Wells Fargo Rewards Card Reviews - What Is It?
DO NOT USE Wells Fargo Rewards Card!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
The Wells Fargo Rewards Card is one of the rewards credit cards offered to consumers by Wells Fargo at present. It can be difficult to differentiate between bank credit cards if they come with rewards. The cards' names don't give enough insight: Visa Signature, Rewards Card, Cash Wise. Some credit cards offer zero interest while others come with bonuses in the form of points. Some cards offer one reward point for each dollar you spend, while others will give you five dollars depending on your purchases. To help you sort things out, let's take a look at the features of the Wells Fargo Rewards Card. This card has a definite rewards structure, and we will look at its basic principles right now. The first perk is that the first twelve months of having this card are pretty lucrative because you will enjoy 0% APR and get points bonuses. These points can be redeemed for cash, gift cards, merchandise, or travel. They have a cash value of one point for every $0.01. It means that 10,000 points are worth $100. You are expected to get one point for a dollar you spend.
One of the best perks is that within the first six months of having the card you will be given five points for every dollar spent in such categories as groceries, gas, purchases made at Target and Walmart, as well as drugstore. Your rewards will be automatically calculated and deposited into your account one or two billing cycles after making a purchase. The company doesn't decide when to give you the bonus; but it has something to do with merchant codes. These are codes given by a business to Visa. There is 0% interest on balance transfers and purchases for the first twelve months of owning the card. That period starts the day you are approved for the card, not when you get the card. It is unfair a little bit because it may take a week or two to arrive. If you have a balance after twelve months, the company will charge you interest despite the fact that your purchases were made during the promo period. If you paid your balance down to $2,000 and spent $5,000 on balance transfers and purchases in the first twelve months, Wells Fargo will charge you interest on the $2,000.
Customer Reviews - Does Wells Fargo Rewards Card Really Work?
As we have already mentioned, Wells Fargo will automatically deposit your points to your account but they will appear in your account after one to two billing cycles. After the first year of owning this card, you will see a significant decline in your benefits. Forget about the 5x bonus points and you will be left with the basic benefits. Your normal APRs will kick in. Making a purchase with your card after the first six months, you will get only one point for every spent dollar, except for off-track wagers, Internet bets or wagers, lottery tickets, casino gaming chips, money orders, and pre-paid gift cards. You can redeem your points in a few different ways: deposits to checking/savings/credit card accounts, gift/merchandise cards through the Go Far rewards mall, paper check or ATM withdrawals. You can choose any of these ways to redeem your points. The Go Far rewards mall is a store run by the company online. It allows you buying gift cards, merchandise, and travel with your points. You can have your rewards balance deposited back to your card or sent to your checking/savings account, but for doing so you will need to have at least 2,500 points ($25). You can also withdraw rewards via a Wells Fargo ATM in increments of 2,000 points ($20).
The Wells Fargo Rewards Card offers another nice perk - cell phone protection which is available only if you make your monthly cell-phone bill payments with this card. In case if your phone is damaged or stolen, you will be able to make a claim with the insurance company and get a compensation of up to $600 twice a year. However, you will have to pay a $25 deductible for every claim. By the way, the insurance is not valid for a lost phone. The card's official website claims that you will get enrollment in their Credit Defense Platinum program. You will be alerted if your social security number is used on a shady website. We have found out that Wells Fargo has ended the program and it can be used only by those who are already enrolled in it.
During our research we have encountered a number of expert and consumer reviews about the Wells Fargo Rewards Card. Generally speaking, these reviews are average - not so good and not so bad. Some people noted that the bonus points offered up front are nice, but the rewards are so much fewer afterwards. Let us take a look at some real customers' reviews available o third-party websites. One woman says that he balance transfer fee has increased from 3% to 5% after the first year when the intro APR expired. She is also in despair because returned and late payments come with penalties of up to $37.00. She has also to pay fees for overdraft protection advances and cash advances. Some other cardholders claim that they I want better rewards saying that, for example, Barclaycard Arrival Plus World Elite Mastercard and the Venture from Capital One offer 2.00x points on all purchases. The Chase Sapphire Reserve Card allows you to earn up to 3.00x points on certain categories. Travel perks are also not enough. Some airline reward cards offer discounted, lounge access, and complimentary companion tickets, as well as free checked bags and priority boarding. Here are some other testimonials on the Wells Fargo Rewards Card.
"I have the WellsFargo Rewards card and I am quite satisfied with my saving, checking, and IRA accounts, but the Rewards Program on card is just the worst -I have ordered rewards two times and I never received them. I even paid for three day shipping the second time. They never provided me with a tracking number to find the order or sent the order at all. Ten days afterwards they still don't know how to solve this problem - they just tell me to wait. This is the worst customer service ever!"
"To tell you the truth, Wells Fargo RewardsCard is a bad deal, just like the company itself. The items they offer in their online store are too expensive. The card itself is not worth getting, since it offers questionable rewards. My advice - stay away from this company!"
"Beware of the Wells Fargo Rewards Card if you use the rewards! I got this card in mid-November and after half-a-year of owning the card I can say with confidence - the rewards on this card aren't anything to raise an eyebrow over. There are worthier options over there."
My Final Summary
Taking into account everything we have learnt about the Wells Fargo Rewards Card, we are not impressed with the product. It has a number of disadvantages. Outside the sign-up bonus categories, this card earns rewards at a very low pace: just one point per $1 spent on net purchases. There are cards that work better (Chase Sapphire Preferred and BankAmericard Travel Rewards). Bedsides, with this card you must have a Wells Fargo Deposit Account. If you don't, you will need to open one in person or online before applying for a Wells Fargo Rewards credit card. Next, this card requires you to have at least $25 in Go Far Rewards (2,500 points) in order to be able to redeem them for statement credits and bank account deposits, or $20 in rewards (2,000 points) to redeem them at the ATM. Similar competitors don't have minimum cash redemption thresholds. Foreign transaction fee on this card is 3%. Based on our research, the Wells Fargo Rewards Card cannot be recommended to usage.
Wells Fargo Rewards Card Pricing and Rates
This card features the following charges and fees. APR on balance transfers and purchases is 18.15%-26.99%, which is pretty high compared to other cards of the kind. There is no annual fee. Balance transfer fee is 3% during the first year and 5% afterwards. Late/returned payment fee is $37.