Wells Fargo boosts the sign-up bonus for the Cash Wise Visa to $200
By Tracy Brackman | Published: April 27, 2017
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Wells Fargo has upped the sign-up bonus for the Cash Wise Visa card from $150 to $200. To earn the cash rewards bonus, a cardholder must make $1,000 in purchases in the first three months of opening his or her account.
In addition to the $200 sign-up bonus, the Wells Fargo Cash Wise Visa offers cash back on all purchases. Cardholders earn 1.5 percent cash back on all purchases, as well as 1.8 percent cash back on qualified Apple Pay and Android Pay purchases during the first 12 months.
There is no limit to the amount of cash you can earn, and cash back does not expire. Rewards can be deposited directly into your Wells Fargo checking or savings account, withdrawn from a Wells Fargo ATM in $20 increments or issued via check. Rewards can also be used to pay down a Wells Fargo mortgage, or redeemed for merchandise, gift cards and travel.
Other card benefits include no annual fee and a 0 percent intro APR on purchases and balance transfers for the first 12 months.
Mobile phone protection
The Wells Fargo Cash Wise Visa includes up to $600 in cellphone protection each year for stolen or damaged cellphones. This is an uncommon and potentially valuable benefit – if you’ve ever broken or had your phone stolen, then you know how pricey it can be to fix or replace it.
In place of paying a monthly fee for cellphone insurance to your provider, you can qualify for mobile protection through the Wells Fargo Cash Wise Visa simply by using the card to pay your monthly cellphone bill. Wells Fargo will cover up to two claims per year for a maximum of $600 per occurrence, and $1,200 per 12-month period. Each claim is subject to a $25 deductible, and coverage does not apply to lost phones.
Comparing cash back offers
While the Wells Fargo Cash Wise card offers one of the highest sign-up bonuses among cash back cards along with the opportunity to earn cash back on all purchases, there are cards, such as the Blue Cash Preferred and the Blue Cash Everyday cards from American Express, that offer more cash back in specific categories.
Here’s how the sign-up bonus on the Cash Wise Visa stacks up against other cards with large sign-up bonuses:
|Credit card||Sign-up bonus||Estimated value of bonus*||Cash back rate|
|Wells Fargo Cash Wise Visa||
|Blue Cash Preferred||
|Blue Cash Everyday||
|Discover it Chrome||Double your cash back at end of first year||$205||
|Chase Freedom Unlimited||
|Discover it Cashback Match||Double your cash back at end of first year||$159||
*Our estimated sign-up bonus value is based on average consumer spending
habits, assuming $1325 of card spend per month.
Our estimates show that the bonuses on the Blue Cash Preferred and Blue Cash Everyday cards may ultimately be more valuable than the bonus on the Wells Fargo Cash Wise card.
However, deciding on the best cash back card depends on your spending habits and how much time you wish to invest in credit card maintenance. If you are interested in maximizing your earning potential in specific categories, such as dining and gas stations, the Blue Cash cards may be a good option for you. But if you prefer a more straightforward, flat-rate cash back offer that doesn’t involve rotating categories – as well as a higher sign-up bonus – then the Wells Fargo Cash Wise card may be a better fit.
Note that the 10 percent bonus on restaurant purchases for the Blue Cash Preferred and Blue Cash Everyday cards is only available until May 3, 2017. At that time, American Express will likely rotate in a new bonus category that is geared for the summer season. You may want to check back soon to see what the Blue Cash cards have in store for summer.
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