Softisland   Softisland
Softisland
 
 
Softisland   Softisland
Softisland
Softisland
Softisland

Credit Cards

Credit Card Reviews

Resources

links

Visitor Focus

 Softisland

You are here:Home→Credit Card Reviews→Cash Back Credit Card Reviews→Review of the Wells Fargo Cash Back Visa


Review of the Wells Fargo Cash Back Visa

  
Written by renxue   
January 21, 2008 13:22

The Wells Fargo Cash Back Card was last reviewed on: 10th September 2006

wells fargo cash back visa
Summary - The Wells Fargo Cash Back Visa is perhaps the worst cash back credit card that I have reviewed. It has a tiered rebate formula that requires you to spend above $450 within a billing cycle before you can even earn 1% rebates. Read further and find out which card we recommend instead.

Rebate Formula - The Wells Fargo Cash Back Visa has a tiered rebate formula which summarized in the table below.

Wells Fargo Cash Back Card Rebate Formula
0.25%for first $150 in purchases during billing cycle
0.50%for next $150 in purchases ($151-$300) during billing cycle
0.50%for next $150 in purchases ($301-450) during billing cycle
1.00%for purhases beyond $450 that has been charged during billing cycle


As the table above shows, you will earn up to 1% cash rebate once your monthly purchases in a billing cycle exceeds $450. The first $450 purchases will earn a lower cash rabate percentage. You can earn up to $500 in cash rebates in a calender year. You can redeem your cash rebate once you have earned $20 (in $20 increments).

Fees and Rates - There is no annual fee for the Wells Fargo Cash Back Card. The apr ranges from prime rate plus 7.10% to 16.75%. You get a 0% to 5.90% introductory apr for 6 billing cycles on both purchases and balance transfers. The average daily balance method (including new purchases) is used to calculate your monthly balance.

Verdict - This is the worst cash back credit card that I have come across. Having a tiered formula where the best rebate you will get once you spend above the threshold is just 1% is unbelievable considering that even the most basic cash back card like the Chase Free Cash RewardsSM Visa® Card pays 1% rebates on all purchases, regardless of spending levels.

Those looking to earn maximum rebates should get the Blue Cash® from American Express. You can earn 5% rebate on purchases at supermarkets, gas stations and drugstores and 1.5% rebates on "other purchases"once your annual spending exceeds $6,500.

Negatives

  • Tiered formula with best rebate only at 1%

    Wells Fargo Cash Back Visa
    Reward Benefits
    Rebate PercentagesTiered rebate system
    Earn up to 1% rebate on net purchases
    1% rebate is achieved after on purchases in excess of $450 during billing cycle
    Caps on Rebates$500 a year in cash rebate
    Method of Cash Rebatechecks issued in increments of $20 when requested
    Travel and Insurance Benefits
    Enrollment is accidental death and disembursement insurance
    Other Benefits
    Free online account management
    Overdraft protection
    Pay bills with Well Fargo Cash Back card
    Automatic payment
    Cost/Fees/Interest rates
    Introductory rateIntorductory APR of between 0% and 5.9% for 6 billing cycles depending on credit worthinesss (purchase and balance transfers
    Annual FeesNo annual fee
    Purchase APRPrime Rate plus 7.90% to 16.75%
    Balance Transfer APRPrime Rate plus 7.90% to 16.75%
    Cash Advance APRPrime Rate plus 15.24%, min 19.99%
    Penalty/Default Rate APRPrime Rate plus 23.9%
    Min Finance Charge$1.00
    Grace Period20 to 25 days
    no grace period for balance transfers
    Balance Calculation MethodAverage Daily Balance (including new purchases)
    Balance Transfer Fee3%, min $5.00, max $50.00, $0 for first 30 days
    Convenience checks fee4%, min $5.00
    ATM Cash Advance fee4% min $5.00
    Other Cash Advance fee4%, min $10.00 for ATM withdrawals from other financial institutions
    4%, min $20.00 from other sources
    Foreign Currency Conversion fee2%
    Over-the-credit-limit fee$35.00
    Late Payment fee$20.00 - up to $100
    $29 - $100 up to $1000
    $35.00 - $1000 and greater


    •  
     
    Softisland