**Why We Like the Wells Fargo Active Cash® Card**
The Wells Fargo Active Cash® Card stands out for its generous 2% cash back on all purchases. With additional benefits such as cell phone insurance and a lengthy 0% introductory APR offer, it is one of the best no annual fee credit cards available.
**Pros and Cons of the Wells Fargo Active Cash® Card**
Pros:
1. Simple rewards program
2. Generous introductory APR
3. No annual fee
Cons:
1. No bonus spending categories
2. Foreign transaction fees
**Overview of the Wells Fargo Active Cash® Card**
– Intro APR: 0% intro APR on purchases and qualifying balance transfers for 15 months from account opening, followed by a variable APR of 20.24%, 25.24%, or 29.99%
– Purchase APR: Variable APR of 20.24%, 25.24%, or 29.99% based on creditworthiness
– Balance transfer APR: Variable APR of 20.24%, 25.24%, or 29.99% based on creditworthiness, with a fee of either $5 or 3% of the transfer amount, whichever is greater
– Cash advance APR: 29.99% with a fee of either $10 or 5% of the transaction, whichever is greater
– Penalty APR: N/A
– Annual fee: $0
– Foreign transaction fee: 3%
– Late payment fee: Up to $40
**Rewards of the Wells Fargo Active Cash® Card**
The Wells Fargo Active Cash® Card offers a flat 2% cash back on all purchases, making it an excellent choice for those who prefer a simple rewards program without bonus spending categories. This return rate is higher compared to many other cards, including those with annual fees.
While this card’s rewards structure may not appeal to those who enjoy juggling bonus categories and limited-time increased earning rates, it provides a reliable and efficient way to earn cash back quickly.
**Bonus Offer of the Wells Fargo Active Cash® Card**
The Wells Fargo Active Cash® Card offers a $200 cash rewards bonus after spending $500 on purchases within the first three months of account opening. This bonus offer is above average for a no annual fee cash back credit card.
**Redeeming Rewards with the Wells Fargo Active Cash® Card**
Wells Fargo cash back rewards can be redeemed in various ways:
1. Redeem for purchases: You can use your rewards as a statement credit to offset previous purchases. The flexibility of this feature allows redemptions as low as $1, unlike other cards with minimum redemption limits. However, note that this redemption does not count as a payment, and a minimum monthly payment is still required if you have a balance.
2. Redeem to an account: If you have other loans with Wells Fargo, you can apply your rewards as credits towards those accounts. Your rewards will be applied to the principal balance but do not count as a payment.
3. Redeem for cash: Rewards can be exchanged for cash online or over the phone in increments of $25. They can also be redeemed at a Wells Fargo ATM in increments of $20, requiring a Wells Fargo debit or ATM card.
4. Redeem for gift cards: While Wells Fargo allows rewards to be traded for gift cards from popular retailers, it is not the most cost-effective option. Purchasing gift cards with your credit card allows you to earn rewards, whereas redeeming cash back for gift cards forfeits that opportunity. It is better to purchase gift cards separately and offset the charges using the “redeem for purchases” feature.
5. Pay with rewards: The Pay With Rewards feature allows you to use your rewards to lower the price of items when shopping online via PayPal. However, this may not be the most profitable method compared to redeeming rewards as a statement credit.
**Additional Benefits of the Wells Fargo Active Cash® Card**
In addition to its rewards program, the Wells Fargo Active Cash® Card offers several valuable benefits:
1. Introductory APR offer: Enjoy 0% intro APR on purchases and qualifying balance transfers for the first 15 months from account opening. Afterward, a variable APR of 20.24%, 25.24%, or 29.99% applies.
2. Cell phone protection: When you pay your monthly phone bill with the Wells Fargo Active Cash® Card, you receive up to $600 in cell phone insurance against theft or damage, subject to a $25 deductible.
3. Visa Signature Hotel Collection: As a Visa Signature cardholder, you gain access to a selection of upscale hotels worldwide with benefits such as free breakfast for two, room upgrades (when available), and late checkout (when available).
4. Travel and emergency assistance services: Access a dedicated hotline for medical or legal referrals, translation assistance, transportation aid, and more while traveling abroad. Note that these services are not insurance and may incur costs.
5. Roadside Dispatch: In case of emergencies like a flat tire or locked keys, you can call for assistance, though most services carry a fee.
6. Credit Close-Up℠: Enroll in this service to receive monthly updates on your FICO score and guidance for score improvement and maintenance.
**Is the Wells Fargo Active Cash® Card the Right Choice for You?**
The Wells Fargo Active Cash® Card offers numerous benefits, including a 2% cash back earning rate, easy redemption options, and valuable additional features like cell phone protection. If you prefer earning rewards effortlessly, this card is an excellent choice.
However, if you are willing to put in more effort, there are other rewards credit cards available that offer higher value, such as cards with points that can be transferred to airline and hotel programs or those providing statement credits for everyday purchases.
**Credit Cards Similar to the Wells Fargo Active Cash® Card**
Consider these alternative credit cards with similar earning rates and user-friendly rewards programs:
1. Citi® Double Cash Card: This $0 annual fee credit card earns 1% cash back on all purchases and an additional 1% back when you pay off those purchases. In essence, you effectively earn 2% on all purchases, similar to the Wells Fargo Active Cash® Card. It also offers an introductory 0% APR on balance transfers for 18 months.
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