Wells Fargo Rewards card has a complex reward system. For the first half of the year after you open an account, you can get up to 5x rewards points on eligible purchases.
The card also comes with a great APR introductory offer. Also, there are competitive interest rates for cardholders with a good credit score.
Wells Fargo is an excellent banking institution. Here’s more about how to apply for a Wells Fargo credit card can get up to 5x reward points!
Fees and Interest
Wells Fargo Rewards card does not have any annual fee, so it a low maintenance card. In addition to this, all new customers enjoy two APR introductory offers.
For the first 15 months, the cardholder benefits from 0% APR for both purchases and balance transfers. After this period, the APR ranges from 12.49% to 25.49%, depending on the creditworthiness.
You can avoid making any interest payments by paying the entire outstanding balance within 25 days after the close of the billing period. In case you do pay interest, the minimum payment is $1.
All cash advances and overdraft protection advances have an APR between 23.99% and 25.99%, also determined by the credit score.
Although there is no annual fee, the bank does have some fees for other situations. If you plan to transfer your current balance, you must pay the introductory fee of $5 or 3%, but only if you make the transaction within the first 120 days after opening your account. After this, there is a 5% fee or a minimum of $5.
Cash advances require a $10 or 5% fee, depending on which is higher. Overdraft protection advances are charged with $12.50 if it is $50 per day or less, and $20 if it is greater than $50.
All transactions in foreign currencies require a fee of 3% of the total amount in US dollars. For late payments, returned checks, and returned payments, there is a fee that can reach up to $40.
How to Apply
Applicants must access the Wells Fargo website, where they provide a straightforward form to be completed with personal and financial information. The card is available for people with a lower credit score, but this will undoubtedly impact your APR.
You need to be at least 18 years old to apply for a Wells Fargo Rewards card. If you are accepted, the card will be sent to you via mail.
Also, applicants are not eligible for the introductory offers if you have opened another Wells Fargo credit card account within the last 15 months from the date of your application and you’ve already received any introductory APR offers, fees, or bonus rewards offers.
This applies even if your account is currently closed or has a $0 balance.
Bank Contact Details
If you have any questions or concerns, the bank’s customer service team can be reached 24/7 by calling 1-800-869-3557.
The main office is located at 464 California Street, San Francisco, California, 94104.
Features and Benefits
Wells Fargo Rewards card offers 5x rewards points for any spending on gas, grocery, and even drugstore shopping. This is valid only for the first 6 months after you open your account, and there is a limit of $12,500. All the other purchases provide 1 point of $1 spent.
The collected points are valid for a maximum of 5 years. During this time, you can choose a wide range of redemption options, such as travel, merchandise, gift cards, cash, and others.
Wells Fargo offers different layers of protection for your account, including zero liability for unauthorized transactions, mobile phone protection, rapid alerts, and more. Cardholders further benefit from auto rental collision damage waiver and travel accident insurance.
However, given its foreign transaction fees, Wells Fargo Rewards can be quite expensive if used outside the United States.
Summary
All in all, the Wells Fargo Rewards credit card is an excellent option for collecting 5x reward points.
These can be redeemed as cash, gift cards, and many more, but make sure you spend them within 5 years. The option is also not available if you’ve already opened an account and enjoyed any introductory bonuses or offered in the past 15 months.
Note: There are risks involved when applying for and using credit. Consult the bank’s terms and conditions page for more information.
