Wells Fargo Student Credit Card Review: Earn 1% Cash Back on All Purchases
Wells Fargo Cash Back College Visa® Card
The Wells Fargo Cash Back College Visa Card, sometimes referred to as the Wells Fargo Student Credit Card, lets college students build credit while earning rewards. If you already bank with Wells Fargo and want to keep things simple, it’s worth considering. The card offers great cell phone protection—up to $600 if you pay your cell phone bill with your card—and a simple rewards structure.
Compared to a handful of other student credit cards, though, the Wells Fargo Student Credit Card doesn’t earn a ton of rewards. It’s worth your time to try the CardCruncher tool to see what credit card will give you the best rewards. But read on to get our full review of the Wells Fargo Student Credit Card.
Wells Fargo Cash Back College Visa Card Highlights
Here’s a quick rundown of the Wells Fargo Student Credit Card:
Annual Fee: $0
APR: 0% for six months, then 13.40% to 23.40%
Sign-Up Bonus: 3% cash back on select purchases for six months
Wells Fargo Student Credit Card Benefits:
- Earn 1% cash back on all purchases
- Get $600 in cell phone protection when you pay your bill with your card
- Multiple redemption options
- Free budgeting tools
Wells Fargo Student Credit Card Minimum Payment:
- All past due amounts, plus the greater of:
- The sum of all fees charged during the billing cycle, plus 1% of the new balance
- $25 (or the entire balance if the balance is less than $25)
Wells Fargo Student Credit Card Fees:
- Up to $37 for late payments
- Up to $37 for returned payments
Why Apply for the Wells Fargo Cash Back College Visa Card
There are a few great features on the Wells Fargo Student Credit Card to consider.
Cell phone protection
The Wells Fargo Student Credit Card offers free cell phone protection. So long as you use your card to pay your cell phone bill, you’ll get up to $600 in protection for damaged or stolen phones, with a deductible of just $25. Mobile carriers generally offer cell phone insurance for an additional cost, but that easily run $10 to $15 per month. You get the same level or protection for free with the Wells Fargo Student Credit Card—and the peace of mind that your expensive cell phone is always protected.
Lower interest rates than other cards
The Wells Fargo Student Credit Card has a lower interest rate than many other student credit cards, which can help you save you money if you ever carry a balance. Its regular APR is just 0% for six months, then 13.40% to 23.40%. That’s pretty solid if you’re just starting out. In general, you should pay your credit card bill in full each month, as interest charges can quickly get out of hand and catch you in a debt trap.
Wells Fargo Cash Back College Visa Card: Drawbacks and Downsides
Before you apply for the Wells Fargo Student Credit Card, consider these drawbacks.
Low rewards rate
While the Wells Fargo Student Credit Card offers 1% cash back on all purchases, you can do better. The card does come with a useful sign-up bonus of 3% cash back on select purchases for six months, but that’s only for a limited time. Long term, you can likely find another student credit card that offers a higher, flat rate, or one that has bonus categories that’ll earn you more rewards on a consistent basis.
You should generally avoid paying interest and fees on any credit card, with the exception of some premium cards that offer valuable perks. The Wells Fargo Student Credit Card charges significant fees. For example, cash advances will cost the greater of $10 or 5% of the amount withdrawn. Balance transfers in the first 120 days cost $5 or 3%, whichever is greater. That increases to 5% after 120 days. You may never need a cash advance or to transfer a balance, so those high rates might not affect you. But it’s still worth checking out cards with lower fees, just so you have those tools if you ever need them.
Wells Fargo Cash Back College Visa Card Alternatives
If you’re not sure whether the Wells Fargo Student Credit Card is right for you, consider these alternatives.
Journey Student Rewards Card from Capital One
If you want to earn more rewards without having to worry about bonus categories, consider the Journey Student Card from Capital One. This card offers 1% cash back on all purchases, plus a .25% cash-back bonus for paying your bill on time. That makes for an effective cash-back rate of 1.25%. As a bonus, the card doesn’t charge foreign transaction fees, and you’ll get a free copy of your FICO score each month.
Bank of America Travel Rewards Credit Card for Students
If you’d prefer a card that offers travel rewards instead of cash back, consider the Bank of America Travel Rewards Credit Card for Students. This card earns 1.5 points per dollar, and comes with a useful sign-up bonus of 25,000 points. If you bank with Bank of America, you’ll get an additional .15 points per dollar, too, which can help you pay for a vacation even quicker.
Wells Fargo Cash Back College Visa Card FAQs
Here are some common questions people have about the Wells Fargo Student Credit Card.
Can you withdraw money from a Wells Fargo credit card?
Yes, you can use your Wells Fargo credit card to withdraw money, but this will incur a cash advance fee of $10 or 5% of the amount withdrawn, whichever is greater. The better option is to use your debit card to pull money from your checking account.
One exception is that you can withdraw your cash back rewards from an ATM, fee-free, in increments of $20. You’ll still need a Wells Fargo ATM or debit card to do this.
What happens if you go over your Wells Fargo credit limit?
If you go over your credit limit, Wells Fargo will not charge you any fees. However, you must pay back the amount when your next bill arrives. This payment is in addition to your normal minimum payment.
Bottom Line: Should You Apply for the Wells Fargo Cash Back College Visa Card?
It’s hard to recommend the Wells Fargo Student Credit Card. It earns at a middling rewards rate and has a pretty limited sign-up bonus. Its cell phone protection is an useful perk, but for most people, that won’t outweigh the lost potential of rewards you could earn on another student credit card. There are plenty of options out there, so try the CardCruncher tool to see which one is right for you.