Choosing the right credit card can be tricky. You want one that fits your needs and helps you save money, not cost you more. The Wells Fargo Reflect Card catches the eye with its lengthy 0% introductory APR period - one of the longest on the market today. But does this $0 annual fee card make sense for you? Let's take a thoughtful look at its pros and cons.
TheSkinny: An Introduction to the Wells Fargo Reflect Card
The Wells Fargo Reflect Card is a balance transfer credit card. It offers 0% introductory APR on purchases and balance transfers for 21 billing cycles. Once the intro period ends, an ongoing variable APR between 18.24%-29.99% applies. The card has no annual fee but charges a 5% balance transfer fee (minimum $5). It also comes with cell phone protection when you use the card to pay your cell bill each month.
Who Should Consider the Wells Fargo Reflect Card?
Wells Fargo Reflect Card Benefits
If you have existing credit card debt or a large purchase to pay off over an extended timeframe, the 21-month 0% intro APR is valuable. It gives you over a year and a half to pay down balances interest-free before finance charges kick in. This can save you potentially hundreds in interest.
In addition, the $0 annual fee makes this card easy to keep long-term. Even if you only use it occasionally after finishing payments, you can avoid annual fees while still benefiting your credit from having an open account history.
Drawbacks to Weigh
Of course, no card is perfect for everyone. Before applying, consider a few potential downsides:
● High 5% balance transfer fee - Cards like the BankAmericard® charge only 3% to transfer balances. Unless you need most of the 21 months interest-free, a lower-fee card could save you money.
● No rewards - Once the 0% intro APR period ends, this card lacks rewards or cash back to motivate using it often. However, if your top priority now is paying down debt, earning points likely takes a backseat.
● Foreign transaction fees - This isn't the best card for international travel due to its 3% charges on purchases abroad.
Alternatives to Consider
While the Wells Fargo Reflect® Card makes it easy to transfer balances, there are other options too. A few to consider include:
● Citi Double Cash Card
This card offers balance transfers with no fee and 0% APR for 18 months (ongoing APR 16.24%-26.24%). Plus, earn 2% cash back (1% when you buy, 1% when you pay it off) on all purchases with no annual fee.
● BankAmericard credit card
Also charges 0% intro APR for 18 billing cycles on balance transfers made within 60 days of opening your account. Ongoing APR is 14.24%-24.24% and balance transfer fee is only 3% (minimum $10). No annual fee.
● U.S. Bank Visa® Platinum Card
Comes with 0% intro APR for 20 billing cycles on balance transfers and purchases. Balance transfer fee is 3% minimum $5 or 5% minimum $10. After, 16.24-24.99% variable APR. $0 annual fee.
Also read :
- The Top 5 Balance Transfer Credit Cards for Good Credit in 2023
- 10 Best 0 APR Credit Cards in 2023
- Cut Interest Costs in Half: The Best Visa Balance Transfer Cards of 2023
Exploring the Wells Fargo Reflect® Card Further
Intrigued by this card but still not sure if it's the right fit? Below we dive deeper into key details and questions surrounding the Wells Fargo Reflect® Card to help you decide.
Just How Good Is That 0% Intro APR Offer? Without a doubt, the crown jewel of this card is the 0% intro APR stretching 21 months. This gives you over a year and a half to pay off transferred debt or large purchases without incurring interest fees.
How does this period compare to other top balance transfer cards? Here’s a look:
- Citi® Diamond Preferred® Card - 0% for 21 months
- U.S. Bank Visa® Platinum Card – 0% for 20 billing cycles
- BankAmericard® credit card - 0% for 18 billing cycles
- Discover it® Balance Transfer – 0% for 18 months
As you can see, 21 months is at the top end of 0% intro term lengths. This makes the Wells Fargo Reflect® Card stand out if you need an extended timeframe to pay down balances interest-free.
What Credit Score Do You Need to Qualify?
Credit requirements for the Wells Fargo Reflect® Card fall in the good to excellent range. This means you'll likely need a FICO score of 690 or higher for approval.
Exact lending criteria vary, but a very good credit score over 700 gives you the best approval odds.
Factors that help your chances include:
- Low credit utilization ratio (using 30% or less of total available limits)
- No missed payments or other negative marks within the past year
- At least 3-5 years of credit history with open accounts in good standing
If your score needs improvement first, there are options to build credit over time before reapplying for the Wells Fargo Reflect® Card down the road.
What Fees Should You Watch Out For? We've covered the hefty 5% balance transfer fee already, but a few other charges are worth noting too:
● Cash Advance Fee – Either $10 or 5% of the amount advanced, whichever is greater. Cash advances don't qualify for the 0% intro APR offer either.
● Late Payment Fee - Up to $40
● Returned Payment Fee – Up to $40
While no cardholder wants late or returned payments, it's helpful knowing potential fees. Factor them in when making a plan to pay off balances transferred to this card within the 0% APR intro period.
Does the Wells Fargo Reflect® Card Earn Any Rewards?
No, rewards, points, miles or cash back isn't offered on the Wells Fargo Reflect® Card. Again though, if you carry balances or have large expenses to pay down first, earning rewards likely isn't the priority now anyway. You can always supplement with a secondary card for rewards on small everyday purchases only as needed.
Once any existing balances are paid though, having a card that earns something back has value. At that point, upgrading your setup with a cash back or travel rewards card to take advantage of spending incentives makes sense.
Frequently Asked Questions (FAQs)
What types of balance transfers qualify for the 0% intro APR?
Most balance transfers qualify for the 0% intro APR for 18 billing cycles on Wells Fargo reflect cards.
What credit bureau does Wells Fargo use?
Experian is usually the source of Wells Fargo's credit reports. However, they could also use data that is on file with Equifax or TransUnion to make loan judgments.
Can the 0% intro APR period be extended?
Existing cardholders may qualify for an APR extension as a customer loyalty offer. So you might be able to get more than 21 months at 0% APR if your account stays in good standing. Like all bank perks though, there's no guarantee of an extension.
Does the cell phone protection feature have a deductible?
Yes, while using your card monthly for cell phone bills provides up to $600 per year in damage/theft protection, you'll pay a $25 deductible when making a claim.
Does Wells Fargo reflect have a balance transfer fee?
Yes, there is a 3% fee for balance transfers or $5, whichever is greater, on the Wells Fargo reflect card.
How do I complete a balance transfer with Wells Fargo reflect?
You can complete a balance transfer by contacting Wells Fargo or submitting an online balance transfer request. You'll need to provide the account information for the account you want to transfer a balance from.
What happens to an old credit card after a balance transfer?
Your old credit card account will remain open even after you transfer its balance to another card. You'll still need to make payments on the old account if you don't want to be hit with interest fees. You are still responsible for the old account's balance until transferred.
What is the highest credit limit on Wells Fargo Reflect Card?
The highest available credit limit on the Wells Fargo Reflect Card is $15,000 though actual limits offered vary based on your credit history and profile.
What is the phone number for Wells Fargo credit card?
The customer service phone number on the back of Wells Fargo credit cards is 1-800-642-4720.
Does the Wells Fargo Reflect Card build credit score/history?
Yes, responsibly using the Wells Fargo Reflect card by making payments on time can help build your credit score and history.
Is there a fee for Wells Fargo Reflect Card over limit?
Yes, there is a $29 over limit fee if you exceed your credit limit on the Wells Fargo Reflect card.
Where can I use Wells Fargo Reflect card?
You can use the Wells Fargo Reflect card anywhere Visa credit cards are accepted.
What’s the best way to use Wells Fargo Reflect card?
The best way to use a Wells Fargo Reflect card is to pay your balance in full each month, stay within your credit limit, and pay on time to build credit. Taking advantage of the 0% APR on eligible purchases and transfers can also save on interest.
The Bottom Line: Who Wins with the Wells Fargo Reflect® Card?
At the end of the day, this card best suits two main types of consumers:
- Those wanting to finance a major purchase interest-free over 21 billing cycles
- Anyone needing to transfer lingering credit card balances to save on heavy interest
Of course, qualifying for top 0% APR cards depends on having very good credit first. Building scores takes diligence for some. But the incentives are well worth it!
If your target is tackling balances or buying furniture, appliances, electronics or other big-ticket items with no interest for over a year and a half, the Wells Fargo Reflect® Card should make your short list for sure. Just have an exit strategy for after the 0% intro period ends to avoid ongoing interest fees down the road.
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