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Wells Fargo Cash Wise Visa Credit Card: Simple Rewards With 0% APR

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Wells Fargo Cash Wise Visa Credit Card: Simple Rewards With 0% APR

There’s a new 1.5% cash-back credit card on the block.

Wells Fargo recently introduced the Wells Fargo Cash Wise Visa® Credit Card, which features flat-rate cash-back rewards and a lengthy 0% APR promotion. It’s the only credit card issued by the bank today that offers flat rewards over 1%.

“We wanted to make it straightforward and simple,” Judy Teeven, the head of general purpose credit cards at Wells Fargo, told NerdWallet. “Anytime we can bring something exciting and new to the market or can update a product to meet our customers’ needs, we’re happy to do it. We’re proud to do it.”

The card is now exclusively available to Wells Fargo account holders and a small test market of noncustomers, Teeven notes.

Wells Fargo is the latest of several major issuers to add a flat-rate cash-back credit card to its portfolio. In recent years, Capital One, Chase and Barclaycard each started issuing 1.5% cash-back cards, and Citi began issuing a flat-rate cash-back card with a higher rewards rate.

The Wells Fargo Cash Wise Visa® Credit Card doesn’t come with the highest rewards rate but offers a long 0% APR period: 0% on Purchases and Balance Transfers for 12 months, and then the ongoing APR of 13.74% - 25.74% Variable APR. This makes it a strong choice for some.

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Wells Fargo Cash Wise Visa® Credit Card

Apply Now on Wells Fargo's secure site
  • Recommended Credit Score
  • 690
    850
    Good - Excellent
  • Card Details
  • Pros

    • High Rewards Rate
    • No Annual Fee
    • 0% intro APR for 12 months on purchases and balance transfers

    Cons

    Annual Fees

    $0

    APR

    • APR: 13.74% - 25.74% Variable APR

    Bonus Offers

    Earn $150 cash rewards bonus after spending $1,000 in the first 3 months

    Intro APR

    • 0% on Purchases and Balance Transfers for 12 months
  • Additional Information
    • Earn $150 cash rewards bonus after spending $1,000 in the first 3 months
    • Earn unlimited 1.5% cash rewards on virtually every purchase
    • Enjoy 1.8% cash rewards on qualified mobile wallet purchases, like Apple Pay® or Android Pay™, during the first 12 months from account opening
    • Cash rewards don't expire as long as your account remains open
    • $0 Annual Fee
    • 0% Intro APR for 12 months on purchases and balance transfers, then a 13.74%-25.74% variable APR; balance transfer fees apply
    • Get up to $600 protection on your cell phone (subject to $25 deductible) against covered damage or theft when you pay your monthly cellular telephone bill with your Wells Fargo Cash Wise Visa® Credit Card
    • Select "Apply Now" to learn more about the product features, terms, and conditions

Why the Wells Fargo Cash Wise Visa® Credit Card is a good deal

The Wells Fargo Cash Wise Visa® Credit Card’s 1.5% flat rewards rate is a big draw, especially for people who want to earn more rewards on everyday purchases. But in a crowded field, the card stands out as one of the better 1.5% cards because of its extra benefits. Here’s why it might be a good deal for you:

It has a long 0% APR period for purchases and balance transfers. The Wells Fargo Cash Wise Visa® Credit Card’s 0% APR period is good for a 1.5% cash-back card — although the Chase Freedom Unlimited℠ offers a longer period at 0%. If you’re planning to make a big purchase and pay it off over a longer period, or if you’re paying off credit card debt, it’s a good choice.

The sign-up bonus is competitive with other 1.5% cards. Wells Fargo describes the bonus this way: Earn $150 cash rewards bonus after spending $1,000 in the first 3 months.

It’s easy to manage for existing Wells Fargo customers. If you have multiple Wells Fargo accounts, such as savings and checking accounts and a mortgage, the Wells Fargo Cash Wise Visa® Credit Card gains a slight edge over similar 1.5% back credit cards.

“The convenience of being able to go to one site and see all those balances and that information, and see those due dates together — that’s a real differentiating feature for our customers,” Teeven says.

You can get automatic cell phone damage and theft coverage. If you pay your monthly cell phone bill with the Wells Fargo Cash Wise Visa® Credit Card, you get up to $600 in protection for your phone against covered damage or theft (subject to a $25 deductible).

Its rewards can be redeemed for cash at Wells Fargo ATMs, if you have a Wells Fargo debit card. Wells Fargo is the only major issuer that lets cardholders redeem cash back earned on their credit cards at ATMs. You can redeem rewards this way in $20 increments. If you prefer straight cash as a reward — instead of, say, statement credits or checks — this feature might just give you one more reason to get the card.

Rewards can also be redeemed for merchandise, gift cards, travel, charitable donations, checks, direct deposit or statement credits. For checks, direct deposit and statement credits, redemptions start at $25.

Why you might go with a different credit card

The Wells Fargo Cash Wise Visa® Credit Card is a good cash-back card, but it’s not the best choice for everyone. Here’s why:

You can get a longer 0% period, and earn a bonus with less spending. The Wells Fargo Cash Wise Visa® Credit Card offers extra rewards on mobile wallet purchases for the first year and a good sign-up bonus. However, the Chase Freedom Unlimited℠ has equally generous rewards while offering a longer 0% APR period and a lower spending threshold to earn the bonus: Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.

Its rewards rate isn’t the highest. The Citi® Double Cash Card – 18 month BT offer gives 1% back on every purchase and another 1% back on every balance paid down, about 33% more in rewards than the Wells Fargo Cash Wise Visa® Credit Card offers. The Fidelity® Rewards Visa Signature® Card also offers 2% back, though you need a Fidelity account to earn those rewards. If a high continuing rewards rate is a priority for you, these cards would beat the Wells Fargo Cash Wise Visa® Credit Card.

It comes with balance transfer fees. While the Wells Fargo Cash Wise Visa® Credit Card is one of the better balance transfer credit cards available because of its long 0% APR period and competitive rewards rate, it still comes with balance transfer fees: $5 or 3% for the first 15 months (whichever is greater), and $5 or 5% afterward (whichever is greater). If you want to avoid these fees, go with the  Chase Slate®. Although it doesn’t earn rewards, it offers a long 0% APR period and waives balance transfer fees for the first 60 days after account opening.

Convenience, with 0% APR

As more issuers throw their hats into the flat-rate cash-back ring, those 1.5% rewards rates have become the norm. To sift through the options, you need to know what else you want besides that. And if you’re a Wells Fargo customer focused on convenience, or if you want a long 0% APR period for purchases and balance transfers, the Wells Fargo Cash Wise Visa® Credit Card delivers.

This article has been updated. It was originally published July 6, 2016. 

Claire Tsosie is a staff writer at NerdWallet, a personal finance website. Email: claire@nerdwallet.com. Twitter: @ideclaire7.