The Wells Fargo Cash Wise Visa® is a standard, flat-rate cash back credit card. It earns 1.5% cash back on every purchase, which is pretty average, with no annual fee. Two features make it worth a look: A sizable sign-up bonus and free cell phone insurance, which you won’t find on many no-fee credit cards. Read our full review to see if the Wells Fargo Cash Wise Visa® makes sense for you.
Wells Fargo Cash Wise Visa® Card Quick Review
Here are the highlights of the Wells Fargo Cash Wise Visa® Card:
Annual Fee: $0
APR: 0% for 12 months, then 16.24% to 28.24%
Sign-Up Bonus: $200
- Introductory 0% APR
- Bonus rewards on mobile wallet purchases
- Free cell phone insurance when you pay your bill with your card
- Fraud monitoring and zero liability protection
- The full amount of the new balance if the new balance is less than $15.
- Otherwise, the greater of:
- 1% of the new balance plus all fees and interest, or
- Up to $37 for late payments
- Up to $37 for returned payments
Why Apply for the Wells Fargo Cash Wise Visa® Card
There are a few reasons to apply for the Wells Fargo Cash Wise Card.
You don’t want to worry about bonus categories
The Wells Fargo Cash Wise Visa® Card offers an easy 1.5% cash back on every purchase. It doesn’t matter what you buy or where you buy it; you’ll earn the same amount. This differs from the rewards many credit cards offer. Category-based cards earn a low cash-back rate on most purchases, but offer better rewards for purchases at specific types of stores. Those cards take more effort to use to maximize rewards and aren’t the best option if you only want to have one card.
You want to protect your phone
Having a phone a working smartphone is essential to modern life, but replacing one can be costly. The latest smartphones run more than $1,000. The Wells Fargo Cash Wise Visa® Card gives you peace of mind by offering cell phone insurance when you pay your bill with your card. If your phone is damaged or stolen, you get up to $600 to repair to replace it, with a maximum of two claims per year, with a deductible of just $25.
Wells Fargo Cash Wise Visa® Card: Drawbacks and Downsides
There are some downsides to the Wells Fargo Cash Wise Visa® Card.
Poor rewards rate
The Wells Fargo Cash Wise Visa® Card offers just 1.5% cash back on every purchase. The majority of flat-rate cash back cards offer 1.5% cash back, and a few offer 2% or more. Using a category-based card can increase your earnings on certain purchases to 5% or more. If you want to maximize your credit card earnings, the Wells Fargo Cash Wise Visa® Card isn’t the best card for the job.
Not designed for travelers
The Wells Fargo Cash Wise Visa® Card isn’t a great choice for frequent travelers. Many credit cards offer travel perks, like no foreign transaction fees or travel insurance. The Wells Fargo Cash Wise Visa® Card doesn’t offer any such perks. In fact, you’ll have to pay a 3% foreign transaction fee for every transaction made outside the United States. That’s double the amount of cash back you’ll earn from your purchases, so you’ll be losing money every time you use the card outside the country. If you travel abroad even once or twice a year, that can amount to hundreds of dollars in savings.
Wells Fargo Cash Wise Visa® Card Alternatives
Before you apply for the Wells Fargo Cash Wise Visa® Card, consider these alternatives.
Citi® Double Cash Card
If you want to earn more cash back, regardless of where you shop, consider the Citi® Double Cash Card. It offers one of the the highest flat-rate cash back rates of any card that doesn’t charge an annual fee. You’ll earn 1% cash back on every purchase, and 1% cash back on every payment, for a total of 2% cash back for every dollar you spend. This outpaces the Wells Fargo Cash Wise Visa® Card’s 1.5% cash back.
American Express Blue Cash Everyday Card
If you want more rewards on common spending categories, consider the American Express Blue Cash Everyday Card. This card earns 3% cash back on groceries and 2% cash back at gas stations and select department stores. While it earns just 1% cash back on all other purchases, the Blue Cash Everyday can earn you a lot of cash back if you spend most of your money in its bonus categories. For the average American, that’s not a stretch.
Wells Fargo Cash Wise Visa® Card FAQs
Here are some other things to know about the Wells Fargo Cash Wise Visa® Card.
How do I redeem my Wells Fargo Cash Wise Visa® cash back?
You can redeem your cash back online by requesting a statement credit or a check deposited to your Wells Fargo account. These redemptions come in $25 increments. You can also redeem cash back at any Wells Fargo ATM in $20 increments.
What credit score do you need for a Wells Fargo Cash Wise Visa® Card?
Wells Fargo looks for applicants with good credit. You don’t need excellent credit, but remember that the better your credit score is, the better your chances of approval. Before applying, aim to have a score of 700 or higher.
Bottom Line: Should You Apply for the Wells Fargo Cash Wise Visa® Card?
The Wells Fargo Cash Wise Visa® Card underwhelms when it comes to cash-back rates, but its cell phone protection is a compelling perk. That alone could save you around $150 a year if you otherwise pay for it through your cellular carrier. In the scheme of cash-back credit cards, the Wells Fargo Cash Wise Visa® Card is firmly in the middle of the pack. Consider your alternatives before you apply. It’s worth your while to figure out if another card could earn you more cash back in the places you most commonly spend.