Full Review of Wells Fargo Visa Signature CardPros Show
Cons
Pros Explained
Cons Explained
The Wells Fargo Visa Signature card is a good fit for people who currently spend, or plan to spend, a lot on gas, groceries, and drugstores. It offers high rewards earnings on those categories during the first six months, giving new cardholders a way to quickly boost their points balance. Because points with this card are worth 50% more when redeemed for airfare, it's also a solid choice for people who want to earn rewards for travel without paying an annual fee. In addition, this card could work well for anyone interested in transferring high-interest credit card debt from another card or financing a major purchase, since it has a 15-month 0% APR promotional period. However, note that it does charge a balance transfer fee of 3% or $5, whichever is greater, for the first 120 days, after which the fee increases to 5%, with a minimum of $5. Rewards Earning DetailsFor the first six months after opening their account, cardholders earn 5 points per dollar on gas station, grocery, and drugstore purchases, up to $12,500 in net purchases. Any other purchases outside those categories made during the introductory period earn 1 point per dollar. After the promotional period ends, the ongoing rate on all purchases is 1 point per dollar. Unused points expire after five years. Rewards Redemption DetailsWells Fargo offers several options for redeeming points through its GoFarRewards program, including travel, gift cards, merchandise, online auctions, and cash back. Typically, Wells Fargo GoFarRewards are worth 1 cent each, regardless of how they are redeemed. In other words, 100 points are worth $1. However, points have 50% more value when you redeem them for airfare, increasing the rate to 1.5 cents per point. For example, you could redeem 20,000 points for $300 in airfare. That means you’ll get the most value out of your points by using them only for flights. Automatic redemptions are available in $25, or 2,500-point, increments by phone or online. Redemptions through a Wells Fargo ATM are available in increments of $20, or 2,000 points. Transferring PointsGoFarRewards points can't be transferred to loyalty programs. However, you can send them to another Wells Fargo customer who’s part of the GoFarRewards program, move points between your own accounts, or add them to a Wells Fargo rewards pool. How to Maximize Your RewardsGetting the most out of rewards with the Wells Fargo Signature Visa card means using it for every gas, grocery, and drugstore purchase during the first six months after obtaining the card. Each purchase made in those categories earns 5 points per dollar, which can add up quickly. If your budget allows, spend enough to reach the $12,500 threshold on bonus category rewards, which would max out the number of points you can earn at the bonus rate. Next, focus on using your GoFarRewards to pay for flights. Doing so will get you 50% more value out of each point. For example, 50,000 points are worth $750 when redeemed for airfare, but only $500 when used in other ways. Average CaseLet's say you use this card primarily for its bonus categories during the first six months, spending $386.92 on food at home, $174.50 on gas, and $65.50 at drugstores each month. These numbers are averages from the Bureau of Labor Statistics. You'd earn 18,807 points, which would be worth $282.11 when redeemed for flight purchases. Any purchases you make outside of the bonus categories would add another 1 point per dollar to your total. Aspirational CaseFor this scenario, let's assume that you spend a little more heavily in this card’s bonus categories during the first six months, charging $600 per month for groceries, $250 for gas, and $80 at drugstores. In total, you'd earn 27,900 points worth $418.50 when redeemed for airfare. Again, that doesn't include the 1 point per dollar you’d earn on purchases outside those categories. Wells Fargo Visa Signature Card’s Outstanding Benefits
Standard Benefits
Cardholder ExperienceIn the J.D. Power 2020 U.S. Credit Card Satisfaction Study, Wells Fargo ranked eighth out of 11 national card issuers and scored below the average. This card offers FICO credit score access and 24/7 customer service through Wells Fargo's online platform or by calling 1-800-642-4720. Security FeaturesThis card has security features that are standard in the industry, including account and activity alerts and zero liability protection. It also has chip technology for enhanced security when paying at a terminal. Fees to Watch out ForThis card has a balance transfer fee of $5 or 3% of the transferred amount, whichever is greater, for the first 120 days after opening an account. The fee increases to 5%, with a minimum of $5, after the introductory period. So keep this fee in mind if you're thinking of consolidating high-interest debt onto this card. This card also has a foreign currency conversion fee of 3%, making it potentially expensive to use abroad. Our VerdictThe Wells Fargo Visa Signature card offers solid bonus-category rewards. And it stands apart for travelers by providing a 50% boost to the value of each point that’s redeemed for airfare. Frequent fliers looking to increase the redemption value they receive for flights through the GoFarRewards program will find that feature especially useful. However, since the rewards on these Wells Fargo cards are limited to a few categories, you might also want to consider adding a flat-rate card that provides richer rewards on all purchases. For example, the Citi Double Cash card offers 1% cash back on purchases and an additional 1% when you pay for those purchases. Using it for non-bonus category purchases would be a solid complement to the initial 5 points per dollar you'd earn on the Wells Fargo Visa Signature card. Investopedia Credit Card Rating Methodology Investopedia is committed to delivering the best credit card recommendations in the industry. We’ll tell you when a card is good, we’ll tell you when a card is bad, and we’ll only call a card the best if we would recommend it to our friends or family members. Overall Star Rating Explained To rate credit cards we objectively assess, score and weight nearly 100 individual card features which roll up into five major feature sets: fees, interest, rewards, benefits and security/customer service. Here’s how we weighted those feature sets for the overall star rating of a card: We have applied our proprietary rating methodology to every generally-accepted credit card in the U.S. domestic market to allow consumers to make fully informed choices. It’s important to note that for our overall score that we make a number of assumptions about how you would be using your credit card:
What is Wells Fargo Cash Back Visa Signature Card?The Wells Fargo Visa Signature Credit Card is a $0-annual-fee credit card with a unique initial promotion: Earn 5 rewards points per dollar on up to $12,500 spent on gas, grocery, and drugstore purchases for the first 6 months (1 point per dollar thereafter). All other purchases earn 1 point per dollar.
Does Visa Signature have cash back?Card Features:
1.5% to 2%1 cash rebate on purchases. Variable annual percentage rates from 13.24%-18% 0% introductory rate for 6 months for qualified members.
Does Wells Fargo have a Visa Signature card?Visa Signature® Concierge Services
Your Wells Fargo Visa Signature Card comes with complimentary, 24/7 access to the Visa Signature Concierge* service. Simply call 1-800-953-7392 anytime for assistance booking travel, event tickets and more – even dinner reservations or golf tee times.
Is the Wells Fargo autograph card worth it?The Wells Fargo Autograph Card can make a solid choice for anyone looking to score on everyday spending for no annual fee. It earns 3X points on popular bonus categories, from dining at restaurants to filling up at gas stations. Plus, you'll get extra Visa Signature benefits.
|