Wells Fargo Cash Wise Visa® Card Review: Pros and Cons

Wells Fargo Cash Wise Visa® Card Pros and Cons and Card Review

Do you have a Wells Fargo Cash Wise card? If you do, have you had this card for years? Many times people get this card because it’s easier to obtain. However, the Chase Freedom Unlimted card is an updated version. We’ll make a short comparison between these two cards. Once that is finished, we’ll go over the pros and cons of the Wells Fargo Cash Wise card.

How does Wells Fargo Cash Wise compare to other cash back credit cards?

Comparing the Two Cards

Both of these cards act like rewards cards. It is a cash back card that will give you a small percentage back on purchases. It comes with a signup bonus, as well as several minor perks. This is a solid card for people who vary their spending. The Chase Freedom Unlimited is also a reward card that offers several perks and bonuses.

APR

  • The Wells Fargo Cash Wise Visa Card: 13.99 percent to 25.99 percent
  • Chase Freedom Unlimited: 15.99 percent to 24.74 percent

Rewards Points

  • Wells Fargo Cash Wise Visa Card: 1.5 percent on purchases
  • Chase Freedom Unlimited: 1.5 percent on purchases, but you can transfer your rewards if you switch cards, and this can boost your reward percentage.

Welcome Bonus

  • The Wells Fargo Cash Wise Visa Card: $200 if you spend $1,000 in the first three months
  • Chase Freedom Unlimited: $150 if you spend $500 in the first three months

Final Thoughts
The Chase Freedom Unlimted has better growth potential. You can get access to higher rewards with this card. You also have to spend less to get the rewards bonus. Finally, the APR for the Chase Freedom Unlimited caps at a lower rate than the Cash Wise Visa.

Wells Fargo Cash Wise Visa® Card Pros and Cons

The Cash Wise Visa has several pros and cons. It is a solid card that offers various rewards to cardholders. We have included Cash Wise as one of the Credit Fast 5 Best Cash Back Credit cards of 2018. So, as far as a rewards card goes, it offers several incentives to use it. However, there are cards out there that have better returns. This section will be dedicated to pros and cons of the Wells Fargo Cash Wise card.

Wells Fargo Cash Wise Visa® Card Pros

Cash Back
This rewards card offers 1.5 percent cash back. You get an introductory 1.8 percent cash back for the first 12 months. However, to get this 1.8 percent, you have to use Apple Pay, Android Pay, or mobile wallet. You can redeem your rewards in a variety of ways, including from a Wells Fargo ATM. You rewards won’t expire for as long as your account is open.

Sign-Up Bonus
When you sign up for this card, you get a sign-up bonus offer. When you spend $1,000 in the first three months, you get a $200 credit. There are more cards with better sign up and cash back incentives available. However, this one is a steady option that you know exactly what you’re getting.

Introductory APR
Once you get this card, you get 12 months with a zero percent APR. This extends to purchases and balance transfers. So this means you can use the 12 months to pay off any high-interest debt you may have. It is good to know that there are balance transfer fees with this card. If you plan to do a few of them, it may be best to look elsewhere for a card that has no balance transfer fees. Looking for a Wells Fargo card with a longer 0 interest term consider the Wells Fargo Platinum Visa® Card. This Wells Fargo Platinum card offers 0 interest for 15 months.

Cell Phone Protection
The Wells Fargo Cash Wise card offers cell phone protection. You have to pay your monthly bill with this card to be eligible. Also, it will protect your phone from damage, up to $600. The catch is that there is a $25 deductible for opting in and it caps at $600.

Wells Fargo Cash Wise Visa® Card Cons

Lower Rewards
This card does offer a cash back bonus for smartphone users. However, there are more cards out there that offer better introductory rewards. The 1.8 percent is good, but some cards offer a flat 3 percent all of the time. After the initial period is over, it drops to 1.5 percent, which is even lower.

Only Some Get the Lower APR
This card does have a lower APR than a lot, but the high end is 25.00 percent. If you have lower credit, you could get this rate at the end of the introductory period. This rate will be added on to each month’s balance if you don’t pay it off. This can add quite a bit to your card’s balance, and you could get stuck with it.

Balance Transfer Fee
You do get a zero percent balance transfer for 12 months. However, each of your balance transfers is subject to balance transfer fees. These fees will be either 3 percent of your balance or $5 per transfer. If you do a few transfers, this fee can add up.

Foreign Transaction Fee
If you plan to travel outside of the United States, this may not be the best card. This card charges a foreign transaction fee on every transaction you make outside of the United States. This foreign transaction fee is 3 percent, and it can add up quickly. The Wells Fargo Propel® Card can be an option as this credit card does not charge a foreign transaction fee.

The Wells Fargo Cash Wise card is a lower rewards card. It is alright for anyone who wants steady rewards with no hassle. However, there are other cards out there that offer better cash back. They also offer better sign up bonuses. Lastly, it pays for you to shop around when you’re looking for a card. This is the only way you’ll get the best card for your lifestyle. You can compare the Wells Fargo Cash Wise credit card with two other similar 1.5% cash back credit cards. Capital One Quicksilver vs Chase Freedom Unlimited

CreditSoup® Cash Rewards Cards
CreditFast has reviewed the best cash back credit cards on the market. Some of the credit card offers are from our advertising partners. CreditFast has objectively reviewed the features and benefits of each cash back credit card. We have chosen credit card offers based on our editor’s recommendations.

Monica Kowollik

Director at CreditFast.com
Monica has covered credit card and personal finance news for over 15 years. From an early age, she developed an interest in financial literacy and saving money. Monica hopes to help others to improve their personal finances one article at a time.

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