Wells Fargo Active Cash Card: The Basics
The Wells Fargo Active Cash Card is a $0-annual-fee credit card that offers a straightforward and lucrative rewards program. Here are the key details:
- Annual fee: $0
- Sign-up bonus: Earn a $200 cash rewards bonus after spending $500 in purchases in the first 3 months
- Rewards: Unlimited 2% cash rewards on all purchases
- Redemption options: Statement credit, withdrawal from Wells Fargo ATMs, direct deposit into a Wells Fargo checking or savings account, or a mailed paper check
- Interest rate: 0% intro APR on Purchases for 15 months and 0% intro APR on Balance Transfers for 15 months from account opening, then an ongoing variable APR of 20.24%, 25.24%, or 29.99%
- Balance transfer fee: $5 or 3% of each balance transfer, whichever is greater, for 120 days from account opening. After that, up to 5% for each balance transfer, with a minimum of $5
- Foreign transaction fee: 3%
- Other benefits: Cell phone protection, access to Visa Concierge and Visa Signature Luxury Hotel Collection
Unlimited 2% Cash Rewards on All Purchases
One of the standout features of the Wells Fargo Active Cash Card is its unlimited 2% cash rewards on all purchases. Unlike many other cash-back cards that offer higher rewards rates in specific spending categories, the Active Cash Card simplifies the earning process by providing a flat-rate cash back on every transaction. This means that cardholders don’t have to keep track of rotating categories or spending caps to maximize their rewards. Whether you’re buying groceries, dining out, or shopping online, you’ll earn a consistent 2% cash back on all your purchases.
The cash back earned with the Wells Fargo Active Cash Card can be redeemed in multiple ways. Cardholders can choose to apply their cash rewards as a statement credit, withdraw cash from Wells Fargo ATMs in $20 increments using a Wells Fargo ATM or debit card, receive a direct deposit into their Wells Fargo checking or savings account, or opt for a mailed paper check. This flexibility allows individuals to use their cash rewards in a manner that best suits their needs, whether it be reducing their credit card balance or receiving cash for other purposes.
Lucrative Sign-up Bonus and No-Interest Promotions
In addition to the ongoing rewards program, the Wells Fargo Active Cash Card offers a generous sign-up bonus. New cardholders can earn a $200 cash rewards bonus after spending $500 on purchases within the first 3 months of account opening. This attainable bonus provides an immediate boost to the card’s value and can be a great incentive for those looking to maximize their rewards in the initial months of card ownership.
Furthermore, the Wells Fargo Active Cash Card offers a promotional period of 0% intro APR on purchases for 15 months from account opening. This means that new cardholders can make new purchases without incurring any interest charges for over a year, allowing them to spread out payments or finance larger purchases without worrying about the cost of borrowing. Additionally, the card provides a 0% intro APR on balance transfers for 15 months from account opening on qualifying balance transfers, making it an attractive option for those looking to consolidate existing high-interest credit card debt.
Additional Benefits and Protections
Beyond its rewards program and promotional offers, the Wells Fargo Active Cash Card provides several additional benefits and protections for cardholders. These include:
- Cell phone protection: When cardholders pay their monthly cell phone bill with their Active Cash Card, they can enjoy up to $600 of cell phone protection against damage or theft. It’s important to note that this protection is secondary to any other applicable insurance, such as homeowners or auto insurance.
- Visa Concierge: Cardholders gain access to Visa Concierge, a service that offers personalized assistance with a variety of tasks, including booking travel, making dinner reservations, and finding tickets to sports and entertainment events.
- Visa Signature Luxury Hotel Collection: As a Visa Signature cardholder, Active Cash Card users can take advantage of exclusive benefits and perks when booking stays at select luxury hotels around the world. These benefits may include room upgrades, complimentary breakfast, and late check-out, among others.
How the Wells Fargo Active Cash Card Compares to Other Cash Back Credit Cards
While the Wells Fargo Active Cash Card offers a compelling rewards program and attractive features, it’s essential to consider how it stacks up against other cash back credit cards in the market. Here, we’ll compare the Active Cash Card to two popular alternatives: the Citi Double Cash Card and the Blue Cash Everyday Card from American Express.
Wells Fargo Active Cash Card vs. Citi Double Cash Card
The Citi Double Cash Card is another cash back credit card that offers a flat-rate rewards program. Cardholders earn 2% cash back on every purchase: 1% when making a purchase and an additional 1% when paying it off. This structure incentivizes responsible credit card usage and provides an opportunity for cardholders to earn additional cash back by paying their balances in full and on time.
In terms of promotional offers, the Citi Double Cash Card offers an 18-month 0% intro APR on balance transfers (19.24%-29.24% variable APR thereafter). This is longer than the 15-month intro period offered by the Wells Fargo Active Cash Card. However, it’s important to note that the Citi Double Cash Card does not provide a sign-up bonus like the Active Cash Card.
Wells Fargo Active Cash Card vs. Blue Cash Everyday Card from American Express
The Blue Cash Everyday Card from American Express is tailored towards individuals who spend a significant amount at U.S. supermarkets, U.S. online retailers, and U.S. gas stations. Cardholders can earn 3% cash back at U.S. supermarkets on up to $6,000 per year in purchases, 3% cash back on U.S. online retail purchases (up to $6,000 per year), and 3% cash back at U.S. gas stations (up to $6,000 per year). All other purchases earn 1% cash back. The Blue Cash Everyday Card offers a unique opportunity for individuals who frequently make purchases in these categories to maximize their cash back rewards.
Similar to the Wells Fargo Active Cash Card, the Blue Cash Everyday Card offers a 0% intro APR on purchases and balance transfers for 15 months (19.24%-29.99% variable APR thereafter). Additionally, it provides a range of additional benefits, including an annual Disney Bundle credit, a Home Chef credit, and a complimentary ShopRunner membership.
Is the Wells Fargo Active Cash Card Right for You?
Now that we’ve explored the features, benefits, and comparisons of the Wells Fargo Active Cash Card, it’s time to determine if this card is the right fit for you. Here’s a summary of the card’s strengths and weaknesses to help you make an informed decision:
Pros of the Wells Fargo Active Cash Card
- Flat cash back rate on every purchase: The card offers an unlimited 2% cash back on all purchases, simplifying the earning process and eliminating the need to track spending categories or caps.
- Easy-to-earn sign-up bonus: New cardholders can earn a $200 cash rewards bonus after spending $500 on purchases in the first 3 months, providing immediate value.
- No annual fee: The card comes with a $0 annual fee, ensuring that all rewards earned are net cash back.
- Intro APR on purchases and balance transfers: The 0% intro APR on purchases and qualifying balance transfers for 15 months allows for interest-free financing and debt consolidation.
Cons of the Wells Fargo Active Cash Card
- No bonus earning categories: Unlike some other cash back cards, the Active Cash Card does not offer higher rewards rates in specific spending categories, which may be a drawback for those who spend heavily in certain areas.
- Foreign transaction fees: The card charges a foreign transaction fee of 3% on purchases made outside of the U.S., making it less favorable for international travelers.
- Balance transfer fee: Transferring existing credit card debt to the Active Cash Card incurs a balance transfer fee of 3% intro for 120 days from account opening, then up to 5%, with a minimum of $5.
Conclusion
In conclusion, the Wells Fargo Active Cash Card presents an appealing cash back option for individuals seeking a simple and lucrative rewards program. With its flat 2% cash back rate on all purchases, no annual fee, and attractive sign-up bonus, this card provides an excellent opportunity to earn consistent cash back on everyday spending. Additionally, the card’s promotional offers, such as the 0% intro APR on purchases and balance transfers, further enhance its value.
However, it’s important to consider your spending habits, travel plans, and preferences before committing to any credit card. Comparing the Wells Fargo Active Cash Card to other cash back options, such as the Citi Double Cash Card and the Blue Cash Everyday Card from American Express, can help you determine which card aligns best with your needs and financial goals. By carefully analyzing the features and benefits of each card, you can make an informed decision and maximize your rewards potential.