Joe McConnell
No Rewards: Limited value outside of introductory APR
The biggest downside of this card is that it doesn’t offer any kind of rewards program. This means:
- There is no welcome bonus. Some credit cards offer welcome bonuses of $200 or more for new cardholders.
- There are no rewards for purchases. Other cards earn cash or point rewards on all your eligible purchases, which can add up over time. You can earn $500 or more each year in rewards this way, depending on how much you spend.
To be fair, this card does have special offers through My Wells Fargo Deals, where you can earn cash back credits on purchases, restaurants, and experiences you pay for with your eligible Wells Fargo card. But earning a few credits every now and then isn’t as valuable as earning cash back rewards on all your everyday purchases.
Due to the lack of rewards, this card does not have much long-term value. Once the 0% introductory APR is over, there is no incentive to continue using it. At that point, it is best to switch to a rewards credit card.
It’s worth noting that there are 0% APR credit cards that also have rewards programs. They just have shorter 0% APR introductory periods. If you don’t need the full 21 months from account opening that this Wells Fargo card offers, then it might make more sense to go with a card with a shorter introductory period that earns rewards.
Expensive fees on balance transfers and foreign transactions
The Wells Fargo Reflect® Card is a great balance transfer card with its 0% introductory APR. But it also has a balance transfer fee of 5%, minimum: $5.
Balance transfer cards typically have a fee like this, but some of them charge only 3%. It may not seem like a lot, but if you’re transferring $5,000, that 2% difference would cost you an extra $100If you don’t need 21 months from account opening to get out of debt, you may want to look at other credit card reviews and choose a card with a lower balance transfer fee.
There is also a foreign transaction fee of 3%which is another reason why this is not the best card for long-term use. If you are traveling outside the United States, it is important to have a card that you can use without extra fees, such as a travel credit card
