Wells Fargo Cash Wise Visa® Review

The Wells Fargo Cash Wise Visa® is a great card for anyone who uses their credit card often. Here we’ll take a look at the specific pros and cons of the card and see whether or not the card is right for you based upon your spending habits.

Cash back credit cards are a staple of good personal finance. Every household has a certain amount of monthly expenses. And you can put nearly all of them, outside a mortgage, on a credit card. So long as you can pay your balance in full every statement cycle, putting as much as you can on a credit card makes good financial sense. The Wells Fargo Cash Wise Visa® is a great cash back credit card that you should use as often as possible.

Wells Fargo Cash Wise Visa® Rewards Program

New cardmembers will earn a $200 cash rewards bonus after spending $1,000 in the first three months. This is currently the largest rewards bonus any cash back credit card is offering. And a spend amount of $1,000 in three months isn’t difficult to reach. My family of four has a grocery bill of $600 every month. So we can hit that number in less than two months on groceries alone. And if you’re single, you can use the card to pay your gas, groceries, and utilities to get there.

The everyday rewards program offers 1.5% cash back on ALL purchases. Some cash back credit cards require you to spend in select categories each month/quarter. Others limit the high cash back amount you can receive by capping certain categories. The Wells Fargo Cash Wise Visa® avoids this headache by promising you the same cash back rate no matter the purchase. There is no limit to the amount of cashback you can earn, and it never expires so long as the account is in good standing.

As an added bonus, when you use Apple Pay or Android Pay to make a purchase in the first 12 months, the cash back rate is 20% higher at 1.8%. The increase sets it apart from the competition, namely the Chase Freedom Unlimited and Capital One Quicksilver Cash Rewards.

Introductory APR for 12 Months

The Wells Fargo Cash Wise Visa® offers a 0% intro APR on both purchases and balance transfers for the first 12 months. Once the introductory rate expires, the ongoing APR becomes 14.49% – 26.49% variable based on your credit history. If you make a balance transfer inside of the first 12 months, the fee is $5 or 3%, whichever is greater.  If you make a transfer outside of the first 12 months, the balance transfer fee increases to the greater of $5 or 5%.

  • Cash Advance APR is 25.49% – 27.49%
  • Cash Advance fee is $10 or 5%, whichever is greater
  • Foreign Transaction fee – 3%
  • Late Payment fee – $37
  • Returned Payment fee – $37

The best part of the pricing details for this cash back credit card is that it carries no annual fee. Own it, use it (or not), and you’ll never be charged an annual fee for doing so.

Cell Phone Protection Plan

Wells Fargo does something unique for their cardmembers. When you pay your bill with your Wells Fargo Cash Wise Visa®, you’ll be eligible for up to $600 in cell phone protection (minus a $25 deductible). Drop your phone and crack it … you’re covered. Accidentally watch it fall into the lake … you’re covered. Wells Fargo does have a set of rules to determine whether or not you can utilize this benefit; copy and pasted for your benefit below:

Cellular Telephone Protection can reimburse the eligible Wells Fargo Consumer Credit Card cardholder for damage to or theft of a cell phone. Reimbursement is limited to the repair or replacement of your original cell phone, less a $25 deductible with a maximum benefit limit of $600 per claim and $1,200 per 12 month period. This benefit does not cover cell phones that are lost (i.e. disappear without explanation). This protection is only available when cell phone bills are paid from your Wells Fargo Consumer Credit Card. The coverage does not apply if the cell phone bill is paid from a Wells Fargo Debit Card, Wells Fargo Business Credit Card, Wells Fargo Commercial Card or from the card that is linked to a Line of Credit. Coverage does not apply to cell phones that are rented, borrowed, or received as part of a prepaid plan. Electronic failure or issues related to the software of the device are not covered. Cellular Telephone Protection coverage begins the first day of the calendar month following your first cell phone billing on your Wells Fargo Consumer Credit Card, and remains in effect when you continue to charge your total monthly cell phone bill to your Wells Fargo Consumer Credit Card.

Wells Fargo Cash Wise Visa® Bottom Line

When you consider all of the perks the Wells Fargo Cash Wise Visa® has to offer, it’s simply a terrific option for any consumer. The following perks make it worthwhile for just about anyone:

  1. Excellent up-front bonus offer
  2. Top-of-the-line rewards program and cash back rate
  3. 0% intro APR and no annual fee
  4. Added cell phone damage protection

The only place you might run into trouble with this credit card is if you use it internationally. Many credit cards today promote no foreign transaction fees, but this card charges you 3% on all international transactions.  If you decide to apply, make sure you keep this card inside of the USA!

  • Learn more about the Wells Fargo Cash Wise Visa®

Wells Fargo Cash Wise Visa Card

Wells Fargo Cash Wise Visa Card
9.5

Intro APR

9.0 /10

Card Bonus

9.5 /10

Rewards Program

9.5 /10

Added Perks

9.5 /10

Annual Fee

10.0 /10

Pros

  • Big $200 Initial Cash Bonus
  • Strong 1.5% CashBack Program + Incentive
  • No Annual Fee
  • Up to $600 in Cell Phone Protection

Cons

  • 3% Foreign Transaction Fee
  • 5% BT Fee After 12 Months
Topics: Credit Cards

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