Review: Wells Fargo Cash Back College Card
- Only good for the first half-year. All of the Wells Fargo Student Credit Cards best features are crammed into the first six months your account is open. You will receive 3% cash back on gas, groceries and drugstore purchases but only for the first six months. After that, youll earn just 1% back on all purchases, which is about average for a cash-back credit card. Furthermore, youll get 0% intro rates on new purchases and balance transfers, but again, only for six months. Afterwards, even with the lowest regular APR assigned, it would be better not to carry a balance from month to month, which is not advised when trying to build your credit rating. For context, the average student credit card has a 16.29% APR.
- No annual fee is a necessity. Its important for students to get a card with no annual fee because low-cost credit improvement should be their top priority. In that sense, the Wells Fargo College Credit Card fits the bill. However, most student cards dont charge annual fees, so this wont be the deciding factor.
- Rewards-redemption rigidity. The Wells Fargo College Card only lets you redeem your cash back in increments of $25. That means youll have to carefully plan redemption in order to cash in your total earnings.
Why Get The Wells Fargo Cash Back College Visa Card
- Youre a student seeking to apply for your first card and establish a credit history.
- Youre already a Wells Fargo customer.
- You want to learn how to responsibly manage your credit.
- Youre looking for a card with more forgiving interest rates.
- You want a decent cash rewards program.
- You have a large balance on another card that requires a long period to pay off.
- You want to finance a large purchase at 0 percent .
Inactive Credit Cards May Shutdown
For now, its still possible to apply for unsecured credit cards from Wells Fargo and keep your existing Wells Fargo cards.
One slight exception to this statement can be inactive credit cards. Most banks reduce spending limits and may even close credit card accounts with minimal activity.
This practice increased in 2020 due to the pandemic. A LendingTree survey reports 70 million Americans saw their credit card limit involuntarily reduced or their entire account closed from mid-May to mid-July 2020.
More recent statistics are currently unavailable, but banks regularly prune their portfolio of inactive credit cards to minimize consumer risk.
Whether you have a credit card with Wells Fargo or not, make purchases several times a year to prevent account closings, and credit limit decreases. Either event can negatively affect your credit score.
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This Card Can Help You Out Of A Jam
We dont recommend carrying a balance on your credit card. Its a bad habit to get into. But if you have an emergency that you cant afford to pay out of pocket, the Wells Fargo Cash Back College Card features an introductory 0% APR on purchases for the first six months after account opening. Youll also get a six-month introductory 0% APR for balance transfers made within 120 days of account opening but watch out for the intro balance transfer fee of 3% . And if you transfer a balance after the first 120 days, the balance transfer fee can be up to 5% .
It might help you out in a pinch. Just dont forget to pay off your balance as quickly as possible, because after the introductory rate ends youll be hit with a variable APR on both purchases and balance transfers between 11.15% and 21.15%, depending on your creditworthiness.
Review: Should You Apply For The Wells Fargo Cash Back College Card
The Wells Fargo Cash Back College Card provides 3% cash rewards earned for up to $2,500 spent on gas, grocery, and drugstore purchases for the first 6 months. Enjoy 1% cash rewards for other purchases. These are adequate rewards for college students who have limited purchases, but the welcome bonus isn’t up to par with competing cards that can offer $100 or more for signing up.
After this introductory six-month period with the Wells Fargo Cash Back College Card, you’re better off with another card that can offer more than a measly 1% cash rewards for each $1 spent on all purchases. Cards like the Discover it® Student Cash Back offer a much better earning rate and higher cashback rewards, better catered to your everyday spending habits as a college student.
Our main issue with the Wells Fargo Cash Back College Card is that it has no standout features. If you’re interested in a card with 0% APR, Bank of America’s student credit cards can provide you with a longer 0% period. If you’d rather use a card to earn miles or better cashback rewards, then Discover, Chase, Bank of America and even Capital One have better offers. The Wells Fargo Cash Back College Card doesn’t stand out from the rest of the pack, nor does it carve out any niche of its own to provide fantastic value.
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Review: Is The Wells Fargo Active Cash The Best Credit Card For You
There’s a lot to like about the Wells Fargo Active Cash Card , and that’s especially true if you’re looking for a card that offers a high rate of rewards without rotating categories or earning caps. The Wells Fargo Active Cash Card earns a flat 2% cash back for each dollar you spend, and without any hoops to jump through.
This card also comes with no annual fee, and new cardholders get an introductory 0% APR on purchases and balance transfers for 15 months, followed by a variable APR of 14.99%, 19.99% or 24.99%.
The Wells Fargo Active Cash Card starts you off with a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months from account opening, which makes it more rewarding than its closest cash-back competitor the Citi® Double Cash Card. Most people know the Citi® Double Cash Card as the other major rewards card that offers 2% back on all purchases, but there are some major differences.
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With the Citi® Double Cash Card, you earn 2% back but your rewards are doled out in two segments you get 1% when you make a purchase and another 1% when you pay it off. Also note that the Citi® Double Cash Card does not offer a sign-up bonus, and that its 0% introductory APR only applies to balance transfers and not to purchases.
Wells Fargo Cash Back College Card Review
Paying for college is difficult enough without even beginning to consider everyday purchases. Since money is always at a premium for college students, earning 3% cash rewards on gas, groceries, and drugstore purchases can surely put more money back into the pockets of hungry students everywhere.
While the Wells Fargo Cash Back College Card earns 3% back on select purchases, this is only for the first six months after opening an account. Additionally, should students attempt to max out their rewards within the first six months, Wells Fargo places a cap of $2,500 of cash back. After the six months expire, students will earn 1% back on every purchase.
Cash rewards from Wells Fargo are redeemable in $25 increments, applicable either towards qualifying Wells Fargo credit products, as a paper check, through Wells Fargo ATMs in $20 increments, for travel, gift cards, or more. The option of redeeming cash back through Wells Fargo ATMs is a very nice perk, especially for students, as they can practice their budgeting and use their cash back rewards as a way to treat themselves with a night out to celebrate their fiscal-planning success.
An added perk of the Wells Fargo Cash Back College Card is the cell phone protection plan where a device is covered against theft or damage if this card is used to pay the monthly bill. Cardholders are also offered roadside dispatch, travel, and emergency assistance services, and an auto rental collision damage waiver.
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How We Will Calculate Your Variable Aprs
Unless an introductory or promotional APR is in effect, we will add a “Margin” to the U.S. Prime Rate to determine your standard variable APR. For each billing period, we will use the U.S. Prime Rate, or the average of the U.S. Prime Rates if there is more than one, published in the Money Rates column of The Wall Street Journal three business days prior to your billing statement closing date. The APR may increase or decrease if the U.S. Prime Rate increases or decreases and this will also cause the related daily periodic rate to increase or decrease. An increase or decrease in the APR may increase or decrease the total amount of interest you pay. It may also increase or decrease the Minimum Payment due. See the Agreement for more details.
Interest Rate Calculation
Best For Intro 0% Apr: Wells Fargo Platinum Card
Why we like this card: Whether you need to make a big purchase and spread out payments over several months or need to transfer a balance from a high-interest credit card, the Wells Fargo Platinum card deserves strong consideration. It offers lengthy intro APR periods for both:
- Intro APR of 0% intro APR for 18 months from account opening for purchases. Then, a 16.49%-24.49% APR will apply to the remaining balance.
- Intro APR of 0% intro APR for 18 months on qualifying balance transfers. Then, a 16.49%-24.49% APR applies on any balance remaining.
This cards annual fee is $0.
- Cellphone protection of up to $600 per claim .
- Auto rental collision damage waiver.
What to watch out for: The balance transfer fee is 3% intro for 120 days from account opening, then up to 5% min: $5. While 3% is reasonable, 5% is on the expensive side, so transfer a balance promptly after getting the card.
Read our review of the Wells Fargo Platinum card.
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How To Earn Cash Back With The Wells Fargo Active Cash Card
The Wells Fargo Active Cash Card offers 2% back on everything you buy with no rewards category limitations or quarterly activation. This means you can use it for all your purchases and earn this flat rate of rewards for each dollar you spend.
It doesn’t get any more simple than that, which is one of the biggest upsides of this card.
Wells Fargo Active Cash Card
Who its best for: Frequent travelers
The Wells Fargo Active Cash card is a rewards card that gives you unlimited 2% cash back on all of your purchases. You can redeem the rewards online, in person or by phone for the following:
- Payment of recent eligible purchases made using your card
- Statement credit on a qualifying Wells Fargo credit card, checking account or mortgage
- ATM withdrawals
- Gift cards
If youd rather share your rewards with another account holder or a charitable organization, you can do that, too, in $25 increments.
Although Wells Fargo considers its Active Cash card a cash-back rewards card, it does double duty as a balance transfer card. You get a 0% introductory rate on purchases and qualifying balance transfers for 15 months after account opening.
In addition to receiving cash-back rewards on all your purchases, you can earn a $200 cash bonus after spending $1,000 in the first three months you own the card. Other exclusive Active Cash benefits include around-the-clock concierge service that can help you book dinner reservations, travel and entertainment. Cardholders also get special benefits from a luxury collection of participating hotels.
- High balance transfer and cash advance fees
- Foreign transaction fee
Where The Wells Fargo Cash Back College Visa Card Stands Out
The Wells Fargo Cash Back College Visa® Card offers the potential for rewards with a $0 annual fee. Once you sign up, youll earn 3% cash rewards on gas, grocery, and drugstore net purchases for 6 months. You also earn back on all other purchases made with the card. After the six-month period expires, your earning rate will fall to for all purchases.
If you need to make a large purchase and want to pay it down over a short time without any interest, youll also be glad to know that the Wells Fargo Cash Back College Visa® Card charges , followed by a variable rate of . The same also applies to balance transfers, although a balance transfer fee of up to 5%, with a minimum of $5 will be assessed.
The Wells Fargo Cash Back College Visa® Card reports your card account and payment activity to all three credit reporting agencies, which is beneficial when looking to build a solid credit history. That credit report data is then fed into an algorithm which determines your credit score. You also get access your FICO Score through your cards online account, as well as credit education and tools with Wells Fargo Online®.
A great perk with this card is its cellphone protection. If you use the card to pay for your monthly cell phone bill every month, cardholders get up to $600 in protection. This coverage is for phones that are damaged or stolen, however, it does not cover you if your phone is lost.
Which Wells Fargo Credit Card Is Best For You
The Active Cash card takes first place overall because of its cash-back rewards, bonus offer and travel perks. The 15-month 0% introductory APR on balance transfers gives you time to pay down any debt youre carrying on other cards, but the more of your credit limit you use on balance transfers, the fewer rewards you can earn on spending. That makes the Reflect card the better choice for anyone who wants to transfer a lot of higher-interest debt. Just be mindful of the Reflect cards APR youll pay anywhere between 12.99% and 24.99% on any balances that remain after the introductory period ends.
Methodology: GOBankingRates identified the best balance transfer credit cards by analyzing all banks with over $100 billion in total assets, as well as the three largest credit unions along the following factors: length of 0% intro APR for balance transfers length of 0% APR for purchases balance transfer rate balance transfer fees annual fees purchase APR and any perks associated with a card that might extend its value past the promotional APR period. To be considered, the intro APR on balance transfers had to be 0%.
GOBankingRates identified the best cash-back credit cards by analyzing the following factors: annual fees APR for purchases promotional APR sign-up bonuses and rewards and features. Rewards had to be in the form of cash back to qualify.
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Wells Fargo Active Cash Card Vs Discover It Cash Back
The Discover it Cash Back is the sort of card with a cash back rewards scheme that requires reading twice: 5% cash back is earned in must-be-activated, rotating, capped quarterly categories. Every quarter, 5% cash back can be earned on the first $1,500 in purchases in specific categories or at specific vendors after the cardholder activates the category. On all other purchases, the card earns 1% cash back. Discover also matches all cash back earned at the end of the first year of account ownership.
New cardholders will receive an introductory 0% APR for 14 months on purchases and eligible balance transfers. Then, a standard rate of 11.99% – 22.99% Variable applies The Discover its offer is a similar benefit to the Active Cash. Each cards fees are comparable. With no major travel benefits, like the Active Cash, the Discover it Cash Back will not be great for those looking to take advantage of travel, purchase protection or other benefits.
As far as cash back earning goes, the Active Cash, after a certain targeted spend limit over the course of each year, will easily surpass the Discover it Cash Back in earnings. The likely best use of each of these cards is together, howeverthe Discover it Cash Back used for earning 5% cash back in each rotating category up to the max and the Active Cash for all other purchases. For those who want only one card for all spending needs, wed definitely recommend the Active Cash in most situations.
Apply For A College Credit Card
College credit cards may be offered to college students with limited credit histories, and some come with introductory interest rates, or rewards options. While the requirements to qualify for a credit card can vary by lender, in many cases students must be at least the age of majority/emancipation in their state of residence, must be able to demonstrate the ability to individually repay their debt and be able to satisfy minimum income requirements in order to qualify for a credit card. In some cases, students who do not meet these criteria on their own may have to apply with a co-applicant who has the ability to repay the debt in order to qualify. A credit card in your own name may help you build a credit history that can serve you well when you need to get other credit products like a car loan. Missed or late payments can have a negative impact on your credit, so be sure to spend wisely and stay on top of your bills to avoid accumulating debt on your card.
Managing your money is usually easier said than done. By taking control of your finances and using that control to improve your financial stability and security, you will be able to learn how to make your money work for you.
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