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October 10, 2018 12:00 PM PT

Wells Fargo Cash Wise Review

Editorial Note: This content is not provided by the card issuer. Opinions expressed here are author's alone, not those of the issuer, and have not been reviewed, approved or otherwise endorsed by the issuer.
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Wells Fargo Cash Wise cash back card gives you rewards on all purchases. But there are some restrictions. Is it worth the hype? Keep reading to find out.

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Wells Fargo Cash Wise Visa offers a good sign-up bonus and unlimited 1.5% cash back on all purchases. There are also opportunities to earn even more rewards.

If that's not enough, there's also an intro APR and cell phone protection.

However, there are some catches with this card. Is it right for you? Read on.

Who Is It Best For?

The Wells Fargo Cash Wise credit card may be right for you if you:

  • Want a simple cash back card. The Cash Wise Visa doesn't have category restrictions or spending limits. So it's a great general credit card if you don't want to have to keep track of things.

    There are other credit cards that offer higher rewards for specific categories. The Cash Wise Visa can be a good supplement to other cards. You can use it for purchases that your other rewards cards aren't currently offering rewards for or if you've reached the specified limit.

  • Have very varied spending. This card is good if you tend to spread your spending between gas, groceries, movies, shopping, dining out, etc.

  • Are planning to make large purchases. There is a 0% intro APR for 12 months on purchases and balance transfers. After that, a 15.99% - 26.99% (Variable) APR. The intro APR is good if you need time to pay off large purchases or other credit card debt.

Is It Safe? Wells Fargo keeps its customers safe with the following services:

  • 24/7 Fraud Monitoring
  • Rapid Alerts that offer instant notification of any activity that seems suspicious or out of the norm for you
  • Zero liability protection if you report unauthorized transactions right away
  • Chip-enabled cards to help deter fraud at the register

How It Works

You can apply for the Wells Fargo Cash Wise Visa online. Answer some basic questions typical of any credit card application. After reviewing your application and credit, you can know within a minute or two if you've been approved for the card.

In some cases, Wells Fargo cannot approve the application instantly. In this case, you'll receive an application ID and a phone number to call. A representative can then help you understand the status of your application or ask you any further questions to help them process your application.

Once approved, Wells Fargo sends you an email with the details of your account, including your credit limit. Once you receive your card, you can start charging and earning rewards. Earning is simple, as every purchase earns the same reward - 1.5%. You don't have to track rotating categories or watch your limits.

When you are ready to redeem your points, you have many options, including:

  • Cash from ATM. Withdraw the cash from a Wells Fargo ATM if you have a Wells Fargo deposit account ($20 increments or 2,000 points minimum).

  • Check. Get a physical check via mail ($25 increments or 2,500 points minimum).

  • Direct deposit. Direct deposit into your Wells Fargo checking or savings account ($25 increments or 2,500 points minimum).

  • Credit. Apply as credit to a Wells Fargo credit card, personal loan or mortgage.

  • Gifts. Redeem for gift cards or merchandise.

  • Travel. Book travel on Wells Fargo's Go Far Rewards.

Using Cash to Pay Down a Wells Fargo Loan: Keep in mind that even though your rewards are paying your credit card or loan, it doesn't count as a payment. You still have to make your regular or minimum monthly payment. The credit pays down your principal balance, but doesn't change the amount you owe that month.

10 Reasons We Like Wells Fargo Cash Wise

  • Sign-up bonus. Earn a $200 bonus if you spend $1,000 in the first 3 months of account opening.

  • No annual fee. Wells Fargo Cash Wise Visa doesn't charge a fee. Along with the decent cash back rewards, this can make for a great credit card for your wallet.

  • No category restrictions. Some reward credit cards rotate categories or require quarterly activations, which if you miss, you don't get the rewards. The Cash Wise Visa doesn't require activation for general purchases. If you use the Earn More Mall, though, you may have to activate a specific offer to get the bonus rewards (not the 1.5% general reward).

    Your rewards don't expire. If you keep your account open and in good standing, your cash rewards remain available until you use them.

  • Introductory APR. There is an introductory 0% APR on purchases and balance transfers for the first 12 months. After that, the variable APR is 15.99% - 26.99% (Variable), based on your creditworthiness.

  • Cell phone protection. If you pay your cell phone bill with the Cash Wise Visa, you get up to $600 coverage against damage or theft ($25 deductible). This doesn't cover lost phones or phones damaged while cared by someone else (such as while being shipped). This may save you a little money on your cell phone bill, as you can stop paying for cell phone insurance through your carrier.

  • Bonus for paying with mobile wallet. For the first 12 months, if you pay for purchases with a qualified mobile wallet (such as Apple Pay or Google Pay), you get an additional 20% cash back bonus. This makes for a total of 1.8% cash rewards.

  • More rewards with Go Far Rewards. A Go Far Rewards account will be automatically opened once you open this card. This is where you can track your rewards balance. It also has an Earn More Mall, which offers bonus rewards for shopping at partner retailers, either online or in-person. You can earn as much as 10%, depending on the specific offer.

  • Many redemption options. Besides redeeming for credit or direct deposit into a Wells Fargo banking account, there are other options. If you have a Wells Fargo checking account, you can redeem your Cash Visa rewards at Wells Fargo ATMs in $20 increments. So you can see your rewards in the form of actual cold, hard cash. This is a unique way to get rewards not offered by other cards.

    On Go Far Rewards, you can also redeem rewards for other things like travel purchases, gift cards, and merchandise.

    You can also use your points to donate to a charity that is important to you. This is a great way to give back even if you don't have the extra cash in your pocket.

  • You can share your Cash Wise Rewards. Wells Fargo offers the option to gift your points to another Wells Fargo customer. You can also pool your points together to reach a like-minded goal, such as going on a trip or purchasing a special gift for someone.

  • Overdraft protection feature. If you have a Wells Fargo checking account, you can link your Cash Wise Visa to the account to protect you from overdrafts. If you go over your checking account balance, your Visa is automatically charged the difference. This way, you can avoid overdraft fees and bounced checks.

Reasons You May Want to Look Elsewhere

  • You can only redeem rewards in specific increments. You must withdraw cash in $20 increments from the ATM. And if you're redeeming for credit or direct deposit, you can only redeem in $25 increments.

    This means you'll need a minimum of 2,000 points if you are a Wells Fargo banking customer and 2,500 points if you aren't before you can receive your rewards.

  • You have to wait until after the initial offer period to get your sign-up bonus. This is a frustration many customers had. Even if you hit the minimum spend requirement within the first month, you need to wait until after the 3-month offer period to get your $200. Your bonus will be posted 1-2 billing period after the 3 months.

  • The APR can be high. The APR on the Cash Wise Visa is 15.99% - 26.99% (Variable). This could be a tradeoff for the higher reward rate. If you carry a balance, you may want to consider a low interest credit card instead.

How It Compares

Wells Fargo Platinum:
Wells Fargo Platinum Visa has a longer intro APR. But the card does not offer rewards.

 

Wells Fargo Cash Wise Visa® Card

Wells Fargo Platinum Visa® Card

 

Interest Rates and Fees

Introductory APR for Purchases0% introductory APR for 12 months0% introductory APR for 18 months
Introductory APR for Balance Transfers0% introductory APR for 12 months0% introductory APR for 18 months
Purchase APR15.99% to 26.99% (Variable) based on your creditworthiness and other factors13.49% to 26.99% (Variable) based on your creditworthiness and other factors
Balance Transfers APR15.99% to 26.99% (Variable) based on your creditworthiness and other factors13.49% to 26.99% (Variable) based on your creditworthiness and other factors
Annual Fee$0 annual fee$0 annual fee
 

Benefits and Features

Introductory Bonus Cash BackIntroductory Bonus Cash Back: Earn a $200 cash rewards bonus after spending $1,000 in the first 3 months 
Cash Back RewardsCash Back Rewards: Earn unlimited 1.5% cash rewards on purchases
Enjoy 1.8% cash rewards on qualified mobile wallet purchases, like Apple Pay® or Google Pay™, during the first 12 months from account opening
 

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Wells Fargo Cash Wise: Pricing information including interest rates, benefits and fees was obtained on October 2, 2018 from published websites and is believed to be accurate, but not guaranteed.

Wells Fargo Platinum: Pricing information including interest rates, benefits and fees was obtained on November 13, 2018 from published websites and is believed to be accurate, but not guaranteed.

Disclaimer: The information for the Wells Fargo Cash Wise Visa® Card and Wells Fargo Platinum Visa® Card has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

Chase Freedom Unlimited:
Both cards offer unlimited 1.5% cash back on all purchases. The Chase Freedom Unlimited has a longer intro APR length. It also makes it easier to apply your rewards as statement credit.

 

Wells Fargo Cash Wise Visa® Card

Chase Freedom Unlimited®

 

Summary

 

  • 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 16.99-25.74%. Balance transfer fee is 3% of the amount transferred, $5 minimum
  • Unlimited 1.5% cash back on every purchase - it's automatic
  • Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening
  • No minimum to redeem for cash back
  • Cash Back rewards do not expire as long as your account is open
  • Free credit score, updated weekly with Credit Journey℠
  • No annual fee
 

Interest Rates and Fees

Introductory APR for Purchases0% introductory APR for 12 months0% introductory APR for 15 months
Introductory APR for Balance Transfers0% introductory APR for 12 months0% introductory APR for 15 months
Purchase APR15.99% to 26.99% (Variable) based on your creditworthiness and other factors16.99% to 25.74% Variable based on your creditworthiness and other factors
Balance Transfers APR15.99% to 26.99% (Variable) based on your creditworthiness and other factors16.99% to 25.74% Variable based on your creditworthiness and other factors
Annual Fee$0 annual fee$0 annual fee
 

Benefits and Features

Introductory Bonus Cash BackIntroductory Bonus Cash Back: Earn a $200 cash rewards bonus after spending $1,000 in the first 3 monthsIntroductory Bonus Cash Back: Earn a $150 Bonus after you spend $500 on purchases in your first 3 months from account opening.
Cash Back RewardsCash Back Rewards: Earn unlimited 1.5% cash rewards on purchases
Enjoy 1.8% cash rewards on qualified mobile wallet purchases, like Apple Pay® or Google Pay™, during the first 12 months from account opening
Cash Back Rewards: Unlimited 1.5% cash back on every purchase - it's automatic!
 Learn MoreApply Now

Wells Fargo Cash Wise: Pricing information including interest rates, benefits and fees was obtained on October 2, 2018 from published websites and is believed to be accurate, but not guaranteed.

Disclaimer: The information for the Wells Fargo Cash Wise Visa® Card has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

Citi Double Cash:
Citi Double Cash rewards you for paying your balance. You get 1% cash back on purchases, and another 1% cash back when you pay them off.

 

Wells Fargo Cash Wise Visa® Card

Citi® Double Cash Card

 

Interest Rates and Fees

Introductory APR for Purchases0% introductory APR for 12 monthsN/A
Introductory APR for Balance Transfers0% introductory APR for 12 months0%* introductory APR for 18 months*
Purchase APR15.99% to 26.99% (Variable) based on your creditworthiness and other factors15.49% to 25.49%* (Variable) based on your creditworthiness and other factors
Balance Transfers APR15.99% to 26.99% (Variable) based on your creditworthiness and other factors15.49% to 25.49%* (Variable) based on your creditworthiness and other factors
Annual Fee$0 annual fee$0 annual fee
 

Benefits and Features

Introductory Bonus Cash BackIntroductory Bonus Cash Back: Earn a $200 cash rewards bonus after spending $1,000 in the first 3 months 
Cash Back RewardsCash Back Rewards: Earn unlimited 1.5% cash rewards on purchases
Enjoy 1.8% cash rewards on qualified mobile wallet purchases, like Apple Pay® or Google Pay™, during the first 12 months from account opening
Cash Back Rewards: Earn cash back twice on every purchase: 1% cash back when you buy; plus an additional 1% cash back as you pay for those purchases

Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details.

Wells Fargo Cash Wise: Pricing information including interest rates, benefits and fees was obtained on October 2, 2018 from published websites and is believed to be accurate, but not guaranteed.

Citi Double Cash: Pricing information including interest rates, rewards, benefits and fees was obtained on October 2, 2018 from published websites and is believed to be accurate, but not guaranteed.

Disclaimer: The information for the Wells Fargo Cash Wise Visa® Card and Citi® Double Cash Card has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

Bottom Line

Wells Fargo Cash Wise Visa is a good credit card for "back up purchases" or those that don't qualify for any other rewards. Plus, it's great that Wells Fargo gives you opportunities to earn higher cash back, such as with mobile wallet purchases for the first year and Go Far Rewards.

    Learn more about Wells Fargo Cash Wise Visa®

Editorial Note: This content is not provided by Wells Fargo. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Wells Fargo.

Disclaimer: This content was first published on October 10, 2018. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check Wells Fargo website for updated information.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. This site may be compensated through the Advertiser's affiliate programs.

Disclaimer: The information for the Wells Fargo Cash Wise Visa® Card, Wells Fargo Platinum Visa® Card, and Citi® Double Cash Card has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

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Compare Wells Fargo Cash Wise to:


Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
0% for 18 months
0% for 18 months
13.49% - 26.99% (Variable)
$0


Introductory Bonus Cash BackCash Back RewardsNo Expiration on RewardsNo Limits on RewardsConciergeExtended Warranty$0 Fraud Liability
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
0% intro on purchases for 15 months
0% intro on balance transfers for 15 months
14.74% - 24.74% (Variable)
$0

Disclaimer: The information for the Wells Fargo Platinum Visa® Card and Capital One® Quicksilver® Cash Rewards Credit Card has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.


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