No rewards: Restricted worth exterior of the intro APR
The most important downside with this card is that it would not provide any form of rewards program. Meaning:
- There isn’t any welcome bonus. Some bank cards provide welcome bonuses of $200 or extra for brand spanking new cardholders.
- There are not any buy rewards. Different playing cards earn money rewards or factors on all of your eligible purchases, which may add up over time. It is doable to earn $500 or extra yearly in rewards this fashion, relying on how a lot you spend.
To be truthful, this card has particular provides by means of My Wells Fargo Offers, the place you’ll be able to earn money again assertion credit on buying, eating, and experiences you pay for together with your eligible Wells Fargo card. However incomes some assertion credit right here and there is not almost as useful as incomes money rewards on all of your on a regular basis purchases.
Due to the dearth of rewards, this card would not have a lot long-term worth. As soon as the 0% intro APR ends, there is not any incentive to proceed utilizing it. You are higher off switching to a rewards bank card at that time.
It is value noting that there are 0% APR bank cards that even have rewards packages. They only have shorter 0% APR intro intervals. When you do not want the whole 21 months from account opening this Wells Fargo card provides, then it may make extra sense to select a card with a shorter intro interval that earns rewards.
Expensive charges on stability transfers and overseas transactions
The Wells Fargo Replicate® Card is a superb stability switch card due to its 0% intro APR. However it additionally has a stability switch payment of 5%, min: $5.
Stability switch playing cards usually have a payment like this, however a few of them solely cost 3%. It could not appear to be a lot, however for those who’re transferring $5,000, that 2% distinction would value you an additional $100. When you do not want 21 months from account opening to get out of debt, you could wish to take a look at extra bank card critiques and choose a card with a decrease stability switch payment.
There’s additionally a overseas transaction payment of three%, which is another excuse why this is not one of the best card for long-term use. When you ever journey exterior the US, it is essential to have a card you need to use with none further charges, like a journey bank card
