Wells Fargo Visa Signature Card Full Review
Points are worth more when redeemed for airline tickets
0% above average APR offer
Ongoing rewards below average
No one-off offer
- Exceptional bonus rewards: Cardholders earn 5 points per dollar for the first six months on spending up to $ 12,500 on grocery, gas and drugstore purchases. This is an exceptional rate for a card with no annual fee, although the bonus category reward rate expires relatively soon after the account is opened. This type of rewards offer gives you the opportunity to accumulate your rewards balance within a short period of time.
- Points are worth more when redeemed for airline tickets: Wells Fargo GoFarRewards points are 50% more valuable when you redeem them for airline tickets, increasing the value of each point to 1.5 cents.
- 0% above average APR offer: While there are cards offering longer promotional periods on purchases and balance transfers, this card’s 15-month 0% APR offer is always generous if your primary goal in obtaining the card is its rewards. It will allow you to pay off your debts without the interest charge or to finance a large purchase over more than a year.
- Below Average Ongoing Rewards: When the 5 point per dollar bonus category rewards end after the first six months, the current rewards rate on that card drops to 1 point per dollar on all purchases. Several others no annual fee rewards cards provide better ongoing rewards.
- No single offer: Instead of a one-time offer, this card offers accelerated point rewards in three bonus categories for six months. Still, there are many cards with no annual fee that offer both a one-time offer and rewards on bonus categories. The lack of a single offer puts this card at a disadvantage.
The Wells Fargo Visa Signature Card is ideal for people who currently spend or plan to spend a lot on gas, groceries and drugstores. It offers high rewards earnings on these categories in the first six months, giving new cardholders a way to quickly increase their points balance.
Because the points with this card are worth 50% more when redeemed for airline tickets, it’s also a solid choice for people who want to earn rewards for traveling without paying an annual fee.
Additionally, this card might work well for anyone interested in transferring high interest credit card debt from another card or financing a large purchase as it has a 15 month promotional period. at 0% APR. However, note that it charges a balance transfer fee of 3% or $ 5, whichever is greater, for the first 120 days, after which the fee increases to 5%, with a minimum of $ 5.
For the first six months after opening their account, cardholders earn 5 points per dollar on purchases at gas stations, grocery stores and drugstores, up to $ 12,500 in net purchases. Any other purchase outside of these categories made during the introductory period earns 1 point per dollar. After the end of the promotional period, the rate in effect on all purchases is 1 point per dollar. Unused points expire after five years.
Details on how to use rewards
Wells Fargo offers several options for redeeming points through its GoFarRewards program, including travel, gift cards, merchandise, online auctions, and cash back.
Typically, Wells Fargo GoFarRewards are worth 1 cent each, regardless of how they are redeemed. In other words, 100 points are worth $ 1. However, the points are 50% more valuable when you redeem them for airline tickets, which increases the rate to 1.5 cents per point. For example, you can redeem 20,000 points for $ 300 in airline tickets. This means that you will get the most out of your points by using them only for flights.
Automatic redemptions are available in increments of $ 25, or 2,500 points, by phone or online. Redemptions through a Wells Fargo ATM are available in increments of $ 20, or 2,000 points.
GoFarRewards points cannot be transferred to loyalty programs. However, you can send them to another Wells Fargo customer who is part of the GoFarRewards program, move points between your own accounts, or add them to a Wells Fargo rewards pool.
How to Maximize Your Rewards
Making the most of the rewards with the Wells Fargo Signature Visa Card means using it for every gas, grocery, and drugstore purchase for the first six months after obtaining the card. Every purchase made in these categories earns 5 points per dollar, which can add up quickly.
If your budget allows, spend enough to meet the threshold of $ 12,500 in bonus category rewards, which would maximize the number of points you can earn at the bonus rate.
Next, focus on using your GoFarRewards to pay for flights. This will earn you 50% more value on each point. For example, 50,000 points are worth $ 750 when redeemed for airline tickets, but only $ 500 when used in any other way.
Let’s say you use this card primarily for its bonus categories in the first six months, spending $ 386.92 on food at home, $ 174.50 on gas, and $ 65.50 at drugstores each month. These figures are averages from the Bureau of Labor Statistics.You would earn 18,807 points, which would be worth $ 282.11 when redeemed for flight purchases. Any purchase you make outside of the bonus categories will add 1 point per dollar to your total.
For this scenario, let’s say you spend a bit more on this card’s bonus categories in the first six months, charging $ 600 per month for groceries, $ 250 for gasoline, and $ 80 at drugstores. In total, you would earn 27,900 points worth $ 418.50 when you redeem them for airline tickets.
Again, this does not include the 1 point per dollar you would earn on purchases outside of these categories.
Exceptional Benefits of the Wells Fargo Signature Visa Card
- Cell Phone Protection: If you use this card to pay your monthly cell phone bill, it extends insurance coverage for $ 600 for damage or theft, subject to a $ 25 deductible.
- Rental Car Collision Insurance (secondary to your own policy)
- Travel accident insurance
- Replacement of the emergency card
- 24/7 emergency travel and assistance
- Trip cancellation protection and reimbursement of lost baggage
In the JD Power 2020 US Credit Card Satisfaction SurveyWells Fargo ranked eighth out of 11 national card issuers and scored below average.??
This card provides access to FICO credit scores and 24/7 customer service through Wells Fargo’s online platform or by calling 1-800-642-4720.
This card features industry standard security features including account and activity alerts and zero liability protection. It also has chip technology for enhanced security when paying on a terminal.
Fees to watch out for
This card has a balance transfer fee of $ 5 or 3% of the amount transferred, whichever is greater, for the first 120 days after opening an account. The fee increases to 5%, with a minimum of $ 5, after the introductory period. So keep these fees in mind if you plan to consolidate high interest debt on this card. This card also has a 3% foreign currency conversion fee, which makes it potentially expensive to use abroad.
The Wells Fargo Visa Signature Card offers strong bonus category rewards. And it sets itself apart from travelers by offering a 50% increase in the value of each point redeemed for airline tickets. Frequent travelers looking to increase the trade-in value they receive for flights through the GoFarRewards program will find this feature particularly useful.
By combining this card with the Wells Fargo Propel American Express card could increase your rewards even further. This card offers 3 points per dollar on restaurants, gas stations, carpools and travel, and not just for an introductory period. You can increase your reward earnings by using the Wells Fargo Propel American Express Card for purchases outside of the bonus categories on the Wells Fargo Visa Signature Card.
However, since the rewards on these two Wells Fargo cards are limited to a few categories, you may also want to consider adding a flat rate card that offers richer rewards on all purchases. For example, the Citi Double Cash Card offers 1% cash back on purchases and an additional 1% when you pay for those purchases. Using this for non-bonus category purchases would be a solid addition to the initial 5 points per dollar you would earn with the Wells Fargo Visa Signature card.