Reviews Wells Fargo Cash Back Visa Signature card review
Wells Fargo Cash Back Visa Signature card review

Wells Fargo Cash Back Visa Signature card review

Published: August 15, 2017
Advertiser Disclosure
Ratings Policy
Balance Transfer Rating:
0 rating
0 rating
0 / 5
Introductory Offer: 4.2
Net Value: 3.0
Features: 4.0

In a nutshell:

With a long introductory period and an extensive list of perks including cash rewards, the Wells Fargo Cash Back Visa Signature card makes a compelling balance transfer offer. This offer is no longer available.

Introductory Period
15 months

Transfer Fee
$5 or 3% (whichever is higher)

Introductory APR
0%

Regular APR
12.40-26.24%

Annual Fee
$0

Other Notable Features: EMV chip, travel benefits including car rental insurance and travel insurance, extended warranty, price protection

This offer is no longer available.

What makes a great balance transfer card? You’re probably looking for a long introductory period and the lowest transfer fee possible, but what do you plan to do with the card once your balance is paid off? Shuffle it to the back of your wallet? Perhaps it doesn’t have to be that way. The Wells Fargo Cash Back Visa Signature card sits near the top of our list of balance transfer cards because of all the things that you get after the balance transfer. It manages to combine a long introductory period with nice perks and some fair cash rewards.

One of the longer introductory periods
The Wells Fargo Cash Back Visa Signature card resides in the top tier of cards with introductory periods. It offers a 15-month zero percent APR for both balance transfers and new purchases. You’ll find few cards with a longer introductory period.

Decent cash-back rewards
If you’re purely searching for a cash rewards program, this card wouldn’t be our top pick.  Most of our top cash-back cards offer ongoing bonus rewards. Wells Fargo offers a 5 percent bonus for a mere six months, then dips down to a one-point-per-dollar rate on all purchases. Still, 1 cent cash back per dollar is nothing to sneeze at, and it’s a pretty high rate for a balance transfer card with a long introductory period.  If you successfully pay down your balance and continue to use the card, you will likely appreciate the extra cash.

Visa Signature benefits
Wells Fargo’s cash-back card is part of the Visa Signature program and includes a long list of perks. The card includes an EMV chip, which protects against fraud and promotes easier use overseas. It also includes travel benefits, such as rental car insurance, travel insurance and benefits through the Visa Signature Luxury Hotel Collection. You’ll also get some useful purchase protections, including price protection, which refunds the difference on recent purchases when you find a lower price.

The high APR can cost you
The main drawback of this card is the APR. The regular APR, which ranges up to 26.24 percent, is among the highest of the cards we reviewed. If you plan to take advantage of the zero percent offer, you’ll want to pay the balance off before the 15-month period expires. And you’ll want to make sure you make your payments on time, since there’s a $37 penalty fee for late payments. On the bright side, the card doesn’t impose a penalty rate for late payments.

For cardholders who are disciplined with their credit, the Wells Fargo Cash Back Visa Signature card has a valuable balance transfer offer with some extra benefits to boot. If you are looking for a card that offers perks and rewards in addition to the balance transfer offer, this may be the card for you.

Reasons to get it:

  • You’re carrying a large balance that requires a fairly long period to pay off.
  • You want to finance a large purchase at zero percent (and you have the discipline to pay it off in 15 months).
  • You’re looking for a balance transfer card with a decent cash rewards program.

How to use it:

  • Make sure you can pay your balance off in 15 months. The regular APR, which ranges up to 25.99 percent, is really high.
  • While cash rewards are a nice perk, they can’t compensate for credit card interest. You shouldn’t try to rack up rewards points until you’ve paid off your balance.

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