Review: Wells Fargo Credit Cards

wells-fargo-credit-cardsWells Fargo offers a half dozen credit cards for customers in all credit categories, from excellent credit to bad credit to those seeking credit for the first time. Overall, we are not impressed with Wells Fargo’s offerings, and we’ll tell you why in the overview / review we offer of each card below:

  • The is a Visa credit card that offers 1 rewards point for every $1 spent on all purchases. For the first 6 months you have the card, it also offers 5 rewards points for every $1 spent on gas, grocery, and drugstore purchases. Points can be used for cash back, travel rewards, gift cards, etc. If we pit this card vs. other reward cards, we’d consider it below average — many other cards also give bonus points for spending in certain categories, but they offer that bonus for as long as you have the card, not just for 6 months like this card.
  • The offers 1% cash back on all purchases. For the first 6 months you have the card, it also offers 5% back on gas, grocery and drug store purchases. There are many other cards on the market that offer 1% back plus ongoing bonus categories, so this card is not very competitive.

  • The allows you to get cash back that goes directly toward paying down the principal on your Wells Fargo mortgage. However, the rewards are not particularly generous — you get a 5% rebate on gas, grocery, and drugstore net purchases for the first 6 months, then you earn 1% on all purchases from then on. As mentioned above, this rewards formula is less generous than other cards on the market, and using the money to pay down your mortgage is something you could just as easily do without having a card that specifically does it for you.
  • – This reward card comes with a $45 annual fee. You get 3 reward points per dollar on gas purchases, 2 points per dollar on restaurant purchases, and 1 point per dollar everywhere else. This card is OK if you spend a lot of money with it, but the annual fee would kill your rewards if you aren’t a big credit card spender.
  • The is a straight credit card with no rewards. While it does offer a 0% interest rate on purchases and balance transfers for 15 months, the interest rate after that varies from 15.15% to 24.99%, pretty high for a card with no rewards.
  • The is a rewards credit card aimed at students. It offers a similar rewards formula as the Wells Fargo Cash Back Card described above: 1% cash back on all purchases, plus for the first 6 months you have the card, it also offers 3% back on gas, grocery and drug store purchases. While we are not normally thrilled with this rewards formula, it is pretty good for a card aimed at students.
  • The is for people with bad credit who’d like to try to rebuild their credit. Here’s how it works; you put down a security deposit into a “Collateral Account” (that exists to protect Wells Fargo if you don’t pay off your credit card balance). You then get a credit card with a credit line equal to the amount you deposited. You still pay your monthly charges like you would with any other credit card, and if you make your payments consistently on time each month it should help your credit score improve. (You get your initial deposit back when you give up the card, provided you’ve paid the card off completely.)

See also: Visa Credit Cards, Instant Approval Credit Cards, Wells Fargo Credit Card Payment, Login, and Customer Service Information