generally worth a penny each, so 50,000 points would equal $500.)
But after you hit that $12,500 spending cap or the six-month mark — whichever comes first — the value of the Wells Fargo Rewards® Card takes a steep dive. At that point, all purchases drop down to earning just 1 point per $1 spent, for good.
Many other rewards cards may lack that upfront "5X back" promotion, but they offer greater long-term value by earning at least 1.5% back — and sometimes more — on all purchases for as long as you hold the card.
What's more, with the Wells Fargo Rewards® Card, points expire after five years from the time they land in your account. That’s somewhat rare. Many other cards let you hold onto unused rewards indefinitely so long as your card account remains open.
2. There’s an introductory 0% period for purchases and qualifying balance transfers
Pay an introductory 0% APR for 15 months for new purchases and qualifying balance transfers. The introductory balance transfer fee is $5 or 3% of the amount of each balance transfer, whichever is greater, so long as you transfer a balance within 120 days. The fee increases to 5% after that, and you may no longer qualify for the introductory 0% interest rate.
That’s a generous amount of time, especially if you’re seeking a balance transfer credit card. Those can be harder to find during difficult market conditions.
3. The card offers multiple redemption options
A big benefit of the Wells Fargo Rewards® Card is the number of ways you can redeem your rewards: cash back, travel, gift cards, merchandise and charitable donations. Points are worth 1 cent each, though their value may vary if you opt for merchandise.
You can redeem for cash back in the following ways:
Statement credit.
Direct deposit to an eligible Wells Fargo account, like a checking or savings account, or even a mortgage or other loan.
Paper check.
Withdrawal from a Wells Fargo ATM (you must have a Wells Fargo debit or ATM card).
4. You can pool your rewards with others
If you carry multiple Wells Fargo credit cards that earn Wells Fargo Rewards, your points will all land in the same account. But you can take account consolidation a step further and combine your points with others with a Rewards Pool. You can establish a pool yourself or contribute to someone else’s. Choose your companions carefully, however, especially if you aren’t the owner of a pooled account. Once you contribute points, the decision is final, and only the account owner can redeem them.
5. There are side perks, too
The Wells Fargo Rewards® Card runs on the Visa payment network, and it includes these Visa benefits:
Car rental collision coverage.
Roadside assistance.
Travel accident insurance.
The card also offers up to $600 in cell phone protection if you use it to pay your monthly bill. This feature protects phones in the event of damage or theft, but it doesn’t cover lost phones.
The information related to the Wells Fargo Rewards® Card and Wells Fargo Visa Signature® Credit Card has been collected by NerdWallet and has not been reviewed or provided by the issuer or provider of this product or service.
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