The Wells Fargo Money Smart Visa Card is not supplied. You’ll be able to overview our record of the very best money again bank cards to find out about different choices.
Full Evaluation of Wells Fargo Money Smart Credit score Card
desk of contents
- Execs Defined
- Cons Defined
- Who This Card Is Finest For
- One-Time Provide
- Rewards Incomes Particulars
- Rewards Redemption Particulars
- How one can Maximize Your Rewards
- Excellent Advantages
- Commonplace Advantages
- Cardholder Expertise
- Safety Options
- Closing Verdict
Execs
-
Flat-rate cash-back rewards on all purchases
-
Introductory 0% APR supply and money bonus
-
Mobile phone safety
Cons
-
Beneath-average buyer satisfaction
-
Minimal rewards quantity required for redemption
Execs Defined
- Flat-rate cash-back rewards on all purchases: The Wells Fargo Money Smart card hardly gives the best rewards fee. However incomes and monitoring rewards is simple. They're delivered in money somewhat than factors. There aren’t any required spending/increased reward classes. There's no must register for rotating classes which have spending caps. As a substitute, you merely earn limitless 1.5% money rewards on each buy you make. The cardboard additionally gives an incentive to make use of a cellular app for purchases. That’s, in the course of the first 12 months after opening an account, you'll earn 1.8% while you use the cardboard by way of a professional cellular pockets, akin to Apple Pay or Google Pay.
- Introductory 0% APR supply and money bonus: The Wells Fargo Money Smart card has an introductory 0% APR supply for 15 months from account opening for steadiness transfers and purchases. Whereas that’s a reasonably common supply for a card with no annual price, it nonetheless provides you greater than a 12 months to switch and pay down high-interest bank card balances or finance a significant buy with out paying curiosity expenses. The $150 money bonus isn't as giant as some bonuses supplied by different playing cards, however Wells Fargo requires you to spend solely $500 inside your first three months to qualify for it. That must be straightforward for nearly any cardholder to handle.
- Mobile phone safety: If you happen to use your Wells Fargo Money Smart card to pay your month-to-month cellphone invoice, you’ll stand up to $600 in safety to your mobile phone, topic to a $25 deductible. That is an uncommon profit for a no-fee card. Nevertheless welcome this protection is, it comes with caveats. Whereas theft is roofed, a easy lack of the cellphone isn’t. And harm that's coated should have an effect on the cellphone’s performance. That precludes repairs for beauty causes or resulting from digital or software program failures that don't come up from bodily harm. Lastly, that is secondary protection that kicks in after you've obtained advantages from another insurance coverage protection (e.g., residence or auto).
Cons Defined
- Beneath-average buyer satisfaction: Most individuals don't work together with their bank card issuer fairly often. However while you want to take action, it's typically a matter of some urgency and even stress, and also you need a satisfying expertise. Sadly, that's much less prone to be the case with Wells Fargo than with another card issuers, in line with the J.D. Energy Credit score Card Buyer Satisfaction Examine. Its 2022 survey locations Wells Fargo with the bottom ranked firms for bank card customer support.
- Minimal rewards quantity required for redemption: Many bank cards permit you to redeem rewards when you may have accrued as little as one cent. Nevertheless, the Wells Fargo Money Smart card requires that rewards attain a minimal of $25 earlier than they are often redeemed. And most money redemption choices, akin to deposits right into a checking or financial savings account, are redeemable in $25 increments solely (so in case you have, say, $45 in rewards, you can solely deposit $25). Whereas that's not a significant downside, it’s an inconvenience not discovered with another playing cards.
Who This Card Is Finest For
The Wells Fargo Money Smart bank card is greatest for individuals who need a easy, easy rewards card with no annual price, flat-rate money again rewards, and no must maintain monitor of differing charges on sure purchases or to register for time-limited bonus charges on sure spending classes. You’ll earn 1.5% money rewards on each buy you make, with no restrict on how a lot you possibly can earn.
This card can be price contemplating in case you have no insurance coverage in your mobile phone, because it extends $600 in protection offered you pay your mobile phone invoice with the Wells Fargo Money Smart card. Whereas there are situations for the safety, together with that it covers a complete loss solely when the cellphone is stolen, it nonetheless provides you some peace of thoughts about an costly merchandise that you just carry continually.
With a 15-month 0% APR supply on steadiness transfers and purchases, the Wells-Fargo Money Smart can be a good choice if you happen to’re seeking to pay down debt acquired on one other card or to make some new purchases that will take some time to repay. You'll get 15 months with out having to pay curiosity on both or each of the above.
Remember that the 0% APR steadiness transfers include a price of no less than 3% of the quantity transferred (which isn’t unusual). Keep on prime of latest purchases so you possibly can remember to repay these expenses by the top of the 0% APR interval. As with all such gives, the common APR kicks in when the promotion expires. Curiosity expenses will instantly start to chop into the financial savings you've loved.
Wells Fargo Money Smart One-Time Provide
Whereas many bank cards present one-time gives for brand new cardholders, these gives typically require spending hundreds of {dollars} to qualify. Against this, the Wells Fargo Money Smart card makes its money bonus straightforward to earn, even for individuals who are comparatively small spenders.
You’ll earn the cardboard’s $150 bonus if you happen to spend simply $500 on purchases inside the first three months of opening an account. That’s an attainable purpose for most individuals who merely use their card for such necessities as fuel and groceries.
Rewards Incomes Particulars
With the Wells Fargo Money Smart card, you'll earn limitless 1.5% money rewards on each buy you make. If you happen to spend $5,000 per 12 months along with your bank card, which means you'll earn $75 in money rewards.
You will get a better fee initially if you happen to're ready to load the cardboard’s particulars right into a cellular pockets, akin to Apple Pay or Google Pay. You'll then earn 1.8% money rewards throughout your first 12 months as a cardholder. For instance, if you happen to merely use Google Pay to pay for $5,000 in transactions over the primary 12 months, you’ll earn $90 in rewards. That's $15 greater than you'd get by pulling out your card to pay for these transactions ($90 – $75 earned on the 1.5% fee).
Rewards Redemption Particulars
The Wells Fargo Money Smart card gives a variety of redemption choices, together with:
- Money: Use a Wells Fargo debit or ATM card to redeem your rewards for money at Wells Fargo ATMs (in increments of $20).
- Direct deposit: Switch your rewards to a Wells Fargo financial savings or checking account.
- Mortgage funds: Apply your rewards as a credit score towards the principal steadiness on a Wells Fargo mortgage mortgage.
- Charitable donations: Donate rewards to pick out charities.
- Reward playing cards: Redeem your rewards for both digital or bodily reward playing cards.
- Journey: Redeem your rewards for journey preparations, akin to flights or inns with GoFarRewards. No blackout dates apply.
Be aware that rewards deposited right into a financial savings or checking account might be redeemed in $25 increments solely and that Wells Fargo requires a minimal of $25 in rewards earlier than they are often redeemed. That’s in distinction to different bank cards that primarily permit you to redeem rewards of any quantity.
How one can Maximize Your Rewards
To get essentially the most worth out of your card, use it to pay for as many purchases as you possibly can, together with any classes for which you don't have one other card that pays a better rewards fee. If you happen to instantly start to make use of the cardboard to pay for such staples as meals, you need to be capable of spend in three months the $500 required to qualify for the $150 one-time supply (a 30% return on that spending).
If doable, sync your Apple Pay or Google Pay accounts along with your Wells Fargo Money Smart card to spice up your money rewards. Through the use of a cellular pockets as an alternative of the particular card, you’ll earn 1.8% money rewards (somewhat than the conventional 1.5%) throughout your first 12 months as a cardholder.
If you happen to’re a mean American shopper, and you employ a cellular pockets, we estimate that you can earn greater than $430 on this card inside these first 12 months. As an example that you just use this card to buy objects together with meals, attire, gasoline, leisure, and private care services and products. In keeping with the Bureau of Labor Statistics, you’d spend round $16,000 in all of these classes mixed over a 12 months’s time.
As well as, let's assume you’re taking one journey per 12 months that prices a complete of $1,500, together with airfare, inns, floor transportation, and different miscellaneous bills.
All instructed, you can earn a complete of $465 on this card in that first 12 months, together with the 1.8% rewards and the first-year bonus of $150. If you happen to used your card as an alternative of the cellular pockets, you'd miss out on $53, and so earn about $412. After the primary 12 months, with out both the bonus supply or the mobile-wallet bump up in rewards, you'd nonetheless earn a decent $263 in money again for that annual spending.
Wells Fargo Money Smart Card's Excellent Advantages
For a card with no annual price, the Wells Fargo Money Smart card has one standout profit. That's the mobile phone safety that it gives.
If you happen to use your card to pay to your mobile phone invoice, you'll stand up to $600 in protection towards theft or harm, topic to a $25 deductible.
Commonplace Advantages
- Auto rental collision harm waiver: Use your card to pay to your automobile rental, decline the rental firm’s insurance coverage, and get secondary protection for theft or collision harm.
- Journey and emergency help: Entry emergency journey companies, together with authorized referrals, emergency transportation, translation companies, and prescription help.
- Roadside dispatch: Get emergency roadside help for a tow or assist altering a flat tire. You’ll must pay a price for any companies offered, however you don't must pay a membership price.
- Journey accident insurance coverage: Obtain as much as $150,000 in journey accident insurance coverage while you use your card to pay to your complete fare on a standard provider.
Cardholder Expertise
If you happen to're in search of a brand new bank card, it’s useful to think about the issuer’s customer support. Sadly, Wells Fargo doesn’t have a terrific fame in relation to buyer assist.
The 2022 J.D. Energy Credit score Card Buyer Satisfaction Examine ranked Wells Fargo eighth out of the 11 card issuers it surveyed. Its rating of 797 was properly beneath the typical of 814 for all issuers.
Customer support is on the market 24 hours a day, seven days every week. You’ll be able to contact buyer assist by way of its on-line platform or by calling 1-800-642-4720.
Safety Options
Wells Fargo's array of security measures is typical of most bank cards. It gives account monitoring for suspicious exercise and can ship you alerts if there are fraudulent transactions. You might be coated by zero legal responsibility safety, which means you’re not responsible for unauthorized transactions.
In case your card is misplaced or stolen, Wells Fargo gives emergency card substitute and money disbursement.
Closing Verdict
The Wells Fargo Money Smart card is a strong selection if you need a simple strategy to incomes rewards. It's a easy, 1.5% flat-rate rewards card with no annual price that gives some interesting bonuses to new cardholders within the first 12 months. These embody a $150 money bonus for a mere $500 in spending, a 1.8% rewards fee if you happen to use a cellular pockets akin to Apple Pay or Google Pay, and a 15-month introductory 0% APR for each steadiness transfers and purchases (albeit with a steadiness switch price).
There's additionally the intriguing perk of protection for mobile phone harm or theft which comes routinely if you happen to pay your month-to-month provider invoice with the cardboard.
Please be aware that the Wells Fargo Money Smart card is not accessible. Ensure to take a look at our record of the very best money again bank cards to find out about different choices.
