Hate waiting to redeem your credit card rewards? You might be in luck: Wells Fargo now allows eligible customers to withdraw accumulated rewards from ATMs in the form of cash.
Wells Fargo customers can redeem credit card rewards at ATMs
On Feb. 4, 2015, Wells Fargo announced that eligible customers can now redeem their credit card rewards at ATMs as a cash withdrawal, in increments of $20. To be eligible, a customer must meet both of the following criteria:
- Be enrolled in Wells Fargo Rewards. Typically, this means having a Wells Fargo credit card that earns rewards.
- Have a Wells Fargo ATM or debit card.
The Nerds think this is an exciting development. In most cases, redeeming credit card rewards means waiting around for a statement credit to post to your account, or for a check to arrive in the mail. Being able to cash in practically instantaneously is a convenient and very consumer-friendly move.
It’s also worth noting that eligible customers will be able to use an ATM to redeem rewards into a qualifying Wells Fargo account or make a payment to one of their Wells Fargo loans. This feature is also available online.
Other ways to redeem rewards
Heading to an ATM is hardly a Wells Fargo credit card customer’s only option for redeeming rewards. They can also go through the Wells Fargo Rewards portal to use rewards for:
- Cash (in the form of a check or account credit. Account credits can be made into a checking or savings account, or used to make a payment toward a qualifying Wells Fargo loan or credit card).
- Gift cards.
- Digital downloads.
- Charitable donations.
It’s always preferable to see issuers providing a lot of choice in credit card rewards redemption, and on this front Wells Fargo definitely delivers.
Image via iStock.