Wells Fargo Reflect® Card Review: An Extended Break From Interest

Extra-long 0% intro APR period

The Wells Fargo Reflect® Card offers a lengthy interest-free period, which can make it less costly to pay down debt transferred from a high-interest card or to pay off large purchases. New cardholders get 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 17.24%, 23.74%, or 28.99% Variable APR

That's one of the longest 0% intro APR periods for purchases and balance transfers among similar cards on the market. After this interest-free period, holders will be charged the card's ongoing APR.

» MORE: Balance transfers: Benefits, drawbacks and alternatives

No annual fee

It won’t cost you anything to carry the Wells Fargo Reflect® Card, which can make it easier to hold on to it. Keeping a credit card account open for a longer period of time can positively impact your length of credit history and, subsequently, your credit score.

However, keep in mind that while it might make sense to hold on to the Wells Fargo Reflect® Card for the potential benefits to your credit history, you’ll be charged its ongoing APR once the card’s promotional period ends — and it will apply to any unpaid balance from the interest-free period in addition to new purchases.

Cell phone protection

Following a growing trend among credit cards, the Wells Fargo Reflect® Card offers cell phone protection. When you use your card to pay for your monthly cell phone bill, you can get up to $600 in coverage — up to two times per year — against theft and damage to your phone.

High balance transfer fee

The Wells Fargo Reflect® Card has one of the best introductory APR periods on the market. But the balance transfer fee of 5% (minimum $5) is still pretty hefty. Unless you need the full 21 months to pay off your balance, a balance transfer card with lower fees could be a better option.

The BankAmericard® credit card has a slightly shorter APR period: 0% Intro APR for 18 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the Intro APR offer ends, a Variable APR that’s currently 15.24%-25.24% will apply . But you'll only pay a lower balance transfer fee: 3% for 60 days from account opening, then 4%.

No ongoing rewards

The card’s interest-free period is valuable, but after the promotional APR ends, it won’t offer any long-term benefits. Earning rewards might not be top of mind while paying down debt, but there are cards that feature long 0% APR periods as well as incentives to hold on to them after their introductory offers expire.

For example, another card from the issuer — the $0-annual-fee Wells Fargo Active Cash® Card — comes with a 0% intro APR on Purchases for 12 months and 0% intro APR on Balance Transfers 12 months from account opening on qualifying balance transfers, and then the ongoing APR of 19.24%, 24.24%, or 29.24% Variable APR. In addition to this interest-free stretch, it has long-term value in the form of rewards: Holders earn an unlimited 2% cash back for purchases they make. It also comes with the following bonus for newcomers: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months.

For a card with even more rewards earning potential, consider the Chase Freedom Unlimited®. It features a 0% intro APR on purchases and Balance Transfers for 15 months, and then the ongoing APR of 18.99%-28.49% Variable APR. Plus, it comes with bonus rewards: 5% cash back on travel booked through Chase, 3% at restaurants and drugstores, and 1.5% on other purchases. New cardholders get this bonus offer: Intro Offer: Earn a $200 Bonus after you spend $500 on purchases in your first 3 months from account opening. It charges an annual fee of $0.

For other potential alternatives, visit NerdWallet's roundup of best credit card offers.

Foreign transaction fee