Rewards Credit Card Review: Wells Fargo Rewards Card

0
169
Wells Fargo

One of the best features about the Wells Fargo Rewards Card is that it has no annual fee. Cardholders earn what is called "Go Far Rewards," which is Wells Fargo's rewards currency. This card is good for travelers who aren't loyal to one specific airline.  The redemption rates are favorable on airline fees.  The Wells Fargo Card offers a wide range of redemption options including cash.  A sign up bonus favors grocery and gas spending.  You also will get a long introductory APR.

There are some drawbacks to this card.  After the 6-month bonus window, this card earns rewards at just 1 point per $1 spent.  Another disadvantage is that you must have a Wells Fargo Deposit Account or apply in person to get a card from them. This card has some requirements such as you must accumulate at least $25 in Go Far Rewards before you can redeem for bank account deposits and statement credits.  You must also have $20 in rewards before you can redeem at the ATM. The Wells Fargo Rewards Card also has a 3% foreign transaction fee for anyone who travels outside of the U.S. with regularity.

Pros


  • No annual fee
  • Cash back redemption option
  • Sign up bonus for groceries and gas
  • Long Introductory APR

Cons


  • After the 6-month bonus window, card earns a low 1 point per $1 spent
  • Must have a Wells Fargo Deposit Account to get a card, or apply in person
  • Must accumulate a minimum of $25 in Go Far Rewards before you can redeem for bank account deposits and statement credits
  • Must have $20 in rewards before you can redeem at the ATM
  • 3% foreign transaction fee
  • Points expire after 5 years (This could also be a pro, depending on how you look at it. Some cards have points that never expire but others have points that expire after 1 year)

What Other People Are Saying

Wells Fargo

"There's really nothing special about this credit card. Based on my credit score, I believe the interest rate is too high, and it takes a long time for me to earn rewards (despite regularly using the card and paying it off).  Wells Fargo is always responsive with customer service, has a good fraud protection plan in place, and makes it easy to pay the card off online through my bank account. Overall, it's a fine card, and I am satisfied enough with it that I'm not likely to get a different card with another company."

"I like that the Wells Fargo® Rewards® Credit Card offers a point based system for rewards granting more of an opportunity to spend points for things related to individual needs. I believe the late payment fee of $38 is consistent with other top leading credit cards. The only thing I don't like is the regular APR is a bit steep for the maximum value rated at 25.99% compared to an Bank of America credit card APR maxes out at 22.99% value."

Cost and Process to Join

Wells Fargo

Getting a Wells Fargo Rewards Card is harder to apply for than most cards because you must have a Wells Fargo Deposit Account or apply in person to get a card from them. Joining is free and there is no annual fee. 

Customer Service

Wells Fargo

From the reviews that I've read, the customer service is fairly good with the Wells Fargo Rewards Card.  There were also a lot of complaints, but not as many as other reward card complaints about customer service.

My Conclusion 

The Wells Fargo Card is an all around good rewards card that offers a wide range of redemption options including cash. One of the best features about the Wells Fargo Rewards Card is that it has no annual fee. This rewards card is good for travelers who aren't loyal to one specific airline.  A nice sign up bonus favors grocery and gas spending along with a long introductory APR.  A disadvantage is that after the 6-month bonus window, this card earns rewards at just 1 point per $1 spent.  

Another disadvantage is that you must have a Wells Fargo Deposit Account or apply in person to get a card from them. Unfortunately, you must accumulate at least $25 in Go Far Rewards before you can redeem for bank account deposits and statement credits.  You must also have $20 in rewards before you can redeem at the ATM. The Wells Fargo Rewards Card also has a 3% foreign transaction fee which is common with rewards cards.

For more reviews and information, check out our list of the Top Ten Rewards Credit Cards.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.