The Wells Fargo Cash Wise Visa® Card is one of a growing list of cards that pays 1.5% cash back on all purchases. This card adds 1.8% cash back when you use a digital wallet to pay for purchases in the first 12 months (see details below). Add to that free access to your FICO score, cell phone protection, and easy redemption options, and you have a good all-purpose credit card.
The Wells Fargo Cash Wise Visa® Card made its debut back in 2016. During the course of its 3-year (and counting) run, it has shaped up to be a solid cash back card.
Wells Fargo Cash Wise Visa Card Rewards
The Wells Fargo Cash Wise Visa® Card offers new members a $150 cash rewards bonus. To receive this bonus, a total of at least $500 must be spent within the first 3 months of your account being activated. Cardmembers can redeem this reward within one to two billing periods.
The Wells Fargo Cash Wise Visa® Card earns 1.5% cash back with just about every purchase. It’s ideal for those who want simplicity and a reasonably high rewards rate. If you spend $3,000 a month on the card, for example, the cash back rewards total $540 per year ($3,000 x 12 x 1.5%). With the Wells Fargo Cash Wise Visa® Card there are no category limits, spending caps or rotating categories, which makes this easier to use for everyday spending.
Note, however, that there are some transactions and purchases that do not earn rewards. This is common among cash back credit cards. Transactions and purchases that will not earn cash back include the following:
- ATM Transactions
- Cash Advances
- Balance Transfers
- Money Orders
- Prepaid Gift Cards
- Casino Gaming Chips
- Off-Track Wagers
- Wire Transfers
- Lottery Tickets
- Wagers/Bets that occur over the internet
- Fees/Interest made to a linked account
- Payment Fees
- Late Fees
- Monthly/Annual Fees
During the first 12 months from the date the account is opened, you can earn an additional 20% digital wallet transaction bonus cash reward for a total of 1.8% cashback. You can only earn the rewards from transactions that come from using your Wells Fargo Cash Wise Visa® Card when you make transactions using a digital wallet such as:
- Apple Pay
- Google Pay
- Samsung Pay
The Wells Fargo Cash Wise Visa® Card earns Wells Fargo Go Far Rewards. With Go Far Rewards you have several ways to redeem and use your rewards that include:
- Charitable donations
- Physical and electronic gift cards
Wells Fargo customers have additional ways to redeem rewards:
- Use your Wells Fargo Debit or ATM Card to redeem for cash at Wells Fargo ATMs ($20 increments)
- Direct deposit into your Wells Fargo savings or checking account
- Apply as a credit to your qualified Wells Fargo mortgage principal balance
Earn More Mall
Wells Fargo’s Earn More Mall, an online shopping portal, is another way to redeem rewards. Once you are a member, you can sign up to receive bonus rewards through the Earn More Mall service. Shopping at a variety of different retailers with this site can earn you up to 10x bonus rewards when making purchases.
Wells Fargo offers a few different ways to share your rewards with others. They have Pooling, where you can combine your rewards with other Go Far Rewards customers and together reach a goal. Pooling might be useful to buy a wedding gift, for example.
With Gifting, you can give your rewards to other Wells Fargo customers. You can also donate your rewards. This allows you to use your rewards to support people or any cause you care about, adding a nice touch of self-reward.
- Access to your FICO credit score: This benefit allows you to check your credit score when using the Wells Fargo Online service.
- Redeem at Wells Fargo ATMs: With this option, cardmembers can get the convenience of cash redemption of their rewards. There are more than 13,000 Wells Fargo ATMs in the U.S. to make this even easier. Cash redemption is available in $20 increments.
- 24/7 Fraud Monitoring: Wells Fargo monitors transactions for fraud and any unauthorized activity on your account. As long as your contact information such as email, or your phone number, is up to date, you will immediately be contacted to resolve the issue.
- Zero Liability Protection: If there are ever any charges made with your card or card information that were unauthorized, you will not be held responsible for them.
- Chip technology: Your credit card is chip-enabled for added security.
- Emergency Card Replacement and Cash Disbursement: For this service, you must call the number located on the back of your card. This is for when you need an emergency cash advance or a replacement card delivered to you.
- Travel and Emergency Assistance: If you run into trouble and are away from your home, you can get a legal or medical referral or other emergency service. You will be charged for the services, such as roadside dispatch. The fees from whichever dispatch service you accept will be charged to you.
Cellular Telephone Protection
The Cellular Telephone Protection provides coverage for “damage, theft of, or involuntary and accidental parting of your cell phone.” It sounds confusing, but an involuntary loss is a fancy way of saying your phone was stolen. “Accidental parting” means you know the whereabouts of your phone, but it’s not recoverable. For example, you go on a fishing trip and your phone drops out of your vest and into the lake. Surely you’re not going to dive in after the thing, right?
That is where this service comes in handy. This benefit becomes available when you use your card to pay any monthly phone bill. If you’re wondering about eligibility, eligible cell phones are the lines that are listed on the most recent cell phone provider’s billing statement for the billing cycle prior to when the incident occurred.
There is a lot that can happen to a phone that will be covered under this service. There is also a lot that can happen that is not covered. What is not covered under this service include the following:
- Cell phone accessories other than standard battery or antenna provided by the manufacturer
- Cell phones purchased for resale, professional, or commercial use
- Cell phones that “mysteriously disappear.” This means that the phone vanished without any evidence of a wrongful act by a person(s)
- Cell phones under the control of a common carrier (Ex. U.S. postal worker)
- Cell phones stolen from baggage unless under your supervision
- Cell phones that are rented, borrowed, or are a “pay as you go” type plan
- Cosmetic damage to the cell phone that does not affect the cell phone’s capabilities and functionalities
- Damage or theft resulting from the following:
- Intentional acts
- Hostilities of any kind
- Confiscation by the authorities
- Risks of contraband
- Illegal activities
- Normal wear and tear
- Radioactive contamination
- Damage from inherent product defects
- Damage from misdelivery
- Taxes, delivery and transportation charges, or any other fees that are through your cell phone provider
Reimbursements typically take place within 10 business days after receipt and approval of your claim form, as well as all other needed documents.
Cash redemption options by phone or online are redeemable in $25 Cash Reward increments only. This can be done by applying it to your Wells Fargo Checking or Savings accounts.
It is free. It becomes available once you choose to pay your monthly phone bill with your Wells Fargo card.
You can link your credit card up to your checking account, and it can be used to cover your transactions if you don’t have enough money in your checking account. The fee for the overdraft protection advances will be $12.50 if the total for the day is $50 or less. It will be a fee of $20 if it is $50 or higher.
How Does the Wells Fargo Cash Wise Visa® Card Stack Up
Cash back credit cards come in three varieties. First, there are cards that pay increased rewards on certain categories of purchases. Second, some cards pay bonus rewards on categories that change every three months. Finally, some cards pay a flat cashback rate on all purchases. The Wells Fargo Cash Wise Visa® Card falls into the later category.
As a flat rate card, it’s comparable to several other 1.5% cash back rewards cards:
- Capital One Quicksilver and QuicksilverOne cards
- American Express Cash Magnet Card
- Chase Freedom Unlimited
There are a few cards that pay even more–2% cash back:
- Citi Double Cash
- Fidelity Visa
- Alliant Credit Card (2.5%)
Given this, why would anybody opt for a 1.5% cash back card? There are several reasons. The Wells Fargo Cash Wise Visa® Card comes with other benefits many higher rate cards don’t have. The most notable benefit is the signup bonus. It can also be easier to qualify for some 1.5% cards. And finally, many of the 2% cards come with certain limitations that may not be acceptable to you (e.g., the Fidelity Visa requires an account at Fidelity).
The Wells Fargo Cash Wise Visa® Card is a solid cash back card. At 1.5% cashback on all purchases, it competes well with other popular brands. It’s ideal for those who already bank at Wells Fargo. There are, however, cards that pay even higher rewards.