When it comes to credit cards, a cash reward is a king! You can make the most out of your spending by accumulating irresistible benefits, such as cash. Wells Fargo has the perfect card that can deliver such. In this Wells Fargo Active Cash Card review, I’ll list all of its features, rewards, and requirements so you can decide if it is the right credit card for you.
The Wells Fargo Active Cash Card offers a flat rate of 2% cash rewards on all eligible expenses. Plus, it does not charge an annual fee. The card also offers several perks, such as cellphone protection and zero liability protection. Nonetheless, the balance transfer and foreign transaction charges are quite high.
The table below summarizes the rates and fees for this credit card:
|Balance Transfer Fee||3% or $5 as an introductory rate, 5% after 120 days of opening your credit card account|
|Balance Transfer and Purchases Annual Percentage Rate||The introductory rate of 0% for the initial 15 months, 14.99 – 24.99% for the regular rate|
|Foreign Transaction Fee||3%|
|Cash Advance Fee||5% of the cash advance amount or $10, whichever is higher|
|Late Payment Penalty Fee||Maximum of $40|
|Returned Payments or Checks||Maximum of $40|
Read on to learn more about Wells Fargo Active Cash Card, including its requirements, benefits, and drawbacks, among other things.
About the Wells Fargo Active Cash Card
From its establishment in 1852, Wells Fargo grew into one of the biggest financial service providers in the United States, serving one in three households. While the main headquarter is in San Francisco, it has a robust presence in the international landscape.
While they offer several cards, the subject of this review is the Wells Fargo Active Cash. It has a 2% flat-rate cash reward, making it a great card for your daily expenses. It also has great perks, which we’ll be talking about later in this article. This is ideal for those who crave simplicity. It may not have the bells and whistles of other cards, but it covers the basics.
What You Can Enjoy with the Wells Fargo Active Cash Card
As you decide if this is the right credit card for you or if you should look for other options, you must consider its perks. This section will give you a quick look at all the benefits you can enjoy from using this Wells Fargo credit card:
1. 2% Cash Reward
If there is only one reason why you should choose this credit card, it would be that the company is offering a flat 2% cash benefit for all your transactions. There is no cap when it comes to the rewards you can get. Plus, it covers all types of purchases. It means that regardless of what you buy, you will get a reward!
2. $200 Welcome Offer
If you are still hesitant about choosing this credit card, you might have a change of mind after knowing that the company is offering a welcome bonus offer of $200. However, to be eligible for this perk, you need to charge at least $1,000 worth of purchases to your card within the initial three months of its issuance.
3. Cellphone Theft and Damage Protection
This credit card can provide you with peace of mind for people who often invest in high-end smartphones. All you need is to use this credit card to pay your monthly bill for your mobile phone. In return, you will receive a maximum of $600 as protection against theft and damage.
4. Zero Liability Protection
Credit card fraud is a growing problem these days. Wells Fargo recognizes such, which is why they are offering peace of mind to their users. Make sure to report any incident promptly. And when you do so, you will not be responsible for the illegitimate transaction that has been charged to your credit card.
5. 24/7 Concierge
With this credit card, you will enjoy Visa Signature benefits, and one of the best is the round-the-clock customer support. It means that someone is immediately available if you have any concerns. Aside from your credit card queries, they can also answer your travel-related questions.
6. Contactless Technology
Gone were the days when you need to swipe your card in a reader to settle your payments. With the newer cards, such as the Active Cash, you must tap it. Aside from speeding the checkout, it also makes the card less susceptible to cloning.
7. State-of-the-Art Security
Wells Fargo takes the security of its customers seriously. With this, they are utilizing innovative approaches to prevent others from using your credit card. For instance, two-factor authentication and voice verification will ensure that you are the one charging a purchase to your card.
8. Flexible Reward Redemption
Another benefit of using this credit card is choosing from multiple ways to redeem your reward. You can redeem it through purchases, or you can have it transferred to a qualified account. Alternatively, you can also buy a gift card or withdraw the reward as cash in an ATM.
Again, what does the Wells Fargo Active Cash Card offer? No-annual-fee Wells Fargo Active Cash Card allows you to earn 2% cash rewards for eligible expenses. Other perks you can enjoy include thru this card include cellphone protection and zero liability protection. However, the downside is the balance transfer, and foreign transaction fees are quite high.
Wells Fargo Active Cash Credit Card Rates and Fees
Like any other credit card, evaluating the rates and fees is crucial to determine if it is suitable for your needs or if you should look for something better. Here are the rates and fees for the Wells Fargo Active Cash Card:
1. Annual Fee
Credit cards will charge an annual fee for the usage of their service. This fee goes to improving the daily operations of the company, including its customer service and systems. The annual fee is ZERO for this card, which is a compelling reason to apply for one!
2. Balance Transfer
While you can transfer your balances from other cards into this card, you might want to think twice. One of the biggest shortcomings of this card is that the balance transfer fee is quite high.
The introductory rate is either 3% or $5, depending on which one is higher. However, this is good only for the first 120 days after opening the credit card account. After such, the regular rate for balance transfers is 5%, with the minimum amount to pay being $5.
3. Balance Transfer and Purchases Annual Percentage Rate
While it has an introductory rate of 0% for balance transfers that you make within the initial 15 months following the opening of the account, such a rate is only temporary. The regular APR starts at 14.99% and can reach as high as 24.99%.
4. Foreign Transaction Fee
If you love to travel, this credit card might not be the best choice for you. At 3%, the foreign transaction service fee that the company charges seem a lot. We recommend looking at other cards, especially those that do not charge any fee for foreign transactions.
5. Cash Advance Fee
Need extra cash? You can easily have it through your Wells Fargo Active Cash Card. You can apply for a cash advance, but make sure that you know the corresponding fees. However, you will need to pay 5% of the total cash advance amount or $10, whichever is higher.
6. Late Payment Fee
Forgetting to pay your credit card on or before the due date has a significant consequence. This card charges a maximum of $40 for late payments.
7. Returned Payments or Checks
Even if you pay on time and there has been a problem resulting in the check being returned, you will still pay a fine. Like with the late payment, the fee is also a maximum of $40.
Wells Fargo Active Cash Card Application Requirements
1. Good Credit Score
One of the most important is to have a good credit score. While this isn’t an explicit requirement, this is essential to improve the chances of approval. It is best if your rating is anywhere from 650 to 850.
2. Legal Age
It is also important that you are of legal age. Proof of identification is necessary, including pertinent details like your name, age, and address. The bank may ask for more requirements if you are a first-time customer.
3. No Wells Fargo Account in the Past 15 Months
More so, you must not have opened a Wells Fargo account in the past 15 months to be eligible for the perks, including the cash bonus. Also, if it is an additional credit card, you might not qualify if you have applied for another card within the past six months.
Wells Fargo Active Cash Card Pros and Cons
As you decide if it is the right credit card for you to if you should look at other alternatives, this section quickly looks at the good and the bad:
Pros of Well Fargo Active Cash
Here are some of the most compelling reasons to choose this credit card:
- Allows users to earn unlimited cashback
- Generous welcome offer
- Does not charge an annual fee
- Offers cell phone protection
- Access to Visa Signature Concierge Service
- Comes with many zero-interest offers
Cons of Wells Fargo Active Cash
Despite the good things, there are also some drawbacks, including the following:
- Has a high foreign transaction fee and balance transfer fee
- Lacks diverse bonus or rewards categories
- Minimal perks compared to other credit cards
Conclusion – Wells Fargo Active Cash Card
The Wells Fargo Active Cash Card is a great option for people who want to maximize their everyday spending. It gives you 2% cash rewards for all your purchases – no caps and no conditions. Everything that you will charge to your card will earn a flat reward.
It is also great because it does not charge an annual fee, so it does not cost to maintain the card over the years. Plus, you can enjoy other benefits, such as a maximum of $600 protection for phone damage and theft. More so, with proper reporting, you don’t need to pay for illegitimate charges on your credit card.