Wells Fargo Cash Wise Review

© CreditDonkey

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 It's Best For
  
• How It Works
  
• Why We Like It
  
• Drawbacks of the Card
  
• Purchase and Travel Benefits
  
• How it Compares

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 15 months on purchases and qualifying balance transfers. After that, a 15.99% - 27.99% (Variable) APR. The intro APR is good if you need time to pay off large purchases or pay off credit card debt.

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.

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.

10 Reasons We Like Wells Fargo Cash Wise

• Sign-up bonus. Earn a $150 cash rewards bonus after spending $500 in the first 3 months

• 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.

• 1.5% cash back on all purchases. You automatically get 1.5% cash back on all purchases. There are no rotating categories or quarterly activations. There is no limit to how much you can earn. And your rewards never expire as long as you keep your account open and in good standing
  Earn even more rewards: Wells Fargo has a Earn More Mall where you can earn bonus cash back with partner retailers. If you use the Earn More Mall, you may have to activate a specific offer to get the bonus rewards (not the 1.5% general reward).
  

• 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.

• Introductory APR. There is an introductory 0% APR on purchases and qualifying balance transfers for the first 15 months. After that, the variable APR is 15.99% - 27.99% (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.

• 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. There is a fee, but it's less than the overdraft fee.

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 bonus. Your bonus will be posted 1-2 billing period after the 3 months.

• There is a foreign transaction fee. Any purchases made outside of the U.S. will incur an extra 3% foreign transaction fee. So it's not the best card for traveling abroad. You'll also want to bring along a card with no foreign transaction fee.

• The APR can be high. The APR on the Cash Wise Visa is 15.99% - 27.99% (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.

Purchase and Travel Benefits

Wells Fargo Cash Wise Visa also comes with these shopping and travel benefits:

• Cellphone Protection. If you pay your monthly phone bill with the card, you're protected against damage, loss, or theft of your cellphone up to $600 per claim ($25 deductible). You're allowed to make 2 claims in a 12-month period.

• Secondary Car Rental Insurance. You get collision and theft coverage when you pay for the entire rental with the card and decline the rental company's collision damage waiver. Secondary coverage means Wells Fargo will pay any extra fees not covered by other plans or programs (like your primary car insurance).

• Travel Accident Insurance. You and your immediate family are insured up to $150,000 against accidental death or dismemberment, on a covered trip in a common carrier.

• Emergency Assistance. Wells Fargo can provide medical and legal referrals if needed on a trip. Both before and during a trip, you can request personal help, such as with passport and visa requirements, Embassy referrals, etc.

• Roadside Dispatch. If you run into car trouble, Wells Fargo can send help your way. You'll have to still pay for the services, but at a pre-negotiated rate.

Note that the Cash Wise Visa does not provide extended warranty, purchase protection, or return protection.

How It Compares

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

Chase Freedom Unlimited:
Both cards offer unlimited 1.5% cash back on all purchases.

	Wells Fargo Cash Wise Visa® Card	Chase Freedom Unlimited®
	Summary
		New Offer! Double Cash Back: Earn 3% cash back on all purchases in your first year up to $20,000 spent. After that earn unlimited 1.5% cash back on all purchases. 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 17.24-25.99%. Balance transfer fee is 3% of the amount transferred, $5 minimum 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 Purchases	0% introductory APR for 15 months	0% introductory APR for 15 months
Introductory APR for Balance Transfers	0% introductory APR for 15 months on qualifying balance transfers	0% introductory APR for 15 months
Purchase APR	15.99% to 27.99% (Variable) based on your creditworthiness and other factors	17.24% to 25.99% Variable based on your creditworthiness and other factors
Balance Transfers APR	15.99% to 27.99% (Variable) based on your creditworthiness and other factors	17.24% to 25.99% Variable based on your creditworthiness and other factors
Annual Fee	$0 annual fee	$0 annual fee
	Benefits and Features
Introductory Bonus Cash Back	Introductory Bonus Cash Back: Earn a $150 cash rewards bonus after spending $500 in the first 3 months	Introductory Bonus Cash Back: Earn 3% cash back on all purchases in your first year up to $20,000 spent. After that earn unlimited 1.5% cash back on all purchases.
Cash Back Rewards	Cash 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 3% cash back on all purchases in your first year up to $20,000 spent. After that earn unlimited 1.5% cash back on all purchases.
Wells Fargo Cash Wise: Pricing information including interest rates, benefits and fees was obtained on August 6, 2019 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.

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.