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Wells Fargo Cash Wise Shrinks Bonus to $150

July 2, 2019
Cash Back Credit Cards, Credit Cards, Promos
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  • Wells Fargo Cash Wise Visa® Card
  • American Express Cash Magnet® Card

As a result, offers described on this page may be out of date. See our best credit cards page for updated 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 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% on Purchases and Qualifying Balance Transfers for 15 months, and then the ongoing APR of 15.99% - 27.99% 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, the Chase Freedom Unlimited® eliminated its $150 cash sign-up bonus in favor of a higher introductory rewards rate. With that card, you now get 3% cash back on the first $20,000 in purchases in the first year, and 1.5% on all other purchases.
  • 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. The current offer: Earn a $150 statement credit after you spend $1,000 or more in purchases with your new Card within the first 3 months of Card Membership. Terms Apply.

For a high bonus on a $0-fee cash-back card, consider the Bank of America® 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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