Are you looking for a credit card that will reward you whether you’re purchasing a pack of gum or buying a diamond ring? The Wells Fargo Cash Wise Visa® Card may be just that card with its 1.5 percent cash back on every purchase. The card also provides an impressive signup bonus that will leave you with $200 extra in your pocket if you spend at least $1,000 within the first three months of opening your account.
This card offers practical perks that appeal to people who want a card that is part of their lifestyle. In this review, we’ll cover the key features of the card and its pros and cons.
The starting point is the $200 up front bonus. Spend $1,000 on the card within the first three months and you earn the bonus. Beyond cash, the Wells Fargo Cash Wise Visa® Card comes with a variable APR between 13.74% and 25.74%. However, there is a 0% introductory APR on both purchases and balance transfers for the first 12 months. A 3% fee applies to balance transfers, but not purchases. This is a straightforward, no-nonsense card with perks and rewards that are very easy to make sense of.
What We Like About the Wells Fargo Cash Wise Visa® Card
A lot of cash back credit cards make you do your homework by only providing cash back in select purchase categories. This usually means that your card is only working overtime for you when you dine out or pump gas. The big factor that sets the Wells Fargo Cash Wise Visa® Card apart is that every purchase you make will earn you 1.5 percent back.
This can add up to a lot if you tend to reflexively make most of your purchases using your credit card. This card also offers some good news for tech lovers. It comes with a built-in reward rate of 1.8 percent for purchases made with Apple Pay™ and Android Pay™ for the first year.
The Wells Fargo Cash Wise Visa® Card goes a bit further with its tech-oriented perks. It offers phone insurance for cardholders. Cardholders simply need to pay their phone bills using their Wells Fargo Cash Wise Visa® Card to receive coverage for up to $600 for a stolen or damaged phone. If you take advantage of this feature, there is a $25 deductible.
One perk that is likely to get a lot of customers excited is that rewards earned from the card can be redeemed for cash at Wells Fargo ATMs using a Wells Fargo debit card. Cash rewards are dispensed in increments of 20. This perk highlights the fact that this card is all about connecting customers with their money instead of forcing them to apply it to statement credits.
Where the Wells Fargo Cash Wise Visa® Card Is Lacking
There has been a huge push to offer big bonuses and perks to customers in the credit world in recent years. This has caused some people to have high expectations when it comes to what they can get when they sign up for credit cards. It appears that Wells Fargo has chosen to take the approach of keeping things sweet and simple as a way to rise from the ashes of the ongoing war of incentives in the card industry.
The Wells Fargo Cash Wise Visa® Card asks customers to trade in their great expectations for consistency and ease. It certainly doesn’t offer the best or biggest perks and bonuses out there. That’s not uncommon for a credit card that does not charge an annual fee. What it does offer is a way to consistently earn cash back without putting much thought into it or amending the way you shop, dine or travel.
Simple Rewards Can Go Far
What you see is what you get with the Wells Fargo Cash Wise Visa® Card. It is a perfect card for a person who doesn’t like to carry cash because it rewards every purchase you make. It is also a great choice for someone looking for their first credit card because it offers an easy way to start earning rewards on simple, everyday purchases.
The Wells Fargo Cash Wise Visa® Card is a great choice if you’re looking for a solid card that might not take your breath away with amazing perks and flashy rewards. It definitely succeeds at being an everyday card for everyday people.
Updated October 23, 2017 and originally published July 31, 2017.