Wells Fargo Cash Wise Review: 1.5% Back, Plus a Few Perks

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: At a glance

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% to 24.99% variable APR.

Foreign transaction fee: 3%.

Balance transfer fee: 3% for 120 days from account opening, then up to 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.

» MORE: Top credit cards that offer cell phone insurance

Benefits of the Wells Fargo Cash Wise Visa® card

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% to 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.

» MORE: Wells Fargo credit cards mobile app review

Drawbacks of the Wells Fargo Cash Wise Visa® card

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 – 18 month BT offer, 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 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 13.99% - 23.99% 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 all purchases and no foreign transaction fees, it has an introductory APR of 0% intro APR on Purchases for 15 months, and then the ongoing APR of 15.49% - 25.49% Variable APR. It also comes with a sign-up bonus: One-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening.

» MORE: NerdWallet's best no foreign transaction fee credit cards

To read more about potential cash-back credit card alternatives, visit our list of top credit card options.

Should you get the Wells Fargo Cash Wise Visa® card?