This summer, Wells Fargo expanded their list of credit card offerings. Among the new offerings is the Wells Fargo Cash Wise Visa Credit Card. Today we’ll take a look at the features of this new credit card and determine whether or not if might be worth considering applying for.
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Wells Fargo Cash Wise Visa® Credit Card Image may be NSFW. Clik here to view. 
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$0 first year
$0 after first year |
Enjoy 1.8% cash rewards on Android Pay™ or Apple Pay™ mobile wallet net purchases during the first 12 months from account opening Read Review » |
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Wells Fargo Cash Wise Visa® Credit Card |
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Card Benefits
- 1.5% cash back on everyday purchases
- 0% APR for 15 months
- 1.8% cash back on Apple Pay and Android Pay purchases for the first 12 months
- Flexible cash redemptions
- No annual fee
Is the card worth it?
The Wells Fargo Cash Wise card is a solid new offering, but there are probably better options available. The Chase Freedom Unlimited earns 1.5 Ultimate Rewards per dollar spent on all purchases. These can be redeemed for cash, making the card effectively a 1.5 percent cash back credit card, or if you have a premium Chase card like the Chase Sapphire Preferred Card, your Ultimate Rewards can be transferred to transfer partners like United, Southwest, and Hyatt. In most cases, if you transfer your miles you will receive more than 1.5 percent back.
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Chase Freedom Unlimited(SM) Image may be NSFW. Clik here to view.
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$0 annual fee
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$150 Bonus After you spend $500 on purchases in your first 3 months from account opening Read Review » |
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Chase Freedom Unlimited(SM) |
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Chase Sapphire Preferred® Card Image may be NSFW. Clik here to view.
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$0 intro first year
$95 annual fee |
Earn 50,000 bonus points when you spend $4,000 on purchases in the first 3 months from account opening. That's $625 in travel when you redeem through Chase Ultimate Rewards® Read Review » |
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Chase Sapphire Preferred® Card |
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If you’re looking to stick with something simple, there are still a few cards available that will give you better than 1.5 percent cash back. Among them are the Fidelity Visa, the Citi Double Cash Card, and the Barclay Arrival Plus World Elite Mastercard. The Fidelity Visa offers a flat 2 percent back on everything and has no annual fee. The Citi Double Cash offers 1% back when you make your purchase and another 1 percent back when you pay the credit card, also with no annual fee. The Barclay Arrival Plus has an $89 annual fee and offers 2 miles for every dollar spent as well as a 5 percent bonus when you redeem miles. This works out to 2.1 percent back on all purchases as long as you redeem towards travel.
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Citi® Double Cash Card Image may be NSFW. Clik here to view.
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$0 first year
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No Sign-Up Bonus - Read Review » |
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Citi® Double Cash Card |
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Barclaycard Arrival Plus™ World Elite MasterCard® Image may be NSFW. Clik here to view.
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$0 first year
$89 after first year |
40,000 bonus miles When you spend $3,000 on purchases in the first 90 days Read Review » |
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Barclaycard Arrival Plus™ World Elite MasterCard® |
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Currently, the Wells Fargo Cash Wise card also don’t offer a signup bonus. In my opinion, this is another reason why it really doesn’t make sense to go this card. You can beat even the 1.8% percent cash back that is available only for Apple Pay and Android Pay transactions with one of a few different credit cards that are available.
One reason that it could make sense to get the Wells Fargo Cash Wise card is to utilize the 0% APR for the first 15 months. I never recommend carrying credit card debt, but the fact of the matter is that sometimes something happens and you need to. If you fall into that category, 0% APR is definitely the way to do it! Make sure you are able to get it paid off within the 15 months though because much higher APR will kick in after that time and any rewards or cash back you earn won’t be worth it at that point.
Final Thoughts
Wells Fargo tried to make a compelling credit card offering, but they just came up a little short in my opinion. There are at least two other credit cards with no annual fee (Fidelity Visa and Citi Double Cash) that earn more cash back than the Wells Fargo Cash Wise. Since there isn’t even a signup bonus for the Cash Wise, it doesn’t make much sense to get at all — regardless of who you are or how you spend your money.
What do you think about the Wells Fargo Cash Wise Credit Card? Do you agree with my assessment?