Wells Fargo Credit Card Reviews

You can use Wells Fargo rewards points for travel, cash back, gift cards, or merchandise. Wells Fargo rewards points are typically worth 1 cent each, depending on how they're used. Wells Fargo also requires rewards point redemption in increments of $20 or $25, depending on the redemption method.

Newly earned Wells Fargo rewards points are available to redeem the day after your billing cycle ends. Points don't expire as long as your account remains open, and you can save up as many as you want.

It is also worth mentioning that there are three ways to redeem Wells Fargo points: Online, by phone, or through a Wells Fargo ATM.

Here's how to redeem Wells Fargo rewards points:

• Online: To redeem online, log in to the Wells Fargo Rewards portal and click “Use.” Then, select the type of redemption you want. If you prefer to redeem
• Phone: To redeem by phone, call (877) 517-1358. These two methods require you to redeem points in $25 increments if you want gift cards or cash back. The cash back options are a check, a direct deposit, or a statement credit toward a Wells Fargo account balance. For travel and merchandise, you can redeem points up to your available rewards balance, regardless of the amount.
• ATM: To redeem points for cash back at Wells Fargo ATMs, enter your PIN, and choose the rewards option. Then, select an amount in multiples of $20 (2,000 points).

You can earn Wells Fargo rewards points – officially called “Wells Fargo Rewards” points – with two cards: The Wells Fargo Rewards® Card and the Wells Fargo Visa Signature® Card. Keep in mind that transactions such as cash advances and balance transfers do not earn rewards points – only purchases do.

You'll get the best value for your Wells Fargo rewards points if you spend them on travel, cash, statement credits, or gift cards. You may even be able to catch the occasional sale on gift cards and get them for fewer points than normal.

You can only cancel your Wells Fargo credit card over the phone at (800) 642-4720. But if your card is lost or stolen, you should report it immediately, by calling the same phone number.

Before completely cancelling your card, though, make sure you're doing it for the right reasons. It might make sense for a card with an annual fee that you don't plan to use anymore, for instance. But if your Wells Fargo credit card isn't costing you any money, you're better off keeping it open. In general, the more available credit you have, the better it is for your credit score. An account with zero balance also helps your credit utilization. Plus, you'll still get credit for paying on time every month.

To cancel a Wells Fargo credit card:

• Pay any pending balance and redeem your rewards first.
  You won't be able to close your account with an unpaid balance, and you'll lose any unredeemed rewards once your account is closed.
• Call Wells Fargo credit card customer service at (800) 642-4720.
  Enter your card number, press the pound key and tell the representative that you'd like to close your account.
• Wells Fargo will close your account immediately.
  They will mail a letter formally confirming the change within 10 business days of your call.
• Check your free credit report.
  At the very least, make sure to do so two months after receiving Wells Fargo's letter, to confirm the account is closed.

Keep in mind that the credit score implications are at least worth considering before you cancel any credit card account, especially if you plan to take out a big loan in the next six months or so. In any case, it's always good to have an escape plan, so all Wells Fargo cardholders should know how to cancel their accounts should the need arise.

Ultimately, after closing your Wells Fargo credit card, you may want to re-evaluate how much you spend on any other credit cards you may have. Closing a credit card means you have less available credit, and thus possibly higher credit utilization, which can be bad for your score. You can monitor your credit score with WalletHub's free daily updates to ensure that your credit isn't affected by closing your Wells Fargo account.

The Wells Fargo credit card interest rate is typically within the range of 17.24% - 29.24% Variable, depending on which card you get and your creditworthiness. The Wells Fargo Reflect® Card is one of the best financing options as it offers an introductory purchase APR of 0% for up to 21 months from account opening on both purchases and balance transfers. After that, your remaining balance will accrue interest at a regular APR of 17.24% - 29.24% Variable, based on your creditworthiness. The card also has a balance transfer fee of 3% intro for 120 days, then up to 5% (min $5).

All Wells Fargo credit card interest rates are variable, meaning they change over time due to market rate fluctuations. Plus, most are expressed as a range. The better your credit is, the better your chances of getting a lower interest rate. Keep in mind that you'll need good credit to be approved for most Wells Fargo credit cards.

Here are the Wells Fargo credit card interest rates by card:

The Wells Fargo Reflect card's regular APR is 17.24% - 29.24% Variable. The card also has an intro APR of 0% for up to 21 months from account opening on both purchases and balance transfers. There's also a balance transfer fee: 3% intro for 120 days, then up to 5% (min $5).

The Wells Fargo Active Cash card's regular APR is 19.24% - 29.24% Variable. The card also has an intro APR of 0% for 15 months from account opening on both purchases and balance transfers. There's also a balance transfer fee: 3% intro for 120 days, then up to 5% (min $5).

The Wells Fargo Autograph Card's regular APR is 19.24% - 29.24% Variable. The card also has an intro APR of 0% for 12 months from account opening on purchases. The regular APR applies to balance transfers, too. There's also a balance transfer fee: 3% intro for 120 days, then up to 5% (min $5). 

You always want to have the lowest interest rate possible, but that's also assuming you'll need to be paying interest. If you commit to paying off your card every month and not spending above your means, it won't matter what the interest rate is. And then, when you know you have a large purchase coming up that will take time to pay off, you can get a card with a 0% APR. Just make sure you pay off the balance before the 0% APR period ends.

To get the Wells Fargo $200 Cash Rewards bonus, you have to get approved for the Wells Fargo Active Cash® Card and spend $1,000 within the first 3 months from account opening. Keep in mind that Wells Fargo Active Cash requires at least good credit.

In addition to its $200 Cash Rewards bonus, Wells Fargo Active Cash features a $0 annual fee and offers 2% cash rewards. And your cash rewards don't expire as long as you keep your Wells Fargo Active Cash account open.

Key Things to Know About the Wells Fargo Initial Bonus

• The Wells Fargo credit card initial bonus is redeemable within 1 -2 billing cycles after it is earned.
• Certain transactions such as cash advances and equivalents, balance transfers, along with fees and interest of any kind do not go toward earning you the initial bonus.
• If you opened a Wells Fargo credit card 15 months from the date of your application and received introductory APR(s), fees, and/or bonus rewards, you may not be eligible for the initial bonus and/or introductory APR(s) and fees.

It's also worth noting that there is one more Wells Fargo credit card offering a good bonus, the Wells Fargo Autograph℠ Card. This card gives 20,000 points for spending $1,000 in the first 3 months. Plus, cardholders get good on purchases. There are also several more credit cards with a $200 bonus, from different issuers, like Chase Freedom Flex℠.

There is no such thing as a Wells Fargo prepaid credit card. To be more precise, Wells Fargo issues either secured cards or prepaid debit cards – but no combination of the two. As a matter of fact, this is the case with all issuers. Right now, Wells Fargo doesn't issue any secured credit cards.

Wells Fargo might not offer prepaid credit cards, but this doesn't mean that you're out of options. There are several good secured credit cards (the official term used for prepaid credit cards) available on the market to choose from. Just remember that to get a secured card, you will need to put down a refundable security deposit. The security deposit is held by the issuer as collateral and also serves as your credit limit.

Some of the Best Secured Credit Cards:

Ultimately, you can check out our editors' latest picks for the best secured credit cards to weigh your options.