If you’ve received an invitation for the Wells Fargo Active Cash credit card, you’re probably wondering if it’s worth it. This card has been gaining attention for its enticing welcome bonuses and decent reward points. Let’s dive into what makes this card stand out.
Welcome Bonus and Intro APR
The Wells Fargo Active Cash credit card offers a welcome bonus of $200 once you spend $500 on purchases within the first three months. This is a fair trade, considering that many people spend more than $500 in a single month. You’ll likely hit that bonus within the first month or even the first week.
Additionally, the card offers a 0% intro APR for the first 15 months on purchases and qualifying balance transfers. To qualify for this, you should have a credit score of at least 670 or higher. If you plan to take advantage of the 0% intro APR on balance transfers, make sure to do so within the first 120 days of opening the account.
Comparison with Chase Freedom Unlimited
The Wells Fargo Active Cash credit card is often compared to the Chase Freedom Unlimited credit card. Both cards offer similar welcome bonuses and zero annual fees. However, the key difference lies in the reward points.
The Wells Fargo Active Cash credit card offers unlimited 2% cash rewards on all purchases. In contrast, the Chase Freedom Unlimited card offers 1.5% cash back on general purchases, with higher percentages in specific categories like drugstores and food.
Who Is This Card Good For?
This card is ideal for those who prefer straightforward rewards without the hassle of tracking eligible categories. You earn 2 cents per dollar spent on any purchase, whether it’s travel, food, or drugstore items. This makes it a good starter card for those new to the credit card world.
How to Redeem Rewards
Once you accumulate rewards, you have several redemption options:
- Cash back
- Statement credit
- Travel
- Gift cards
- Merchandise
Note that cash back and statement credits will need to be deposited into a Wells Fargo checking or savings account.
Fees and Charges
The Wells Fargo Active Cash credit card has no annual fees, which is a significant advantage. However, there are some other fees to be aware of:
- Late payment fee: $40
- Foreign transaction fee: 3% of the purchase amount
The foreign transaction fee can add up if you frequently make purchases outside the country. For instance, a $300 purchase would incur a $9 fee. It’s advisable to use a different card without foreign transaction fees for international purchases.
Credit Limit and Visa Signature Benefits
As a Visa Signature card, the Wells Fargo Active Cash credit card comes with a minimum credit limit of $5,000. Your actual limit will depend on your income and creditworthiness.
Visa Signature cards offer additional benefits, including:
- 24/7 concierge service for booking flights, hotels, and event tickets
- Access to the Visa Signature Luxury Hotel Collection with premium benefits like room upgrades, complimentary in-room Wi-Fi, and free breakfast for two
Additional Card Features
The Wells Fargo Active Cash credit card also offers several other features:
- Zero Liability Protection: You won’t be responsible for unauthorized transactions.
- Cellular Telephone Protection: Up to $600 of protection for your cell phone if you pay your monthly bill with this card. Note that there’s a $25 deductible.
- Contactless Tap to Pay: A convenient feature available on most credit cards nowadays.
- Advanced Security Features: Includes voice verification and two-step verification to protect against unauthorized use.
- Mobile App: Wells Fargo offers a mobile app for 24/7 account management.
- Credit Close-Up: Allows you to check and track your FICO score at all times.
Pros and Cons
Let’s summarize the pros and cons of the Wells Fargo Active Cash credit card:
Pros:
- Generous welcome bonus
- 0% intro APR for 15 months
- No annual fees
- Unlimited 2% cash rewards on all purchases
- Additional Visa Signature benefits
- Zero Liability Protection and Cellular Telephone Protection
Cons:
- Foreign transaction fee
- $40 late payment fee
- Requires a Wells Fargo account for certain redemptions
Overall Recommendation
If you’re in the beginning stages of building your credit, the Wells Fargo Active Cash credit card is a solid choice. Despite some people’s reservations about Wells Fargo, this card offers a lot of value, especially for beginners. The unlimited 2% cash rewards, generous welcome bonus, and no annual fees make it a compelling option.
If you already have this card, share your experience in the comments below. Your insights could help others make an informed decision. For those still on the fence, consider your spending habits and whether the card’s benefits align with your needs.
Conclusion
The Wells Fargo Active Cash credit card is a strong contender for anyone looking to enter the credit card world. With its straightforward rewards system, generous welcome bonus, and no annual fees, it’s hard to go wrong. While it does have some fees to watch out for, the overall benefits make it a worthwhile addition to your wallet.
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