Wells Fargo Cash Wise Review: No Longer Available
The Bottom Line
4.7
If you're looking for a simple flat-rate cash-back card and can benefit from cell phone insurance and bonus rewards for digital wallet spending in the first year, this card's a good option. It could also be a good fit if you bank with Wells Fargo and want to keep all your accounts in one place.
Rates, fees and offers
Annual fee
$0
Rewards rate
1.5%
Bonus offer
Earn a $150 cash rewards bonus after spending $500 on purchases in the first 3 months
Intro APR
0% intro APR for 15 months from account opening on purchases and qualifying balance transfers
Ongoing APR
APR: 14.49%-24.99% Variable APR
Balance transfer fee
3% intro for 120 days from account opening, then up to 5%; min: $5
Foreign transaction fee
3%
More details from Wells Fargo
- Earn a $150 cash rewards bonus after spending $500 on purchases in the first 3 months
- Earn unlimited 1.5% cash rewards on purchases
- 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 14.49% to 24.99% variable APR; balance transfers made within 120 days qualify for the intro rate and fee
- 1.8% cash rewards on digital wallet purchases including Google Pay™ or Apple Pay® during the first 12 months from account opening
- $0 annual fee
- 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® card
- No category restrictions or sign ups and cash rewards don't expire as long as your account remains open
- Select "Apply Now" to learn more about the product features, terms and conditions
Pros and Cons
Pros
No annual fee
New cardholder bonus offer
Intro APR period
Cell phone insurance
Cons
Requires good/excellent credit
Detailed Review
» This card is no longer available
The Wells Fargo Cash Wise Visa® card is no longer accepting applications, as Wells Fargo has introduced a new cash-back card, the Wells Fargo Active Cash® Card, which offers 2% back on all purchases. Below is our review from when the Wells Fargo Cash Wise Visa® card was still available.
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The Wells Fargo Cash Wise Visa® card is a solid $0-annual-fee cash-back credit card, offering 1.5% cash back on purchases, an introductory 0% APR period and a decent sign-up bonus.
Unlike similar 1.5% back cards — of which there are many — it offers cell phone protection and a rewards boost for using digital wallets in the first year. That might make it a slightly more valuable choice if you can benefit from these specific extras. The card could also be a good match if you bank with Wells Fargo and want to keep all your accounts in one place. It's not the most valuable offer around, though; other cash-back cards offer higher ongoing rewards rates.
Wells Fargo Cash Wise Visa® card: Basics
Card type: Cash back.
Annual fee: $0.
Rewards:
1.5% cash back on purchases.
1.8% cash back for qualified digital wallet purchases, including purchases made on Apple Pay® or Google Pay™, in the 12 months after account opening.
You can redeem your rewards for a range of things, including immediate cash back from a Wells Fargo ATM, which is a unique feature among rewards cards. You can also choose direct deposit or check, charity donations, merchandise, gift cards or travel. Cash redemptions for direct deposits to qualifying Wells Fargo accounts or checks must be done in $25 increments; cash redemptions for ATM withdrawals must be done in $20 increments.
Sign-up bonus: Earn a $150 cash rewards bonus after spending $500 on purchases in the first 3 months.
APR: 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 14.49%-24.99% variable APR.
Foreign transaction fee: 3%.
Balance transfer fee: 3% intro for 120 days from account opening, then up to 5%; min: $5.
Cell phone protection: You get up to $600 of protection (with a $25 deductible) against covered damage or theft when you pay your cell phone bill with your card.
Compare to Other Cards
Benefits and Perks
Flat 1.5% rewards and a boost for digital wallet spending
The flat-rate 1.5% cash-back rewards on the Wells Fargo Cash Wise Visa® card make it an appealing choice for making everyday purchases. You don't need to memorize complicated bonus categories, and your rewards won't be capped.
Unlike similar cards, this one also offers 1.8% cash back on qualifying digital wallet spending — which includes Apple Pay® and Google Pay™, for example — in the 12 months after account opening. At the start, the perk makes it slightly more valuable for cardholders who can pay for most of their purchases this way. Also rare among cards like this one: It allows you to redeem points for cold hard cash at an ATM.
A good 0% intro period
The Wells Fargo Cash Wise Visa® card gives you an introductory APR of 0% intro APR for 15 months from account opening on purchases and qualifying balance transfers, then a 14.49%-24.99% variable APR. That's a nice introductory 0% APR deal, and it's in line with what other 1.5% cards offer.
A decent sign-up bonus
This card also comes with an easy-to-snag sign-up bonus: Earn a $150 cash rewards bonus after spending $500 on purchases in the first 3 months. Among 1.5% cards, this offer is also standard. Still, it provides a nice boost in value during the first few months of use.
Up to $600 worth of cell phone protection
When you pay your monthly cell phone bill with the Wells Fargo Cash Wise Visa® card, you get up to $600 of protection (subject to $25 deductible) against covered damage or theft. That's a relatively uncommon feature on credit cards. If you have a pricey cell phone, it could be reason enough to get this card over a similar cash-back card. Here's how it works.
Drawbacks and Considerations
Other cards offer higher rates
Although a rewards rate of 1.5% isn't bad, other cards offer higher rewards.
Take the Citi Double Cash® Card, for example, which offers an impressive 2% cash back: 1% cash back when you buy something and another 1% when you pay it off. The annual fee is $0. While it usually lacks a sign-up bonus and an introductory 0% APR offer on purchases, it comes with a deal on balance transfers: 0% intro APR on balance transfers for 18 months, and then the ongoing APR of 18.49%-28.49% Variable APR.
Foreign transaction fees
Like most cash-back cards, the Wells Fargo Cash Wise Visa® card comes with foreign transaction fees, which tacks on 3% to every purchase made abroad. If you want a 1.5% cash-back card that doesn't do this, the Capital One Quicksilver Cash Rewards Credit Card is a good option. Aside from 1.5% cash back on most purchases and no foreign transaction fees, it has an introductory APR of 0% intro APR on purchases and balance transfers for 15 months; 19.49%-29.49% variable APR after that; balance transfer fee applies. It also comes with a sign-up bonus: Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening.
To read more about potential cash-back credit card alternatives, visit our list of best credit card deals.
How To Decide If It's Right For You
If you're looking for a simple cash-back card and could benefit from cell phone protection and bonus rewards on digital wallet spending, the Wells Fargo Cash Wise Visa® card is a good option. It doesn't come with the richest ongoing rewards or most flexible redemption options, but it offers solid value.
This card gives you 1% cash back when you make a purchase and another 1% when you pay it off. The combined 2% rate is among the highest of any cash-back card. However, this offer does not include a 0% APR period for purchases.
Looking For Something Else?
Methodology
NerdWallet reviews credit cards with an eye toward both the quantitative and qualitative features of a card. Quantitative features are those that boil down to dollars and cents, such as fees, interest rates, rewards (including earning rates and redemption values) and the cash value of benefits and perks. Qualitative factors are those that affect how easy or difficult it is for a typical cardholder to get good value from the card. They include such things as the ease of application, simplicity of the rewards structure, the likelihood of using certain features, and whether a card is well-suited to everyday use or is best reserved for specific purchases. Our star ratings serve as a general gauge of how each card compares with others in its class, but star ratings are intended to be just one consideration when a consumer is choosing a credit card. Learn how NerdWallet rates credit cards.
