Wells Fargo Cash Wise Visa® Card Review
The Wells Fargo Cash Wise Visa® Card is a cash back credit card with no annual fee and a solid rewards scheme that treats all spending equally. It also has a very nice introductory APR promotion, making it a great candidate for new cardholders seeking to transfer existing high-interest balances or finance large purchases shortly after opening their accounts. And its sign-up bonus is well above average for a no-annual-fee cash back card.
If you’re looking for a general-purpose cash back card, Wells Fargo Cash Wise Visa Card is worth a closer look.
You get a $200 cash bonus after spending $1,000 on purchases within the first 3 months.
Wells Fargo Cash Wise Visa Card earns an unlimited 1.5% cash back on all purchases. There are no category restrictions or periodic sign-up or activation requirements, and your accumulated cash back rewards don’t expire as long as your account remains open.
Once you accumulate at least $25 in cash back rewards, you can redeem for statement credits, paper checks, or Wells Fargo bank account deposits. There is an exception to the $25 threshold: If you have a Wells Fargo debit or ATM card, you can redeem at ATMs in $20 increments.
If you prefer non-cash redemptions, you can redeem at the Go Far Rewards portal for gift cards, merchandise purchases, and travel purchases (such as airfare and hotels). However, non-cash redemptions tend to have less value than cash redemptions.
Cash Wise has a 12-month 0% APR promotion on purchases and balance transfers. The balance transfer rate applies to transfers made at any time during the promotional period.
Cash Wise comes with Wells Fargo’s overdraft protection service. This feature connects your Wells Fargo checking account with your credit card account, preventing checking account overdrafts. When you initiate a checking transaction that would normally cause an overdraft, Wells Fargo automatically covers the negative amount with a cash advance on your Cash Wise card’s available credit line.
Each transfer costs $12.50 if the total transfer is less than $50. Transfers greater than $50 cost $20. You’re not charged for multiple transfers on the same day, so $20 is the most you’ll pay for this privilege in any given 24-hour period. Keep in mind that the regular cash advance interest rate accrues on all overdraft protection transfers.
There is no annual fee to carry this card. The foreign transaction fee is 3%, and balance transfers cost the greater of $5 or 3% (for the first 12 months only, after which it goes up to the greater of $5 or 5%). Cash advances cost the greater of $10 or 5%, while late and returned payments both cost $37.
Cash Wise comes with a pretty nice lineup of additional benefits. These include:
This card requires good to excellent credit.
There’s something about 1.5%. In the cash back credit card universe, it’s an increasingly common ratio for unlimited, non-category-specific cash back rewards: an apparent sweet spot between the mediocre 1% baseline and the generous 2% offered by Citi Double Cash and a handful of lesser-known cards.
The unlimited 1.5% cash back on the Wells Fargo Cash Wise Visa® Card – helped along by the bonus introductory rate on Android Pay™ and Apple Pay® purchases – is mighty attractive. However, 1.5% cash back is pretty common these days – Capital One Quicksilver, Capital One QuicksilverOne, and Chase Freedom Unlimited all offer the same deal, so it may be prudent to analyze all the various options and go with the one that fits you best.
The Wells Fargo Cash Wise Visa® Credit Card is a good general-purpose cash back credit card that doesn’t care what you spend your money on – though it does offer a nice introductory incentive to finally join the mobile payments bandwagon. With no annual fee and no cash back earning caps, this is an ideal card for moderate and heavy spenders. However, it’s not ideal for people who travel out of country frequently, nor for people who concentrate their spending in a few categories without exceeding the spending caps that some category-specific cards (such as Chase Freedom) impose.
No annual fee, a great sign-up bonus, a long intro purchase and balance transfer APR, a solid introductory bonus on mobile wallet purchases, no activation requirements, and no penalty APR are all nice. The cash redemption threshold and foreign transaction fees all hurt. Overall, a good cash back card for general spending.
Editorial Note: The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
Brian Martucci writes about frugal living, entrepreneurship, and innovative ideas. When he’s not interviewing small business owners or investigating time- and money-saving strategies for Money Crashers readers, he’s probably out exploring a new trail or sampling a novel cuisine. Find him on Twitter @Brian_Martucci.
Comments Disclosure: The below responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser’s responsibility to ensure all posts and/or questions are answered.
Wells Fargo Cash Wise Visa® Card Review
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