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 depends on which card you get. The Wells Fargo Platinum card is one of the best financing options as it offers an introductory purchase APR of 0% for 18 months. After that, your remaining balance will accrue interest at a regular APR of 16.49% - 24.49% Variable, based on creditworthiness.

All Wells Fargo credit card interest rates are variable, meaning they change with the market. And 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 or excellent credit to be approved for most Wells Fargo credit cards.

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

• Wells Fargo Platinum card: 16.49% - 24.49% Variable APR; intro APR of 0% for 18 months on purchases and 0% for 18 months on qualifying balance transfers. 3% intro for 120 days, then up to 5% (min $5) balance transfer fee.
• Wells Fargo Active Cash® Card: 15.74% - 25.74% Variable APR; intro APR of 0% for 15 months from account opening on purchases and 0% for 15 months from account opening on qualifying balance transfers. 3% intro for 120 days, then up to 5% (min $5) balance transfer fee.
• Hotels.com® Rewards Visa® Credit Card: 15.74% - 23.74% Variable APR. 5% (min $5) balance transfer fee.
• Wells Fargo Business Elite Signature Card: 7.99% (V) APR.
• Wells Fargo Business Platinum Credit Card: 11.99% - 21.99% (V) APR; intro APR of 0% for 9 months on purchases and 0% for 9 months on balance transfers. Balance transfer fee: 4% (min $10).
• Wells Fargo Business Secured Credit Card: 15.9% (V) APR.

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.  Wells Fargo Active Cash requires a credit score of 700, at a minimum. That means you need good or better to get approved.

The Wells Fargo Active Cash $200 Cash Rewards bonus is redeemable within two billing cycles after it is earned. Keep in mind that 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. Also, 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.

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

There is no such thing as a Wells Fargo prepaid credit card. There are Wells Fargo credit cards, and there's a Wells Fargo prepaid card – but no combo of the two: The Wells Fargo EasyPay Card looks like a credit card and can be used almost anywhere that accepts credit cards. But this card is no longer available to new applicants. If you already have a Wells Fargo EasyPay Card, though, you can still use it.

EasyPay basically is a Visa card that isn't linked to a checking account. It's a prepaid card, so it has its own type of stand-alone account that users can load and then draw down and reload.

Since it's not a credit card, the EasyPay card doesn't report account info to the credit bureaus and won't help you build credit. But you can use the card for free at more than 13,000 Wells Fargo ATMs to withdraw cash. The ATM allows you to transfer funds from a checking or savings account to reload the card, too. Other ways to reload your prepaid card include cash or check deposits at a Wells Fargo branch. You may also set up a direct deposit from an employer or benefits provider to the prepaid card.

The EasyPay card does come with a number of fees. There is a $2.50 fee if you use the card at an out-of-network ATM. A $3 fee applies if you withdraw cash at a non-Wells Fargo bank location. The EasyPay Card also has a $5 monthly fee, which is deducted from your card balance each month.