Wells Fargo Credit Card with Cash Back Review
I happen to love the Cash Back credit cards; they’re all competing now. Wells Fargo is a straight two percent back in any category. They also have an offer now that you can receive a $200 bonus if you spend $500 in the first three months (90 days) after you open the account. Simple thing to do. It’s not $500 a month for three months; it’s just over a three-month period of time. You spend $500, and you’re going to get $200 back.
Now, don’t look at that as the reason to get the card; obviously, that’s just a customer acquisition tactic. But if you want to use this particular card, why not take advantage of that? With two percent cashback, you have four options. Two of them are odd because they seem to be the same to me, but when they describe it on their site:
- You can redeem it for cash if you go to one of their ATMs, but it’s $20 at a time. So, you have to accrue $20 in cashback, and then you can go to the ATM and get $20 in cashback.
- You can also get gift cards. I’m not a fan of gift cards because sometimes you lose them, sometimes you don’t use all the money on the card, and then you’re not really getting two percent back. So, they’d love you to use gift cards, but I wouldn’t suggest it.
- The third and fourth options are interesting. You can apply it to your credit card statement, which most cards let you do, or any other Wells Fargo account, such as putting the money directly into a checking account, using it for your Wells Fargo mortgage, or whatever it may be.
- The fourth category they call “purchases,” which is interesting. They make a delineation between racking up some charges on your card, then gaining the two percent back and applying it to your bill versus buying something today, and it automatically comes off your card today if you have enough money to cover it. So, you go out and purchase something, whatever it may be, and as long as you have enough money accrued to cover it, it will just immediately come off your statement, and you won’t see it in the end-of-month balance.
I’m not sure what the difference is between just applying it at the end of the month versus having it come off immediately. Maybe it’s because you don’t want your significant other to see all the stuff you’ve racked up, and you’re applying your cash as you’re buying it. I have no idea.
But it’s a great card if you just want two percent cash back. Again, don’t just get it because it has the bonus, but if you want a two percent cash back card, this is a good one, and you can get an extra $200 in the first three months of using it.
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Also read this Fidelity Credit Card Cash Back review.
