In the world of credit cards, finding a cash-back option that offers generous rewards and valuable perks can be a challenge. However, the Wells Fargo Active Cash Card is a standout contender. With its impressive cash-back rate, enticing sign-up bonus, and competitive introductory APR, this card has captured the attention of savvy consumers since its introduction in 2021. In this comprehensive review, we'll delve into the rates, fees, and benefits of the Wells Fargo Active Cash Card to help you determine if it's the right addition to your wallet.
Wells Fargo Active Cash Card Rates, Fees, and Offers
Annual Fee: $0
One of the most attractive features of the Wells Fargo Active Cash® Card is its lack of an annual fee. This means you can enjoy its cash-back rewards and perks without the burden of ongoing costs.
Rewards Rate: 2%
This card offers an impressive 2% cash-back rate on all purchases, making it a solid choice for those who want to earn cash rewards without the hassle of rotating categories or spending restrictions.
Bonus Offer: Earn a $200 Cash Rewards Bonus
To sweeten the deal, Wells Fargo provides a tempting sign-up bonus. Simply spend $500 on purchases within the first 3 months of account opening, and you'll earn a $200 cash rewards bonus.
Intro APR: 0% for 15 Months
For those looking to make large purchases or transfer existing balances, the Wells Fargo Active Cash Card offers a 0% introductory APR on both purchases and balance transfers for 15 months. This feature can save you money on interest charges and provide financial flexibility.
Ongoing APR: 20.24%, 25.24%, or 29.99% Variable APR
After the introductory period ends, the ongoing APR varies based on your creditworthiness. It's crucial to manage your balance and make timely payments to avoid higher interest rates.
Balance Transfer Fee: 3% (for 120 days from account opening, then up to 5%; min: $5)
While the initial balance transfer fee is an attractive 3% for the first 120 days, it's essential to be aware of the potential higher fee of up to 5% after this period. Nonetheless, the ability to consolidate high-interest balances during the introductory period can lead to significant savings.
Foreign Transaction Fee: 3%
If you plan to use this card for international travel, keep in mind that it carries a 3% foreign transaction fee. Exploring alternative travel rewards cards with no foreign transaction fees may be a better option for frequent globetrotters.
More Details from Wells Fargo
- No Categories to Track: The Wells Fargo Active Cash® Card simplifies your rewards experience by eliminating the need to track spending categories. You earn a consistent 2% cash back on all purchases.
- Cash Rewards Don't Expire: As long as your account remains open, your cash rewards won't expire. This feature ensures that you can redeem your rewards at your convenience.
- Visa Signature Concierge: Cardholders can enjoy a premium collection of benefits, including access to Visa Signature Concierge, which can assist with travel arrangements and reservations at prestigious hotel properties worldwide.
- Cell Phone Protection: Paying your monthly cell phone bill with the Wells Fargo Active Cash® Card grants you up to $600 in cell phone protection against damage or theft (subject to a $25 deductible).
Compare to Other Cards
To help you make an informed decision, let's compare the Wells Fargo Active Cash® Card to a few other notable cash-back credit cards.
Wells Fargo Active Cash Card
- Annual Fee: $0
- Regular APR: 20.24%, 25.24%, or 29.99% Variable APR
- Intro APR: 0% intro APR on Purchases for 15 months and 0% intro APR on Balance Transfers for 15 months
- Recommended Credit Score: 690-850 (Good to Excellent)
Chase Freedom Unlimited
- Annual Fee: $0
- Regular APR: 20.49%-29.24% Variable APR
- Intro APR: 0% intro APR on purchases and Balance Transfers for 15 months
- Recommended Credit Score: 690-850 (Good to Excellent)
Capital One SavorOne Cash Rewards Credit Card
- Annual Fee: $0
- Regular APR: 19.99%-29.99% Variable APR
- Intro APR: 0% intro APR for 15 months on purchases and balance transfers
- Recommended Credit Score: 690-850 (Good to Excellent)
Further Reading:
| Card Feature | Wells Fargo Active Cash® Card | Chase Freedom Unlimited® | Capital One SavorOneSM Cash Rewards Credit Card |
|---|---|---|---|
| Annual Fee | $0 | $0 | $0 |
| Rewards Rate | 2% on all purchases | 1.5% on all purchases | 3% on dining, entertainment, eligible streaming, and groceries, 1% on all other purchases |
| Bonus Offer | $200 cash rewards bonus after spending $500 in the first 3 months | $200 bonus after spending $500 on purchases in the first 3 months | Earn a one-time $200 cash bonus after you spend $500 on purchases within the first 3 months from account opening |
| Intro APR on Purchases | 0% intro APR for 15 months | 0% intro APR for 15 months | 0% intro APR for 15 months on purchases and balance transfers |
| Intro APR on Balance Transfers | 0% intro APR for 15 months | 0% intro APR for 15 months | 0% intro APR for 15 months on purchases and balance transfers |
| Ongoing APR | 20.24%, 25.24%, or 29.99% Variable APR | 20.49%-29.24% Variable APR | 19.99%-29.99% Variable APR |
| Recommended Credit Score | 690-850 (Good to Excellent) | 690-850 (Good to Excellent) | 690-850 (Good to Excellent) |
| Foreign Transaction Fee | 3% | 3% | None |
| Cash-Back Categories | Flat-rate, no categories to track | Flat-rate, no categories to track | 3% on dining, entertainment, eligible streaming, and groceries, 1% on all other purchases |
| Additional Benefits | - Cell phone protection when paying the monthly bill with the card (up to $600 coverage) - Visa Signature Concierge - No expiration of cash rewards | - Purchase protection - Extended warranty protection - 5% cash back on travel through Chase Ultimate Rewards - 3% cash back at drugstores and dining (including takeout and delivery) - Free credit score | - 15-month 0% intro APR on purchases and balance transfers - Extended warranty protection - No foreign transaction fees - Free credit score - Paribus by Capital One, which tracks your online purchases for potential savings |
| Verdict | A solid choice for a flat-rate cash-back card with an appealing sign-up bonus and introductory APR offer | Offers a competitive flat-rate cash-back option with a generous sign-up bonus and various additional benefits | Ideal for those who spend heavily on dining, entertainment, streaming services, and groceries, offering a higher cash-back rate in these categories |
Detailed Review: Wells Fargo Active Cash Card
Notable Cash-Back Rewards
The Wells Fargo Active Cash Card stands out in the crowded cash-back credit card market by offering an impressive 2% cash-back rate on all purchases. This flat-rate approach eliminates the need to keep track of spending categories, making it a hassle-free option for individuals who prefer simplicity in their credit card rewards.
Valuable Sign-Up Bonus and Introductory APR
In addition to its generous cash-back rate, this card entices new cardholders with a $200 cash rewards bonus after spending $500 on purchases in the first 3 months. This sign-up bonus provides an immediate boost to your cash rewards earnings.
Furthermore, the 0% introductory APR on purchases and balance transfers for the first 15 months can be a significant advantage. It allows you to make substantial purchases or consolidate existing high-interest balances without incurring interest charges during the introductory period.
Benefits and Perks
The Wells Fargo Active Cash Card offers more than just cash-back rewards. Cardholders can take advantage of additional benefits, including:
- Cell Phone Protection: Paying your monthly cell phone bill with the Active Cash Card can provide up to $600 in protection against damage or theft, subject to a $25 deductible.
- Visa Signature Concierge: Gain access to a range of services, from travel and dining reservations to event ticket assistance, through Visa Signature Concierge.
Benefits and Perks
While the Wells Fargo Active Cash Card shines in many aspects, it's essential to consider some drawbacks and considerations:
Rewards Redemption: The redemption options for cash-back rewards are somewhat tailored to existing Wells Fargo customers. While you can redeem rewards as a statement credit or by withdrawing from Wells Fargo ATMs, these options are most convenient if you already have a Wells Fargo account. For more flexibility, you may explore alternative credit cards with broader redemption options.
Other Cash-Back Options: If you're willing to manage multiple credit cards, you might find cards with tiered rewards programs that offer higher cash-back rates in specific spending categories. Combining the Wells Fargo Active Cash® Card with such cards can maximize your cash rewards potential.
Longer 0% APR Offers: While the Wells Fargo Active Cash Card provides a competitive 0% intro APR offer, other cards offer even longer introductory periods. If your primary goal is to minimize interest on balance transfers, you may want to explore cards with extended introductory APR periods.
Wells Fargo Active cash card foreign transaction fee: Keep in mind that this card imposes a 3% foreign transaction fee, which can add up during international travel. If you frequently travel abroad, you might consider a travel rewards card with no foreign transaction fees.
In conclusion, the Wells Fargo Active Cash Card is a compelling choice for individuals seeking straightforward cash-back rewards with a competitive rate and valuable perks. Its lack of an annual fee, attractive sign-up bonus, and introductory APR offer make it a strong contender in the cash-back credit card market. However, it's essential to assess your spending habits and financial goals to determine if this card aligns with your needs and preferences.
What is the Wells Fargo Active Cash card?
A credit card from Wells Fargo that offers cash back is called the Active Cash card. It is intended to provide cardholders cash back on their purchases as an incentive. This card is an easy and lucrative option for daily shopping because it offers a flat 2% cash back on all transactions.
How hard is it to get the Wells Fargo Active Cash card?
Depending on your creditworthiness, getting a Wells Fargo Active Cash card may or may not be challenging. For acceptance, a good to outstanding credit score (usually 690 or higher) is advised. Other credit requirements that you meet, such having a good credit history and steady income, may also affect your eligibility.
What are the requirements to get the Wells Fargo Active Cash card?
The Wells Fargo Active Cash card typically requires a strong to exceptional credit score, a consistent income, and a solid credit history, however particular conditions may differ. Your chances of being accepted will increase if you meet these prerequisites.
What is the limit on a Wells Fargo Active Cash credit card?
The Wells Fargo Active Cash card's credit limits are established depending on a number of variables, including your creditworthiness, income, and outstanding debts. It's crucial to remember that while your initial credit limit could be lower, prudent card use and timely payments might eventually result in credit limit rises.
Is Wells Fargo Active Cash card free?
The Wells Fargo Active Cash card does not normally charge an annual fee, making it a cost-free choice for consumers who wish to receive cash back without recurring costs.
Can I use Wells Fargo Active Cash card internationally?
The Wells Fargo Active Cash card can be used abroad because it is a component of the Visa payment system. Please be advised, though, that there is a 3% foreign transaction fee associated with the card, which raises the price of transactions made abroad. When traveling abroad, think about a credit card without foreign transaction fees.
What is the minimum monthly payment for the Wells Fargo Active Cash card?
The Wells Fargo Active Cash card has a minimum payment requirement of $25 or a comparable amount, and the minimum monthly payment is normally a percentage of your outstanding balance. Your monthly statement will include the precise minimum payment amount.
How do I pay Wells Fargo Active Cash?
Your Wells Fargo Active Cash card can be paid for in a number of ways, including through online banking, mobile banking, the mail, or by stopping by a Wells Fargo branch. You may manage your account and make payments easily using online and mobile banking.
Is Wells Fargo a good credit card?
If you want a basic cash-back rewards card with a competitive 2% cash-back percentage on all transactions, the Wells Fargo Active Cash card may be a suitable option. Many buyers may find it appealing due to its lack of an annual charge and promotional APR deals. Nevertheless, whether it's the best card for you will depend on your specific spending patterns and financial objectives.
Can I use my Wells Fargo Active Cash card at an ATM?
Yes, you can withdraw cash from ATMs with your Wells Fargo Active Cash card. Please be aware, though, that compared to standard purchases, ATM cash advances may be subject to costs and have a higher APR. The card should ideally only be used for purchases rather than cash advances.
How do I withdraw money from my Wells Fargo Active Cash card?
Locate an ATM that accepts Visa cards, enter your card, and follow the ATM's instructions for a cash withdrawal to make a withdrawal from your Wells Fargo Active Cash card. Keep in mind that cash advances may be subject to fees and interest charges.
What is the minimum credit limit for Wells Fargo?
Based on elements including your creditworthiness, income, and other financial considerations, the minimum credit limit for a Wells Fargo credit card may change. No particular minimum credit limit applies to all Wells Fargo cards.
Is Wells Fargo Active Cash card a Visa?
Yes, the Wells Fargo Active Cash card carries the Visa logo. Because it uses the Visa payment network, it is widely accepted at shops and ATMs around the world.
What is the annual fee for the Wells Fargo Active Cash card?
Typically, there is no annual fee for the Wells Fargo Active Cash credit card. Without having to pay an annual fee, cardholders can take advantage of the card's cash-back perks and features.
What is Wells Fargo Active cash card foreign transaction fee
The Wells Fargo Active Cash card typically carries a foreign transaction fee of 3%. This fee applies to any transactions made in foreign currencies or with foreign merchants, whether you're making purchases abroad or online from foreign-based retailers.
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