Wells Fargo Rewards Review

Wells Fargo Rewards Review Summary

Wells Fargo Rewards is the 2nd best credit card rewards program, according to WalletHub's latest comparison, receiving 91 points out of a possible 100. The Wells Fargo Rewards program features two major rewards credit cards, the Wells Fargo Active Cash® Card and Wells Fargo Autograph℠ Card.

Wells Fargo Rewards points are generally worth 1 cent to 1.5 cents apiece, depending on how you redeem. There are plenty of redemption options, from a statement credit to travel to gift cards.

Wells Fargo Rewards Review Scorecard

#2 for Earning Policies
#4 for Redemption Policies
#1 for Rewards Value per Point
#9 for Eligibility & Transparency

Best Wells Fargo Rewards Credit Cards

There are only two cards participating in Wells Fargo Rewards right now: the Wells Fargo Active Cash® Card and Wells Fargo Autograph℠ Card.  The Wells Fargo Active Cash® Card has a $0 annual fee.

Summary: Wells Fargo Rewards Scores by Review Category

How to Earn Wells Fargo Rewards

Category Rating: 97% (29/30)

You will earn two Wells Fargo Rewards points in return for every dollar you spend with the Wells Fargo Active Cash® Card and three Wells Fargo Rewards points in return for every dollar you spend with the Wells Fargo Autograph℠ Card on restaurants, travel, gas stations, transit, popular streaming services, and phone plans. Plus, earn 1X points on other purchases. There’s no limit on how many points you can earn.

Earning Restrictions: There are currently no notable earning restrictions with Wells Fargo Rewards, other than the lack of cards with which to earn them.

How to Redeem Wells Fargo Rewards

Category Rating: 75% (14/20)

The best way to redeem Wells Fargo rewards is for cash back or travel, as those options provide the greatest value for your points. Below, you can see more information about all the redemption options.

Cash Back

Cash back redemption can take the form of a statement credit, an ATM withdrawal, or a credit to a Wells Fargo checking/savings account or mortgage.

Travel

You can book travel through Wells Fargo’s booking tool in your online account.

Gift Cards

You can use your points to get gift cards from various popular retailers such as Adidas, Amazon, Apple and Best Buy.

Merchandise

Wells Fargo allows you to use your points to purchase various items online.

Miscellaneous

You can use your points to make charitable donations through Charity Choice.

Noteworthy Features &Restrictions:

• Gift Rewards: You can gift your rewards to a Wells Fargo Rewards account owned by another cardholder.
• Minimum Amount to Redeem for Cash Back: You must redeem in increments of 2,500 points when redeeming online or by phone. If you redeem your points at a Wells Fargo ATM, you can redeem in increments of 2,000 points.
• No transfer partners: Wells Fargo Rewards does not offer the ability to transfer points to the loyalty programs of any merchants.

Wells Fargo Rewards Value per Point

Category Rating: 100% (30/30)

Wells Fargo Rewards points are worth 1 cent to 1.5 cents each, depending on how you redeem. With the Wells Fargo Active Cash® Card, you will earn 2% cash rewards spent on all purchases.

Wells Fargo Rewards Eligibility & Transparency

Category Rating: 90% (18/20)

Only two Wells Fargo rewards credit cards participates in the Wells Fargo Rewards program currently, and that is the Wells Fargo Active Cash® Card and Wells Fargo Autograph℠ Card. Other Wells Fargo cards, including co-branded credit cards affiliated with a particular retailer, are not eligible.

Rewards Currency Confusion 

Wells Fargo Rewards is a purely points-based rewards program. You will not earn cash back, even though the Wells Fargo Active Cash® Card advertises the ability to do so. You can, however, redeem your points for cash back or travel.

Discontinued Rewards Cards

Wells Fargo has discontinued some of its Wells Fargo Rewards credit card offers over the years. While some people may still have these cards, they’re not available to new applicants and were not factored into scoring.

• Wells Fargo Cash Wise Visa® card
• Wells Fargo Visa Signature® Card
• Wells Fargo Propel World Credit Card
• Wells Fargo Propel 365 American Express® Card
• Wells Fargo Home Rebate Visa Signature® Card
• Wells Fargo Cash Back College℠ Card
• Wells Fargo Rewards® Card
• Wells Fargo Cash Back Credit Card
• Wells Fargo® Home Rebate Card
• Wells Fargo Secured Credit Card
• Wells Fargo Propel American Express® card

4 Tips for Getting the Most Out of Wells Fargo Rewards

Following these tips could mean the difference between earning a free family vacation and only getting enough for a one-way flight:

1. Redeem regularly
   The whole point of earning credit card rewards is to enjoy the savings they provide. If you just leave your Wells Fargo Rewards points sitting in your account unused, they won’t do you much good.

2. Pay your bill on time every month
   Your Wells Fargo Rewards points won’t expire as long as your account remains open and in good standing. In other words, you have nothing to worry about if you pay your monthly bills on time.

3. Pay your bill in full every month
   Paying interest at a credit card’s regular APR will end up costing you more than rewards save you.
4. Redeem before closing your account
   You will lose any Wells Fargo Rewards points left unredeemed when you close your account.

Wells Fargo Rewards vs. Chase Ultimate Rewards vs. American Express Membership Rewards

Wells Fargo Rewards Review Methodology

This review of Wells Fargo Rewards is based on the same methodology as WalletHub’s annual study on the Best Credit Card Rewards Programs. Editor’s ratings reflect the sum of each program’s scores across the study’s four major categories, adjusted to a 5-point scale to create a representative distribution of ratings. The four major categories considered were: Earning Policies, Redemption Policies, Rewards Value per $1 Spent and Eligibility & Transparency.

WalletHub calculated Wells Fargo Rewards point values by comparing the dollar value of redemption items against the number of points needed for each.