Wells Fargo Reflect® Card Review: An Extended Break From Interest
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4.5
This card will give you plenty of time to pay down debt or finance a large purchase, without being charged interest. But it doesn't offer much in terms of ongoing value.
Pros
No annual fee
Intro APR period
Cons
No rewards
on Wells Fargo's website
Compare to Other Cards
Annual fee$0 | Annual fee$0 |
Intro APR0% intro APR for 21 months from account opening on purchases and qualifying balance transfers | Intro APR0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months |
Recommended Credit Score |
Recommended Credit Score |
Detailed review: Wells Fargo Reflect® Card
One of the latest additions to the issuer’s growing portfolio, the Wells Fargo Reflect® Card is a solid option for consumers looking to pay down debt or pay off a large purchase. The $0-annual-fee card offers an extra-long window for 0% intro APR on purchases and balance transfers, as well as the potential to extend this promotional period even longer.
That said, once the 0% intro APR ends, the card lacks ongoing rewards or additional perks that might make it worth using long-term.
Wells Fargo Reflect® Card: Basics
Card type: Balance transfer.
Annual fee: $0.
Sign-up bonus: None.
Rewards: None.
APR: 0% intro APR for 21 months from account opening on purchases and qualifying balance transfers, and then the ongoing APR of 18.24%, 24.74%, or 29.99% Variable APR
Foreign transaction fee: 3%.
Balance transfer fee: Balance transfers are subject to a balance transfer fee of $5 or 5%, whichever is greater.
Other benefit: Cell phone protection.
Benefits and perks
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 18.24%, 24.74%, or 29.99% 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.
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.
Cards that charge annual fees can often be worth it because they typically come with premium rewards and perks that offset the yearly cost. However, if your goal is to pay down debt, earning rewards should not be a main priority in a card.
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.
Drawbacks and considerations
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 of opening your account. After the intro APR offer ends, a Variable APR that's currently 16.24%-26.24% will apply. But you'll only pay a 3% balance transfer fee.
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 15 months and 0% intro APR on Balance Transfers 15 months from account opening on qualifying balance transfers, and then the ongoing APR of 20.24%, 25.24%, or 29.99% 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 0% APR card with even more rewards earning potential, consider the Discover it® Balance Transfer. It features a 0% intro APR on Purchases for 6 months and 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 17.24%-28.24% Variable APR. Plus, it comes with bonus rewards: 5% cash back on rotating quarterly categories on up to $1,500 in purchases each quarter, with activation. All other purchases get 1% cash back. Bonus categories in the past have included gas stations, restaurants, wholesale clubs and more. It charges an annual fee of $0.
For other potential alternatives, visit NerdWallet's roundup of best credit card offers.
Foreign transaction fee
The card charges a 3% foreign transaction fee, which means it will be costly to use the card abroad. If you’re planning on making purchases outside the country, there are cards that don't charge foreign transaction fees and that come with valuable benefits such as 0% APR promotions, rewards and travel perks.
The card earns an unlimited flat rate on all your spending. Plus, it features a 0% intro APR on Balance Transfers for 18 months, and then the ongoing APR of 19.24%-29.24% Variable APR. It charges an annual fee of $0.
How to decide if it's right for you
For those looking for an ultra-lengthy break from interest, the Wells Fargo Reflect® Card is a best-in-class option. Its 0% intro APR for purchases and balance transfers is one of the most competitive on the market. However, once this promotional period ends, the card doesn't offer additional perks that would make it worth using in the long term.
» MORE: Best 0% APR credit cards
on Wells Fargo's website
