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.

There are three ways to redeem Wells Fargo points: online, by phone, or through a Wells Fargo ATM. 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 by phone, call 1 (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. 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 Go Far Rewards” points – with three cards: the Wells Fargo Propel American Express Card, 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 easily report a Wells Fargo credit card lost or stolen online, but the only way to completely cancel a Wells Fargo credit card account is to call customer service at 1-800-642-4720.

Before you do so, however, make sure you're canceling your Wells Fargo card 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. And you'll still get credit for paying on time every month.

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.

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 1-800-642-4720. 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.

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 lowest Wells Fargo credit card interest rate is on the Wells Fargo Business Elite Signature Card®: 7.24% (V). The Wells Fargo Cash Back College℠ Card has the lowest regular APR for a personal card: 11.15% - 21.15% (V).

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.

Some Wells Fargo cards also have 0% introductory interest rates on purchases and balance transfers for a certain number of months. After any such 0% rates end, you'll owe interest on the remaining balance at the regular APR.

Wells Fargo credit card interest rates by card:

• Wells Fargo Platinum card: 16.49% - 24.49% Variable APR; 0% on purchases and balance transfers for 18 months. 3% for 120 days, then 5% balance transfer fee.
• Wells Fargo Rewards® Card: 12.49% - 25.49% (V) APR; 0% on purchases and balance transfers for 15 months. 3% (min $5) balance transfer fee.
• Wells Fargo Propel American Express® card: 14.49% - 24.99% Variable APR; 0% on purchases and balance transfers for 12 months. 3% for 120 days, then 5% balance transfer fee.
• Wells Fargo Cash Wise Visa® card: 14.49% - 24.99% Variable APR; 0% on purchases and balance transfers for 15 months. 3% for 120 days, then 5% balance transfer fee.
• Wells Fargo Visa Signature® Card: 12.49% - 25.49% (V) APR; 0% on purchases and balance transfers for 15 months. 3% (min $5) balance transfer fee.
• Hotels.com® Credit Card: 14.99% - 22.99% (V) APR. 5% (min $5) balance transfer fee.
• Wells Fargo Cash Back College℠ Card: 11.15% - 21.15% (V) APR; 0% on purchases and balance transfers for 6 months. 3% (min $5) balance transfer fee.
• Wells Fargo Business Elite Signature Card®: 7.24% (V) APR.
• Wells Fargo Business Platinum Credit Card: 11.24% - 21.24% (V) APR; 0% on purchases and balance transfers for 9 months. Balance transfer fee: 4% (min $10).
• Wells Fargo Business Secured Credit Card: 15.15% (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.

Wells Fargo gives a $150 bonus for spending $500 in the first 3 months with the Wells Fargo Cash Wise Visa Credit Card. The Wells Fargo Everyday Checking Account has previously offered a $200 sign-up bonus. But the most recent $200 promotion expired on February 28, 2019. That offer required new customers to open an account online, deposit at least $25, and then continue to meet specific minimum deposit requirements. But the offer was not available to everyone. It was targeted by city and only confirmed to work in Dallas, Orlando and Phoenix.

Wells Fargo's $200 bonus for new checking account customers was replaced by a $400 bonus. This offer is targeted to people who live in Dallas, Denver, Houston, Miami, Orlando, Phoenix, Seattle and Washington D.C. People in those cities are eligible to earn the $400 bonus if they open a new EveryDay Checking account by November 27, 2019.

To open the account, you will have to deposit a minimum of $25. To earn the bonus after that, you need to have at least $3,000 in direct deposits to the account each month for three months in a row. The time limit is 150 days after the account opens. Once you meet the direct deposit requirement, Wells Fargo will deposit the $400 bonus into your account. They will do this within 45 days.

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 EasyPay basically is a Visa debit 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. Wells Fargo waives the fee for the first two months you have the card.