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For every passionate credit card points guru out there, there’s someone else who just wants simple, no-hassle rewards they can easily redeem.
If that sounds like you, it’s hard to go wrong with a cash back card like the Wells Fargo Cash Wise Visa® Card. With its solid 1.5% cash rewards rate on purchases and bonus rate of 1.8% cash rewards on qualified mobile wallet purchases in the first 12 months from account opening, you can rack up some pretty significant rewards — and since you can redeem rewards for cash, you can use them for anything your heart desires.
Built-in cellphone protection (up to $600, subject to a $25 deductible) if you pay your cellphone bill with the card and a bonus of $200 cash rewards if you spend $1,000 in purchases within the first 3 months of opening your account sweeten the pot for this one. But is a cash back card right for you? And if so, is this the best card for you? Read on for the full scoop.
|What we like||Heads up|
|APR||0% introductory APR for the first 12 months on purchases and balance transfers (then 15.99% - 26.99% variable APR for both purchases and balance transfers)||APR goes up to a variable 15.99% - 26.99% on purchases and balance transfers after the intro period (balance transfers made within 120 days qualify for the intro rate)|
|Fees and penalties||$0 annual fee||
3% foreign transaction fee
An intro balance transfer fee of $5 or 3%, whichever is greater, on balance transfers made within 120 days of opening the account (the fee goes up to the greater of $5 or 5% on balance transfers made after 120 days)
1.5% unlimited cash rewards on purchases
1.8% cash rewards on qualified mobile wallet purchases for the first 12 months after account opening
|Other benefits||Up to $600 cellphone protection (for covered damage or theft) if you pay your cellphone bill with the card (subject to $25 deductible)|
- The rundown: Everything we like about Wells Fargo Cash Wise Visa® Card
- Heads up: What you should consider before applying for Wells Fargo Cash Wise Visa® Card
- Do the math: How to get the most out of the Wells Fargo Cash Wise Visa® Card
- The competition: How Wells Fargo Cash Wise Visa® Card stacks up against similar cards
- Bottom line: Is the Wells Fargo Cash Wise Visa® Card right for you?
There’s a lot to like about the Wells Fargo Cash Wise Visa® Card.
With a flat unlimited rate of 1.5% cash rewards on purchases, the Wells Fargo Cash Wise Visa® Card can earn you solid rewards, with no need to remember to target specific categories or merchants to get the most out of your rewards. For someone who wants simple, no-hassle rewards, this is a great place to start.
Sweetening the deal, you can earn a higher rewards rate of 1.8% cash rewards on qualified mobile wallet purchases for the first 12 months from opening your account.
The Wells Fargo Cash Wise Visa® Card also comes with a cash rewards bonus of $200 when you spend $1,000 in purchases in the first 3 months of opening your account.
Protect your cellphone
Aside from the standard perks and rewards, you can get up to $600 protection against covered damage or theft of your phone if you pay your mobile phone bill with your Wells Fargo Cash Wise Visa® Card. Note: This is subject to a $25 deductible, and there’s a maximum of $1,200 in claims every 12 months.
Low intro APR
The card offers a 0% intro APR on purchases and balance transfers for the first 12 months after account opening (balance transfers made within 120 days qualify for the intro rate). After the intro period, the APR jumps to a variable 15.99% - 26.99% on both purchases and balance transfers. Watch out for that balance transfer fee, though. There’s an intro balance transfer fee of $5 or 3% of the amount of each balance transfer, whichever is greater. After that, the balance transfer fee is the greater of $5 or 5% of the amount of each balance transfer.
No annual fee
No need to worry if you’ll earn enough rewards with this card to offset its annual fee, since it doesn’t have one.
This is a solid cash back card to use domestically, but if you’re looking for a card to use internationally, you might want to look elsewhere. Travel credit cards can offer higher rewards rates and larger sign-up bonuses, so another card may get you more bang for your buck if you’re hoping to use the rewards for travel. Even more crucially, the Wells Fargo Cash Wise Visa® Card has a 3% foreign transaction fee, meaning that using it for shopping abroad could get expensive quickly.
If you love doing the research to squeeze the greatest possible value out of your credit cards, you may also prefer a credit card with higher earnings rates in specific categories, like the Chase Sapphire Preferred® Card.
Also note that Wells Fargo Cash Wise Visa® Card calls for a $20 minimum to redeem cash rewards via ATM and a $25 minimum for redemption by phone or online. So you should be comfortable waiting to redeem your rewards until they’ve crossed that threshold.
Part of the appeal of the Wells Fargo Cash Wise Visa® Card is its simplicity: For the most part, use your card for purchases and you’ll get the solid 1.5% cash rewards. But there are a couple of things you can do to make sure you’re getting the most out of your earnings.
Pay your phone bill
One of the unique perks of the Wells Fargo Cash Wise Visa® Card is cellphone protection for covered damage or theft if your phone is damaged or stolen. So try to pay your cellphone bill with your card so that you qualify should that day come.
Use mobile wallets whenever possible in the first 12 months
Using Apple Pay® and Google Pay™ in the first 12 months of opening your account can get your cash rewards bumped to 1.8% on qualified mobile wallet purchases. So keep your eyes peeled for mobile wallet readers at your favorite shops — the rewards can really start to add up.
Traveling abroad? Keep it in your wallet.
With its 3% foreign transaction fee, this card is an expensive choice while out of the country.
|Best for||Credit card|
|Sign-up bonus with minimum spend|
|Flat cash back rate|
Similar to the Wells Fargo Cash Wise Visa® Card, the Chase Freedom Unlimited® offers solid 1.5% cash back on purchases. Plus the Chase Freedom Unlimited® offers a smaller bonus ($150) with a smaller spend requirement ($500 on purchases in your first 3 months from account opening). So if you’re looking to make a smaller initial spend and still earn a bonus, this could be a better fit for you.
The Citi® Double Cash Card offers 2% cash back: 1% on purchases when you buy, and then another 1% when you pay off those purchases. That total clocks in better cash back earnings than the 1.5% you get with the Wells Fargo Cash Wise Visa® Card — as long as you stay on top of your credit card payments.
The Capital One® Quicksilver® Cash Rewards Credit Card is a pretty similar offering to the Wells Fargo Cash Wise Visa® Card.
The big difference? It has no foreign transaction fee, making it a cash back card that won’t cost you extra to use while traveling abroad.
From cardholders in the last year
If you’re looking for a simple cash back card with a solid rewards rate, consider the Wells Fargo Cash Wise Visa® Card. It’s a top contender among the no-fuss cash back card category. And it’s an especially good value if you’re able to make use of the cellphone protection plan and the first-year mobile wallet bonus cash rewards rate. Just watch out when taking this card abroad.