The Wells Fargo Cash Wise Visa Card is a cash-back credit card with no annual fee and a solid rewards system that treats all spending equally. It also has a very good introductory APR promotion, making it a great candidate for new cardholders looking to transfer existing high-interest balances or finance large purchases soon after opening their account. And its signing bonus is well above average for a no-annual-fee cash-back card.
If you’re looking for a general-purpose cash back card, the Wells Fargo Cash Wise Visa Card is worth a closer look.
Learn more about this card and how to apply here.
Main features
Signing bonus
You get a cash bonus of 150 after spending 500 on purchases in the first 3 months.
Earn Cash Back Rewards
The Wells Fargo Cash Wise Visa Card earns unlimited 1.5% cash back on all purchases. There are no category restrictions or periodic enrollment or activation requirements, and your earned cash back rewards do not expire as long as your account remains open.
Awards ceremony
Once you’ve earned at least $25 in cash back rewards, you can redeem them for statement credits, paper checks, or deposits into a Wells Fargo bank account. There’s one exception to the $25 threshold: If you have a Wells Fargo debit card or ATM card, you can redeem your rewards at ATMs in $20 increments.
If you prefer non-cash redemptions, you can redeem them on the Go Far Rewards portal for gift cards, merchandise purchases, and travel purchases (like airline tickets and hotels). However, non-cash redemptions tend to be less valuable than cash redemptions.
Annual introductory rate
Cash Wise is offering a 15-month promotion with a 0% APR on purchases and balance transfers. The balance transfer rate applies to transfers made at any time during the promotional period.
Overdraft Protection for Wells Fargo Deposit Account Holders
Cash Wise comes with Wells Fargo’s Overdraft Protection service. This feature links your Wells Fargo checking account to your credit card account, preventing overdrafts on your checking account. When you initiate a checking transaction that would normally cause an overdraft, Wells Fargo automatically covers the negative amount with a cash advance from your Cash Wise card’s available credit line.
Each transfer costs 12.50 if the total transfer is less than 50. Transfers over 50 cost 20. You are not charged for multiple transfers on the same day, so 20 is the most you will pay for this privilege in a given 24-hour period. Keep in mind that the normal cash advance interest rate applies to all overdraft protection transfers.
Significant costs
There is no annual fee to hold this card. The foreign transaction fee is 3%, and balance transfers cost the greater of 5 or 3% (for the first 12 months only, after which they increase to the greater of 5 or 5%). Cash advances cost the greater of 10 or 5%, while late or returned payments both cost up to 37.
Additional benefits
Cash Wise comes with a nice range of additional benefits. These include:
- Cell phone protection for costs incurred due to damaged or stolen cell phones, up to 600 per incident and 1,200 per year
- Extension of warranties on items with an original warranty of 12 months or less
- Travel inconvenience insurance, which reimburses lost or damaged hand luggage
Credit required
This card requires good to excellent credit.
Final word
There’s something about 1.5%. In the cash-back credit card universe, it’s an increasingly common ratio for unlimited, non-category-specific cash-back rewards: an apparent sweet spot between the mediocre 1% base and the generous 2% offered by Citi Double Cash and a handful of lesser-known cards.
The unlimited 1.5% cash back on the Wells Fargo Cash Wise Visa Card — aided by the bonus introductory rate on Android Pay and Apple Pay purchases — is mighty enticing. However, 1.5% cash back is pretty common these days — Capital One Quicksilver, Capital One QuicksilverOne, and Chase Freedom Unlimited all offer the same deal, so it may be wise to analyze all the different options and go with the one that works best for you.