Review of the Wells Fargo Active Cash Card

Wells Fargo Active Cash Card Overview

Cash back credit cards, like the Wells Fargo Active CashSM Card, offer a range of redemption options for the rewards you earn. Typical options include using rewards as a credit on your statement, buying gift cards, and cashing out through checks or bank transfers.

What sets the Wells Fargo Active CashSM Card apart from the competition? Not only is it offered by America’s third-largest bank, but it also boasts a competitive 2% earn rate, surpassing many of its flat-rate rivals. However, how does it stand when compared to high-end rewards cards?

This article provides an in-depth look into the advantages and disadvantages of the Wells Fargo Active Cash Card, as well as other potential card choices.

About the Wells Fargo Active Cash Card

The Wells Fargo Active Cash Card is a straightforward cash back credit card. It offers a consistent 2% cash back on all purchases and doesn’t charge an annual fee.

Unlike cards with tiered rewards, this card keeps it simple: no bonus categories. But, if your expenses don’t match those bonus tiers of other cards, you could earn more with this card.

Redeem your rewards for online statement credits starting from $1. There are higher thresholds for ATM cash outs ($20) and gift card redemptions ($25).

The card is a part of the Visa Signature line, ensuring widespread acceptance. Yet, it’s not the best for international travel due to a 3% fee on foreign transactions. Still, for domestic use and most situations, it’s a top contender.

Wells Fargo Active Cash Card Key Details

Eligibility Criteria:

• Minimum age of 18
• No new Wells Fargo credit card in the past six months
• A credit score of 670 or higher
• Current number of Wells Fargo cards may affect approval. The bank might adjust your existing credit limits to accommodate this card.

Fees:

• Annual fee: None
• Foreign transaction: 3%
• Late payment: Up to $40
• Purchase APR: 15.74%-25.74% (0% introductory rate for the first 15 months)
• Balance transfer APR: 15.74%-25.74% (0% introductory rate for the first 15 months)
• Balance transfer fee: 5% (3% for the initial 120 days)

Main Benefits:

• Signup bonus: $200 after spending $1,000 in the first three months.
• 2% cash back on all purchases.
• No yearly fees, making it great for building credit history.
• 0% introductory APR on purchases and balance transfers for 15 months.
• Various reward redemption methods, from online credits to ATM withdrawals.
• Complimentary cell phone protection if you pay your bill with this card.
• Visa Signature perks, such as roadside assistance and rental car insurance.

Pros:

• No yearly fee
• Consistent 2% cash back
• Low threshold for online statement credits
• Cell phone protection

Cons:

• Steeper requirements for signup bonus
• Limited added benefits
• 3% fee for foreign transactions

Alternative Cards to Consider

1. Chase Freedom Unlimited: Offers 1.5% back on general purchases with up to 5% back on specific categories. No annual fee and a 3% foreign transaction fee.
2. Citi Double Cash: Gives varying cash back percentages depending on the type of purchase. No introductory annual fee (then $95) and a 3% foreign transaction fee.
3. Capital One Quicksilver: A flat 1.5% cash back on all purchases with no annual or foreign transaction fees.
4. Fidelity Rewards Visa Signature: Earns double points on purchases which can be deposited into various Fidelity accounts. No annual fee and a 1% foreign transaction fee.

Comparing Cash Back to Travel Rewards

Choosing between cash back and travel rewards depends on personal preferences and spending habits. Travel points can often fetch higher value, especially for award flights. However, cash back cards like Wells Fargo Active Cash provide more straightforward rewards, which can be used more flexibly. If you travel frequently, you might lean towards a travel card, but remember, many of the top ones come with substantial annual fees.

Common Questions about Wells Fargo Active Cash

1. Minimum credit limit: Typically starts at $5,000, but might be lower if you’re upgrading an existing Wells Fargo card.
2. Minimum credit score: While not explicitly stated by Wells Fargo, a score of 670 or more is recommended.
3. Foreign transaction fee: 3% for purchases made outside the U.S.

Final Verdict on Wells Fargo Active Cash Card

The Wells Fargo Active Cash Card is a solid choice for those seeking consistent rewards without the need to track spending categories. With no annual fee and a 2% cash back rate, it’s an attractive option for many. However, for those seeking more extensive benefits or frequent travelers, a premium rewards card might be a better fit, albeit with an annual fee.